Sunday 22 January 2017

QNB Group net profit hits $3.4 billion in 2016

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has posted a net profit reached QR12.4 billion ($3.4billion) for 2016, up by 10 per cent from last year. Total assets reachedQR720 billion ($198 billion), up by 34 per cent from December 2015


Investcorp buys into top US distributor

Investcorp, a global leader in alternative investment products, has acquired a significant minority stake in US-based Arrowhead Engineered Products, a leading distributor of mission-critical replacement parts in the specialty vehicle market. Arrowhead, based in Minnesota, is a gl


ENBD steps up investment in Saudi equities

Emirates NBD (ENBD) Asset Management has identified Saudi Arabian equities as an area of strategic focus due to the significant growth potential and is targeting medium to long term capital growth in the Saudi market through its Mena funds. Through its Mena Equity funds, Emirates


Foreign direct investments in Abu Dhabi jumps 8pc

The UAE emirate of Abu Dhabi posted an increase of 8 per cent in foreign direct investments (FDIs) to Dh95.145 billion ($25.9 billion) in 2016, compared with Dh88.95 billion ($24.22 billion) in 2015, a report said. The data came in the estimation of the annual report on direct fo


Dubai DED issues record 26,707 licences in 2016

The Department of Economic Development (DED) in Dubai has issued a record number of 26,707 new business licences in 2016 as the improved ease of doing business and increasing competitiveness in the emirate spurred optimism among investors and entrepreneurs. The results achieved b


Swift explores blockchain in new payments initiative

Swift has announced the launch of a Proof of Concept (PoC) to explore whether distributed ledger technology (DLT) can be used by banks to improve the reconciliation of their nostro databases in real time, optimising their global liquidity. Under the current correspondent banking model,


Ithmaar relaunches savings scheme with big prize money

Ithmaar, a leading Islamic retail bank based in Bahrain, has re-launched its Thimaar savings account for a new year, reducing the minimum amount of savings required to win a prize and increasing both the total number of winners and the total prize purse. These changes were made i


DIFC names new chief financial officer

Dubai International Financial Centre (DIFC) has appointed Yazan Mohamad Al Nasser, a veteran in the property and retail industry, as its new chief financial officer. Al Nasser brings with him more than 30 years of finance and audit experience to the body overseeing the leading fi

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