09 jUNE 2020 | 17 SHAwwAl 1441 HIjRI | VOlUME NO. 07 | ISSUE 233 /emiratesbusiness.ae @emi_business emirates-business.ae oP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0339 B r e n t Crude $41.05/bbl buLLION Why Mullen and Mattis broke their silence? Abu Dhabi - ADX 4,369.08 EuRo 4.1652 CHF 3.8526 W T I C r u de $38.22 /bbl Many former colleagues of US ex-defense secretary wondered whyhe had not already made a statement like retired Navy GBP 4.6856 CAD 2.7630 N a t u r a l G as $1.78 /MMBtu Dubai - DFM 2,164.08 admiral’s , writes DAVID IGNATIUS PRECIOUS METALS EuroPE PAGE 07 New york - NYA 12,736.57 EXCHANGE RATE Sri Lankan Rs 50.19 Gold $1,696.10/t oz sweden steps up efforts to vet foreign takeovers Indian Rs 20.45 P h i l i p p i n e P eso 13.35 Gold-Dubai AED204.75/gm Buy for London - UKX 6,472.59 Bangladesh Taka 22.32 (AED) 23,882.04 The move is in line with developments in EU nations amid concerns Pakistani Rs 43.36 Silver $17.70/t oz that they risk losing control of sensitive technology and infrastructure Tuesday Price UAE: AED 2 Covid-19 RestRiCtions eAsed in indiA National banks net foreign assets reach AED 79.8bn in four months The growth stems from rise in total balance of foreign assets of these lenders to AED684.8b during the period Abu DhAbi / WAM The rise in foreign assets The net foreign assets held by the UAE national banks grew balance is reflective 17.5 percent to AED79.8 bil - of strong financial profile lion during the first fourth boasted by Emirati banks months of this year as com - which accounted for pared to December 2019, statistics by the central bank 84% of total cumulative of the UAE shows. balance of foreign assets The growth stems from the held by all UAE-based increase in the total balance lenders during first four of foreign assets of these banks to AED684.8 billion cent of the total cumulative months of 2020 during the reference period, balance of foreign assets held according to the apex bank's by all UAE-based banks dur - figures. ing the reference period, AED 659.55 billion in Janu - The rise in the foreign as - which are estimated at ary, hitting some AED667.7 sets balance is reflective of around AED814.9 billion. billion in February, before de - A manager checks the temperature of an employee before opening the salon for services in Kolkatta, as the Indian government the strong financial profile On a month-to-month clining to AED665.45 billion allowed shopping malls, salons, shops and restaurants to reopen under strict protocols amidst rising cases of the coronavirus (Covid-19) in the country —DPA boasted by the Emirati banks basis, the total balance of in March, then climbed to which accounted for 84 per - these assets stood at around AED684.8 billion in April. tRAding in precious metals and gemstone in the UAe is expected to witness remarkable growth UAE stocks secure massive gains of AED16.4 billion Abu DhAbi / WAM The growth was spurred by a buying spree that selec - Abu Dhabi’s trade in precious Upbeat sentiments triggered tively targeted blue chips and by improved performance generated AED800 million in across all global stock mar - liquidity over 537 million kets saw UAE's twin bourses' shares through 10,124 deals. general indices surging and The bullish trend saw the metals hits AED5.42bn in Q1 gaining to the tune of DFM’s General Index rising AED16.4 billion at the close 2133 pts, or 4.60% over the The results reflect the soaring increase in the economic activities witnessed of Sunday's session. last trading session. by the emirate despite the current challenges the world is going through Abu DhAbi / WAM n The trade in precious The value of Abu Dhabi trading FAB issues HKD750m in precious metals and gem - metals and gemstone stone increased to AED5.42 bil - sees a 34.4% growth in lion within the first quarter of Q1 of 2020 compared to five-year ‘green bond’ the current year 2020 with a same interval of 2019 Abu DhAbi / WAM rate of 34.4 percent compared to the same interval of 2019 es - estimated at AED4.03bn First Abu Dhabi Bank (FAB) timated at AED4.03 billion ac - has successfully issued a cording to Abu Dhabi General n Value of exports in the landmark HKD750 million Administration of Customs. sector was estimated five-year Green Bond Such increase in Abu Dhabi through a private placement. trading in precious metals and at AED3.10bn and In a statement by the bank gemstone is backed by an in - re-exporting estimated on Monday, this deal repre - FAB has a clear crease in imports estimated at at