Tuesday 25 June 2019

UAE cbank’s foreign currency assets top $103bn

The total foreign currency assets held by the Central Bank of the UAE (CBUAE) increased to Dh379.3 billion ($103.2 billion) by the end of May, a growth of 16.1 percent from Dh326.6 billion on the same month last year, a media report said. Meanwhile, current account balances and d


Bahrain-origin exports soar 16pc in May to hit $553m

The value of Bahrain-origin origin exports increased by 16 per cent as it reached BD210 million ($553 million) during May of versus BD181 million for the same month of 2018, the Information & eGovernment Authority (iGA) said in its latest foreign trade report.  The top 1


Tenmou enables funding application via website

Innovative Bahrain-based entrepreneurs and start-ups that have reached the right stage of viability in their business can apply now through the website of Tenmou, Bahrain’s first ‘Business Angels’ company, the company’s CEO said. Tenmou recently revamped i


SABB-Alawwal merger celebrated at Tadawul

Financial leaders from Saudi Stock Exchange (Tadawul) and the Saudi Arabian British Bank (SABB) gathered today (June 24) to celebrate trading of the newly combined SABB and Alawwal bank on Tadawul. The ringing of the market opening bell brought together senior executives from the


DEX wins ADGM nod for crypto asset exchange

DEX (Digital Assets Exchange) has approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem. CEO and founder of DEX Leon Smith said: “This is


DIFC, TiE Mumbai to support Indian fintechs

Dubai International Financial Centre (DIFC), a leading financial hub, has partnered with Mumbai-based The Indus Entrepreneurs (TiE), a global entrepreneurial organisation, to help Indian FinTechs scale their businesses across the region. Throughout a two-day programme, DIFC met w


Islamic finance to expand slowly in 2019-2020: S&P

The global Islamic finance industry will continue to expand slowly in 2019-2020, said S&P Global Ratings in a new report. "However, inclusive standardization, financial technology (fintech), and opportunities related to the industry's social role could help accelerat


Mena Fintech Association launched in Abu Dhabi

Mena Fintech Association (MFTA), an inclusive not-for-profit organization that aims at fostering an open dialogue for the Mena fintech community, was launched yesterday (June 23) at an exclusive event held at Abu Dhabi Global Market (ADGM). The event was attended by fintech leade


Europe firm enlists SRB for digitalization program

Liechtenstein based Elite Icon Trust has assigned Shariyah Review Bureau (SRB), a Middle-Eastern Sharia advisory firm, to review its Global Real Estate Digitalization program and business activities in light of Sharia principles. After receiving its approval, Elite Icon Trust is


UAE economy grows by 2.2pc in Q1

UAE’s non-oil sector grew 1.6 per cent on year during the first quarter (Q1) of the year,  with economic growth hitting an annual growth rate of 2.2 per cent driven by a robust government and private sector performance, a media report said. The real Gross Domestic Prod

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