Latest news with #HassanFawaz
Wall Street Journal
21-04-2025
- Business
- Wall Street Journal
Gold Rises, Buoyed by Likely Safe-Haven Demand Amid Global Trade Uncertainty
2339 GMT — Gold rises in the early Asian session, buoyed by likely safe-haven demand amid global trade uncertainty. The lack of a clear timeline for U.S.-China trade negotiations continues to maintain investors' cautiousness, GivTrade's Hassan Fawaz says in an email. Also, the ECB's recent rate cut could enhance the precious metal's allure in a low-yield environment, the chairman and founder says. Focus for this will likely to be on U.S. macroeconomic data and any new developments on the trade front, Fawaz adds. Spot gold is 0.6% higher at $3,347.33/oz. (
Wall Street Journal
10-04-2025
- Business
- Wall Street Journal
Gold Rises Amid Safe-Haven Demand
2345 GMT — Gold rises in the early Asian session amid safe-haven demand spurred by fears of U.S.-China trade war. The White House on Thursday clarified that President Trump's tariffs imposed on imports from China this year total 145%. Tensions between the world's two largest economies could overshadow any signs of de-escalation, GivTrade's Hassan Fawaz says in an email. Also, cooler U.S. March inflation reading released overnight may support further rise in gold as it could boost prospects for more Fed rate cuts, the chairman and founder says. Spot gold is 0.4% higher at $3,188.20/oz. (
Khaleej Times
27-03-2025
- Business
- Khaleej Times
New UAE dirham symbol: When will digital currency roll out? Will fresh banknotes be issued?
The Central Bank of UAE on Thursday launched new symbols for the national currency, the dirham, in its physical and digital forms, which reflect its national identity and aspiration to become a major financial and cross-border payment gateway. The first letter of the English name of the dirham will serve as an international symbol representing the nation's currency, incorporating two horizontal lines that embody the stability of the UAE currency and are inspired by the UAE flag. On the other hand, the digital dirham symbol features a circle surrounding the physical currency symbol, using the colours of the UAE flag to reflect pride and national identity. Currently, all the major global currencies – dollar, euro, yen, rupee, yuan and rouble – have their symbols, reflecting their countries' strength and pride. New currency notes? Hassan Fawaz, chairman and founder of GivTrade, said that countries typically issue new currency notes after introducing new symbols, following a systematic approach. 'The process usually involves gradual implementation, with new notes being introduced in phases while old notes remain legal tender during the transition period. The main reason for issuing new series or upgrades is typically security enhancement, combined with the integration of new design elements,' he said. In 2010, India introduced a new symbol for its currency, the rupee. Later, it printed new rupee notes with the symbol. The Central Bank of UAE became the first central bank in the Arab region to introduce it. At par with global currencies As the UAE currency's usage is growing globally, the new symbols will place Emirati dirham at par with global currencies. According to the UK's largest foreign exchange provider, the UAE dirham was among the top 10 best-selling currencies between February 2024 to January 2025. It was ranked the sixth best-selling currency in the UK during the period. Khaled Mohamed Balama, governor of the Central Bank of UAE, said the new symbol for the UAE's national currency in both its physical and digital forms, and the design of the Digital Dirham wallet reflects the significant advancements in the implementation of the Digital Dirham programme. 'It is anticipated that the Digital Dirham as a blockchain-based platform with cutting-edge capabilities shall substantially enhance financial stability, inclusion, resilience, and combatting financial crime. It will further enable the development of innovative digital products, services, and new business models while reducing cost and increasing access to international markets,' he said. Digital Dirham The 'Digital Dirham' is a digital version of the UAE's national currency, equipped with high levels of security which will help reduce costs of payments through its reliance on blockchain technology, which by its technical design ensures effective risk management, data protection/privacy, and atomic transaction completion. The regulator said individuals and businesses will be able to obtain the Digital Dirham through licensed financial institutions, such as banks, exchange houses, finance companies and fintech companies, according to the use cases that will be activated. The issuance of the Digital Dirham is expected to take place in the last quarter of the year 2025 for the retail sector. The Digital Dirham will facilitate offers several key advantages and characteristics including tokenisation and expanding access to liquidity through digital asset fractionalisation. It will also be used with smart contracts to programme the execution of complex transactions automatically, settling them instantly, in addition to multi-stage and multi-party transactions that involve conditions or obligations. The Digital Dirham will be accepted as a universal payment instrument in all payment outlets and channels alongside physical currency. Integrated platform and digital wallet The Central Bank said it has developed an integrated and secure platform for the issuance, circulation, and use of the Digital Dirham, including a Digital Dirham wallet. The wallet is designed for ease of use and management by both individuals and businesses, enabling a number of financial transactions, including retail, wholesale, and cross-border payments, money transfers and withdrawals, top-ups, and redemption of the Digital Dirham when needed. This ensures a seamless and convenient user experience. The platform is also characterised by its ability to easily incorporate innovative financial solutions tailored to emerging use cases driven by the rapid growth of the digital economy in the UAE. Cross-border trade payment hub Hassan Fawaz, chairman and founder of GivTrade, said the UAE's introduction of new dirham symbols and digital forms represents 'a step towards modernising its currency system and is part of the UAE's Financial Infrastructure Transformation (FIT) Programme.' 'The new symbols reflect the UAE's global currency aspirations, supported by its strong economic position with record trade levels of $800 billion. While these changes demonstrate the UAE's commitment to currency modernisation and digital innovation, achieving a global currency status will depend on continued economic growth, successful Digital Dirham implementation, and further integration into international finance systems,' he said. Samer Hasn, senior market analyst at said the new symbols reflect the UAE's commitment to further cement its position as a global financial hub. 'The circle surrounding the symbol in the Dirham logo represents the country's approach to embracing revolutionary blockchain technology. This technology will serve as a cornerstone in positioning the UAE not only as a global financial market centre but also as an international hub for settling cross-border trade payments using a local currency supported by revolutionary technology that aims to make transactions faster, safer, and less costly,' said Hasn. He added that the UAE may be seeking, through this initiative, to capitalise on the redrawing of the international trade map amid the trade war to enhance its standing in the global financial system.
