Thursday 26 November 2015

GCC expats ‘sent home $80 billion’

Foreigners working in the GCC sent home $80 billion last year alone, according to a labour expert. Cash transferred from the GCC accounted for one-fifth of remittances to developing countries, said International Organisation for Migration (IOM) labour mobility and human development division h


Bahrain PM orders red tape crippling business to be slashed

Bahrain’s Premier has stepped in personally to order red tape that is crippling business to be slashed to ensure investment flows and stalled projects are kick-started. He directed authorities to tackle multi-layered bureaucratic obstacles that are impeding investors and delaying their


Emirates Development Bank in deal with Abu Dhabi TDC

Emirates Development Bank (EDB) has signed an official agreement with the Abu Dhabi Technology Development Committee (TDC) – the UAE government entity focused on the development of human capital in the science and technology sectors.   The document, which


Qatar riyal sinks in forwards market on loan concern

Qatar's riyal fell sharply in the forward foreign exchange market on Wednesday as traders cited concern that Qatar might have trouble agreeing with banks on the pricing of a syndicated loan of up to $10 billion. The drop was part of widespread volatility in money markets acro


Saudi considering subsidy cuts; VAT

Saudi Arabia may reduce energy and water subsidies for wealthy citizens, impose a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks, Deputy Crown Prince Mohammed bin Salman was quoted as saying on Wednesday. The world's top oil exporter has


NBK-Egypt 9-month profit up 63pc

National Bank of Kuwait-Egypt (NBK-E), reported net profits of EGP445.6 million ($56.7 million) for the first nine months of 2015 compared with EGP273.5 million for the same period last year, an increase of 62.9 per cent year-on-year (y-o-y). As of end of September 2015, NBK-Egyp


Standard Chartered Sadiq appoints new chief

Standard Chartered has appointed Rehan Shaikh as CEO for Standard Chartered Saadiq, the bank’s global Islamic banking business.   Shaikh will drive the growth of Standard Chartered’s Islamic banking business across its core markets, supporting the Ba


WIBC names finalists for Performance Awards

The upcoming 22nd Annual World Islamic Banking Conference (WIBC) in Bahrain, the leading event for the Islamic finance industry, has announced the nominees for the WIBC Performance Awards. The Awards recognize the top Islamic financial institutions based on their performance aggr


StanChart appoints CEO for Islamic banking

Standard Chartered has appointed Rehan Shaikh as chief executive of Standard Chartered Saadiq, the bank's global Islamic banking business, it said in a statement on Wednesday. Shaikh moves from Dubai Islamic Bank, where he was senior vice president and business head, private


Fiscal buffers easing external shocks: UAE cbank

The build-up of large fiscal buffers over recent years, in addition to a highly liquid and well-capitalised banking sector, have reduced the potential impacts of negative external shocks, said the governor of UAE’s Central Bank. Monitoring and anticipating possible risks, w

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