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Dubai Wealth Fund Posts $6.8bn Profit for 2019

General view Dubai. AAWSAT AR
General view Dubai. AAWSAT AR
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Dubai Wealth Fund Posts $6.8bn Profit for 2019

General view Dubai. AAWSAT AR
General view Dubai. AAWSAT AR

The Investment Corporation of Dubai reported Dubai's sovereign wealth fund on Wednesday announced full-year revenues of AED 228 billion ($62 billion) and a net profit of AED 25 billion ($6.8bn).

It said it posted a 25 billion dirham ($6.8 billion) net profit compared to $5.8 billion in 2018.

The banking and financial services results benefited from an AED 4.4Billion ($1.1bn) gain on the partial disposal of Network International Holdings Plc and the fair value measurement of its remaining stake.

Chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and ruler of Dubai, ICD owns giant firms like Emirates Airline, the largest in the Middle East, Emaar Properties, the region's biggest real estate firm, and UAE's second largest lender, Emirates NBD bank.

It said its revenues last year dropped by 1.9 percent year-on-year to $62 billion over a decline in income from the energy and transport sectors.

"In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses," CEO Mohammed Ibrahim Al Shaibani said.

"In 2020, with the significant disruptions arising in the wake of the COVID-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides," he added.

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Business

Gold Rebounds from Five-week Low but Inflation Fears Cap Gains

Gold bars with Chinese characters reading _Fortune Gold_ are seen at a gold shop in Hangzhou. (AFP)
Gold bars with Chinese characters reading _Fortune Gold_ are seen at a gold shop in Hangzhou. (AFP)
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Gold Rebounds from Five-week Low but Inflation Fears Cap Gains

Gold bars with Chinese characters reading _Fortune Gold_ are seen at a gold shop in Hangzhou. (AFP)
Gold bars with Chinese characters reading _Fortune Gold_ are seen at a gold shop in Hangzhou. (AFP)

Gold prices edged higher on Tuesday from a five-week low hit in the previous session, although gains were limited as elevated crude oil prices kept inflation fears alive and clouded the US interest rate outlook.

Spot gold rose 0.3% to $4,533.40 per ounce by 0417 GMT, after a more than 2% drop on Monday. ‌US gold ‌futures for June delivery inched 0.2% higher to $4,542.50.

"Prices ‌seem ⁠to be digesting ⁠a bit after the return of the 'war trade' across markets sent gold lower Monday," said Ilya Spivak, head of global macro at Tastylive.

However, gains were capped as Treasury "yields and the dollar pushed higher as a rebound in crude oil stoked inflation fears. That weighed against non-interest-bearing and anti-fiat gold," Spivak said.

The ⁠dollar rose and Brent crude hovered above $113 ‌a barrel as the US and ‌Iran continued to work towards a truce while trading blows over ‌the Strait of Hormuz.

The US military said on Monday ‌it destroyed six Iranian small boats and intercepted Iranian cruise missiles and drones as Tehran sought to thwart a new US naval effort to open shipping through the Strait of Hormuz, Reuters reported.

A stronger US currency ‌makes dollar-priced metals more expensive for holders of other currencies.

Meanwhile, higher crude oil prices can ⁠stoke inflation, increasing ⁠the likelihood of higher interest rates. While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.

Traders have largely priced out US interest rate cuts for this year, with markets now seeing a 37% chance of a hike by March 2027, compared with 27% of a reduction a week earlier.

Investors now await a slew of key US data this week, including job openings, the ADP employment report, and the April payrolls report.

Spot silver was steady at $72.73 per ounce, platinum gained 1% to $1,964, and palladium was up 0.8% at $1,492.27.

Business

Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
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Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).

The Central Bank of Syria on Monday issued a decision allowing banks and local electronic payment companies to work with global electronic payment companies such as Visa and Mastercard, in a move seen as a step toward modernizing financial infrastructure and expanding digital inclusion.

Central Bank Governor Abdulkader Husrieh said in a statement the decision marks a strategic shift toward a more advanced digital economy and will help facilitate money transfers and payment transactions for Syrians both inside the country and abroad.

He added that the move opens the door to a new phase in the development of electronic payment systems and strengthens Syria’s integration into the global financial system after years of reliance on limited, traditional tools.

Husrieh said the decision enables banks and local electronic payment providers to broaden their services with more advanced and secure payment solutions for individuals and businesses.

Key benefits include allowing Syrians entering the country to use their international bank cards domestically, enabling wider use of Syrian-issued cards abroad, expanding the adoption of electronic payments, reducing reliance on cash, improving user experience, supporting e-commerce and startups, and enhancing the security and reliability of financial transactions.

The governor added that cooperation with global electronic payment companies will help transfer expertise and modern technologies to the local market, improving the efficiency and competitiveness of the financial sector.

The central bank said it continues to implement a package of reforms aimed at rebuilding financial institutions and strengthening monetary policy tools, alongside upgrading electronic payment systems and expanding the digitalization of banking services, in a bid to restore international financial connectivity and create a more efficient and transparent environment to support economic recovery.

Business

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
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Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations.

Spot gold was down 0.5% at $4,588.71 per ounce, as of 0655 GMT. US gold futures for June delivery fell 0.9% to $4,600.60.

Markets in China, Japan and the UK are closed for holidays.

Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank last Wednesday with interest rates on hold and rising concern about inflation, Reuters reported.

"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.

Federal Reserve officials, who dissented against the policy statement last week, said the oil price shock from the Iran war means the US Fed should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Increasing oil prices could encourage central banks to hold interest rates higher for longer, which would pressure non-yielding assets such as gold.

Oil prices eased but held above $100 a barrel, with the lack of clarity around a potential US-Iran peace deal remaining in focus.

President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran from Monday, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz.

Iranian state media reported that Washington conveyed its response to Iran's 14-point proposal via Pakistan, and that Tehran was now reviewing it.

"We see gold largely trading in a $4,400-$5,500 range by year-end. The upper end of that range would require a durable reduction in Middle East tensions and some easing of inflation pressures, while persistent high oil prices would keep the metal toward the lower half of the range," Waterer added.

Spot silver fell 0.6% to $74.91 per ounce, platinum held steady at $1,989, and palladium was down 0.4% at $1,519.78.