15 FEBrUAry 2021 | 03 rAjAB 1442 HIjrI | VOLUME NO. 08 | ISSUE 146 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 03 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0355 B r e n t Crude $59.47/bbl buLLION City of London fails to take back control after Brexit Abu Dhabi - ADX 5,666.09 EuRo 4.4713 CHF 4.1682 WTI Crude $62.43 /bbl Some 7,500 jobs from the city have been moved to the EU, but that’s a fraction of the hundreds of thousands predicted by the GBP 5.1055 CAD 2.9231 N a t u r a l G as $2.91 /MMBtu Dubai - DFM 2,623.13 doomsayers, writes LioneL Laurent PRECIOUS METALS AmEricAs PAGE 07 New york - NYA 15,369.60 EXCHANGE RATE Sri Lankan Rs 52.59 Gold $1,823.20/t oz Us home builders urge Biden to help slow housing inflation Indian Rs 19.66 Philippine Peso 12.85 Gold-Dubai AED221.00/gm Buy for London - UKX 6,589.79 Bangladesh Taka 22.32 (AED) 25,777.44 Lumber prices soar to levels never seen before, stoking concern that Pakistani Rs 42.51 Silver $27.33/t oz inflation is spreading across economy when food costs are also rising Monday Price UAE: AED 2 MohaMed Meets Ukrainian President UAE receives Hope probe’s first image of the Red planet Titled ‘EMM catches Olympus Mons at Sunrise’, the picture was taken by EXI digital exploration camera DUBAI / WAM The Emirates Mars The Emirates Mars Mission Mission captured the (EMM) team announced that largest volcano in the Hope Probe, which suc - the solar system, cessfully entered the orbit of Mars last Tuesday, has sent Olympus Mons the first image of the Red (centre), emerging planet on Sunday. into the early Having travelled more than morning sunlight 493 million kilometers over the past seven months, mil - lions in the UAE, the Arab re - Titled ‘EMM catches Olym - that can take 12-megapixel gion and around the world pus Mons at Sunrise’, the pic - images and took the image have eagerly awaited to see ture was taken by the EXI from an altitude of around the first image taken by the digital exploration camera, 25,000 km above the Martian His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Hope Probe, which will be one of EMM’s three scientific surface. with Volodymyr Zelensky, President of Ukraine, at Qasr Al Watan in Abu Dhabi on Sunday. Sheikh Mohamed and President Zelensky discussed immortalised in history as instruments. ways of consolidating their bilateral relations and investing in available opportunities in both countries to achieve their mutual interests —WAM the first image of an Arab It is a multi-wavelength ra - nFor full story, read probe to reach Mars. diation tolerant camera emirates-business.ae dUBai CUstoMs has increased the stimulus packages to aed7.1 billion: ahmed Mahboob Musabih UAE leaders congratulate Italy’s new prime minister ABU DHABI / WAM hammed bin Rashid Al Mak - Dubai, UK trade reaches toum, Vice President, Prime President His Highness Minister and Ruler of Dubai, Sheikh Khalifa bin Zayed Al and His Highness Sheikh Nahyan has sent a message Mohamed bin Zayed Al of congratulations to Mario Nahyan, Crown Prince of AED21.5 billion in 2020 Draghi on the occasion of his Abu Dhabi and Deputy swearing-in as prime minis - Supreme Commander of the Britain is one of Dubai’s biggest trade partners: Ahmed Mahboob Musabih ter of Italy. UAE Armed Forces, also sent His Highness Sheikh Mo - similar messages to Draghi. DUBAI / WAM n The strong relations The implementation of Brexit and the following consequences on between the UAE and trade, travel and security were Britain, which resulted in FAB acquires Egypt the main highlights of the meet - fruitful mutual ing that took place between trade and expanded Dubai Customs and its British FRA custody license counterpart. security and investment During the online meeting, horizons ABU DHABI / WAM Ahmed Mahboob Musabih, Direc - tor-General of Dubai Customs, n First Abu Dhabi Bank (FAB) confirmed to Bill Williamson, Di - The cooperation between announced it has obtained a rector of British Customs, that Dubai Customs and the custody license in Egypt from Dubai Customs will provide all UK authorities has the Financial Regulatory Au - what is necessary to British busi - thority, Egypt’s Capital Market Dubai Customs has long and outstanding experience that will help the UK facilitate trade helped in fighting nesses and investors to help them regulator. and build advanced customs systems illegitimate trade, Post-acquisition, FAB will overcome any challenges that The license will facilitate be one of the largest might result from them leaving especially in counterfeit membership of the country’s the trading bloc. Dubai Customs will provide all what is necessary to tobacco products central securities depositary, foreign banks in Egypt by Britain has officially