The National Development Bank (NDB), founded by BRICS states Brazil, Russia, India China and South Africa, has admitted the United Arab Emirates (UAE) as its new member. “We warmly welcome the UAE …
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UAE banks, FSIs under pressure to increase security
Eighty-two percent of IT decision makers working in banks and financial service institutions (FSIs) in the UAE are under pressure to level up their security protocols, according to new research from …
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NDB admits UAE as new member
The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted the United …
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Hedge Fund Manager Gets Four Years for $20 Million Fraud Scheme
The co-founder of a Connecticut hedge fund was ordered to spend four years in prison for scamming more than two dozen investors out of nearly $20 million in a Ponzi-like scheme. Jason Rhodes was …
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Big bank earnings: Profits at UAE’s major lenders reached $4bln in H1 2021
However, return on assets still remains well below pre-pandemic levels. The four big banks account for 77 percent of UAE banking assets, Moody’s said. Nitish Bhojnagarwala, Moody’s VP-Senior Credit …
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UAE: Reader complains about missing Dh1,500 deposited through bank’s ATM in Dubai
Deposited Dh36,700, but ATM issued a receipt for only Dh35,200 12 minutes ago Get Breaking News Alerts From Gulf News We’ll send you latest news updates through the day. You can manage them any time …
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UAE financial institutions under pressure to increase IT security
IT security risks in the industry increased since the start of COVID-19 Dubai: Majority (82 per cent) of IT decision makers working in banks and financial service institutions (FSIs) in the UAE are …
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Rising to the digital banking challenge in the Middle East
Covid-19 has undoubtedly emerged as the biggest disrupter, forcing customers and banks to embrace digital banking …
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Emirates Global Aluminium Considering IPO in 2022
Reuters reported that Emirates Global Aluminium is weighing a potential initial public offering next year. Sources said “EGA is Reuters reported that Emirates Global Aluminium is weighing a potential …
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Top UAE banks’ profits recover on easing provisions and economic recovery
Leading banks achieved double-digit growth in H1-2021 net profits Dubai: Profits at large UAE banks rose during the first six months of 2021 after a modest improvement in the operating environment …
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Air Link to raise Rs6.43b in biggest private sector IPO
Air Link Communication Ltd, a cell phone distributor in Pakistan, is all set to raise Rs6.43 billion as the two-day book-building of its Initial Public Offer (IPO) ended. The company had put its 90 …
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Millennium, Barclays Hire Ex-Bank of America Staff in Paris
Hedge fund Millennium Management LLC and Barclays Plc have hired a number of bankers who left Bank of America Corp.’s Paris offices earlier this year, following a wave of departures at the U.S. lender …
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Dubai’s Emaar considers sale of fashion e-retailer Namshi
Dubai: Dubai’s Emaar is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC. An outright sale of Namshi may generate $600 million to $700 million …
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UAE top banks’ profits set to improve as provisioning eases -Moody’s
The United Arab Emirates’ top banks are likely to see profits increase over the next 12 to 18 months as they book lower loan-loss provisions while the economy recovers from the coronavirus shock, …
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UAE Leader Holds “Friendly” Call With Old Foe Erdogan
The defacto ruler of the United Arab Emirates held a “positive and friendly” call with Turkey’s President Recep Tayyip Erdogan to discuss bilateral ties, the latest sign of a rapid thaw between the …
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Dubai Islamic Bank plans dollar senior sukuk – sources
Dubai Islamic Bank , the United Arab Emirates’ largest Islamic lender, is planning to soon sell U.S. dollar-denominated senior sukuk, or Islamic bonds, two sources said.
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First Abu Dhabi Bank expected to sell 250 mln pounds in 5-year bonds – document
First Abu Dhabi Bank is expected to sell 250 million pounds ($344.38 million) in five-year bonds, a document showed on Tuesday. FAB, HSBC, Standard Chartered and TD Securities are arranging the deal, …
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