Monday 17 May 2021

Remittances to Mena up 2.3% to $56bn in 2020: WB

Remittance flows to the Mena region rose by 2.3 percent to about $56 billion in 2020, due to strong remittance flows to Egypt and Morocco, said the World Bank in a new report. Flows to Egypt increased 11 percent to a record high of nearly $30 billion in 2020, while flows to Moroc


Bank ABC returns to net profit of $30m in Q1

Bank ABC (Arab Banking Corporation) said that its consolidated net profit attributable to the shareholders of the parent for the first quarter (Q1) of 2021 was $30 million, compared to a net loss of $62 million reported for Q1 2020. The Group started the year on a solid and profi


Bahrain-origin exports surge 59% to $778m in April

The value of Bahrain’s exports of national origin increased by 59% to BD295 million ($778million) during April 2021, compared to BD186 million for the same month of the previous year, said the Information & eGovernment Authority (iGA) in its foreign trade report of April 2021.


Bahrain cbank in tie-up for digital currency settlement

The Central Bank of Bahrain (CBB) is collaborating with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency.   Bank ABC along with J.P. Morgan will pilot the transferrin


Bahrain's Ithmaar Bank swings to $4.2m Q1 net profit

Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported a net profit of BD1.6 million ($4.2 million) for the first three months, compared to a net loss of BD5.68 million ($14.9 million) for the same period last year.    Its total assets surged to hi


GFH's Q1 profit grows three-fold, net income hits $90.3m

GFH Group, a leading regional financial group with major interests in asset management and real estate, has reported a net profit attributable to shareholders of $16.12 million for the first quarter compared with $5.08 million last year, up 217.2%.    Annou


Al Salam Bank-Bahrain Q1 net profit surges 144%

Al Salam Bank-Bahrain has reported net profit attributable to shareholders of BD6.1 million ($16.15million) in the first quarter of 2021 compared to BD2.5 million ($6.7million) in the first quarter of 2020, reflecting an increase of 144%. The increase in net profit was attributab


Bank ABC Islamic Q1 net profit up 79%; tops $10m

Bahrain-based Bank ABC Islamic has posted a net profit of $10.4 million in the first quarter (Q1) of the year compared to $5.8 million reported in Q1 2020, marking an increase of 79.3% after the bank absorbed the fraud related losses in 2020. Total operating income of $11.7 Milli


Saudi Arabia records real 4% GDP growth in Q1

Saudi Arabia’s seasonally adjusted real gross domestic product (GDP) of non-oil activities and government service activities recorded a positive growth of 4% in the first quarter (Q1) of 2021, compared to Q4 2020. Meanwhile, the year-on-year change of non-oil activities rea


Invest in Dubai records robust growth

Invest in Dubai (IID), an integrated digital business set-up platform, has recorded robust growth in its use, reflecting Dubai’s growing position as a leading global business destination for investors and entrepreneurs locally and globally. IID offers a unique business set-

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