China devaluation: cheaper imports to flood UAE markets
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.