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After gold… India buys Emirati oil in Rs

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2 months ago

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After gold… India buys Emirati oil in Rs

India and the United Arab Emirates have begun bilateral trade in their local currencies, with India’s largest refiner paying in rupees to buy one million barrels of oil from the United Arab Emirates, the Indian government said.

Indian Embassy in UAE said in a statement that Indian Oil Corporation paid Abu Dhabi National Oil Company (ADNOC) in Rs.

The move comes after a deal involving the sale of 25 kilograms of gold from an Emirati gold source to a buyer in India for about 128.4 million rupees ($1.54 million).

This is the first time that India is buying oil from the UAE in rupees instead of dollars.

In July, India signed an agreement with the UAE to encourage India’s efforts to reduce transaction costs by eliminating dollar exchange and allowing trade in rupees instead of dollars.

During Indian Prime Minister Narendra Modi’s visit to the United Arab Emirates, the two countries agreed to set up a real-time payment connectivity system to facilitate cross-border money transfers.

Bilateral trade volume between India and UAE is expected to reach $84.5 billion between 2022 and 2023.

India is keen to strike similar deals in local currencies with other countries to boost exports as global trade slows.

The Comprehensive Economic Partnership Agreement between the Republic of India and the United Arab Emirates has played an important role in consolidating joint economic and trade relations between the two countries, pushing them towards growth and prosperity, and creating opportunities and incentives for Emiratis and Indians. Business communities.

Foreign trade between the two countries last year saw re-exports at 48.4 billion dirhams and non-oil exports at 40.2 billion dirhams, while imports were at 100.1 billion dirhams.

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Diamonds topped the list of the top 5 items re-exported last year at Dh36.5 billion, followed by electrical appliances at Dh1.2 billion and precious stones at Dh1.04 billion. , followed by ships at 951 million dirhams, followed by jewelry, and precious metals at 878 million dirhams.

In exports, raw gold topped the list of the top 5 commodities worth Dh13.7 billion, followed by nickel scrap worth Dh4.6 billion, then platinum worth Dh4.2 billion, then scrap iron worth Dh2.6 billion, followed by polymers of ethylene worth Dh1.7 billion.

Among the top 5 items imported from India in 2022, electrical appliances topped with a value of Dh13.2 billion, followed by diamonds worth Dh12.7 billion, jewelery and precious metals worth Dh12.1 billion, followed by mineral oils worth Dh11.5 billion, followed by iron worth Dh3.12 billion. .

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Economy

UAE stocks add 342 billion dirhams to its market capitalization in 9 months

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7 hours ago

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October 1, 2023

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UAE stocks add 342 billion dirhams to its market capitalization in 9 months

Local stock exchanges added about 342 billion dirhams to their market capitalization in the first nine months of this year, supported by increased demand from companies and investment portfolios, with new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market. .

Markets’ market value was boosted by four new listings in the current year, including “ADNOC Gas”, “Brissite” for artificial intelligence solutions and “ADNOC Logistics and Services” on the Abu Dhabi market. Shares of “Al Ansari” Financial Services on the Dubai Financial Market.

The market capitalization of listed stocks rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last session of last September, with 2.852 trillion dirhams distributed to stocks listed on the Abu Dhabi Securities Market and 696.6 billion dirhams to stocks listed on the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams of liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, of which 44.66. billion shares were traded.42.6 billion shares in the Abu Dhabi market by executing more than four million transactions in the two markets in Dubai.

The Abu Dhabi market index “Fadex 15” ended last September at 9496.03 points, while the “FTSE” Abu Dhabi General Market Index (Fadji) ended at 9785.32 points and the real estate index rose. 31.6%, consumer goods about 15.6%, and healthcare 7.1%, energy 3.6% and services 2.7%.