Hi Dubai
12-03-2025
- Business
- Hi Dubai
UAE's Dh128 Billion FDI Plan to Create Thousands of Jobs Across Key Sectors
The UAE's ambitious plan to attract Dh128 billion in foreign direct investment (FDI) over the next six years is set to generate thousands of jobs across manufacturing, technology, finance, healthcare, logistics, renewable energy, hospitality, and retail. Key Sectors Driving Employment Growth With the National Investment Strategy 2031 approved by the UAE Cabinet, the country aims to more than double its annual FDI inflows from Dh112 billion in 2023 to Dh240 billion by 2031. This expansion will create demand for skilled professionals in high-growth sectors: Technology & IT : AI, cybersecurity, software development, cloud computing, and digital transformation. : AI, cybersecurity, software development, cloud computing, and digital transformation. Manufacturing & Industrial Innovation : Engineers, technicians, supply chain professionals, 3D printing, and automation specialists. : Engineers, technicians, supply chain professionals, 3D printing, and automation specialists. Financial Services & Fintech : Digital banking, wealth management, credit risk analysis, and investment specialists. : Digital banking, wealth management, credit risk analysis, and investment specialists. Logistics & Transport : Skilled workforce for supply chain, warehousing, and operations. : Skilled workforce for supply chain, warehousing, and operations. Renewable Energy & Sustainability: Researchers and engineers in green energy projects. Expanding Job Opportunities Experts emphasize that large-scale infrastructure projects and an expanding digital economy will create direct and indirect job opportunities across industries. Increased investment in manufacturing will boost related sectors like construction and infrastructure, while technology-driven advancements will spur demand for specialized talent. Hamza Dweik, Head of Trading & Pricing at Saxo Bank MENA, stated that rising business activity will drive employment growth across multiple sectors, benefiting both local and global professionals seeking opportunities in the UAE's expanding economy. A Shift Toward a Knowledge-Based Economy Hassan Fawaz, Chairman of GivTrade, highlighted that the UAE's strategy fosters long-term career prospects in emerging industries, reducing reliance on traditional sectors. Meanwhile, Vijay Valecha, Chief Investment Officer at Century Financial, pointed out that increased FDI will encourage entrepreneurship, attracting a skilled workforce and bolstering the UAE's position as a global investment hub. With a focus on economic diversification beyond oil, the UAE's FDI-driven job creation will accelerate the transition toward a resilient, knowledge-based economy, positioning the nation as a leader in global business and innovation. News Source: Khaleej Times
Zawya
14-02-2025
- Business
- Zawya
Mideast Stocks: Dubai hits highest mark in nearly 11 years on strong corporate earnings
The Dubai index jumped to its highest level in more than a decade on Friday, with the industrial and material sectors leading the charge driven by strong corporate earnings, while Abu Dhabi extended losses. Dubai's main index rose 0.8% to 5,362 points - a mark it last touched in May 2014 - extending gains from the previous session, bolstered by a 3.4% rise in toll operator Salik Company and a 4.4% advance in low-cost carrier Air Arabia. Salik reported 1.16 billion dirhams ($315.84 million) in full-year net profit, beating analysts' estimate of 1.14 billion dirhams. Sharjah-based Air Arabia recorded a 56% increase in fourth-quarter net profit to 351 million dirhams ($95.57 million) and raised its annual dividend to 25 fils per share. Dubai's stock market continued the week's upward trajectory, reaching peak levels not seen since 2014 as its strong momentum persisted, supported by robust earnings, said Hassan Fawaz, chairman & founder of GivTrade. "(The) market appears well-positioned to maintain its upward momentum" on the back of "strong earnings and robust economic fundamentals", he said. However, Abu Dhabi's benchmark index slipped 0.3%, dragged by a 1.4% decrease in Adnoc Drilling and 1.5% decline in conglomerate Alpha Dhabi Holding. Among the losers, healthcare services provider Burjeel Holding declined 9.8% after the firm reported a 33% decline in full-year net profit. Oil prices - a key catalyst for Gulf's financial markets - rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. President Donald Trump's plans for global reciprocal tariffs would not come into effect until April, buying some time to avert a full-blown trade war. Brent crude was up 0.29% to $75.25 a barrel by 1054 GMT. Dubai index notched up 2.4%, its highest weekly gain in 2025, while Abu Dhabi recorded a 0.4% weekly rise, according to data compiled by LSEG. ($1 = 3.6728 UAE dirham) (Reporting by Mohd Edrees in Bengaluru; Editing by Pooja Desai)
