A look at today’s important financial news and business updates from the Middle East region:
ATIC invests $2.4m into semiconductors research centre
The Advanced Technology Investment Company (ATIC), a wholly-owned subsidiary of Mubadala Development Company is setting up research centre in Abu Dhabi.
ATIC was created by the Government of Abu Dhabi as a specialist investment company to focus on investments in the advanced technology sector. The US$2.4 million (Dh8.8m) research facility is hoping to monetise academic studies in the semiconductor sector.
The centre operating from Abu Dhabi’s Masdar Institute of Science and Technology and is part of a “twin labs” project through a partnership with the Technische Universitat Dresden in Germany. One core area of research is on how to make semiconductors more energy efficient. (Source: TheNational.ae)
DGCX to List Copper Futures for Trading on 20 April
The Dubai Gold and Commodities Exchange (DGCX) will formally launch trading of Copper Futures, in what will be the first Copper Futures contract to be introduced in the Middle East.
The launch date is set for Friday, 20th April.
The contract is expected to facilitate investors with access to one of the most liquid metal contracts in the world. The 5 metric tonne cash-settled contract is touted as an optimal tool to hedge and mitigate price risk in physical copper.
Ahmed Bin Sulayem, Chairman of DGCX said,”DGCX has a proven track-record in launching products relevant to the Middle East and global market and the launch of our Copper Futures contract is another natural, yet significant strategic step. Given the continuing high demand for copper from industry and investors, we are confident that Copper Futures will be highly attractive to both retail and institutional participants”. (Source: Zawya.com)
Emirates eyeing India network expansion
A senior Emirates Airline executive announced Thursday the company is in talks with Indian authorities to expand its network of routes across the subcontinent.
The world’s fastest growing airline, which is steadily investing in India, says it wants to increase its frequency on existing routes. However, the Dubai-based carrier rejected rumours it plans to invest in struggling Kingfisher Airlines. Click here to read more…
Saudi Aramco to increase gasoline imports
Saudi Arabia, the world’s biggest exporter of crude, said it will more than double its gasoline imports this month, three sources privy to information said.
The traders, on condition of anonymity, disclosed to Bloomberg that state-owned oil company Saudi Aramco will buy around 10 cargoes of mostly 95-RON (Research Octane Number) quality gasoline for delivery each month in April and May. Dhahran-based oil company has purchased about four cargoes a month on average in Q1 this year, they added. A company spokesman declined to comment when contacted. Click here to read more…
Iraqi dinar losing value against US dollar
Unrest in neighbouring Syria and US-led economic sanctions on Iran has dented the Iraqi currency despite earning billions of dollars per month in oil revenues, an AFP report suggested.
The Iraqi dinar stayed stable at around 1,160 per US dollar for years but started to shed its value against the greenback, selling at a rate of 1,320 on Tuesday. It settled at 1,270 against the greenback on Wednesday. Click here to read more…