AED131.08mn sents the first Green Bond is - track record when suance by a Mena issuer it comes to green The increase in Abu Dhabi denominated in Hong Kong finance and we are Trading in precious metals Dollars (HKD) and the first trading in precious metals, gemstone represents one of the Green Bond in HKD by an off - immensely proud to gemstone during Q1 Trading in precious metals, gemstone represents one of the most important sectors supporting efforts for economic diversification and non-oil foreign trade promotion of Abu Dhabi most important sectors sup - shore financial institution. continue our leading is backed by a rise in porting efforts for economic di - Rula AlQadi, Head of Group work in this vital and imports estimated at on Monday. the current challenges the versification and non-oil foreign Funding at FAB, said, "FAB burgeoning field Meanwhile, value of exports world is going through, the trade promotion of Abu Dhabi. has a clear track record when AED2.19bn compared to was estimated at AED3.10 bil - statement continued. The emirate of Abu Dhabi it comes to green finance and Rula AlQadi, Head of AED514.55mn in same lion and re-exporting estimated "Abu Dhabi General Adminis - turned out to be the main centre we are immensely proud to Group Funding at FAB interval of 2019 at AED131.08 million. tration of Customs cares for for such kind of trading which is continue our leading work in Abu Dhabi trading in precious enhancing its efforts and per - expected to witness remarkable this vital, burgeoning field. metals and gemstone across forming its duties in serving the growth and more demands Achieving the first HKD-de - FAB is a pioneer in Green AED2.19 billion comparable to emirate’s harbour, air and land national economy and the soci - within the coming interval what nominated Green Bond by a Bonds, being the first and AED514.55 million in the same ports reflects the soaring in - ety and facilitating trading establishes the leading position Mena issuer is another mile - only financial institution interval of 2019, the customs ad - crease in economic activities movement throughout its of the UAE on the map of stone achievement for the from the Mena region to have ministration said in a statement witnessed by Abu Dhabi despite customs centres," it added. precious metals trading. bank." issued in this format. UAE issues 196 Shams-Mashreq deal to e-commerce Oil advances near $43 after support SMEs in Sharjah licences in May Opec+ extends output cuts ShARJAh / WAM Abu DhAbi / WAM Sharjah Media City, known as The e-commerce business The cartel and its allies have promised stricter compliance Shams, and Mashreq Bank, sector was issued the high - to ensure members don’t pump more than they pledged one of the leading financial est number of licences in the institutions in the UAE, have UAE in May. BlooMBerg announced a strategic partner - Data from the National The leaders of ship to boost entrepreneurship Economic Register, in coor - Oil rose to trade near $43 a bar - Mashreq will provide Opec and its allies and support business owners dination with relevant eco - rel in London after Opec and its have showed their in Sharjah. Shams SMEs full support nomic authorities, showed allies agreed to extend historic The two entities signed a to open a NEOBiz digital that 196 licences were is - output curbs by an extra month, commitment to Memorandum of Understand - sued for e-commerce retail promising stricter compliance shore up oil ing (MoU) that will solidify bank account to kick-start businesses in May. to ensure members don’t pump their business, while also markets globally this collaboration and enable The first five months of more than they pledged. over the weekend Shams to leverage Mashreq’s providing advice to help the year saw a 300 percent Brent futures added as much banking expertise. them grow their business increase in consumer de - as 2.6% after posting a sixth "As part of the MoU, mand for e-commerce serv - weekly increase on Friday, the Mashreq Bank will help ad - and become sustainable ices, leading the longest run of gains since May Asia, while overall, the gains jing, a second wave of infections, dress one of the significant Telecommunications Regu - 2018. The extension is a victory erased almost all of the discounts or returning US shale supply fol - challenges for SMEs and new latory Authority, TRA, to for Saudi Arabia and Russia. the kingdom made before. lowing a gain in crude prices. entrepreneurs – opening a nies said in a joint statement.