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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Green finance a key component of sustainable growth strategy
The Building Department of Dubai Municipality licensed 17,438 buildings with a total area of 187,723,308 million square feet between March 1, 2014, and June 30, 2016. Green Finance in UAE Green finance continues to grow in the UAE. According to the UAE’s …
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UAE Ministry of Finance Releases Executive Regulation of Federal Law No. (7) on Tax Procedures
The UAE Ministry of Finance has release the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Tax Procedures, approved by the cabinet during its meeting on September 13, 2017, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum …
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Dubai’s Mashreq to cut branches as it shifts towards digital banking – CEO
DUBAI, Oct 1 (Reuters) – Dubai’s Mashreq Bank, the emirate’s third largest lender by assets, plans to halve the number of its branches over the next three years as it shifts its focus towards digital banking services, its CEO told Reuters on Sunday.
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Dubai’s GEMS Education planning over $1 bln loan ahead of IPO -sources
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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Dubai’s Mashreq to cut size of branches as it shifts towards digital banking
Dubai’s Mashreq Bank, the emirate’s third-largest lender by assets, plans to halve the size, not the number, of its branches over the next three years as it shifts its focus towards digital banking services, its CEO told Reuters on Sunday. The …
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Resolving bank fraud a lengthy process for UAE customers
SuzIf you fall victim to credit card or bank account fraud, it can take several months for the bank and card issuer to investigate. And, as two victims who wrote into The National found, you have to foot the bill, however large, until that investigation is …
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