Sunday 26 February 2017

Bank ABC Islamic posts 16pc rise in profit

Bank ABC Islamic today announced that its net profit for the year ending on December 31, 2016 was $22.9 million, 16 per cent higher than previous year’s net profit of $19.7 million. Net profit for the fourth quarter of 2016 was $6.1 million, 70 per cent higher than the $3.6


GFH backs GCC Financial Forum

GFH Financial Group, the Bahrain-based financial group, today announced its support as a charter sponsor for the 6th GCC Financial Forum taking place in Bahrain on February 27 and 28. The forum, being organised by Euromoney Conferences and co-hosted by the Economic Development Bo


AlGergawi quits as chairman of Dubai Holding

Global investment conglomerate Dubai Holding’s chairman Mohammad Abdulla AlGergawi has resigned from his post and said he will dedicate his full time and effort to his duties in the government. AlGergawi is the UAE Minister of Cabinet Affairs and The Future, and the chairma


UAE food prices likely to increase in 2017

The food prices in the UAE are likely to increase this year owing to the surging demand across the emirates in addition to the spillover effects from a rise in agricultural food prices in 2017, said an expert. Global food prices stopped plunging in 2016, with a contained -1.5 per


Africa Finance Corp seals $150m Nasdaq Dubai sukuk deal

Africa Finance Corporation (AFC) said it has carried out a $150-million Islamic financing transaction on the Murabaha platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa (MEA). The transaction was executed to facilitate the issuance b


Al Ansari Exchange partners with SriLankan Airlines

Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, said it has signed an agreement with SriLankan Airlines, the country's national carrier, to facilitate ticket payments. As per the terms of the agreement, SriLankan Airlines customers wil


Dubai Islamic 2016 profit up 6pc to $1.1bn

Dubai Islamic Bank (DIB) has reported a net profit of Dh4.050 billion ($1.1 billion) for 2016, an increase of 6 per cent compared to Dh3.839 billion in 2015. At the Annual General Meeting (AGM) held yesterday (February 23) in Dubai, UAE DIB announced that the assembly has approve


Abu Dhabi, Saudi non-oil trade hits $4.6bn in 2016

The total value of non-oil trade between Abu Dhabi and Saudi Arabia reached Dh17 billion ($4.6 billion) in 11 months during 2016, based on statistics that focussed mainly on the imports through Abu Dhabi’s land, sea, and airports, a report said. According to the official st


BBK lead sponsor of GCC Financial Forum

  BBK has announced t that the bank will be one of the lead sponsors of the upcoming sixth Euromoney GCC Financial Forum in Bahrain. Set to take place on February 27 and 28, the event is expected to draw more than 600 C-suite delegates.


Bahrain on fast track with $8.1bn projects

Bahrain is making rapid progress on significant projects with a total worth of more than $8.1 billion, said a senior government official. Shaikh Mohamed bin Khalifa bin Ahmed Al-Khalifa, Minister of Oil, was delivering the keynote address at Bahrain British Business Forum (BBBF)

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