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Dubai Investments Posts 102% Surge in Net Profit

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Dubai Investments Posts 102% Surge in Net Profit 04 NOVEMBER 2020 | 18 RABI Ul AWAl 1442 HIJRI | VOlUME NO. 08 | ISSUE 76 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0354 B r e n t Crude $40.08/bbl buLLION Last check on presidential power: We the people Abu Dhabi - ADX 4,649.43 EuRo 4.2988 CHF 4.0401 WTI Crude $38.00 /bbl US Constitution’s checks and balances would preserve liberty that the document was supposed to enshrine, said ex-president GBP 4.7646 CAD 2.8053 N a t u r a l G as $3.13 /MMBtu Dubai - DFM 2,139.67 James Madison, writes Noah FeldmaN PRECIOUS METALS bAnkinG PAGE 07 New york - NYA 12,928.11 EXCHANGE RATE Sri Lankan Rs 50.10 Gold $1,908.10/t oz China’s big banks facing debt woes after paring profit drops Indian Rs 20.14 Philippine Peso 12.95 Gold-Dubai AED230.25/gm Buy for London - UKX 5,781.25 Bangladesh Taka 22.32 (AED) 26,856.36 Net income slid less than 5% at Industrial & Commercial Bank of Pakistani Rs 42.96 Silver $24.37/t oz China and its three largest rivals in 3 months through September 30 Wednesday Price UAE: AED 2 Mohammed dedicates Flag Day celebrations to frontline heroes HH Sheikh Mohammed said we extend our gratitude to those at the frontlines of the fight against Covid-19 DubAi / WAM and cooperation that has Flag Day this year helped the country mitigate the His Highness Sheikh Mo - is an opportunity to impact of the pandemic. hammed bin Rashid Al Mak - celebrate the solidarity “We extend our gratitude to toum, Vice President and Prime those at the frontlines of fight Minister of the UAE and Ruler displayed by society and against Covid-19. We deeply ap - of Dubai, has dedicated the cel - the spirit of giving and preciate their efforts and dedi - ebrations of the Flag Day to the cooperation that has cation. We also thank the heroes at the forefront of the helped the country volunteers who contributed to nation’s fight against Covid-19. help ensure welfare of various His Highness hoisted the mitigate the impact of communities,” HH said. UAE flag at the Mohammed bin the pandemic "The citizens and residents Rashid University of Medicine HH Sheikh Mohammed of the UAE have set an example and Health Sciences. The event for solidarity and giving. They was organised by the Watani Al bin Rashid Al Maktoum have demonstrated their love Emarat Foundation under the for this country and worked theme ‘Proud of You’. President of the UAE. with a strong sense of team On November 3, the country HH Sheikh Mohammed bin spirit to overcome challenges celebrates UAE Flag Day. It Rashid said, "Flag Day this year so that we can renew our de - marks the anniversary of His is an opportunity to celebrate velopment efforts and progress His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, hoists the UAE flag Highness Sheikh Khalifa bin the solidarity displayed by so - towards a bright future," His at the Mohammed bin Rashid University of Medicine and Health Sciences, in Dubai on Tuesday —WAM Zayed Al Nahyan becoming the ciety and the spirit of giving Highness added. Net pRofit of Dubai investments during the third quarter of this year reached AeD213 million UAE allocates AED35m aid for Philippines typhoon victims Abu DhAbi / WAM Hamdan bin Zayed Al Dubai Investments posts Nahyan, Ruler's Represen - Upon the directives of His tative in Al Dhafra Region Highness Sheikh Mohamed and Chairman of the Emi - bin Zayed Al Nahyan, rates Red Crescent (ERC) 102% surge in net profit Crown Prince of Abu Dhabi the UAE allocated AED35 and Deputy Supreme Com - million to provide urgent mander of the UAE Armed humanitarian aid to people The company’s total revenue during nine-month period hit AED1.90 billion Forces, and the monitoring affected by typhoon “Goni” while total assets increased to AED21.5 billion at the end of the third quarter of His Highness Sheikh in the Philippines. DubAi / WAM n Dubai Investments net Dubai Investments on Tuesday reported a 102% surge in the profit for 9-month period Oil gains as Opec+ hints third quarter net profit to ending on September AED213 million, compared to 30 reached AED418mn at delay to output hike AED105 million in correspon - ding period last year. blooMberg The net profit for nine-month n Careful review, analysis period ending on September 30 and optimisation of the Oil rises as broader markets was AED418 million. The total resources coupled with rallied and Opec+ inched a competitive growth closer to delaying a planned easing of output cuts. strategy, has been Futures in New York traded instrumental in near $38 a barrel after climb - enhancing business ing 3.3%, extending gains Opec and