Newsletter - 18th October 2020 to 24th October 2020
December 02, 2020
Central Bank of UAE (CBUAE) and Insurance Authority (IA) merged
The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai approved the issuance of a decree law regarding merging of the Insurance Authority with the CBUAE and made amendments to few functions of the Central Bank. This move reinforces the governments efforts to create financial stability and enhance performance of financial institutions.
Foreign currency deposits in UAE national banks record 7.3% growth
Statistics revealed by the Central Bank of UAE showed that the total foreign currency deposits held by UAE national banks amounted to approximately AED409 billion by August, reporting a 7.3% growth in 8 months.
UAE Airspace records 200% increase in traffic
The GCAA reported an average of around 1000 aircrafts using the UAE’s airspace everyday in the month of October. The stringent precautionary measures implemented by the UAE government have been useful in the aviation industry slowly gaining its foothold.
UAE & Israel sign MOUs to strengthen agricultural sector ties
In a recent development, a business delegation from the UAE met Israel’s Minister of Agriculture and Rural Development and signed several MOUs aimed at strengthening agricultural cooperation.
Dubai introduces economic stimulus package worth AED 500 million
In a bid to support the diverse business sectors across the economy His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai launched an economic stimulus package worth AED500 million ($136 million). Including the new package, the total value of stimulus packages introduced by the Dubai government in 2020 amount to AED6.8 billion.
Abu Dhabi Department of Health develops ‘Certificate of Need’
In a bid to map out investment opportunities in the healthcare sector the Department of Health Abu Dhabi has developed ‘Certificate of Need’ (CoN). With a predictive dataset that links licensing, capacity management and other factors CoN will provide real time information to investors and help in driving strategic investments.