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Fitch affirms Ras Al Khaimah's 'A+' rating, raises 2026 growth forecast
04.10.2026

Fitch affirms Ras Al Khaimah's 'A+' rating, raises 2026 growth forecast

RAS AL KHAIMAH, 4th October, 2026 (WAM) -- International credit ratings agency Fitch has affirmed Ras Al Khaimah's Long-Term Issuer Default Ratings (IDRs) at 'A+', reflecting an easing of direct risks associated with geopolitical challenges since April 2026, whose impact was limited to a modest delay and a marginal increase in the cost of launching a potentially transformational investment project in the Emirate.The international credit ratings agency explained that the 'A+' rating, despite the impact of uncertain regional conditions, is supported by low public-sector debt, substantial fiscal buffers, high GDP per capita and the benefits of UAE federation membership.Fitch revised the Emirate's 2026 GDP forecast upward, projecting growth of 1.5 percent, compared with its previous report, which had predicted a contraction of 1.8 percent.The revision was based on data from the first half of 2026, which indicated greater resilience, supported by solid domestic demand and stronger intra-Gulf activity.Fitch also forecast GDP growth to rebound to 5 percent in 2027, while consolidated public-sector debt is expected to remain broadly stable at about 11 percent of GDP over the 2026-2028 period.A spokesperson for Ras Al Khaimah Government said the Emirate's continued trajectory of growth, despite regional and global challenges, reflects the resilience and strength of the economy, noting that this achievement is no coincidence.The spokesperson added that the Emirate has consistently demonstrated remarkable resilience, turning challenges into opportunities for continued growth, reinforcing confidence in its economy, as evidenced by Fitch's reaffirmation of its 'A+' rating, removal from 'Rating Watch Negative' and upward revision of its growth forecast for 2026.Ras Al Khaimah, the northernmost of the UAE's seven Emirates, is home to a thriving and diversified economy, with growth recorded and projected across various sectors. The Emirate's GDP composition is split across a variety of sectors, boosting its ability to attract and retain talent and businesses, from SMEs to large international companies.

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Renault to invest over EUR 10 billion in France in EVs, affordable cars
04.10.2026

Renault to invest over EUR 10 billion in France in EVs, affordable cars

PARIS, 3rd October, 2026 (WAM) -- Renault Group (RENA.PA), ​will invest more than EUR 10 billion ($11 billion) in ‌France over the next five years in electric vehicles and more affordable cars, Chief Executive François Provost said on Saturday, Reuters reported."Over ​the last five years, we invested EUR 13 ​billion in France to transform entirely our ⁠industrial footprint to bet on electric, and ​over the five coming years, if the social ​and political context allows it, we will re-invest more than EUR 10 billion to continue pushing on electric and on ​making cars more affordable", Provost said in ​an interview on France Inter radio.Electric cars reached a ‌record ⁠of 42% of new car registrations in France in September, with demand boosted by the spike in fuel prices.

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CBUAE, Bank Al-Maghrib sign two MoUs to strengthen supervisory cooperation, Islamic finance
03.10.2026

CBUAE, Bank Al-Maghrib sign two MoUs to strengthen supervisory cooperation, Islamic finance

ABU DHABI, 3rd October, 2026 (WAM) -- The Central Bank of the United Arab Emirates (CBUAE) and Bank Al-Maghrib (the Central Bank of the Kingdom of Morocco) have signed two Memoranda of Understanding (MoUs) to strengthen cooperation in banking supervision and Islamic finance, and interlink payment and financial messaging systems.The MoUs contribute to stronger bilateral cooperation and enhance the efficiency of cross-border financial transactions between the two brotherly countries.The MoUs were signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdellatif Jouahri, Governor of Bank Al-Maghrib, at the CBUAE headquarters in Abu Dhabi.Under the first MoU, both parties will enhance cooperation on regulatory and supervisory issues and exchange supervisory information on banks and financial institutions. They will also coordinate on supervisory practices and regulations, exchange expertise and build institutional capacity, strengthen coordination among Shariah governance bodies for Islamic banking, and develop cross-border Shariah-compliant financing, including trade finance and infrastructure investment.The second MoU aims to explore the possibility of interlinking instant payment platforms, national card switches and financial messaging systems in both countries to facilitate the processing and settlement of cross-border transactions and enable mutual acceptance of domestic payment cards, in line with the regulatory and supervisory requirements of both countries.The MoU also covers the exchange of expertise in developing retail and wholesale central bank digital currencies (CBDCs), the exploration of ways to use them in cross-border payments between the two countries, and cooperation on fintech, regulatory and supervisory frameworks for virtual assets, including crypto-assets and stablecoins, and related consumer protection mechanisms.Balama said, "The signing of the two MoUs with Bank Al-Maghrib reflects our commitment to expanding financial and banking cooperation with the brotherly Kingdom of Morocco, in line with the vision of the UAE's wise leadership and in support of the mutual interests of both countries."Through this cooperation, we look forward to exchanging supervisory expertise, developing Islamic finance solutions, and exploring opportunities to strengthen links between payment systems, contributing to a more efficient and innovative financial sector and supporting economic and trade relations between the two countries."Jouahri said the two MoUs mark an important step in consolidating the partnership between Bank Al-Maghrib and the Central Bank of the UAE, and expanding coordination in supervision, regulation and Islamic finance."This partnership also opens up opportunities to develop cross-border financial transactions and accelerate their processing, and to explore ways to use central bank digital currencies in payments between the two countries, contributing to greater efficiency in financial transactions and stronger cooperation between the two institutions," he added.

