Friday 24 February 2017

Dubai Islamic 2016 profit up 6pc to $1.1bn

Dubai Islamic Bank (DIB) has reported a net profit of Dh4.050 billion ($1.1 billion) for 2016, an increase of 6 per cent compared to Dh3.839 billion in 2015. At the Annual General Meeting (AGM) held yesterday (February 23) in Dubai, UAE DIB announced that the assembly has approve


Abu Dhabi, Saudi non-oil trade hits $4.6bn in 2016

The total value of non-oil trade between Abu Dhabi and Saudi Arabia reached Dh17 billion ($4.6 billion) in 11 months during 2016, based on statistics that focussed mainly on the imports through Abu Dhabi’s land, sea, and airports, a report said. According to the official st


BBK lead sponsor of GCC Financial Forum

  BBK has announced t that the bank will be one of the lead sponsors of the upcoming sixth Euromoney GCC Financial Forum in Bahrain. Set to take place on February 27 and 28, the event is expected to draw more than 600 C-suite delegates.


Bahrain on fast track with $8.1bn projects

Bahrain is making rapid progress on significant projects with a total worth of more than $8.1 billion, said a senior government official. Shaikh Mohamed bin Khalifa bin Ahmed Al-Khalifa, Minister of Oil, was delivering the keynote address at Bahrain British Business Forum (BBBF)


Geo-politics, VAT in focus at ME investment meet

Geo-politics and impending Value Added Tax (VAT) were the key topics discussed at the Middle East Investment Conference held today (February 23) in Abu Dhabi, UAE. The event took place at the ADGM Auditorium on Al Maryah Island, Abu Dhabi, and is organised by Informa in partnersh


Al Baraka achieves $152m net income in 2016

Bahrain-based Al Baraka Banking Group, a leading Islamic banking group has announced a seven per cent increase in total operating income and 9 per cent increase in net operating income during 2016 compared with 2015. Total operating income exceeded the level of $1 billion to reac


Leading Bahrain banks back financial forum

Some of the leading banks and financial institutions are supporting the 6th GCC Financial Forum to be held in Bahrain next week as charter sponsors.   Al Salam Bank, Arcapita, Bank of Bahrain and Kuwait (BBK), BNP Paribas, GFH, National Bank of Bahrain (NBB) and Rante Corpor


DFSA signs MoU with European authority

The Dubai Financial Services Authority (DFSA) and the European Securities and Markets Authority (ESMA) have entered into information sharing and cooperation arrangements regarding DIFC based central counterparties (CCPs) compliance with conditions set out in The European Union’s Market In


Qatar banks' merger 'will be good for sector'

A proposed merger between three Qatari banks -- Masraf Al Rayan, Barwa Bank and International Bank of Qatar -- if successfully completed, would create the largest Islamic bank and the second largest bank in Qatar, and would result in a more balanced competitive environment in Qatar's fragme


Saudi Arabia to step up investment in Morocco

Saudi Arabia, under its Vision 2030, plans to increase the volume of its investment in Morocco, said a top official. Mohamed Fahd Al Ahmadim, head of Moroccan-Saudi Council of Business, was speaking at a preparatory meeting of the council in Casablanca, reported Morocco World

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