130 km of new pipes have been laid
Upgrades will serve more than 12,000 customers in Eastern Province
Updated 08 April 2021
April 08, 2021 10:55
RIYADH: Saudi National Water Company (NWC) announced completion of 5 projects within its water and environmental system, at a financial cost of more than SR108 million ($28.7 million), Al Eqtisadiah reported on Wednesday.
The projects will serve more than 12,000 people in the governorates of the Eastern Province and their cities, Dammam, Al-Ahsa, and Jubail, the NWC said. More than 130 km of new piping has been laid.
The work to improve the quality of life and services provided to the population is in accordance with the Kingdom s Vision 2030.
“The launch of the Monetary Bills programme earlier this year, along with the existing Islamic Certificates of Deposits programme, facilitates the development of this innovative facility, Khaled Mohamed Balama, governor of the CBUAE, said.
“I am confident that the financial markets infrastructure deployed for this facility will not only enable licensed financial institutions to mitigate intraday liquidity risks, when there are timing mismatches between their daily inflows and outflows, but also help increasing efficiency of payments through the UAE Funds Transfer System.”
President Sheikh Khalifa appointed Mr Balama as governor of the CBUAE on Wednesday. Later that day, the regulator also announced its decision to extend the Targeted Economic Support Scheme (Tess), the Dh50 billion ($13.61bn) zero-cost funding programme set up a year ago to help lenders maintain funding flows through the economy following the onset of Covid-19.
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While most countries are stuck with lock-downs to smother the pandemic, the UAE chose to remain open. Will the gamble pay off economically?
April 08, 2021
Remember life before Covid-19? Booking hotel rooms for holidays, eating out at the restaurant, partying in bars and going to the gym? While this is a distant dream in most countries experiencing lockdowns, in Dubai, life continues almost unchanged. A social media campaign makes the point: “Open is looking good for Dubai right now and we want to tell the world about it,” says the voiceover, accompanied by images of unmasked people riding a rollercoaster, shopping at the mall and running on the beach.
UAE Central Bank launches intraday liquidity facility
6 hours ago Picture used for illustrative purpose.
The Central Bank of the UAE (CBUAE) announced on Thursday that, effective April 21, 2021, a new liquidity management facility (ILF) will be introduced as part of the implementation plan of the new Dirham Monetary Framework.
The objective of the facility is to provide eligible counterparties - participants in the UAE Funds Transfer System - access to Dhs funding from the CBUAE on an intraday basis, to ensure that payments are settled on a real-time basis.
To obtain intraday funds from the CBUAE, participants in the UAE Funds Transfer System are required to submit eligible collateral, as per the requirements set out in the terms and conditions of the new facility.
Dubai: In a regular meeting of the Board of Directors of the UAE Central Bank on Wednesday, the attendees were briefed on the comprehensive stimulus economic plan and its role in mitigating the financial and economic fallout of the COVID-19 pandemic. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Chairman of the Board of Directors of the UAE Central Bank chaired the meeting.
This includes a decision to extend the Dh50 billion zero-cost facilities available for the use of banks and finance companies. This extension is part of the postponement program to enable deferral of payments of loans from individuals and sectors affected by the repercussions of the pandemic until the end of 2021.