DUBAI (Reuters) – Saudi Arabia’s central bank has signed a deal with U.S.-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology. The pilot program is the …
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Mashreq Bank deploys AI solution
UAE’s Mashreq Bank has partnered with Blue Prism to increase productivity, improve customer experiences and deliver new services through an integrated AI solution. The Digital Workforce platform will automate dozens of the bank’s processes across …
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The ‘black magic’ bank heist
One day in August 1995 a man called Foutanga Babani Sissoko walked into the head office of the Dubai Islamic Bank and asked for a loan to buy a car. The manager agreed, and Sissoko invited him home for dinner. It was the prelude, writes the BBC’s Brigitte …
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Dubai finds solution to bitcoin hacking – the most protected vault in the world
The regulator of Abu Dhabi’s international financial centre said it could create rules for exchanges handling virtual currencies, in a sign that authorities in the United Arab Emirates may allow trade in cryptocurrencies such as bitcoin to develop.
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Dubai’s Shuaa plans Egypt expansion as economy recovers
has said it plans to expand its capital markets business in the Middle East following a return to profit for the investment bank. Shuaa Capital is assessing potential acquisitions in Egypt’s financial services industry as the Dubai-based firm seeks to …
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Dubai’s first licensed Bitcoin trader: ‘It’s a commodity not a currency’
The licence was issued by the Dubai Multi Commodities Centre (DMCC) under a new regulatory framework it revealed back in November last year, and it allows companies such as Regal RA to buy, sell and store a range of cryptocurrencies such as Bitcoin …
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Emirates NBD ranked UAE’s top banking brand for 2nd consecutive year
Emirates NBD today announced its position as the UAE’s most valuable banking brand with a US$3.534 billion brand valuation in The Banker’s annual brand valuation league table. The bank also secured a spot among the top 100 global banking brands, coming …
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UAE banks see end to $22bn Saudi debt dispute
Banks in the United Arab Emirates are hopeful of recovering some funds in 2018 from the multibillion-dollar collapse of Saudi Arabia’s Saad Group and Ahmad Hamad al-Gosaibi & Bros Co (AHAB) nearly a decade ago, a senior banking official told Reuters.
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Dubai Islamic Bank : Al Ahli secures $340m financing to expand mall
Al Ahli Holding Group, a major UAE conglomerate, has secured an Islamic club financing facility worth Dh1.25 billion ($340 million) for the expansion and general corporate purposes of Dubai Outlet Mall. Dubai Islamic Bank acted as the coordinator, mandated …
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Dubai trader gets first Middle East license in cryptocurrencies
Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said. The company will offer storage of Bitcoin, Ethereum and other cryptocurrencies in a vault located …
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UAE banks seen turning the corner in 2018 as loan demand strengthens
Emirates NBD, Dubai’s biggest lender, said its fourth quarter profit rose 17 per cent, in part aided by higher interest rates. Profits at Abu Dhabi Islamic Bank, the Emirate’s biggest Sharia-compliant lender, rose 33.4 per cent in the fourth quarter of …
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UAE- Good time ahead for IPOs
(MENAFN – Khaleej Times) IPO activity in UAE has remained subdued for the last few years given the unfavourable market conditions as the region witnessed declining oil prices and economic uncertainty. Most of the prospective companies decided to either …
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UAE Ministry of Finance Holds a Series of Sessions and Meetings With the Managing Director of IMF
The Ministry of Finance (MoF) held a series of sessions and meetings in the presence of HE Christine Lagarde, Managing Director of the International Monetary Fund (IMF), who is visiting the UAE to participate in the Arab Fiscal Forum and World Government …
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EM, catastrophe bonds, hedge funds seen as options to invest
Dubai: There is money to be made in bonds … Another instrument which can provide value to clients are the hedge funds, and UBP expects hedge funds to come back in 2018 with full vigour. Hedge fund had been out of favour among investors due to subdued …
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Bank ABC Announces 2017 Results Net Profit of $193 Million, up to 6 Percent
Bank ABC’s Group Chairman, Mr. Saddek Omar El Kaber, commented that “We are pleased to see the continuing progress of the Group with improved growth in profitability of 6% year on year. This year also saw the expansion of our network footprint to Dubai …
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UAE- DFSA signs MoU with Central Bank of Oman
DUBAI, 11th February, 2018 (WAM) — The Dubai Financial Services Authority, DFSA, and the Central Bank of Oman signed a Memorandum of Understanding, MoU, to cooperate in the supervision and authorisation of firms operating in both markets. The MoU was …
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Princess Haya announces humanitarian logistics data bank
The data bank will overcome one of the major hurdles that various international aid organisations face when a humanitarian crisis or disaster begins to unfold. Namely, that it can take up to 24 hours for emergency response hubs such as those in Dubai and …
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