Thursday 22 March 2018

Visa names Baricordi GM for Mena region

Visa has appointed Marcello Baricordi as general manager for the Middle East and North Africa (Mena). Baricordi, a Visa and payments industry veteran, will report to Andrew Torre, regional president for Visa Central and Eastern Europe, Middle East and Africa (CEMEA), headquartere


Gulf economies set to improve this year: World Bank

The Gulf Cooperation Council (GCC) region witnessed another year of disappointing economic performance in 2017 but growth should improve in 2018 and 2019, according to the World Bank’s biannual Gulf Economic Monitor.   The region eked out growth of just 0.


Dubai Investments to launch new Islamic bank

Dubai Investments has announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million. The authorised share capital of Arkan Bank will be $500 million. Arkan Bank is a


Dubai’s non-oil foreign trade rises to $354bn

Dubai's non-oil foreign trade reached Dh1.302 trillion ($354.48 billion) in 2017 compared to Dh1.276 trillion in 2016, cementing Dubai’s position as a global hub for trade despite the challenges faced by the global economy.   Dubai’s re-exports g


FAB refutes allegations over Qatari rial

First Abu Dhabi Bank (FAB) has refuted allegations that it had conducted any transaction with the intent to manipulate the Qatari riyal.   In a statement, FAB said: “Following recent media speculation, we are surprised to read news reports containing rumou


UAE leads in digital banking in Mena

The UAE is now leading the Middle East and North Africa (Mena) region in digital banking with an impressive 16.4 per cent penetration, according to a report by Al Masah Capital Limited. The report is titled "Digital Banking - ME Trends”. The UAE is closely followed by


Abu Dhabi inflation up 4.5pc in first two months

Abu Dhabi's consumer price index (CPI) rose 4.5 per cent in the first two months of 2018, compared with the same period of 2017, official data revealed.   The CPI increased to 112.6 per cent during the period, up from 107.7 per cent over the same period of 2


India’s Axis Bank opens office in Sharjah

Axis Bank, India’s third largest private sector bank, has opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the representative office. The representative office in Sharjah is the third such Axis Bank o


Dubai Investments divests 50pc stake in driving centre

Dubai Investments has announced that its private equity subsidiary Masharie has divested its 50 per cent stake in Drive Dubai, one of the emirate's leading driving centres, for Dh35 million ($9.5 million). The stake sale generated an internal rate of return (IRR) of 21 per ce


Investcorp holds regional CEO Conference in Bahrain

Bahrain-based Investcorp, a global leader in alternative investments, held its inaugural CEO Conference for the Mena region, including Turkey, in Bahrain today (March 18), marking the firm’s first CEO Conference in the Gulf. The event gathered over 20 CEOs and c-suite execu

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