Friday 28 October 2016

Pearl Initiative, United Nations hold forum in Dubai

UAE-based Pearl Initiative and United Nations Global Compact yesterday (October 27) hosted their second regional forum on ‘Sustainability in Action: Business and the Sustainable Development Goals’, in Dubai, UAE. Pearl Initiative is the leading Gulf business-led organ


RakBank posts nine-month profit at $151m

The National Bank of Ras Al-Khaimah (RakBank) has announced a consolidated net profit of Dh554.2 million ($150.8 million) for the nine months ended September 30. The Group’s operating profit increased by 6.1 per cent to Dh1.9 billion as a result of reduction in operating co


Blockchain ‘can transform UAE’s financial sector’

Blockchain technologies have the potential to revolutionize the rapidly growing financial services sector in the UAE and broader GCC region, according to a new report from global consulting and technology firm Booz Allen Hamilton. Titled ‘Blockchain: Application to Financia


GCC reforms impressive, but more needed: IMF chief

The reforms that the GCC countries have been implementing over the past year in response to the decline in oil prices are impressive, but continued fiscal adjustments will be needed over the medium term, the IMF chief has said.     Christine Lagarde, managing director of


Iran signs deals with European insurers

The Export Guarantee Fund of Iran (EGFI) has signed agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, a report said. Under the agreement, the Iranian and European sides will cooperate on &qu


Qatar First Bank Q3 revenue up 39pc

Qatar First Bank, a leading Islamic bank in the country, said its revenue for the third quarter hit QR491 million ($135 million), up 39 per cent over the same period in 2015 besides a net profit of QR3.4 million for the third quarter. Ziad Makkawi, the chief executive officer, QF


Global Environmental Management Services signs $80m facility

Global Environmental Management Services (GEMS), a Saudi Arabia-based integrated waste management and recycling company, has concluded an SR300 million ($80 million) capital expenditure and working capital facility structured in the Murabaha format. Arab Petroleum Investments Cor


NBAD Q3 profit stays flat at $359m

National Bank of Abu Dhabi (NBAD) reported net profits of Dh1.320 billion ($359.38 million) for the third quarter of this year, flat year-over-year (y-o-y) and down 4 per cent sequentially. During the period, strong underlying growth trends and solid investment income were offset


Bahrain non-oil growth jumps to 3.6pc in Q2

Bahrain’s non-oil sector grew by 3.6 per cent in the second quarter of 2016, a marked acceleration from 2.7 per cent in the first three months of the year, according to a new report released today by the Bahrain Economic Development Board (EDB). The sector, which accounts f


MEVP invests in online cleaning services marketplace Matic

Venture capital firm Middle East Venture Partners (MEVP) has announced a strategic investment in Dubai-based Matic (, a leading online marketplace for cleaning services in the GCC.   Matic offers consumers convenient access to multiple cleaning service prov

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