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Eurozone inflation reaches three-year high of 3.8% in September
03.10.2026

Eurozone inflation reaches three-year high of 3.8% in September

BRUSSELS, 2nd October, 2026 (WAM) - Euro area annual inflation is expected to have risen to 3.8 percent in September, up from 3.2 percent in August, reaching its highest level in three years, according to a flash estimate released by Eurostat on Friday.The statistical office of the European Union said energy recorded the highest annual rate among the main components of inflation, rising to 18.8 percent in September from 14.3 percent in August. Services inflation increased to 3.2 percent from 3.0 percent, while food, alcohol and tobacco inflation rose to 1.4 percent from 1.1 percent.Inflation for non-energy industrial goods eased slightly to 1.1 percent from 1.2 percent in August.Meanwhile, core inflation, which excludes energy, food, alcohol and tobacco, edged up to 2.5 percent from 2.4 percent in the previous month.

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DEWA's Smart Bank Guarantee System reduces transaction turnaround time by 95%
03.10.2026

DEWA's Smart Bank Guarantee System reduces transaction turnaround time by 95%

DUBAI, 3rd October, 2026 (WAM) -- Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), announced that DEWA's Smart Bank Guarantee System has reduced transaction turnaround time by 95 percent and decreased reliance on physical bank guarantees by 74 percent.The system processes approximately 2,500 bank guarantees annually, with a total value of around AED1 billion."We continue to leverage cutting-edge digital technologies and artificial intelligence (AI) to redesign organisational operations and enhance efficiency, supporting Dubai's vision for digital leadership while delivering faster, more resilient and proactive services. We are developing an AI-driven integrated operational model that achieves the highest levels of operational efficiency and sustainability, contributes to zero bureaucracy and enhances customer and employee experiences," Al Tayer said. He added that the system advances bank guarantee management through faster, more accurate and resilient procedures, supporting the optimal utilisation of resources and increasing workforce productivity. It also supports DEWA's efforts to expand the use of Robotic Process Automation (RPA), which helps automate repetitive procedures and tasks, eliminating routine work.The Smart Bank Guarantee System manages the entire bank guarantee lifecycle through integrated digital processes, including receipt, review, updates and follow-up. It replaces traditional paper-based procedures and manual tracking with a fully digital ecosystem that enables real-time tracking and data updates while enhancing data quality, governance and financial control. This is achieved through automated processing and verification powered by RPA-based validation, SWIFT authentication and SAP-linked digital audit trails.The system has also earned a five-star rating at the International Best Practice Competition.

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CBUAE, Central Bank of Syria sign MoU on financial, technical cooperation
03.10.2026

