Tuesday 25 June 2019

UAE economy grows by 2.2pc in Q1

UAE’s non-oil sector grew 1.6 per cent on year during the first quarter (Q1) of the year,  with economic growth hitting an annual growth rate of 2.2 per cent driven by a robust government and private sector performance, a media report said. The real Gross Domestic Prod


UAE launches new anti-money laundering platform

The UAE has become the first country in the Gulf to launch a new reporting platform developed by the United Nations Office on Drugs and Crime (UNODC) to curb organised crimes.   The UAE’s Financial Intelligence Unit (FIU) launched the new anti-money launde


Abu Dhabi DED conducts 38,000 inspection visits in Q1

The Abu Dhabi Department of Economic Development (ADDED) carried out 38,123 inspection and supervisory visits to commercial facilities in markets and outlets across the three regions of Abu Dhabi in the first quarter (Q1) of the year. This was done as a part of its annual plan fo


Visa uses AI to prevent $25bn in fraud

Visa has announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions around the world prevent an estimated $25 billion in annual fraud. VAA is a comprehensive risk management tool that monitors and evaluates tr


ABC Bank, Arab Bank and GPIC back banking sector centenary

ABC Bank, Arab Bank and Gulf Petrochemical Industries Company (GPIC) will sponsor the 100th anniversary celebration of Bahrain’s Banking Sector.   The event will be held under the patronage of His Royal Highness the Prime Minister Prince Khalifa bin Salman


Capital of SCA-listed UAE govt firms tops $51bn

Capital of government companies listed by UAE’s Securities and Commodities Authority (SCA) currently stands at circa Dh190.4 billion ($51.8 billion), a media report said. Government firms listed in Abu Dhabi hold Dh190 billion in capital followed by companies listed in Duba


FAB to close Qatar Financial Centre branch

First Abu Dhabi Bank (FAB) has notified the Qatar Financial Centre Regulatory Authority (QFCRA) that it will relinquish its Qatar Financial Centre (QFC) branch licence and permanently close its QFC branch, a media report said. The decision to close its QFC branch follows "ma


Corporate finance leaders optimistic on Mideast growth

Corporate finance leaders across the Middle East region remain optimistic for future growth despite economic uncertainty, according to a leading survey.   Senior finance executives are positive about the economy, the outlook for their companies and their investm


AI credit positive for sovereigns: Moody's

Artificial intelligence (AI) has the potential to raise economic, institutional and fiscal strength, and reduce susceptibility to event risk for governments globally, a credit positive, said Moody's Investors Service in a new report. However, the credit benefits will material


Saudi banking sector net profit up 11.3pc in 2018

Saudi Arabia's banking sector saw positive results in 2018, with an average 11.3 percent growth in net profit, and 2.1 percent growth in total assets, according to a new report released by professional services firm KPMG. The recently released “GCC listed banks’ r

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