Thursday 25 February 2021

SABB net income up 7% in Q4

The Saudi British Bank (SABB) reported a net income of SR680 million for the three months ended December 31, 2020.   Net income before Zakat and income tax for the three months was SR801 million, SR55 million or 7% higher than the three months ended December 31,


UAE raises daily decline limit in shares to 10%

Stocks listed on the UAE’s bourses will see their limit cap rising to 10% from the current 5%, effective February 28, the Abu Dhabi and Dubai markets said.   The development comes in implementation of a cabinet decision whereby the stock markets shall reve


NCB, Mastercard launch corporate credit card in Saudi

Mastercard, the global technology leader, and the National Commercial Bank (NCB), a leading financial institution in the region, have launched a new corporate credit card for NCB corporate and MSMEs clients in Saudi Arabia. The Mastercard Corporate World card allows companies to


UAE sets up office to combat money laundering

The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). The Executive Office will


Tawazun unit launches $190m venture debt programme for SMEs

Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, has announced the successful funding of eight supply chain contracts and three capex contracts towards 5 SMEs through its Venture Debt programme that was launched in November 2019.   


UAE unveils new national agenda, projects for next 50 years

The UAE's 2021 ministerial retreat concluded today (February 24) with a new edition of the national agenda and strategic projects to boost the country’s competitiveness and speed up development in the next 50 years.   The two-day retreat, chaired by HH


Consortium in merger talks with BFC Group

The consortium behind the acquisition of UAE Exchange is in advanced discussions with BFC Group Holdings over a potential merger that would create a regional financial services powerhouse in the Middle East with licences to operate in over 30 countries, a statement said.  &n


Bank ABC Islamic records $28.6m net profit for 2020

Bank ABC Islamic posted a net profit for the year 2020 of $28.6 million compared to $37.3 million recorded for the previous year, 23.4% lower than previous year, mainly on account of higher loan provisioning.   Total operating income was $44.9 million compared t


DIFC Academy and EdAid partner

As part of the centre’s vision to develop human capital and the skills needed for the future, the DIFC Academy has partnered with EdAid, the London based FinTech platform, to launch the Future Campus.    The platform will offer online education opport


Oman SME registrations surge 14.4% in 12 months

The total number of Small and Medium Enterprises (SMEs) registered in Oman’s Authority for Small and Medium Enterprises Development till the end of January 2021 stood at 49,337, compared to 43,134 in January 2020, an increase by 14.4%. Among the governorates, the Governorat

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