Thursday 25 April 2024

Core International to invest $1.36bn more in UAE

Core International Holdings is set to inject an additional AED5 billion ($1.36 billion) into new projects across the UAE through its subsidiaries.    This strategic move is aimed at fostering innovation and sustainability within key sectors and services, le


Dubai World Trade Centre cluster names new finance head

Dubai World Trade Centre cluster has appointed a new Cluster Director of Finance at Novotel World Trade Centre, Ibis World Trade Centre and Ibis One Central. With an extensive background in finance hospitality and over 13 years of industry experience & serving Middle East region (U


UAE banks told to defer loan repayment for rain-hit

The Central Bank of UAE has issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the recent rains and flooding for a period of six months.    The deferral


Beyon Money - Medical.BH partnership to benefit customers

Beyon Money, part of the Beyon Group, has announced a partnership with Medical.BH to benefit its customers who book and pay for health services using a Beyon Money card, with up to 5% unlimited cashback.    Beyon Money Classic Card users will receive 3% cas


Africa 'needs $277bn to mitigate climate crisis'

African Development Bank Group President Akinwumi Adesina has called for more urgent action as climate change continues to wreak havoc in many African countries, saying the continent needs $277 billion per year to face the challenge.   He was speaking at a high-


Kuwait’s banking sector witnesses robust growth in 2023

Kuwait’s banking sector witnessed healthy year-on-year growth, observing notable increase across multiple identified key performance indicators such as net provision charge on loans, capital adequacy ratio, and coverage ratio on stage 3 loans, according to top tax advisory firm KPMG.


Shuaa reaches deal with noteholders for bond term amendment

Shuaa Capital,  a leading asset management and investment banking platform in the region, has reached an agreement with its noteholders to facilitate the amendment of the terms of its outstanding $150 million bond, issued by a Shuaa-affiliated SPV.   As ann


Global economic growth set to slow to 2.6pc in 2024: UNCTAD

UN Trade and Development (UNCTAD) forecasts global economic growth to slow to 2.6% in 2024, just above the 2.5% threshold commonly associated with a recession.   This marks the third consecutive year of growth below the pre-pandemic rate, which averaged 3.2% bet


MoF launches 'digital public consultation' on R&D tax relief

The UAE Ministry of Finance (MoF) has launched a digital public consultation to gather the views of stakeholders on the potential implementation of a Research & Development (R&D) Tax Incentive under the UAE Corporate Tax law.   The consultation will be o


Fortis secures $20m in Series A funding round

Dubai-based Fortis, a retail tech and fintech solutions provider tailored for SMEs, has announced the successful completion of Series A funding round, raising $20 million in investment led by Opportunity Venture (Asia).    This funding marks a significant m

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