Monday 17 February 2020

ADFD signs agreement with US development agency

Abu Dhabi Fund for Development (ADFD) has signed a strategic agreement with the United States International Development Finance Corporation (DFC),an independent agency of the Government of the United States of America. The areas of collaboration outlined by the memorandum of unde


UAE unveils $500m ‘Consortium for Africa’ initiative

The UAE has unveiled a new initiative titled “Consortium for Africa” with a committed investment of $500 million to help fulfil the vision of a "turbocharged" and connected new Africa, driven by its youth at the African Union (AU). The UAE Minister for Inter


NMC muddle: Shetty, Al Muhairi asked to stay away

The UAE-based NMC's board has asked its joint non-executive chairman Dr B R Shetty and vice-chairman Khaleefa Butti Al Muhairi to absent themselves from board meetings while their shareholdings in the company are reviewed.    The company announced that


Malaysia’s Maybank opens 1st overseas branch in Dubai

Maybank Islamic Berhad, the largest Islamic bank in Malaysia and the ASEAN region by assets size, has opened its first overseas branch in Dubai at Dubai International Financial Centre (DIFC). The opening ceremony was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum,


UAE cbank to develop consumer protection framework

The Central Bank of the UAE (CBUAE) said that it would develop a new consumer protection framework in line with its mandate, according to a media report. It added that the decision is within the realms of Federal Decree Law No. 14 of 2018 regarding the Central Bank and Organisati


CBI maintains steady $30.2m net profit in 2019

Commercial Bank International (CBI), a UAE based corporate and retail bank, has maintained its annual net profit of Dh111 million ($30.2 million) in 2019 as compared to the previous year. CBI’s quarterly net profit was up by 22 per cent from Dh31 million in Q3 2019 to Dh38


CBB warns against dealing with unlicensed financial institutions

The Central Bank of Bahrain (CBB) has warned consumers against dealing with unlicensed financial institutions that market and offer online financial services. This warning comes as a result of recent online marketing for an unlicensed institution by CBB under the name of “M


Bahrain budget deficit down 24pc in 2019

Bahrain's budget deficit reduced by 24%, falling from 6.3% of GDP in 2018 to 4.7% of GDP in 2019, according to the Ministry of Finance and National Economy's preliminary fiscal results for 2019.   Non-oil revenues increased 63% year-on-year, while govern


Emirates Investment Bank names new CEO

Emirates Investment Bank (EIBank), a private and investment bank based in the UAE, has announced the appointment of Gaurav B Shah as chief executive officer (CEO) of the bank. Shah brings over 20 years of experience in wealth and asset management and investment banking, having wo


TIP joins WGEO to spur SMEs to back green economy

Technology Innovation Pioneers (TIP), an initiative developed by the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED), has joined the World Green Economy Organization as one of the founding members under its private sector platform. The move ai

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