Day: July 1, 2021

VIENNA, The price of OPEC basket of thirteen crudes stood at US$73.60 a barrel on Wednesday, compared with US$73.34 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Emirates News Agency

DUBAI, The organising committee of the UAE International Dental Conference and Arab Dental Exhibition (AEEDC Dubai 2021) announced that the business deals sealed during the 25th edition of the event had reached US$3.8 billion.

Dr. Abdul Salam Al Madani, Executive Chairman of AEEDC Dubai, GSDA, and Chairman of INDEX Holding, said, “We are very proud of the impressive success that ‘AEEDC Dubai 2021’ has witnessed throughout its journey, which completes a quarter of a century this year. This success would not have been possible without the support received from participants, speakers, exhibitors, supporters, and dental experts around the world who consider it a monumental platform that allows them to come together as a community and enrich their knowledge and learn from one another. The ‘AEEDC Dubai’ exhibition is considered to be a rich opportunity for networking and building long-standing relationships with potential and existing clients, and we are proud to announce that the business deals sealed during ‘AEEDC Dubai 2021’ increased by 10 percent in comparison to last year, and reached $3.8 billion.”

Moreover, 55,000 visitors and participants from 155 countries participated in the event and gained tremendous value from the 173 scientific sessions presented during the conference. The third day included sessions that discussed key topics such as Paediatric Dentistry, Endodontics, Oral Surgery, Forensic Dentistry, and more.

AEEDC Dubai is organised annually by INDEX Conferences and Exhibitions, a member of INDEX Holding, and a recognised American Dental Association Continuing Education Recognition Programme (CERP) provider. AEEDC Dubai is held in strategic partnership with the Federal Authority for Identity and Citizenship, scientific partnership with the Ministry of Health and Prevention, and destination partnership with the Dubai Corporation for Tourism and Commerce Marketing – Dubai Business Events.

Source: Emirates News Agency

DUBAI, The Dubai Gold and Commodities Exchange (DGCX) registered a monthly Average Open Interest (AOI) of 226,406 contracts during the month of June.

Consolidating its status as the leading derivatives exchange in the region, the DGCX Group’s Silver Futures Contract once again performed strongly during June, recording a year-to-date (Y-T-D) volume growth of 115 percent, compared to the same period last year. The DGCX Group’s newly launched Pakistani Rupee (PKR) Futures Contract also continued its growth momentum during the month, registering a combined total of 854 lots valued at US$10.95 million.

Les Male, CEO of DGCX, said, “The month of June saw continued interest in the DGCX Group’s PKR Futures Contract, as market participants looked to either hedge their exposure, or expand their trading opportunities into the Pakistani market. Our Silver Futures Contract also continued to record a rise in trading and has continued to grow in popularity throughout the year. Looking ahead, the DGCX remains focused on providing our members with a wide range of innovative products to manage their risk effectively – and we are pleased to have recently signed a number of strategic Memorandums of Understanding (MoUs) to suit this purpose.”

During the month, DGCX signed an MoU with the Financial Markets Regulatory Authority (FMA) in Sudan to strengthen bilateral cooperation in the trading of gold between the UAE and Sudan. The MoU will see the DGCX and FMA collaborate on areas of mutual benefit, foster collaboration, and exchange knowledge around gold trading.

Additionally, the Dubai Commodities Clearing Corporation (DCCC), a leading Central Counter Party and wholly owned subsidiary of the DGCX, was recently authorised as a ‘Recognised Clearing House’ by the Monetary Authority of Singapore, the country’s Central Bank and financial regulatory authority. As a result, the DCCC will offer clearing services to banks and financial institutions located in Singapore, as the DGCX looks to expand its services and products further across the Asian region.

Elsewhere, the DGCX also continues to work on the future development of Islamic derivatives and commodities, as well as enhancing access to its Shari’ah Gold Contract following its strategic MoU signing with Global Islamic Financial Services in April.

Source: Emirates News Agency

DUBAI, A total of 2,020 real estate and properties transactions were valued at AED 4.5 billion in total during the week ending 01 July 2021, according to Dubai Land Department (DLD).

