The United Arab Emirates Stock Market (ADX General) is expected to trade at 9486.36 points by the end of this quarter, according to global macro models and analysts expectations. Looking forward, we estimate it to trade at 8770.65 in 12 months time. The ADX General decreased 280 points or 2.74% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks this benchmark index from United Arab Emirates. ADX General Abu Dhabi General 9931.090  +72.670 (+0.74%)   Components Price Day Year Date IHC International Holding Com ..read more

The Pakistan’s rupee on Tuesday dropped to record low against the US dollar, the UAE Durham and other major currencies as the embattled nation faces delay in its attempt to revive its loan program with the IMF to avoid a default. The rupee tumbled 1% to 288 a dollar in intraday trading in interbank market due to economic uncertainty and political instability ahead of Supreme Court decision on fresh polls in the Punjab province. The market insiders and forex traders said the rupee will remain under pressure during the week and may move closer to 300 mark to a dollar. On March 2, the rupee ..read more

The launch of the Digital Dirham will address the problem and inefficiency of cross-border payments and drive innovations for domestic payments The Central Bank of UAE (CBUAE) has signed a deal with G42 Cloud and R3 to provide infrastructure and technology to commence implementation of the Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. The launch of the Digital Dirham will address the problem and inefficiency of cross-border payments and drive innovations for domestic payments. This comes after ..read more

RABAT: The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday. “CBDCs should not be fragmented national propositions… To have more efficient and fairer transactions we need systems that connect countries: we need interoperability,” Georgieva told a conference attended by African central banks in Rabat, Morocco. “For this reason at the IMF, we are working on the concept of a global CBDC platform,” she said. The IMF wants central banks to agree ..read more

BENGALURU: Indian shares fell on Wednesday, dragged by broad slide across sectors, as investors booked profits on a nearly 5% rise in the benchmark Nifty 50 in fiscal 2024 so far, while weak global cues amid debt ceiling negotiations in the U.S. weighed. The Nifty 50 was closed 0.57% down at 18,181.75, while the S&P BSE Sensex fell 0.60% to 61,560.64. Both indexes extended losses to a second consecutive session. High-weightage financials and information technology (IT) led losses in the Nifty, falling 0.71% and 0.97% respectively. Indian shares set to open higher on inflation boost, FII bu ..read more

Special Correspondent: Dubai has once again emerged as one of the popular destinations for investment as the Global Financial Centres Index 2023 recognised its outstanding performance as a financial hub, which will undoubtedly attract more investors and businesses to the region. Dubai ranked first in the region and 22nd globally in the Global Financial Centres Index 2023 published by Z/Yen and the China Development Institute. It was at 17th position last year. GFCI 33Abu Dhabi dropped three positions to 35th in the latest ranking while Tel Aviv retained its 53rd position — securing s ..read more

By Ghulam Haider Businesses will become subject to UAE Corporate Tax from the beginning of their first financial year that starts on or after 1 June 2023 with a standard levy rate of 9 per cent for taxable profits exceeding Dhs375,000. However, the profits up to and including that threshold will be taxed at a 0 per cent rate to support small businesses and start-ups. The Ministry of Finance (the “Ministry”) confirmed the Federal Decree-Law on Taxation of Corporations and Businesses is an important milestone in building an integrated tax regime that supports the strategic objectives of the UAE ..read more