Banking, fintech, funds, capital markets and cross-border investment
Intercontinental Exchange has launched new freight derivatives, including the first tanker freight futures on the TD34 route from the Gulf of Oman to China. The contracts are cash-settled based on Baltic Exchange assessments to help market participants hedge freight risk amid shipping disruptions. Average daily trading volume across ICE freight markets grew 33 percent year-to-date.
Dubai Chambers President and CEO Mohammad Ali Rashed Lootah expects commercial and investment links with China to expand further. Speaking ahead of the Dubai Business Forum in Shenzhen, Lootah emphasized growing appetite among Chinese technology and artificial intelligence firms to use Dubai as a gateway to regional and international markets. The initiatives align with the Dubai Economic Agenda (D33) to foster cross-border innovation and trade.
Spot gold rose 0.4% to $4,158.17 an ounce after weak US employment figures reduced the perceived probability of an October Federal Reserve rate hike. The price recovery was supported by safe-haven buying from Middle East tensions, record global ETF inflows, and a 20-tonne gold purchase by China's central bank in August.
The Dubai Court of Appeal has acquitted a businessman and a lawyer in a Dh13.5 million breach of trust case. The ruling overturned a lower court conviction that imposed a one-year prison sentence and an equivalent fine. The court determined that the dispute stemmed from a commercial settlement rather than a criminal offence.
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