Latest news with #Dh3
Al Etihad
3 days ago
- Business
- Al Etihad
ADX market cap crosses Dh3 trillion mark again
29 May 2025 23:07 REDDY (ABU DHABI)The combined market capitalisation of all companies listed on the Abu Dhabi Securities Exchange (ADX) crossed the Dh3 trillion mark once again on the ADX market cap surpassed this milestone on February 10, 2025. At the close of trading on Thursday, the total market cap of companies listed on both the main and growth markets of ADX stood at Dh3.007 exchange first crossed the Dh2 trillion mark in June 2022, and it took nearly three years to reach the next significant threshold in February 2025. However, after briefly staying above Dh3 trillion, the market cap retreated due to volatile conditions triggered by tariff wars and geopolitical tensions. The recent rally in the markets has now pushed the valuation past the Dh3 trillion mark once has witnessed substantial growth in recent years, driven by a strong economy, increasing foreign investment, and a surge in initial public offerings (IPOs). In 2024 alone, 28 new securities were listed, bringing the total to 187. In the first quarter of 2025, information technology firm Alpha Data made its market debut following a successful IPO, amid growing optimism that Abu Dhabi's flagship airline, Etihad Airways, may also launch an IPO this 2024, ADX ranked among the top five global exchanges by IPO proceeds, with offerings raising approximately $3.35 billion. It captured 38% of all IPO proceeds in the Middle East and 80% of those within the UAE, according to a Wam report on the year's its position as the second-largest exchange in the region, ADX also held its place among the world's top 20 stock markets. Its consistent global ranking reflects a well-regulated, investor-friendly environment. 'This milestone enhances the exchange's reputation and boosts investor confidence, paving the way for sustained growth and further capital market development in the UAE,' said Samer Mardini, Chief Investment Officer at Yorklyn Asset Management.
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Al Etihad
22-05-2025
- Business
- Al Etihad
ADNOC's suppliers commit to invest Dh3 billion in manufacturing facilities
22 May 2025 19:31 ABU DHABI (WAM)ADNOC announced on Thursday that its partners across its supply chain commit to invest Dh3 billion ($817 million) in manufacturing facilities across the announcement was made at the 'Make it in the Emirates' forum currently underway in Abu facilities are located across Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone) and Umm Al will create more than 3,500 highly skilled private sector jobs and manufacture a wide range of industrial products, including pressure vessels, pipe coatings, and facilities have been enabled by commercial agreements ADNOC signed with the companies under its In-Country Value (ICV) ICV programme is providing a platform for businesses to capitalise on ADNOC's diverse commercial opportunities as it delivers on its plan to locally manufacture Dh90 billion ($24.5 billion) worth of products in its procurement pipeline by Executive Director, People, Commercial and Corporate Support, Yaser Saeed Almazrouei, said, 'We welcome our partners' commitment to advancing local manufacturing through their investments in these state-of-the-art facilities, which will strengthen the UAE's industrial base and create highly skilled private sector jobs. These investments reflect ADNOC's ongoing drive to support the 'Make it in the Emirates' initiative and localise strategic industrial capabilities through our In-Country Value programme. We look forward to working with our partners to ensure business continuity and unlock further opportunities for sustainable growth and economic diversification.'The facilities include newly operational sites, major expansions, and investment commitments. The state-of-the art facilities are aligned with ADNOC's current and future procurement requirements, underscoring its support for the 'Make it in the Emirates' announcement builds on the success of ADNOC's ICV programme, which has driven Dh242 billion back into the UAE economy and enabled 17,000 jobs for UAE Nationals in the private sector since 2018. Manufacturers, small and medium-sized enterprises (SMEs), and entrepreneurs are encouraged to explore the 'Make it with ADNOC' app, which provides businesses with visibility into the products ADNOC plans to purchase, offering a more streamlined and integrated procurement process.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
UAE Banks Raise Minimum Balance Requirement as Fee Exemptions Tighten
