Tuesday 25 July 2017

Burgan Bank's H1 net income up 24pc

Kuwait-based Burgan Bank Group has registered a 24 per cent jump in its net income for the first half of 2017 which soared to KD39 million ($128 million) from last year's KD31.4 million ($103.5 million). Announcing the earnings for the first six months, Burgan said the select


Dubai ICD's portfolio grows 6.9pc to $209.5bn

The Investment Corporation of Dubai (ICD) has announced its consolidated financial results for the year ended  December 31, 2016 demonstrating robust revenues of Dh176.3 billion ($48 billion) and a net profit of Dh22.1 billion ($6 billion). The results were achieved against


Global corporates urge banks to use Swift gpi

Six leading Swiss corporates with international operations - including ABB, Nestle, Roche, SBB, Swiss Re and Wurth – have issued an open letter, stating their support for the Swift global payments innovation (gpi) and encouraging banks worldwide to use the service in order to improve cros


Saudi Arabia seeks feedback on VAT Implementing Regulations

Saudi Arabia's General Authority of Zakat and Tax (GAZT) has launched a public consultation on the  draft Implementing Regulations for the proposed value-added tax (VAT) in the kingdom. The public consultation is to invite people to share their views on the specific KSA


Warba Bank H1 profit surges 455pc to $8.3m

‎‎Kuwait-based Warba Bank, a top investment bank, has posted a net profit of KD2.523 million ($8.3 million) for the first half (H1) of the year compared to KD0.455 million for the same period of 2016, marking a rise of 455 per cent. The increase in the bank's total re


NBB H1 net profit stays steady

National Bank of Bahrain (NBB) has recorded a net profit of BD31.74 million ($84.41 million) for the six months ended June 30, compared to BD31.72 million ($84.36 million) for the corresponding period of 2016. During the first half of 2017, the bank achieved an operating profit o


Economic reform 'is key to surviving oil price shock'

Arab countries must put in place development strategies that place the private sector at their heart and focus on diversification to reduce vulnerability to future oil-price shocks, says Oussama Kanaan, director, Middle East Centre for Economics and Finance, IMF.  


Dubai opens nominations for Islamic Economy Award

The Dubai Islamic Economy Development Centre (DIEDC) has announced the commencement of nominations for the fifth edition of the Islamic Economy Award (IEA), a report said. Launched in 2013, the award recognises the efforts of institutions and entrepreneurs across the globe in off


Trakhees enables payments via Al Ansari Exchange

Trakhees, the regulatory arm of Ports, Customs and Free Zone Corporation in Dubai, recently partnered with Al Ansari Exchange, a global remittance company, to provide easy and convenient payment options for its customers. Under the terms of the agreement, Trakhees customers can n


Dubai DED transactions tally tops 6.8 million

More than 6.8 million transactions have been conducted by the Business Registration and Licensing Sector (BRLS) at the Department of Economic Development (DED), Dubai, since its launch in 1997, a report said. The figure underlines the sustainable growth posted by companies in var

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