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ADEX Signs $100M Line of Credit Agreement with National Bank of Egypt

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
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ADEX Signs $100M Line of Credit Agreement with National Bank of Egypt

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM
Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. WAM

Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with the National Bank of Egypt (NBE), reinforcing trade and economic relations between the UAE and Egypt, Emirates News Agency (WAM) reported on Wednesday.

“This landmark collaboration solidifies the longstanding bond between the two nations and showcases their commitment to mutual prosperity and growth”, it said.

Under the terms of the agreement, a revolving loan facility of $100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt. This initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.

The agreement “aligns with our leadership’s vision, demonstrating its dedication to strengthening national exports,” said Director-General of ADFD and Chairman of the Exports Executive Committee of ADEX Mohamed Saif Al Suwaidi.

“The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries.”

He added that the deal would bolster ADEX’s ambitions to tap into emerging regional and global markets.

“Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy,” said Al Suwaidi.

The agreement marks a milestone in ADEX’s ongoing efforts to strengthen cooperation with Egypt and other countries. The partnership was a result of unilateral signings by each party, which were subsequently combined to cement the collaboration’s foundation, WAM reported.

The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion. The agreement reflects a strategic collaboration designed to strengthen the export sector, aligning with mutual interests.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.