Monday 23 April 2018
 
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Emirates NBD Q1 net profit surges 27pc to $653m

Emirates NBD, a leading bank in the region, has posted a net profit of Dh2.4 billion ($653 million) or the first quarter (Q1) of the year, reflecting an increase of 27 per cent year-on-year (y-o-y) and 10 per cent (q-o-q). The solid operating performance was underpinned by higher

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Higher oil prices ‘won’t impact GCC credit profiles’

The GCC countries' creditworthiness will remain driven by government responses to economic, fiscal and external challenges rather than the recent rise in oil prices, said Moody’s in a new report. "Our expectations for the evolution of sovereign credit profiles have

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Mena growth to exceed 3pc in 2018: World Bank

A favourable global economic environment, stability in the oil market at slightly higher prices and the resumption of post-conflict reconstruction will drive growth in the Mena region to 3.1 per cent in 2018, said the World Bank. A favourable global economic environment, stabilit

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UAE cbank deposits reach $15 billion in Q1

Monetary deposits at the UAE Central Bank stood at Dh55.8 billion ($15.2 billion) in the first quarter of 2018 while withdrawals reached about Dh55 billion, according to the figures released by the UAE Central Bank yesterday (April 17). Value of deposits in banknotes was Dh55.78

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Auditing industry ‘helps UAE’s economic competitiveness’

The highest standards of auditing principles are upheld by the business community and integrating the digital advances is central in promoting the UAE’s reputation as a global hub for business, said the founder-chairman of Emaar Properties. The highest standards of auditing

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Abu Dhabi, Dubai growth to stay at 3pc: Fisch

Growth in Abu Dhabi and Dubai will remain at a sustained level of approximately3 per cent over the next few years, if oil prices remain stable around current levels, according to Fisch Asset Management, a leader in credit analysis. Growth is predicted to be steady, although modes

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Mashreq launches quick remit service to India

Mashreq Bank, a leading financial institution in the UAE, has announced the launch of Quick Remit– Instant Money Transfer service to India.  The service is designed to be instantaneous, smart and convenient as it ensures instant account transfers at attractive exchange

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Citi opens new offices in Riyadh

Citi, a leading global bank, has announced the official opening of its new offices in Riyadh, Saudi Arabia, located at the Kingdom Tower. “We are delighted to establish an office in the Kingdom and be open for business on the ground. The expansion to Saudi is in line with o

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Germany's Allianz buys key stake in Saudi-listed company

Allianz Group, a leading European financial services company based in Munich, Germany, has reached an agreement with Banque Saudi Fransi (BSF) for a significant stake in the Saudi-listed Allianz Saudi Fransi Cooperative Insurance Company (AzSF). This is the first time that a fore

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Blockchain ‘could cut cross-border banking costs’

Blockchain technology has the potential to significantly reduce the costs and time involved in cross-border banking transactions, increasing banks' efficiency but putting pressure on their fees and commissions, Moody's Investors Service said in a report today. While makin

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