its allies were endurance at the from the previous session. Equities strengthened ahead set to add almost 2 million Dubai Investments of the US election, while the barrels a day from dollar lost 0.5%, adding to “Despite the challenging times, we were able to achieve strong performance this quarter”, January, but the group’s said Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments positive sentiment in crude. examples of this is the upcom - Russian oil companies met secretary general said that Overall business has revenue during nine-month pe - to achieve strong performance ing launch of REIT by Al Mal Energy Minister Alexander demand is recovering at started to pick-up and riod was AED1.90 billion while this quarter. Overall business Capital, one of the subsidiaries Novak to discuss delaying a a “very slow speed” the total assets increased to has started to pick-up and we of Dubai Investments PJSC, that tapering of Opec+ production we are focusing on AED21.5 billion as at the end of are focusing on successfully is expected to be listed on DFM cuts by three months. The Or - successfully navigating Q3 2020 as compared to navigating through the chang - in January 2021. In the current ganisation of Petroleum Ex - speed.” through the changing AED20.6 billion during the ing business dynamics. environment, investors are porting Countries (Opec) and This week promises contin - business dynamics same period last year. "Careful review, analysis and looking for secure long-term at - its allies were set to add al - ued oil-market turbulence, Speaking on the occasion, optimisation of the resources tractive returns and this REIT most 2 million barrels a day with Americans heading to the Khalid Bin Kalban, Khalid Bin Kalban, Vice Chair - coupled with a competitive and DFM listing will meet in - from January, but the group’s polls for an election that could Vice Chairman and CEO of man and CEO of Dubai Invest - growth strategy, has been in - vestors’ needs, providing a liq - secretary general said on reshape US policy on every - Dubai Investments ments, said, "Despite the strumental in enhancing busi - uid vehicle to access a sector Tuesday that demand is thing from fiscal stimulus to challenging times, we were able ness endurance. One of the with strong fundamentals." recovering at a “very slow Iran and fracking. MoF hosts workshop on 39th SIBF CBUAE supports development of organising MNEs reports opens today DubAi / WAM digital payment services in UAE Abu DhAbi / WAM The Sharjah Book Authority The central bank aims to facilitate non-bank payment service The Ministry of Finance (MoF) (SBA) is opening both physi - organised two virtual work - cal and virtual doors of the providers and fintech firms easier access to the UAE market shops titled The Frameworks of 39th Sharjah International implementing legislation gov - Book Fair (SIBF 2020) on Abu DhAbi / WAM when the regulation comes erning Multinational Groups of Wednesday to its global audi - into force. Firms already hold - Entities (MNEs) reports. ences, as the fair assumes a In an effort to ensure that ing an SVF licence granted The workshops sought to unique hybrid online-offline stored value products and serv - under the previous regulatory identify the main points around In the UAE, CbCR were format this year in line with ices are operated in a secure, framework may continue oper - implementing the UAE’s cabi - submitted in 2019, and the the UAE government’s efforts sound and efficient manner in ating. Nevertheless, they are net resolution no. 44 of 2020, to contain the spread of the the UAE, the central bank of required to complete the im - which covers legislation gov - report was applied to novel coronavirus (Covid-19). the UAE (CBUAE) issued a new plementation of the relevant UAE-based MNEs that erning MNEs reports, and Organised by the SBA, SIBF regulation on Stored Value The central bank of the UAE measures set out in the new clarifies the private sector's re - have more than AED3.15b 2020 is themed "The World Facilities (SVF). regulation by the end of the is continuing to safeguard sponsibilities in this area. That, of global revenues Reads from Sharjah" and reit - By introducing this new reg - transition period. in addition to providing guid - erates emirate’s cultural mes - ulation for the providers of customers’ funds, ensure Abdulhamid M Saeed Alah - ance on the functions of the sage to world, highlighting the SVFs, the CBUAE aims to facili - proper business conduct madi, Governor of the Central Country by Country Reporting preparing CbCR. fact that knowledge-sharing is tate fintech firms and other and support the Bank of the UAE, said, "We are (CbCR) notification system.
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