DUBAI/DOHA (Reuters) – When is $300 billion not enough? That question is key to Qatar’s future as some bankers and hedge funds speculate the super-rich state’s vast financial reserves may not be liquid enough to defend its currency in the long term.
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UAE bank deposits decline by $7.25bn
Total bank deposits in UAE fell by 1.7 percent, or $7.25 billion (AED26.6bn), to $433bn (AED1.589 trillion) in June compared to May, the Central Bank said on Tuesday. Resident and non-residents deposits fell in June by AED24.2bn and AED2.4bn, respectively.
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Dubai’s largest bank posts 6% rise in Q2 profit
Emirates NBD reported a 6 percent rise in its second quarter net profit on Wednesday. Dubai’s largest lender made a net profit of $550 million (AED2.2bn) in the three months to June 30, the bank announced this morning, up from the AED1.91bn it announced …
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Qatar: Alleged UAE hacking ‘unfortunate,’ violation of law
DUBAI, United Arab Emirates — Qatar, the tiny Gulf state being isolated by its neighbours, said Monday the reported involvement of the United Arab Emirates in hacking its government news site in May is “unfortunate” and a breach of agreements among …
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UAE bank launches app to enable fingerprint access to accounts
Abu Dhabi Islamic Bank (ADIB) has released a new version of its mobile banking app which enables customers to make cash withdrawals without the use of a card. Customers can also send money to a UAE mobile phone using the mobile to mobile payments …
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How the Gulf can lead in digital banking within the next two years
This can assist banks in enriching their offering for a specific target customer group, leverage alternative channels to offer core banking products and adopt innovative solutions to increase efficiency. The Middle East, and in particularly the UAE and …
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New scheme to boost UAE financial planning, cash forecasts
The UAE Ministry of Finance (MoF) and the Federal Authority for Government Human Resources have launched the first phase of the ‘e-link’ project between the financial planning system, the electronic federal budget, “Hyperion”, and the human resources …
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UAE’s ADNOC Studies Banking Majors For IPO Release
The Abu Dhabi National Oil Company (ADNOC), the state-held oil company of the United Arab Emirates (UAE), is studying proposals from Goldman Sachs, JPMorgan, HSBC, and First Abu Dhabi Bank to have lead roles in the potential listing of ADNOC’s …
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UAE remains a bright spot for private banking
The year 2016 was marked with a series of unexpected events—from Britain’s vote for Brexit, the results of the US elections and the growth of populist movements across Europe. While all of these events projected dissatisfaction with the status quo …
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Goldman, JPMorgan, HSBC vie for lead roles on UAE ADNOC retail unit IPO: sources
ABU DHABI/DUBAI Abu Dhabi’s national oil company is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JPMorgan for lead roles in the listing of its retail business as the emirate joins other Gulf states in privatizing assets, sources …
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Abu Dhabi plans to IPO part of its state oil giant, joining a trend in the Middle East
The Abu Dhabi National Oil Company, or ADNOC, is considering an initial public offering of minority stakes in some of its services businesses. The UAE joins Saudi Arabia and Oman in announcing plans to sell equity stakes in portions of their state-owned …
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UAE’s Oil Firm ADNOC Mulls IPOs, More JVs
ADNOC, however, stressed that there are no plans for an IPO of ADNOC itself, the group holding company … and securing greater access for ADNOC products in key growth markets, the UAE’s company said. ADNOC will also be looking to deepen its existing …
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Adnoc eyes partnerships and IPO of subsidiaries
DUBAI: Abu Dhabi National Oil Company (Adnoc) said on Monday it is considering an initial public offering (IPO) of minority stakes of some of its services businesses. The company is also expanding its partnership model to target investment opportunities in …
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Qatar central bank says country has $340 billion in reserves, can weather Arab sanctions
DUBAI Qatar has $340 billion in reserves that could help the Gulf country to weather the isolation by its powerful Arab neighbors, central bank governor Sheikh Abdullah Bin Saoud al-Thani said. “This is the credibility of our system, we have enough cash to …
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Growth in Dubai’s private sector gathers steam during June
The improvements in the overall business conditions in Dubai’s non-oil private sector gathered steam in June, according to a new report. The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to 56.5, up from May’s seven-month low of 55 …
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Is your employer asking for bank statement? Here’s what to do
You may advise your employer that you will not provide your personal bank account statement. However, you are willing to provide the same to the authorities in the UAE, if asked by the authorities. The detention of a passport by the employer against the …
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Adnoc eyes partnerships, IPO of subsidiaries
Dubai: Abu Dhabi National Oil Company (Adnoc) said on Monday it is considering an initial public offering (IPO) of minority stakes of some of its services businesses. The company is also expanding its partnership model to target investment opportunities in …
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