Latest news with #Dh34
Al Etihad
30-06-2025
- Business
- Al Etihad
MoHRE: Strict measures against establishments with workers engaging in unlicensed activities
30 June 2025 15:04 DUBAI (WAM)The UAE Ministry of Human Resources and Emiratisation (MoHRE) has affirmed its commitment to implementing strict measures against establishments that have been flagged for not effectively engaging in their licensed activities, and for having one or more registered workers without an actual employment the beginning of the year, the Ministry's monitoring system has detected around 1,300 establishments, owned by approximately 1,800 employers, that were not effectively practising their licensed activities, despite having registered workers without a real employment measures were taken against these establishments, including suspending the issuance of new work permits, imposing more than Dh34 million in fines on their owners, and placing them in the third category in the classification scheme for private sector part of the MoHRE's efforts to ensure establishment owners comply with the UAE's human resources laws and regulations, measures were implemented against owners of these establishment to prevent them from registering any new establishments in the Ministry's measures align with the provisions of Federal Decree-Law No.33 of 2021 on Regulating Labour Relations, Cabinet Resolution No. 21 of 2020 Concerning Service Fees and Administrative Fines in the MoHRE, and Ministerial Resolution No.318 of 2024 on the Procedure for Addressing Establishments with Registered Employees Not Conducting Their Licensed Ministry of Human Resources and Emiratisation called on employers whose establishments cease operations for any reason to cancel their licences and settle the status of their workers in accordance with the legal procedures in place in the UAE, in order to avoid legal Ministry went on to emphasise that an inactive licensed establishment maintaining registered workers constitutes a serious violation. The legal consequences apply to both the establishment owners and the registered workers, particularly in cases where no genuine employment relationship exists, which is a clear violation of the MoHRE highlighted the efficiency and effectiveness of its field-based and smart monitoring and inspection system in detecting and taking action against such comprehensive indicators on each establishment's activities, authorities can assess its operational status. This assessment is based on factors including authorised business activity, the number of sponsored workers, transaction movements with the Ministry, and other criteria verified through field inspections.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai gold prices drop Dh34 per gram in a month: Will rates fall further?
Gold price is expected to drop below $3,000 per ounce in the near future as risk appetite is growing among investors, reducing demand for safe-haven commodity, say analysts. After hitting an all-time high of $3,500 per ounce on April 22, the precious metal has fallen 8.5 per cent to $3,201 per ounce in nearly a month. In Dubai, prices have fallen around 8.1 per cent or Dh34 per gram to Dh386 on May 18, down from an all-time high of Dh420 in April. The prices have rallied over the past few months due to the central bank's buying, the US tariffs row, and geopolitical tensions around the world. However, as the US and China reached a trade deal, the prices of the yellow metal dropped significantly. 'We have seen a strong gold rally from $3,000 to $3,500, fuelled by concerns about tension between the US Federal Reserve and the US President Donald Trump administration, trade war and geopolitical tensions. With regard to trade uncertainty, we are a little bit more certain because of sub-deals. "Talks are happening to ease geopolitical situations. So, things have eased now with these two developments. Therefore, the risk appetite has improved, and this weighed on the gold price. If things continue to move in the same direction and we don't see a sudden surprise on these fronts, we expect gold to continue sliding and could go even below $3,000, said Wael Makarem, financial markets strategist lead at Exness. 'Risk appetite is significantly growing as we have seen a 20 per cent rebound in US stock indices and similarly European indices are also close to a record. So this shows a significant rebound in risk appetite,' he said. Ahmed Negm, head of market research for Mena at projected that the yellow metal gold will go down below $3,000 in the second quarter of 2025. 'This is because there is no positive sentiment in the gold market. So risky assets such as cryptocurrencies will be in high demand and rise,' said Negm. Farah Mourad, senior market research analyst at Equiti, also sees 'a strong cushion' around the $3,000 level. 'The biggest catalyst in the gold rally was central banks and China bought when gold was $2,800 and even around $3,000. The big institutions followed. But the huge peak that followed and the price reached $3,500, it needed a correction. But we are not worried about this correction because it corrected another momentum that was not that logical. We see strong support around $3,000 and it's good for those who were waiting for the dip to re-enter the market,' she said. Ole Hansen, head of commodity strategy at Saxo Bank, said gold has experienced its sharpest correction in absolute and percentage terms since 2023, breaking through multiple technical support levels. 'Having already hit our 2025 price target of $3,500, we are currently adopting a wait-and-see approach. The market remains between profit-taking from those selling into strength and renewed interest from dip buyers. Despite the recent pullback, several key structural drivers remain intact, including central bank buying, geopolitical risks, fiscal debt concerns, and inflation hedging. These are likely to underpin prices over the longer term, though a period of consolidation may be required before the next significant upside catalyst emerges,' he said.
Al Etihad
24-04-2025
- Business
- Al Etihad
Palms Sports reports Dh276m revenue in Q1 2025
24 Apr 2025 14:29 ABU DHABI (ALETIHAD) Palms Sports, the region's preeminent sports training provider, and a subsidiary of International Holding Company (IHC), reported Dh276 million in total revenue in the first quarter, reflecting a 7% increase from Dh258 million in Q1 Sports on Thursday announced its financial results for the first quarter of 2025, showcasing strong growth and consistent profitability across all key metrics. The growth underscores the company's continued momentum in driving demand for its training programmes, wellness, and competitive event programmes, a statement by the company posted on the Abu Dhabi Securities Exchange(ADX) website company also posted an operating profit of Dh34 million, up from Dh32 million in the same quarter last year. Net profit before tax rose to Dh20 million, up 18% from Dh17 million in Q1 2024. 'Our Q1 performance is a direct result of Palms Sports' strategic direction—investing in innovation, expanding our vertical capabilities, and acquiring key assets that strengthen our competitive advantage,' said Fouad Darwish, CEO and Managing Director of Palms Sports. 'These tactics not only enhance our core operations but also allow us to deliver broader value across education, community development, and elite sports.' The company's performance is driven by the ongoing expansion of its flagship programmes, along with a focus on scaling its operations and investments alike, reinforcing its prominent position in shaping the local and regional fitness and sports ecosystem, the statement said.
