Abu Dhabi Commercial Bank (ADCB) has announced that its banking services are all back on line after a three-day outage to carry out a major system enhancement. ADCB said it has successfully completed the migration of its core banking systems and …
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Abdul Aziz Al Ghurair: Digital banking gaining speed in the UAE
All over the world, the banking sector is operating in an era of great technological flux, one in which the adage “innovate or die” morphs into a stark and very real message staring the industry in its face. As technology plays an ever increasing role in …
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UAE banks seek to reduce cash usage with new app
and set the path for the country’s transition to a cashless future,” said chairman of the UAE Banks Federation, HE Abdulaziz Al Ghurair. Earlier this week, Al Ghurair’s bank Mashreq announced plans to cut branches as part of a focus on digital banking.
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UAE’s oldest bank launches digital-only Neo
Mashreq Bank has launched Neo, a digital-only bank to cater to the needs of the millennial generation. The new bank provides a complete package of modern mobile and online banking services, including Samsung Pay wallets, carldess ATM transactions, Facebook …
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Dubai’s Drake & Scull says capital restructuring completed
Drake & Scull International (DSI) has announced that it has successfully completed its capital restructuring program which started at the beginning of the fiscal year. The company also welcomed a AED500 million ($136.1 million) investment by Tabarak …
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UAE banks more aggressive about selling Qatar loans as Gulf rift drags on
DUBAI: A number of banks in the UAE are in talks with international counterparts to sell down their Qatar exposure as the Gulf’s diplomatic crisis drags on without resolution. Banking sources said it has become clear to many UAE bankers in recent weeks …
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Mashreq launches Neo digital bank for millennials
Dubai-based Mashreq has confirmed its future as a branchless bank, with the launch of its digital entity Mashreq Neo. As reported in May, Mashreq was mulling the branchless route in a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony.
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UAE’s price comparison portal pulls in $10m
Dubai: Dubai-based Souqalmal.com, the price comparison website for the banking and insurance sector, has pulled in some major investor interest to the tune of $10 million (Dh36.73 million). The new shareholders include GoCompare Group, which operates the …
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Emirates NBD: UAE, Saudi enjoy robust non-oil private sector growth
These are good times for private sector development in the region, especially in the UAE, KSA and Egypt, according to a survey by Emirates NBD, a prominent banking group in the region Despite softening slightly in September, growth in the UAE’s non-oil …
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UAE Exchange among investors in personal finance start-up
One of the biggest remitttance houses in the Gulf, UAE Exchange, has joined investors to back local personal finance website Souqalmal, it was announced on Tuesday. Souqalmal.com has raised $10 million in a Series B fundraising round with new investors …
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Dubai returns to court over ship-repair company’s $2.1bn debt
The maritime engineering business, a unit of the government-owned Dubai World conglomerate, in 2012 had to use bespoke insolvency legislation to finalise its first restructuring after a hedge fund won a judgment against the firm for defaulting. Drydocks …
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UAE economic growth forecast to rise to 3-3.5% in medium term
Economic growth in the UAE is expected to increase to at least 3 percent in the medium term on the back of Expo 2020, according to Bank of America Merrill Lynch’s GEMs Macro monthly report. The bank’s MENA economist Jean-Michel Saliba said UAE real GDP …
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Mashreq Bank Unveils New Digital Bank in UAE
The breakneck innovation in the UAE on-line banking sector received a major fillip on Sunday with Mashreq Bank entering the fray by unveiling a full-service digital bank – Mashreq Neo. Announcing what it termed a new era initiative, the bank indicated that …
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A digital bank for the connected generation
These are the words of Aref Al Ramli (pictured right), Regional Head of Digital Banking for Mashreq, after the UAE-based lender launched Mashreq Neo, a full fledged digital bank that transformed the traditional banking landscape of the country, on October 1.
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Emaar’s property development business valued at $6.5 billion ahead of Dubai IPO: sources
DUBAI (Reuters) – The real estate development business of Emaar Properties EMAR.DU, which is being listed in Dubai, is expected to be valued at 24 billion dirhams ($6.5 bln), two people familiar with the deal said. The valuation is based on the assets …
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UAE banks’ credit, deposit growth dips in August
Dubai: Monetary data form the Central Bank of UAE for August showed a monthly drop in system-wide credit and deposits in the banking sector. Gross credit fell by 1 per cent month on month in August, with domestic loans contracting by a greater 1.3 per cent.
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Dubai’s GEMS Education planning over $1 bln loan ahead of IPO
DUBAI, Oct 1 (Reuters) – GEMS Education, an international education firm headquartered in Dubai, plans to raise a loan of over $1 billion to refinance some existing debt before a planned initial public offer of shares in London, sources familiar with the …
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