CBUAE, Central Bank of Syria sign MoU on financial, technical cooperation

ABU DHABI, 2nd October, 2026 (WAM) -- Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), and Mohammad Safwat Abdel Hamid Raslan, Governor of the Central Bank of Syria, have signed a Memorandum of Understanding (MoU) to enhance bilateral relations and facilitate the exchange of expertise in various financial and supervisory areas of mutual interest.The MoU provides a framework for bilateral cooperation, institutional capacity building, and the development of technical expertise, as well as for the exchange of information on regulatory frameworks. Areas of cooperation include payment systems, monetary policy, cash management, as well as innovative financial technologies.The MoU also covers areas related to climate risk management and sustainable finance, financial inclusion and financial literacy and awareness, as well as credit information systems, reporting and risk management frameworks. It also provides for the exchange of expertise in the areas of licensing activities and institutions, regulatory enforcement, compliance, and consumer protection.Khaled Mohamed Balama, Governor of the CBUAE, said, "The MoU reflects our shared interest to advancing cooperation in financial and regulatory areas, as part of efforts to support the resilience of the financial system, enhance the efficiency of the financial infrastructure, and keep pace with developments in the financial technology sector. It also represents an important milestone in the exchange of expertise and knowledge and in capacity building, drawing on best practices. We hope that this cooperation will create broader opportunities for financial institutions in both countries and enhance the role of the financial sector in supporting economic growth and development."Mohammad Safwat Raslan, Governor of the Central Bank of Syria, said, "The signing of the Memorandum of Understanding with the Central Bank of the United Arab Emirates represents an important step towards deepening banking cooperation between the two countries and opening broader avenues for joint work in the areas of banking supervision and regulation, payment and transfer systems, and the development of banking infrastructure. We attach particular importance to the opportunities provided by the Memorandum to advance financial inclusion, build institutional capacity, and strengthen regulatory and supervisory frameworks, thereby supporting the development of the banking sector and enhancing its ability to keep pace with regional and international banking requirements and practices. We look forward to the Memorandum serving as a foundation for practical and sustainable avenues of cooperation between the two central banks, contributing to more efficient banking services, supporting monetary and banking stability, and opening broader prospects for banking partnerships between Syria and the United Arab Emirates."

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DFSA fines Vault Wealth Limited $109,200 for carrying on unauthorised financial services in Dubai
01.10.2026

DFSA fines Vault Wealth Limited $109,200 for carrying on unauthorised financial services in Dubai

DUBAI, 1st October, 2026 (WAM) -- The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of Dubai International Financial Centre (DIFC), has imposed a fine of USD 109,200 (AED 401,000) on Vault Wealth Limited (VWL) for carrying on financial services in or from DIFC without being authorised by the DFSA.VWL agreed to settle the matter. The DFSA therefore reduced the fine by 30% from USD 156,000 (AED 573,000) to USD 109,200 (AED 401,000).VWL is incorporated in the Abu Dhabi Global Market (ADGM) and is licensed by the Financial Services Regulatory Authority (FSRA) and provides financial services, including advising on investments or credit and arranging deals in investments. However, VWL has never been authorised by the DFSA to provide financial services in or from DIFC.The DFSA found that VWL breached the Financial Services Prohibition in Article 41(1) of the Regulatory Law 2004 by providing the following financial services in or from DIFC without the required DFSA authorisation, including:Advising on Financial Products; and Arranging Deals in Investments.In particular, between February and May 2024, VWL employees worked from the offices of a related DIFC entity, Vault Technology Limited, which was not regulated by the DFSA. During this period, prospective clients were invited to the DIFC office, where VWL provided financial advice and assisted clients with onboarding onto an investment platform. Prospective clients also provided know-your-customer documentation for the purpose of arranging the creation of investment accounts.The DFSA also found that the DIFC office did not indicate that the DIFC entity was separate from VWL. This could have led prospective clients, meeting VWL personnel in DIFC, to believe that VWL was authorised by the DFSA to provide financial services in or from DIFC.VWL's senior management were aware of the requirement to obtain DFSA authorisation. However, despite that awareness, VWL did not proceed with obtaining authorisation and continued providing financial services in or from DIFC. Senior management also failed to act on concerns raised by VWL's then Compliance Officer regarding the absence of the required licence. The DFSA treated these matters as aggravating factors when determining the fine.Alan Linning, Managing Director, Enforcement, of the DFSA, commented: "The prohibition against providing financial services in or from DIFC without the required DFSA authorisation is fundamental to the integrity of the DIFC's regulatory framework and to the protection of those who use, or may use, financial services within the Centre. Authorisation by another regulator does not permit a firm to conduct financial services in or from DIFC. Firms must ensure that they have the appropriate DFSA authorisation before undertaking regulated activity here.The action taken by the DFSA demonstrates that we will intervene where firms operate outside the regulatory perimeter and will impose sanctions that reflect the seriousness of such conduct and deter others from doing the same."The DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within DIFC. The DFSA will continue to take appropriate enforcement action to protect users and prospective users of financial services and to preserve confidence in DIFC's regulatory framework.

