Sunday 24 July 2016

ADX, Abu Dhabi Global Market ink partnership

Abu Dhabi Securities Market (ADX) and Abu Dhabi Global Market (ADGM) have entered into an agreement to foster bilateral cooperation. The Memorandum of Understanding (MoU) was signed at ADGM Office today (July 24) by Hamad Abdullah Al Shamsi, chairman of ADX, and Ahmed Al Sayegh,


Kuwait's Gulf Bank Q2 net profit rises 34.4pc

Gulf Bank, Kuwait's fourth-largest lender by assets, reported a 34.4 per cent rise in second-quarter net profit on Sunday, as income from fees and investments edged higher. Net profit for the three months to June 30 was KD11.93 million ($39.4 million), compared to KD8.88 mill


70pc of remittances from Qatar went to S Asia states

South Asian countries are the largest beneficiaries of remittances originating from Qatar, according to Xpress Money, a leading money transfer brand. India, the largest recipient of remittances in the world received $3.99 billion from Qatar in 2015. Nepal followed at $2.02 billio


G20 will use all policy tools to lift growth

The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism. Philip Hammond, Britain's new


Arab Bank H1 net profit stays steady $424.9m

Jordan's largest lender, Arab Bank Group, reported a first-half net profit of $424.9 million, barely changed from $422.9 million in the same period last year. Its loan book and overall operations continued to grow despite exchange-rate fluctuations, it said on Sunday.


UAE removes need for bank guarantees for SMEs

The UAE Ministry of Human Resources and Emiratisation has issued a new decree exempting small and medium-sized enterprises from bank guarantees, beginning October this year. The decree supports the initiation of fresh projects and classifies them within the ministry’s first


$3.5bn IMF aid for Morocco

The Executive Board of the International Monetary Fund (IMF) has approved a $3.47 billion aid for Morocco. The two-year arrangement will be under the precautionary and liquidity line (PLL) for SDR 2.504 billion (about $3.47 billion, or 280 percent of Morocco’s quota), said


Arab National Bank Q2 profit slips 2.1pc

Arab National Bank, Saudi Arabia's seventh-largest lender by assets, reported a 2.1 percent fall in second-quarter net profit on Thursday, broadly in line with analysts' estimates, as expenses rose. Net profit in the three months to June 30 was SR818 million ($218.1 milli


EFG Hermes advises B.TECH on $33m partnership

EFG Hermes, a leading investment bank, has concluded its advisory to B.TECH, a major retailer and distributor in Egypt, for trading and distribution on its strategic partnership with DPI, a leading African private equity firm. The transaction will see the latter invest EGP300 mil


Middle East M&A transactions down 29pc

The value of announced mergers & acquisitions (M&A) transactions with any Middle Eastern involvement reached $18.7 billion during the first half of 2016, a decline of 29 per cent compared to the first half of 2015, according to a report. The value of announced mergers &am

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