Several UAE banks will raise their minimum balance requirement to Dh5,000 starting June 1, tightening fee exemptions for customers who do not hold a credit card or personal financing. The move, up from the longstanding Dh3,000 threshold, means many account holders may now face a monthly fee of Dh25. According to a report by Emarat Al Youm , one bank has already rolled out the updated policy. The change is aimed at encouraging customers to either maintain higher balances or sign up for banking products such as credit cards or loans. Customers who do not meet the new balance requirement and lack qualifying financial products will incur the Dh25 monthly fee. Banks justify the shift as necessary for liquidity and operational cost management. Vijay Valecha, chief investment officer at Century Financial, said higher minimums help banks increase deposits, enhance loan offerings, and offset rising service costs. However, finance expert Dr Ben Lebig raised concerns over the burden this places on low-income residents, particularly those in the service sector. 'For workers whose salaries barely cover expenses and remittances, this rule may be impossible to fulfill,' he said. He urged banks to introduce tiered requirements based on income levels. Fee waivers will apply to customers with a total balance of Dh20,000 or more, or those transferring a salary of Dh15,000 or higher. Partial exemptions are also available for those earning between Dh5,000 and Dh14,999, provided they hold additional financial products. To ease the impact, experts suggest alternatives such as payroll cards, corporate accounts for low-wage employees, and zero-balance digital accounts. These options, commonly used in the Wage Protection System, can help workers stay compliant without added financial strain. News Source: Khaleej Times
Khaleej Times
20-05-2025
- Khaleej Times
Dh3,000 fine, 30 days impoundment: Sharjah warns against blocking emergency vehicles
Delays can be deadly. Authorities in Sharjah are sounding the alarm over a dangerous habit putting lives at risk — blocking emergency vehicles from reaching accident scenes on time. Brigadier Ahmed Haji Al Serkal, director general of the General Department of Prevention and Community Protection, told Khaleej Times: ' Too many motorists are still failing to give way to emergency vehicles, a critical mistake that often delays rescue operations in cases of fires, drownings, and road accidents.' 'Every second counts in emergencies,' he underscored, explaining: 'People's lives depend on how fast our rescue teams can reach them. Delays can mean the difference between life and death.' Statistics from the Ministry of Interior revealed that in 2024, a total of 325 accidents across the UAE were caused by failure to give way to emergency vehicles. The highest number occurred in Dubai (160), followed by Abu Dhabi (107), Ajman (31), Sharjah (17), Ras Al Khaimah (5), Umm Al Quwain (3), and Fujairah (2). Sharjah Police have reiterated their commitment to road safety, calling on all drivers to become responsible partners in their mission. 'When you see an ambulance or a fire truck with sirens on, move aside. Don't hesitate,' Al Serkal urged. 'Help us help others; it's a shared responsibility.' Colonel Sami Al Naqbi, director general of Sharjah Civil Defence Authority, added: 'Yielding to emergency vehicles is not just a rule; it's a moral duty.' He explained that if an emergency vehicle approaches from behind at a red signal, motorists should carefully move forward into the pedestrian area without crossing the red light. 'This simple action can save lives. It's about compassion and civic sense. Every driver has a role to play,' he pointed out. Al Naqbi stressed that respecting this rule not only enhances public safety but also supports the UAE's national goals in reducing traffic-related deaths. Dh3,000 fine, 30 days vehicle impoundment Motorists who fail to yield to emergency vehicles face serious legal consequences, including a Dh3,000 fine, six black points, and vehicle impoundment for 30 days. Authorities stress these penalties apply regardless of where the emergency vehicle is approaching from – whether behind, beside, or from another lane, underscoring the need for heightened awareness and a quick response. In more critical scenarios, such as natural disasters, emergencies, or severe weather events, the law comes down even harder. Drivers who obstruct rescue efforts in these situations can be fined additional Dh1,000, four more black points, and have their vehicle impounded for 60 days, a clear message that interfering with emergency services is both dangerous and unacceptable.
