China de­val­u­a­tion: cheaper im­ports to flood UAE mar­kets

The Pak Banker - - BUSINESS -

DUBAI: Chi­nese ex­ports to the UAE like textile prod­ucts, clothes, in­dus­trial prod­ucts, along with me­tal-based prod­ucts, may be­come cheaper af­ter UAE's sec­ond­biggest trad­ing part­ner de­val­ued its cur­rency by the most in two decades. The Chi­nese cen­tral bank cut its daily ref­er­ence rate by 1.9 per cent but also promised to give mar­ket forces a big­ger role in set­ting ex­change rates in fu­ture raised the pos­si­bil­ity of fur­ther declines.

ADIB rights to start trad­ing on ADX on Au­gust 16 Abu Dhabi: Abu Dhabi Is­lamic Bank (ADIB) rights are due to start trad­ing on the Abu Dhabi Se­cu­ri­ties Ex­change on Au­gust 16, the first time rights is­sued by a UAE bank will be traded on a public ex­change. In line with the timetable an­nounced by the bank last month, all in­vestors hold­ing ADIB shares as at 14:00 hrs on Thurs­day, Au­gust 13 will be en­ti­tled to re­ceive rights to sub­scribe to new shares is­sued by the bank, the bank said in a state­ment. Each share­holder will re­ceive the right to sub­scribe to 56 new shares for ev­ery 1000 shares held. Share­hold­ers can sub­scribe for new shares at a price of Dh3 per share. The rights will be trad­able on the Abu Dhabi Se­cu­ri­ties Ex­change be­tween Au­gust 16 and Septem­ber 3.

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