Assets of banks in UAE up 2.6% in first quarter to reach $1.02 trillion

• Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3 percent q-o-q increase during the first quarter of 2023.
• At the end of the first quarter of 2023, there were 22 locally incorporated banks, while the branches of these banks decreased to 494.

Sharjah’s Sabaa Sanabel wheat gets Made in the UAE mark

• Sabaa Sanabel wheat flour has met the highest quality and safety standards in force in the UAE, boosting its competitiveness in the market.
• Sabaa Sanabel has obtained five accredited certificates in quality and safety as it does not contain anything that changes its nutritional value.

Masdar to build up to 1GW wind power project in Kazakhstan

• Masdar is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW
• In Azerbaijan, Masdar is developing the 230 MW Garadag solar power plant and has signed agreements for onshore wind and solar projects

solutions signs $118m contract

• The company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR.
• The company reported a revenue of SAR 2.7 billion in the first quarter of 2023, an increase of 19 percent from the same quarter last year.

Rise of AI voice scams causes alarm in the US

• In a global survey of 7,000 people from nine countries, including the United States, one in four people said they had experienced an AI voice cloning scam
• US officials have warned of a rise in "grandparent scam" -– where an imposter poses as a grandchild in urgent need of money in a distressful situation

Iran-Turkey trade to hit US$15bn on back of private sector cooperation

• According to the Iranian Customs Authority, the bilateral annual trade between the two countries touched US$13.58 billion up to late March 2023
• During the last financial year, Turkey rose to become the third largest customer of Iranian non-oil exports, with some US$7.45 billon worth of purchases

HFZA inks deal with Infinite Mining & Energy to build oil refinery

UBS set to complete its takeover of Credit Suisse today

• The merger of Switzerland's two biggest banks will be complex both technically and politically, resulting in a megabank unlike the Swiss have ever seen
• "If the takeover by UBS hadn't succeeded, there would have been an international financial crisis", said Thomas Jordan, chairman of the Swiss National Bank

SEWA holds talks with US consulate to promote innovation for energy solutions

• The meeting also touched upon SEWA's initiatives to bring down carbon emissions and fight climate change, besides discussing the upcoming COP28 conference
• The two sides also explored potential partnerships between SEWA and American companies in innovation and sustainable development

UAE-Turkey partnership has scaled new heights: Al Marri

• The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
• The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031