Sunday 5 April 2020

Global cost of Covid could hit $4 trillion

Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, even as the global cost of the pandemic could range from $2 trillion to $4.1 trillion, according to the Asian Development Outlook (ADO) 2020, the Asian Dev


UAE’s non-oil trade hits $214bn in H1 2019

UAE’s non-oil trade in the first half of 2019 increased to Dh786 billion ($214 billion), a 3.3 per cent growth compared to Dh760.5 billion in the first half of 2018, a media report said. All non-oil-related trade indexes in the UAE improved in the first half of 2019, led by


UAE names new Central Bank governor

UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a federal decree for 2020 appointing Abdulhamid Saeed as the new governor of the UAE Central Bank.   With more than 35 years of experience in the banking and financial services, Saeed has held key po


Five GCC banking systems downgraded over Covid-19, says report

Top ratings agency Moody's has changed its outlook to negative from stable for five GCC banking systems of Saudi Arabia, UAE, Kuwait, Qatar and Bahrain because of the oil price collapse and coronavirus outbreak.     For the other Gulf state, Oman,


EWallet launches international remittance services to 200 countries

Digital Financial Services, a joint venture between Etisalat and Noor Bank, has announced the launch of eWallet's international remittance services to 200 countries and territories worldwide in partnership with MoneyGram International.   EWallet customers ca


Standard Chartered launches $50m Covid-19 assistance fund

Standard Chartered is launching a $50 million global fund providing assistance to those affected by the Covid-19 pandemic.   "The group will immediately donate $25 million to support emergency relief in our most affected markets. The additional $25 million


Al Arrayed named new NBB board member

The National Bank of Bahrain (NBB) has appointed Edamah CEO Amin Al Arrayed as its newest board member replacing Khalid Al Rumaihi who has requested to depart the board due to his new role and bigger responsibilities.   Al Rumaihi was appointed as a non-executiv


UAE likely to see GDP growth of 2.5pc in 2020: report

The UAE's non-oil economy will likely see stagnation in the first half of 2020, according to the latest Economic Update from chartered accountancy body ICAEW.    This is due to the ramifications of the escalating Coronavirus pandemic and the slump in oi


ADX sees 93pc in disclosure compliance of financial reports

Abu Dhabi Securities Exchange (ADX) has achieved a compliance rate 93 per cent regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed companies within the deadline of 90 days from the end of the financial period annual.


Bahrain repays $1.25bn bond under fiscal plan

Bahrain’s Ministry of Finance and National Economy announced yesterday (April 1) it had repaid an international $1.25 billion bond that reached maturity on March 31, a media report said. The ministry said that the successful repayment demonstrates the strength and robustnes

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