Sunday 19 August 2018

DGCX in deal to boost Dubai’s Islamic finance status

The Dubai Gold and Commodities Exchange (DGCX) and the Dubai Islamic Economy Development Centre (DIEDC) have signed a MoU to share knowledge, promote shari’ah compliant finance, and help foster Dubai as the global capital of Islamic economy. As per the agreement, DIEDC will


Kuwait’s current account surplus hits 3-year high

Kuwait’s current account registered its highest surplus in three years during the first quarter standing at KD1.7 billion ($5.58 billion) - about 17 per cent of quarterly GDP - up from KD1.2 billion ($3.94 billion) in the fourth quarter of 2017, said a report by Central Bank of Kuwait.


Ithmaar Holding swings to H1 profit of $10.8m

Ithmaar Holding, a Bahrain-based financial institution, reported a net profit of $10.82 million for the six-month period ended June 30, 2018 as compared to a net loss of $1.59 million for the same period in 2017. Net profit attributable to equity holders for the six-month period


Saudi Arabia aims to boost SME role in GDP

Saudi Arabia’s Vision 2030 aims to increase SME contribution to GDP from 20 per cent to 35 per cent, lower unemployment from 11.6 per cent to 7 per cent, and increase non-oil exports from 16 per cent to 50 per cent, a report said. Estimates show that SMEs comprise 90 per ce


Commercial complaints up 52pc in H1: Dubai DED

The Business Protection section in the Department of Economic Development (DED) in Dubai has seen a 52 per cent increase in complaints regarding commercial disputes during the first half of 2018 compared to the same period last year. The section received 790 complaints during H1


UAE-Norway trade reaches $640m in 2017

Trade exchange between the UAE and Norway reached around $639.9 million in 2017, compared to $326.7 million in 2016, a media report said. The value of imports from Norway reached around $533.2 million in 2017 while the value of the UAE's non-oil exports to Norway reached arou


RAK Chamber members’ exports hits $1.1bn in H1

The Ras al-Khaimah Chamber of Commerce and Industry announced that the number of certificates of origin issued during the first six months of the current year reached 13,900 while the total value of exports by its members reached Dh4.2 billion ($1.14 billion) during the same period.


GFH posts 16.7pc surge in H1 net profit to $72.5m

Bahrain-based GFH Financial Group (GFH) has reported a net profit attributable to shareholders of $72.5 million for the first half of the year representing a 16.7 per cent increase from $62.1 million in the first half of 2017. The Group reported a consolidated net profit of $73.4


Turkish lira crisis drives investors to gold

The currency crisis engulfing the Turkish lira has led investors to pursue the stability offered by safe havens such as gold, which saw a hike in value by 0.4 per cent coinciding with the crash of the lira. Tom Coughlin, CEO of Kinesis, a bullion backed blockchain monetary system


EI launches quick remittance service to Pakistan

Emirates Islamic (EI), one of the leading Islamic financial institutions in the UAE, said that its 60 second online fund transfer service ‘QuickRemit’ is now available for remittances to Pakistan. The bank has launched the service to coincide with Pakistan’s Ind

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