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RUWAD provides over AED 11.5 mn for 63 Emiarti women-owned businesses
27.09.2026

RUWAD provides over AED 11.5 mn for 63 Emiarti women-owned businesses

SHARJAH, 27th September, 2026 (WAM) -- Data released by Sharjah Entrepreneurship Foundation (RUWAD), an affiliate of the Sharjah Economic Development Department (SEDD), showed that the total number of women-led projects financed by the Foundation from 2005 until the end of the first half of 2026 reached 63 projects, with total financing exceeding AED 11.5 million, reflecting one aspect of the support Ruwad provides to women-owned businesses.The Foundation expressed its pride in the achievements of Emirati women and the influential role they have attained across various fields, particularly in entrepreneurship, where they have become key partners in building the economy, creating opportunities and transforming innovative ideas into sustainable businesses.Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department (SEDD), highlighted the support of President His Highness Sheikh Mohamed bin Zayed Al Nahyan for the advancement of Emirati women, reflecting the UAE leadership's belief in their role as essential partners in building the nation and shaping its future. He referred to His Highness's repeated expressions of appreciation for Emirati women's contributions to the family, society and the country's development journey.He praised the pioneering role of H.H. Sheikha Fatima bint Mubarak, "Mother of the Nation", Chairwoman of the General Women's Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, in supporting and empowering Emirati women and strengthening their presence across various fields.He noted that H.H.'s efforts have contributed to establishing an integrated Emirati model in which women's empowerment has become a sustainable pillar of national development.also commended the support of H.H. Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, for the emirate's development journey and H.H.'s emphasis on people as both the focus and ultimate objective of development.He further highlighted the role of H.H. Sheikha Jawaher bint Mohammed Al Qasimi in supporting women, families and society, as well as strengthening the presence of Emirati women in social, economic, cultural and community fields.He added that the future is built by Emirati men and women together, with Emirati women performing complementary roles alongside men in the family, government and private sectors, as well as playing an increasingly important role in entrepreneurship through businesses they establish and manage with competence, professionalism and creativity.Fatima Hassan Al Ali, Acting Director of the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad),said that a total of 902 women-owned businesses are currently active within the Foundation's membership network.During the first half of 2026, she explained that 88 women-owned projects joined the Foundation's membership network out of 291 new projects, representing 30.2% of the total.In the field of training and capacity building, Al Ali said the cumulative number of women entrepreneurs trained by the Foundation by the end of 2025 reached approximately 6,550.During the first six months of 2026, she added that 312 women entrepreneurs benefited from 18 training programmes and workshops organised by the Foundation, helping them develop the knowledge and skills required to establish, manage and develop businesses and respond to market requirements.

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China, US agree tariff cuts on $30 billion of goods
27.09.2026

China, US agree tariff cuts on $30 billion of goods

WASHINGTON, 27th September, 2026 (WAM) -- China and the United States have agreed to reduce tariffs on US$30 billion worth of goods in each direction and launch a dialogue on artificial intelligence following Chinese President Xi Jinping's visit to Washington, according to Reuters.A White House statement said the tariff reductions would cover US exports including agricultural products, wood products and cosmetics, as well as US imports including small household appliances, toys and decorations.The White House said the two countries had reached consensus on more favourable tariff treatment for $30 billion worth of non-sensitive goods in each direction.

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Forex Expo Dubai 2026 draws over 16,000 attendees on day 1
24.09.2026

Forex Expo Dubai 2026 draws over 16,000 attendees on day 1

More than 16,000 attendees and over 270 exhibitors filled the floor at Forex Expo Dubai 2026, held at Dubai World Trade Centre. The strong opening comes weeks after Dubai was ranked the world's number one location for FinTech in the latest Global Financial Centres Index (GFCI). Keynotes and panel discussions across five stages drew packed audiences, while busy exhibition booths kept the halls buzzing as the global trading industry came together to connect and do business. Attendees explored market trends, trading strategies, technology and business growth through focused sessions. Among Day 1's conference highlights was a fireside chat featuring Paul Dawalibi, CEO of Innovation City, titled Where Capital Meets Innovation: Building the UAE's Next Growth Ecosystem, which explored how emerging hubs are connecting founders, technology and global investment.

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Ken Paxton caught in Dubai with mistress and fugitives
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