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Shares of “Abu Dhabi National Hotels” made the biggest gains on the Abu Dhabi market since the start of the year, rising 161%, followed by “Buildco” with gains of 85.2%, and shares of “ADNOC Drilling” with 34.9%, and “Aldar Properties” with 30%, and “ADNOC Gas” 23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Alpha Tabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams, and “Altar” with 9.1 billion dirhams. billion dirhams.

The Dubai Public Market Index rose 24.8% or the equivalent of 827.5 points in the first nine months of this year, jumping from 3336.07 points at the end of last year to reach 4165.58 points in the last September sessions. The real estate sector index was up 40.9%, industrials 30%, financials 22%, and services 16.1%, their highest levels in more than eight years.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “DEWA” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, and “Air Arabia” 30.7%. %, “SALIC” 33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, and “Dubai Islamic” 2.6%, while “Gulf Navigation” posted strong gains of over 974%. “Ajman Bank” also achieved 91.5%.

“Emaar Properties” has the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion. billion dirhams.

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• 4 new listings in the current year including “ADNOC Gas”, “Brissite”, “ADNOC Logistics and Services” and “Al Ansari”.

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Economy

Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

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15 hours ago

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September 30, 2023

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Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

Saturday, September 30, 2023 – 12:42 p.m

By: Rami Samy.

ABU DHABI, 30 September / WAM / Local stock markets added 342 billion dirhams to their market capitalization in the first nine months of this year, driven by increased demand from companies and investment portfolios, and new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market.

Markets’ market value was boosted by four new listings in the current year, including “ADNOC Gas”, “Brissite” for artificial intelligence solutions and “ADNOC Logistics and Services” on the Abu Dhabi market. Shares of “Al Ansari” Financial Services on the Dubai Financial Market.

The market capitalization of listed shares rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last sessions of this September, with 2.852 trillion dirhams distributed to listed shares and 696.6 billion listed shares on the Abu Dhabi Securities Market. In the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams in liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, including 44.6 billion shares. 42.6 billion shares in the Dubai Financial Market in Abu Dhabi and the Dubai market, by executing more than 4 million transactions in the two markets.

– Abu Dhabi Market.

The Abu Dhabi Market Index “Fadex 15” ended this September with 9496.03 points, while the FTSE Abu Dhabi General Market Index “Fadji” gained 9785.32 points and the real estate index rose 31.6. %, consumer goods around 15.6%, healthcare 7.1%, energy 3.6% and services 2.7%.

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Shares of “Abu Dhabi National Hotels” achieved the biggest gain in the Abu Dhabi market since the beginning of the year, rising 161%, followed by “Buildco” with gains of 85.2%. “ADNOC Drilling” shares another 34.9%, “Aldar Properties” 30%, and “ADNOC Gas”. “23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Al-Dhabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams and “Aldar” with 9.1 billion dirhams. .

– Dubai market.

In the first nine months of this year, the Dubai General Market Index rose 24.8% or the equivalent of 827.5 points, from 3,336.07 points at the end of last year to 4,165.58 points in the last September sessions. Its highest levels in more than 8 years, with the index rising, real estate sector 40.9%, industrials 30%, financials 22% and services 16.1%.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “Dewa” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, “Air Arabia” 30.7%, and “SALIC”. Stronger than “33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, “Dubai Islamic” 2.6%, while “Gulf Navigation” 974% and “Ajman Bank” 91.5% Profit was achieved.

“Emaar Properties” accounted for the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion in liquidity. Dirham.

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Ahmad al-Boutli/Rami Samih

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Economy

4 new AI tools you can use to edit photos on Instagram

Published

23 hours ago

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September 30, 2023

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4 new AI tools you can use to edit photos on Instagram
As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.


Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.


In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.


Here’s a full rundown of the new AI features Meta brings to Instagram:


– New photo editing tools in the Instagram app:


Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.


Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.


– AI-generated stickers for use in direct messages:


Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

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AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.


– Interactive AI bots – or characters:


In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI ​​characters will have their own profiles on Instagram and Facebook.



– Creators will be able to build their own robots in the future:


“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”


Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

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