left the Eu - British businesses and investors to help them Misr for Central Clearing, total assets with pro-forma ropean trading block and started overcome any challenges that might result from them leaving Depository and Registry total assets of more than applying new procedures from our biggest trade partners. Dubai (MCDR), providing the integral EGP120 billion ($8.1bn) the first day of the new year. the trading bloc external trade with UK stood function of settlement and On his part, Williamson highly ahmed Mahboob Musabih , Director-General of Dubai Customs at AED21.5 billion in 2020 clearing of trades executed on commended the outstanding (AED16.3b for imports, AED1.6b The Egyptian Exchange (EGX). Kashif Darr, Managing Di - achievements and performance for exports, and AED3.6b for This follows FAB’s recent pact rector & Head of Securities of Dubai Customs in the past few shipments, he explained. itate trade and build advanced re-exports). He stressed the to buy 100% of Bank Audi Services, said, “FAB has oper - years. He attributed that to the “We would like to enhance in - customs systems. Dubai Customs strong relations between the Egypt, including its local cus - ated in Egypt since 1975 and hard work of its teams and the so - ternational efforts in what is re - and Her Majesty Revenue & Cus - United Arab Emirates and Britain, tody franchise, which will the addition of Egypt custody phisticated and advanced tech - lated to legitimate trade and to toms (HMRC) share important re - which resulted in fruitful mutual supplement FAB’s custody services emphasises our com - nologies used in its operations. have more cooperation and ex - lations. The work undertaken by trade and expanded security and services expansion in Egypt. mitment to the market. We This has helped in expediting change of information and expe - the Fiscal Crime Liaison Officers investment horizons. Post-acquisition, FAB will be will offer domestic investors a trade, close monitoring of traffic rience with Dubai Customs,” based in Dubai is important as we one of the largest foreign full range of world class of goods between the two sides, Williamson asserted. “Dubai Cus - seek ways in which to deepen our banks in Egypt by total assets post-trade solutions, with our and helping British authorities toms has long and outstanding mutual co-operation further.” nFor full story, read with pro-forma total assets of direct MCDR connectivity at thwart cross border illegitimate experience that will help us facil - Musabih said, “The UK is one of emirates-business.ae EGP120 billion ($8.1bn). its core.” ADIB reports AED1.6b Enoc opens new station en route EZDubai keen to strengthen in net profit for 2020 to Abu Dhabi ABU DHABI / WAM e-commerce in Mena region DUBAI / WAM Abu Dhabi Islamic Bank (ADIB), delivered strong recov - Enoc Group has announced ‘Dubai Week in Africa-Kenya’ virtual event will focus on ery of 73% growth in net profit the opening of a service sta - in H2 2020 compared to H1 tion on Sheikh Zayed Road en trade relations between the UAE and African countries 2020 despite the continuing route to Abu Dhabi. Conve - DUBAI / WAM macroeconomic effects of the niently located near inter - n The ‘Dubai Week in Africa-Kenya’ event takes place from Covid-19 pandemic. This was ADIB’s 2020 growth was change 11 for motorists EZDubai, Dubai South’s dedi - February 15-18 and will host a consortium of top-ranking driven by a 10% increase in driven by a 10% increase in travelling from Dubai to - cated e-commerce zone, has an - revenues due to a rebound in wards capital. nounced its participation in the government officials and experts from the UAE and Kenya the UAE economic activity and revenues due to a rebound Built with 10 bridged virtual ‘Dubai Week in Africa- an improvement in business in the UAE economic canopies comprising 20 mul - Kenya’ event, which will focus on n EZDubai’s participation will reiterate the prominent momentum. activity and an timedia fuel dispensers, developing resilient trade rela - position that Dubai has attained in boosting and The Bank reported a net improvement in business Enoc’s new service station is tions between the UAE and profit of AED 1.6 billion for the equipped with eight fuel evolving African countries. supporting e-commerce in the Mena region full year 2020 compared to momentum tanks with a capacity of The event, which is hosted by AED 2.6 billion last year. Prof - 15,000 imperial gallons, as UAE Trade Centre, takes place As the first of its kind e-com - itability was lower year-on- helped to reduce the cost of well as an electric vehicle from February 15-18 and will merce operational zone in the year reflecting unprecedented sales and customer acquisition charging station.