BUSINESS | UAE Central Bank Urges Commercial Lenders To Use Stimulus Scheme

DUBAI – The United Arab Emirates central bank has urged commercial lenders to use the $70 billion-worth of capital and liquidity measures launched by the regulator to support the economy during the coronavirus outbreak.

The UAE, which as of April 12 had registered 4,123 virus cases, has sought to stem the spread of the disease by bringing vital sectors such as tourism and transport to a near halt.

To offset that, the central bank has announced over the past few weeks measures worth $70billion to guarantee liquidity in the banking system, so banks can support private sector corporates, small enterprises and individuals.

Since the launch of the support scheme on March 14, the central bank has provided 10 billion ($2.72 billion) dirhams in the form of lowered cash reserve requirements, it said in a statement late on Sunday.

Such funds ‘are to be deployed to directly benefit companies and consumers who have been adversely impact by the pandemic’, it said.

‘We urge banks and financial institutions to act in the best interest of retail clients, private sector corporates and SMEs (small and medium enterprises), which are the growth engine of our economy’, governor Abdulhamid Saeed said in a statement.

He urged banks that had not yet confirmed their participation in the scheme to do so at the earliest.


NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

There’s a scene in a new documentary about Paris Hilton, where the so-called socialite is speaking with former classmates from a Utah boarding school. They joke about how on her reality series ‘The Simple Life’, Hilton pretended to be clueless over many things – including how to perform any sort of manual labor. One bluntly … Continue reading ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

Meghan Markle and Prince Harry’s royal titles were ditched for the first time in a promo video for their upcoming television appearance, The Duke and Duchess will be honored for TIME Magazine’s annual list of 100 of the world’s most influential people. ABC will air the special on Sept.22, the first time the magazine is … Continue reading ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … Continue reading BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

ABU DHABI – International passengers arriving at Abu Dhabi airport will now have to wear a tracking device while they complete a mandatory 14-day home quarantine due to COVID-19, according to state-owned Eithad Airways. Daily infections in the United Arab Emirates rose this month to their highest since the outbreak started, which officials have largely … Continue reading TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

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