Initiative by Digital Economy Chamber to help firms set up in Dubai

• The initiative will provide a comprehensive package of services designed to support tech, digital startups, SMEs, and MNCs.
• The chamber’s strategy (2022– 2024) is focused on improving the digital business environment, developing support for digital firms.

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.

Pakistan gets first Russian crude under discount deal: PM

• Pakistani State Minister for Petroleum previously said shipments will be paid in currencies of "friendly countries", with Pakistan's US dollar reserves dangerously low
• Local media reported the cargo of 100,000 metric tons of oil left Russia a month ago and was split across two smaller ships in Oman before sailing to Karachi

UAE and Japan discuss boosting economic, trade and industrial ties

• The UAE Foreign Minister Sheikh Abdullah bin Zayed met with Japan's foreign and economy ministers to explore broadening of economic and strategic ties
• The discussion between the two sides also touched upon bilateral cooperation in energy and climate, and the UAE's preparations for COP28 in Dubai Expo City

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

Arab-China Business: Saudi Environment Ministry inks MoU with Beijing Institute of Genomics 

• The two parties will discuss the possibility of establishing a national platform for research and development in genetics and biotechnology
• The MoU aims to promote the use of advanced genomics technologies, the application of biotechnology solutions in agriculture and big data

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