Saudi Aramco isn’t talking with any Russian companies about possible participation in its initial public offering, the head of the state … the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
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Selloff Brings Bond Bulls Back to India
Morgan Stanley Investment Management says it favors rupee bonds, though prefers to hedge its currency exposure … Roland Mieth, a Singapore-based fund manager for emerging markets, said in an interview. The asset manager was reducing its overweight …
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Joined-up thinking to keep the client close
The firm has set up a one-stop shop for hedge funds and private equity firms for undertakings … The funds chosen by Addleshaw this year are based in London, but are also as far afield as Dubai and Hong Kong. “We were really taken aback by the …
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Abu Dhabi Islamic Bank says its ramping up spending on digital technologies
Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the Emirate, said it is planning to earmark significant financial resources on digital technology this year as banks in the UAE race to lower costs and boost revenues by having a nimble branch …
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2018 will be the year for cryptocurrency in UAE
Dubai launches blockchain-based cryptocurrency. On September 26 Dubai’s government’s economic website announced it had established a partnership to facilitate financial transactions through contactless payment. “The partnership brings Emcredit …
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$14,000 fine awaits business turning blind eye to UAE excise tax
Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance said: “These decisions bring an added layer of transparency to the Authority’s relationship with its customers and this, in turn, provides extra incentive for …
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UAE Ministry of Finance to participate in Gitex Technology Week 2017
The Ministry of Finance (MoF) has announced its participation, as part of the federal government entities’ stand, in the 37 th GITEX Technology Week 2017 taking place at the Dubai World Trade Center from 8 th-12 th October. MoF is participating to …
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DFSA Censures Finance Officer
The Dubai Financial Services Authority (DFSA) has censured Mr Prabhakar Kamath, a former Finance Officer of a DFSA Authorised Firm for submitting an inaccurate financial report to the DFSA. Mr Kamath, in his capacity as Finance Officer, was responsible for …
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UAE bank says all services back on line after major upgrade
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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