Friday 9 December 2016

UAE non-oil sector regains momentum in Nov

The UAE’s non-oil private sector regained some growth momentum in November, thereby reversing the slowing trend seen in each of the prior three months, a report said.  A robust expansion of new work was a key factor behind improving business conditions, according to th


Saudi central bank gets new name

Saudi Arabian Monetary Agency, the kingdom's central bank, has changed its name to Saudi Arabian Monetary Authority. The acronym SAMA, however, remains unchanged, said the Saudi central bank in a statement. All existing agreements, obligations and contracts und


Saudi leads positive regional markets

All of the regional markets ended their trading activity over the course of last week in the positive territory with Saudi Arabia leading with a rise of 4.37 per cent, while breaking its 7,000-resistance level, a report said. The upward trend was followed by Qatar +2.05 per cent


Investcorp buys stake in Spanish group Agromillora

Bahrain-based Investcorp, a global provider and manager of alternative investment products, said it has completed the acquisition of a majority stake in Spanish group Agromillora. Founded in 1986 in Barcelona, Agromillora is a leading global developer of high yielding plants and


DIB named UAE’s strongest Islamic retail bank

Dubai Islamic Bank, the UAE’s largest shariah compliant bank, was named the ‘Strongest Islamic Retail Bank’ in the UAE at the recently held Islamic Retail Banking Awards. Organised by Cambridge IF Analytica, the second Islamic Retail Banking Awards (IRBA) were h


Bahrain cbank mulls new fintech laws

Central Bank of Bahrain (CBB) is considering introducing regulations on financial technologies (fintech), reported the Gulf Daily News, our sister publication. To read further, please visit


Former Lebanese minister get key IMF role

International Monetary Fund (IMF) has appointed Jihad Azour, former finance minister of Lebanon, as the new director of the Middle East and Central Asia Department. He will replace Masood Ahmed who left the Fund in October. A dual national of France and Lebanon, Azour will assume his n


Eskan Bank sees good response for debut REIT offering

Eskan Bank, a leading provider of housing finance in Bahrain, said there has been an overwhelming response for Bahrain’s first Sharia-compliant retail real estate investment trust (REIT)’s initial public offering (IPO) which is set to close on Tuesday (December 6). Securiti


Daher named new Gulf Bank CEO

Gulf Bank, the fourth-largest lender in Kuwait by assets, has appointed Antoine Daher as its new chief executive officer replacing Cesar Gonzalez-Bueno. Daher was earlier the bank’s deputy CEO (Wholesale Banking). Prior to that, he served as general manager for Domestic Cor


Sharjah economy slows; growth may stay at 4pc

The economy of Sharjah, a UAE emirate, has slowed with nominal GDP growth expected to remain around 4 per cent into 2017 compared to 6 per cent on average in 2010-2015, said Moody's Investors Service. The economic slowdown pressures fiscal metrics, but Sharjah's debt burd

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