Author: dailyguardian.ae

The UAE insurance market is projected to grow by Dh14 billion by 2028, driven by the non-life segment, according to a new study published on Wednesday. Released by investment banking advisory firm Alpen Capital, the study said the UAE insurance sector will expand at a compound annual growth rate (CAGR) of 4.9 per cent from $14.1 billion (Dh51.7 billion) in 2023 to $17.9 billion (Dh65.7 billion) in 2028. The study projected that the non-life segment is estimated to grow at a CAGR of 5.2 per cent to $14.4 billion in 2028. “This growth is expected to be driven by improving…

Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to not onboard new customers and also not to undertake further deposits or credit transactions after February 29 this year. In a press release dated March 11, 2022, the Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, had directed Paytm Payments Bank Ltd (PPBL) to stop onboarding new customers with immediate effect. The Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further…

Sharjah’s real estate sector recorded a phenomenal 165 per cent jump in investments, driven by a significant surge in non-Arab foreign investors in 2023, data released on Wednesday by the Sharjah Real Estate Registration Department shows. The upswing in investments from 103 nationalities was after a strategic government decision allowing non-citizens and Gulf nationals full ownership rights, the Sharjah Real Estate Registration Department said in a report. The emirate also set a new record with Dh27.1 billion cash trading in 2023, the highest since 2017, recording a 13.1 per cent surge in cash trading volume in 2023. “The diversity of…

The defending champion Denver Nuggets (33-15) are on the road tonight as they square off against a pretty evenly matched Oklahoma City Thunder (32-15) at the Paycom Center. The game will highlight two of the league’s best players on the court: Shai Gilgeous-Alexander, who averages 31.3 PPG (third in the league currently), and Nikola Jokic, who has 26.3 PPG on average. A win the other night over the Bucks got Denver to retain second place in the West, but the Thunder sit calmly behind them by half a game in third place. The NBA regular season is long, but this…

UAE on Wednesday announced another successful mediation for the exchange of prisoners of war between the Russian Federation and the Republic of Ukraine. The Ministry of Foreign Affairs emphasised that the success of the new mediation efforts reflects the global status of the UAE as a trusted partner on the international stage, especially by the Russian Federation and the Republic of Ukraine, which resulted in the release of captives from both sides. The Ministry expressed its appreciation to the Russian Federation and the Republic of Ukraine governments for their cooperation and response to UAE mediation to make the exchange process…

Officers from India’s financial investigation agency arrested a state chief minister Wednesday in an alleged land scam investigation that allies of the detained man said was politically motivated. Hemant Soren, the top elected official of eastern Jharkhand state, was detained by the Enforcement Directorate after hours of questioning. He is accused of money laundering in a case stemming from the alleged illegal sale of public land. Rajesh Thakur, a lawmaker from a party in coalition with Soren’s Jharkhand Mukti Morcha (JMM) party, told AFP the chief minister submitted his resignation to the state’s governor late in the evening. A JMM…

Tecom Group on Wednesday announced a record Dh2.2 billion in revenue, representing a 10 per cent year-on-year (YoY) increase and a 49 per cent YoY increase in net profit to Dh1.1 billion for the financial year ended December 31, 2023. The strong financial performance was driven by robust demand from new and existing customers operating across all six sectors the Group serves, underpinned by Dubai’s resilient economic performance, pro-growth and diversification government initiatives, and bullish consumer and business confidence. Malek Al Malek, chairman of Tecom Group, said, “2023 was a remarkable year for the UAE and Dubai’s economy, supported by…

In an extraordinary gathering of cricket excellence Edgbaston, England’s historic cricket ground, is set to host the highly anticipated World Championship of Legends (WCL) this summer. Featuring several former luminaries, the T20 tournament which is approved by the England & Wales Cricket Board (ECB), is set to showcase retired and non-contracted players from cricketing powerhouses in England, India, Pakistan, Australia, West Indies, and South Africa. Harshit Tomar, Director of Zabawa Entertainment, the creators of the event, commented: “The current announcement strengthens WCL’s status as a top-tier platform for past cricketing champions, creating new opportunities for the league’s development and global…

The Miami Heat (24-23) are in dire need of putting an end to their seven-game losing streak tonight as the Sacramento Kings (27-18) come to town. It won’t be an easy victory for the Heat, as the Kings have some interesting stats working in their favor. They are 25-9 when they score more than 111 points, and when they allow fewer than 110 points from their opponent, they have an 11-3 record. The Kings look like the real deal this season, sitting in fifth in the Western Conference right now. Miami currently sits just inside the top eight in the…

One of the largest emeralds in the world, a long traditional Emirati necklace and vehicles made of pure gold, are up on display at the glitzy and glamorous annual Watch & Jewellery Middle East Show, which kicked off in Sharjah on Wednesday. Over 500 premium companies and brands from the UAE and around the world are exhibiting some of their best showstoppers and priceless jewellery. The event will take place throughout the weekend until February 4. For the first time this year, several leading brands will showcase exclusive 2024 designs at the exhibition. On the first day of the event,…