The DLD weekly report said 119 plots were sold for AED 845.1 million, 1,321 apartments and villas were sold for AED 2.25 billion.

It noted that the top three transactions were a land in Marsa Dubai sold for AED 125 million, followed by a land that was sold for AED 57 million in Al Thanayah Fourth, and a land sold for AED 125 million in Marsa Dubai in third place.

Al Hebiah Third recorded the most transactions for this week by 20 sales transactions worth AED 61.81 million, followed by Hadaeq Sheikh Mohammed Bin Rashid with 14 sales transactions worth AED 139.68 million, and Jumeirah First with 14 sales transactions worth AED 106 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED 298 million in Marsa Dubai, an apartment was second in the list sold for AED 264 million in Al Merkadh, and thirdly it was an apartment sold for AED 233 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was 1 billion, with the highest being a land in Al Goze Fourth, mortgaged for AED 139 million.

124 properties were granted between first-degree relatives worth AED 230 million.

Source: Emirates News Agency

DUBAI, The newly formed board of Dubai Chamber of Commerce, one of the three chambers under the recently restructured Dubai Chambers, held its first meeting at the organisation’s headquarters earlier today where it adopted a 90-day plan to drive business growth in Dubai.

Among the plan’s objectives are: maximising exposure of Expo 2020 Dubai by driving participation and attracting 100,000 business leaders to attend the mega event; addressing key challenges facing companies and setting priorities on a federal and local level with the aim of developing effective solutions; and supporting the development of digital economy as a key contributor to the emirate’s sustainable growth.

The objectives are supported by the Future Growth Forum, which was recently launched by Dubai Chamber as a platform to promote public-private sector cooperation. The first forum, held earlier this week, was attended by 500 business leaders representing 24 sectors that are key to Dubai’s economy. Participants at the forum took part in several workshops where they identified 800 priorities and recommendations for improving ease of doing business and reducing the cost of doing business in Dubai.

The meeting, headed by Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chamber of Commerce, was attended by board members Majid Hamad Rahma Al Shamsi, Hisham Abdullah Al Shirawi, Patrick Chalhoub, Hind bin Khirbash, Mohammad Abdul Ghafar Hussain, Shehab M. Gargash and Saeed Saif Al Ghurair. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry also attended the meeting.

Board members discussed the various roles that Dubai Chamber of Commerce will play in enhancing Dubai’s value proposition and economic competitiveness in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced in March of this year. The directives established a new structure for Dubai Chamber comprising three chambers – namely, Dubai Chamber of Commerce, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy.

During the meeting, Al Ghurair said Dubai Chamber of Commerce will continue to play its crucial role in representing, supporting and protecting the interests of businesses in Dubai, while exploring new ways to meet the changing needs of Dubai’s fast-growing and dynamic business community.

Al Ghurair added that fostering innovation and entrepreneurship, attracting international companies to Dubai, improving ease of doing business, and facilitating public-private sector cooperation will remain top priorities for the Chamber, with the aim of enhancing the emirate’s economic competitiveness.

Dubai Chamber of International Trade will support Dubai’s vision to expand to new global markets, forge new economic partnerships and support local companies in achieving global success, while also attracting promising talent and investors from across the world. The Chamber will cover 30 international markets that are considered important markets for Dubai through promotional projects.

The Dubai Chamber of Digital Economy is tasked with launching projects and developing studies on the new future economy, as part of efforts to build the world’s best digital infrastructure and transform Dubai into an international technology hub. With the objective of promoting the interests of technology companies and advancing the role of the digital economy in the emirate, the new chamber will build a network of relationships with local and international tech entrepreneurs and investment funds. It will also help draft legislations in Dubai and the UAE to create a growth-friendly environment for the digital economy.

The formation of three chambers of commerce is aimed at supporting international trade and the digital economy and a five-year plan to increase Dubai’s foreign trade from AED 1.4 trillion to AED 2 trillion over the next five years.

Source: Emirates News Agency