Tuesday 25 April 2017

10 UAE banks report assets of over $475bn in Q1

The total assets of 10 UAE banks jumped to Dh1.75 trillion ($476 billion) by the end of Q1 2017, a 9.3 per cent growth from Dh1.6 trillion recorded over the same period last year, according to a new report. The growth in assets of the 10 banks whose Q 1 financial statements were


NBAD, First Gulf profit surges 12.4pc in Q1

The National Bank of Abu Dhabi and First Gulf Bank reported Dh2.93 billion ($797 million) in net profits for the first quarter of 2017, a 12.4 percent growth from Dh2.60 billion over the same period last year, a report said. The positive results are attributed to a robust operati


Mubadala Capital secures $2.5bn PE investment from Ardian

Mubadala Capital, the financial investment arm of Mubadala Development Company, today announced a private equity transaction worth $2.5 billion with Ardian, an independent private investment company.   Ardian has committed $2.5 billion to the transaction through a secondary/


Ras Al Khaimah foreign trade surges 11.8pc in 2016

Foreign trade in Ras Al Khaimah, UAE reached Dh10 billion ($2.72 billion) in 2016 compared to Dh9.04 billion in 2015, marking an increase of 11.8 per cent, according to a report published by Ras Al Khaimah Chamber. Dr Ahmed Rashed Al Shemaili, assistant director-general of Commer


UAE takes part in IMF, World Bank meetings

The UAE, represented by the Ministry of Finance (MoF), is participating in the 2017 spring meetings for the International Monetary Fund (IMF) and World Bank Group (WBG) which will be held from April 21-23 in Washington DC. Obaid Humaid Al Tayer, Minister of State for Financial Af


GCC Islamic banks face weaker growth prospects

The weak economic environment will continue to dampen the financial performance of Islamic banks in the GCC countries in 2017 and 2018, said S&P Global Ratings in a new report. The end of the commodities super-cycle has sparked a fall in the economic growth and prospects of t


Al khaliji bank posts 3pc increase in Q1 net profit

Qatar-based Al Khalij Commercial Bank (al khaliji) has reported a net profit of QR160.9 million ($44.19 million) for the first quarter of 2017, an increase of 3 per cent over for the same period last year. Sheikh Hamad Bin Faisal Bin Thani Al Thani, chairman and managing director


UAE among top destinations for foreign investments

The UAE has been ranked 21st globally for foreign direct investments (FDI), a report said, highlighting that  FDI inflows reached reaching $11 billion in 2014 and 2015, while greenfield investments nearly tripled to 129 projects. The United Arab Emirates has also pledged to


Tamouh secures $48m funding for mall

Abu Dhabi-based developer Tamouh Investments has signed a Dh310 million ($84.3 million) facility to fund the final phase of the construction of Tamouh’s Paragon Bay Mall in Marina Square, Reem Island. The ten year project financing will be provided by Abu Dhabi Islamic Bank


Mena region set for 2.6pc economic growth in 2017

Plagued by war, violence, and low oil prices, economies in the Middle East and North Africa (Mena) region will see growth of 2.6 per cent in 2017, down from 3.5 per cent in 2016, according to the World Bank’s semi-annual Mena Economic Monitor launched this week. But after 2017, d

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