Finance World

The trading activity in the UAE markets ended on a negative note, as both Dubai and Abu Dhabi closed lower by 0.4% and 0.5%, respectively for the day. Investors are awaiting earnings announcement from leading corporates to gauge the economic environment and accordingly position themselves in both the indexes. On a YTD basis, Dubai stands as the worst performing index in the region with losses of 19.4%, while Abu Dhabi is the second-best performing index with gains of 10.8%.

The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100) denomination, reprinted with new security features, all on the front side of the   note as follows:

Arab Bank Group reported net income after tax for the nine month period ended 30 September 2018 of $643 million compared to $601 million in the prior period, recording a growth of 7%. The Group’s net income before tax grew by 8% to reach $865 million with net operating income reaching $ 988 million and recording a growth of 9%.

Commodities remained exposed to broad-based selling this past week. For a third consecutive week, the sector struggled to put up a defence against the challenging combination of rising US interest rates, a strong dollar and the global equity rout, which has now spread to the US market.

Blueground, the hospitality-tech company that is transforming the experience of big city living, has announced that it has completed a new funding of US$12 million (approximately AED44 million) from a group of renowned global investors, including Dubai-based Jabbar Internet Group, VentureFriends, and Endeavor Catalyst. The latest investment marks the fourth and largest round of funding for Blueground, bringing the total investment from global investors in Blueground to nearly $20 million (approximately AED73.5 million).