Business & Investments

Cautious Market Outlook for The Year-end:Forex.com

How Rising Geopolitical Tensions & the Unwinding Yen Carry Trade Are Impacting UAE Equities & CBUAE Decisions

Dubai, 19 August 2024- After the yen carry trade triggered a spike in the VIX index, global equities, including those in the UAE, rebounded significantly. This recovery came in line with the positive expectations of a 25 basis points rate cut by the Federal Reserve in September.

Recent U.S. inflation data shows a slight uptick in the core Consumer Price Index (CPI) month-over-month from 0.1% to 0.2%, with the overall monthly CPI also increasing from -0.1% to 0.2%. This rise, driven by higher services inflation, suggests a 25-bps rate cut is more likely in September than a 50-bps cut. Meanwhile, the annual CPI decreased from 3% to 2.9%, revisiting 2021 levels. These developments have strengthened expectations for a rate cut by both the Fed and the Central Bank of the UAE (CBUAE).

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Automibiles & Motoring

Sustainable Mobility Start-Up, E Daddy Secures $15M Funding, Propelling Their Vision for a Greener Future in the Emirates

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In line with the UAE government’s sustainability goals, E Daddy aims to advance EV mobility as the first company to manufacture vehicles end-to-end in Dubai

Dubai, 19 August 2024 – E Daddy, an innovative solution for sustainable urban mobility, is set to transform the UAE’s electric vehicle landscape with its headquarters in Dubai. As the first company to proudly manufacture vehicles end-to-end in Dubai, E Daddy is backed by decades of experience and a USD 15 million (approximately AED 55 million) investment, priming them to lead the charge in electrifying the UAE and beyond.

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Business & Investments

American Express Middle East enhances the American Express® Platinum Credit Card in the United Arab Emirates with new benefits marking its 10th year anniversary

Dubai, United Arab Emirates – 19 August 2024: Celebrating a decade of The American Express Platinum Credit Card in the United Arab Emirates (UAE), American Express Middle East unveils additional and expanded benefits. Both new and existing American Express Platinum Credit Card Members in the UAE can enjoy an extensive range of new dining, travel, and everyday life benefits.

The new Platinum Credit Card benefits include:

  • 10% cashback on dining spend locally and abroad (up to 50 AED back monthly) making dining out even more rewarding.
  • AED 75 back monthly on grocery spend.
  • Enhanced access to more than 1400 airport lounges worldwide (up to12  visits each year per Card Member and 8 visits each year for 1 Supplementary Card Member, including accompanying guests), making shared travel experiences even more enjoyable.
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Business & Investments

New Design Envelope Tango Ensures Uninterrupted Service, Even During Maintenance

Innovative valve design means the pump can be serviced without interrupting flow or affecting occupant comfort.

Dubai, UAE – 19 August 2024: Armstrong has introduced new larger sizes of the Design Envelope Tango, a compact, low-carbon dual pump that ensures uninterrupted service, even during maintenance. The Design Envelope Tango includes two motors and two impeller assemblies in a single casing. Integrated valves can isolate one side of the pump for service, without interrupting flow or affecting occupant comfort. New sizes are now available with motors ranging from 11 to 30 kilowatts (15 to 40 horsepower) and are capable of serving applications up to 160 feet of pressure (2000 GPM).

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