Business

Trade with Dubai surges to $700 million in 10 months after Abraham Accords

The bilateral trade between Israel and Dubai has reached Dh.2.57 billion ($700 million) since the Abraham Accords was signed in September 2020, a senior Israeli diplomat told Emirates News Agency (WAM).
“We have this huge amount of trade [even though] Israel was closed completely for foreigners, and sometimes for Israelis, too, up to 1st November, because of COVID-19. It only proves that once the doors are opened, we are going to have a surge of more business going back and forth,” said Ilan Sztulman Starosta, the Israeli Consul-General in Dubai.

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Dubai Government announced on January 30 that the emirate’s trade with Israel in five months, between September 2020-January 2021, had reached Dh.1 billion ($272.26 million).
In June 2021, Israel’s Foreign Minister Yair Lapid told WAM that bilateral trade between his country and the UAE had reached over NIS2.2 billion (Dh. 2.48 billion/$675.22 million), within 10 months of signing the Abraham Accords.
The Israeli Consul-General said commodities constituted most of the two-way trade, with diamonds having high volumes.
Dubai Diamond Exchange (DDE) under DMCC -– the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has a representative office in Israel. DDE had signed a collaboration agreement with the Israel Diamond Exchange (IDE) in September 2020, soon after the Abraham Accords came into being.
Dubai’s status as one of the world’s leading diamond trading hubs helps further enhance trade with Israel, the Consul-General pointed out.
According to DDE, in 2003, the total value of rough and polished diamonds traded in the emirate was Dh.13.2 billion ($3.6 billion), a figure that rose significantly in 2019 to Dh.84 billion ($23 billion).
“You have many Israeli companies that develop and sell technologies in Dubai. They set up [their businesses] here and start doing R&D [research and development] and some of them are into the production of goods that are not available in Israel. And this is also growing,” Starosta noted.
Healthcare is another important sector, he pointed out. “Many people come to Israel for health services and many Israeli hospitals are opening branches here in Dubai.”

Business

Iraq boosts gold reserves by two percent in single day in gradual buildup

Iraq’s central bank boosted its gold reserves by about 2 percent in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that’s seen as a traditional haven in times of economic distress.

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Iraq bought 2.5 tons of bullion on Thursday to bring its reserves to 132.73 tons, Mazin Sabah, director general of the central bank’s investments department, said in an interview in Baghdad. The strategy is to acquire more gold in the second half of the year, Sabah said.

“Our current plan is to buy small quantities over multiple times, not a big quantity in one go, Sabah said.

Central banks around the world are expanding their holdings of bullion amid escalating geopolitical and economic risks. Iraq, OPEC’s second-biggest oil producer, resumed gold purchases in 2022 after a four-year hiatus, under a program to diversify its roughly $100 billion in foreign assets.

Iraq’s central bank bought 34 tons of gold last June, a one-time increase of 35 percent in its holdings. It stores bullion with the Bank of England and the Bank of France.

Sabah said the central bank’s approach is to add to its gold reserves whenever the precious metal’s price reaches a level that matches the investment department’s guidelines.

Gold, which was within touching distance of a record earlier this month, had its third consecutive weekly loss as signs of resilience in the US economy increased the likelihood that the Federal Reserve will keep raising interest rates. The metal is more appealing to investors for returns when rates are low.

Gold demand from central banks fell to 228.4 tons in the first quarter, down 40 percent from the preceding three months, according to a report from the World Gold Council. While that’s still strong, it’s the second straight quarter of decline, a sign the institutions’ historic bullion binge may be coming to an end.

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Business

Ambani-backed EV maker is said to weigh raising $85 mln

Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7 billion rupees ($85 million) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models, according to people familiar with the matter.

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The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified as the information is private. Some of its existing investors could tag along and sell their shares, the people said.

Deliberations are at an early stage and details of the fundraising could still change, the people said. Altigreen Chief Executive Officer Amitabh Saran confirmed to Bloomberg News that the company is in the midst of fundraising and targets to wrap it up by July.

Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website.

The firm raised around 3 billion rupees in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.

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Business

Binance taps Teng to run all regional markets in swift ascension

Binance tapped Richard Teng to head all its regional markets outside of the US, a swift and steady ascension for the executive that joined the world’s biggest crypto exchange just under two years ago.

Teng’s new position, effective Monday, is an expansion of his previous role leading Asia, Europe, Middle East and North Africa, according to a company spokesperson. He joined the firm in August 2021 as Chief Executive Officer of Singapore, and rapidly climbed the ranks amid a tumultuous time in the digital assets sector.

Teng’s expanded responsibilities comes at a time when Binance is under fire from US authorities over compliance issues. Outside of the US, there have been a flurry of developments.

It is launching a new platform for Japan residents after buying a local crypto firm, and its joint venture in Thailand recently secured licenses for a digital exchange. In Australia meanwhile, the permit for its derivatives business has been canceled pending a review of its local operations.

“Richard’s international experience and regulatory background as well as global relationships will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape, said Chia Hock Lai, board chairman of the Blockchain Association Singapore.

Teng’s additional responsibilities, which he shared on LinkedIn on Monday, comes just over a month after he took charge of Asia on top of leading Europe, the Middle East and North Africa.

Before joining Binance, Teng held other senior positions in the traditional financial sector. These include being CEO of Abu Dhabi Global Market, chief regulatory officer at the Singapore Exchange Ltd. and director of corporate finance at the Monetary Authority of Singapore, according to his LinkedIn profile.

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