Monday 16 July 2018

IMF welcomes Bahrain reforms; urges deficit cuts

International Monetary Fund (IMF) directors have welcomed Bahrain authorities’ commitment to continue subsidy reforms, cut non-productive spending, and raise non-oil revenues by introducing a value-added tax by 2019.    Following their consultations w


Saudi builder Al Khodari renews Islamic credit deal

Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons has announced the renewal of Islamic credit agreement with Riyad Bank, a leading financial institution in the kingdom. The SR231.4 million ($61.6 million) funding will be used to provide bonding commitments


CBD partners with Network International

Commercial Bank of Dubai (CBD) and Network International, a leading payment solutions provider recently signed an agreement to provide Network International’s acquiring processing solutions to CBD’s wholesale banking clients. The agreement was signed by Dr Bernd van L


UAE-S Africa non-oil trade surges 23pc to $3.2bn

Non-oil foreign trade between the UAE and South Africa saw an increase of 23 percent last year to $3.2 billion from $2.6 billion in 2016, Sultan bin Saeed Al Mansouri, Minister of Economy was quoted as saying in a media report. Al Mansouri was delivering the keynote address at th


UAE-China trade tops $50 billion in 2017

The volume of economic and trade exchange between the UAE and China reached more than $50 billion in 2017, said Dr Ali Obaid Al Dhaheri, the UAE Ambassador to the People's Republic of China, wishing that this figure would double over the next 10 years. While meeting with the


IsDB, OECD to support capacity building in Yemen

The Islamic Development Bank (IsDB) and the Organisation for Economic Cooperation and Development (OECD) have signed an aide-mémoire marking the commencement of a new project to help rebuild institutional capacitates in post-conflict Yemen.   The project,


SEDD, ENBD partner to develop customer services

Sharjah Economic Development Department (SEDD) has signed an agreement with Emirates NBD (ENBD) in order to develop services provided to customers and promote the economic development in the emirate, a media report said. This is done through offering digital services that contrib


FinTech Hive gets big response for 2018 edition

Dubai-based FinTech Hive, a top financial technology accelerator, has received over 300 applications from all around the world–triple the number of applications received in 2017—for its 2018 edition in September to be launched in partnership with Accenture. Of all app


QNB H1 net profit up 7pc to $1.9bn

Qatar-based QNB Group, a top financial institution in the region, has posted a net profit of QR7.1 billion ($1.9 billion) for the first six months of the year, up by 7 per cent compared to last year. Total assets increased by 10 per cent from June 2017 to reach QR846 billion ($23


DBEX completes pre-A round of investment

Dubai International Digital Asset Exchange (DBEX) has completed a pre-A round of investment from 19 leading global and Chinese investors including Sino-Burmese Fund, Hanfor Capital Management and Shangshan Wealth and Investment. The pre-A round investment is worth hundreds of mil

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