Recently, a committee was formed that includes representatives of the Central Bank of the UAE, the Ministries of Economy, Finance, Youth Affairs and Justice, in addition to the UAE Banks Federation, …
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Former Pacific Controls finance official detained in Dubai, company confirms
According to information available, the current Pacific Controls management had lodged a complaint with Dubai Police that the finance manager (Narasimhan) and his team fraudulentl …
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70% of Dubai companies expect to go out of business within six months due to coronavirus pandemic, survey says
Nearly half the restaurants and hotels surveyed by the Dubai Chamber and three-quarters of travel and tourism companies expect to go out of business in the next month alone.
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A look at the ‘massive’ digital transformation in UAE’s Mashreq Bank
Subroto Som of Mashreq Bank discusses the goals of digital transformation at the bank, including enhancing its customer experience.
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UAE banks risk rise in bad loans after virus ‘triple whammy’-S&P
United Arab Emirates banks are at risk from a spike in bad loans over the next one to two years as the oil-producing economy is hit by a “triple whammy” of a slump in oil prices, lower economic …
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MOVES-Saudi Aramco appoints new VP of treasury – source
Saudi Aramco has appointed Ashraf Ghazzawi as a new vice president of treasury effective June 1, an industry source said.
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Covid tames UAE inflation
Dubai Statistics Centre data showed that the annual general consumer price index fell by 3.34 per cent in April 2020 compared to the same period in 2019.
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Investment Corporation of Dubai’s 2019 profit jumps 17% on banking and transport investments
Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, reported a 17 per cent increase in net profit for 2019 following a strong performance from investments …
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Dubai May Lose 30% of Hotel Jobs on Virus, STR Global Says
Dubai’s hotel occupancy has plummeted since the outbreak of the coronavirus and about 30% of workers in the industry will probably lose their jobs, according to research firm STR Global.
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UAE Central Bank’s foreign currency assets up to Dh371.6 billion in April
The foreign assets exclude the apex bank’s Reserve Tranche Position and Special Drawing Rights holdings with the IMF.
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UAE Central Bank’s foreign currency assets up to $101.2bln in April
ABU DHABI: The total foreign currency assets held by the Central Bank of the UAE increased to circa AED371.6 bn ($101.2 billion) during in April 2020, a growth of 1.6 percent from AED365.5 bn during …
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Coronavirus live news: Brazil sees record daily deaths as World Bank warns 60m to fall into extreme poverty
Trump calls negative hydroxychloroquine study an ‘enemy statement’; WHO pass response investigation resolution; Global deaths pass 320,000. Follow the latest updates …
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Rare UAE to Israel Flight Carries Virus Aid for Palestinians
A rare flight from the United Arab Emirates is expected to arrive in Israel on Tuesday evening, carrying medical equipment to help Palestinians fight the coronavirus pandemic.
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Cook and deliver: Dubai restaurants turn creative in cut-throat market
Running a restaurant in Dubai, where a discerning international clientele has more than twice as many dining options per head as in New York, was a cut-throat business even before the coronavirus …
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NMC founder owes over $250 million to Bank of Baroda – court document
Bank of Baroda is seeking to recover loans worth more than $250 million from NMC founder BR Shetty and his companies and an Indian court has barred him and his wife from selling or transferring some …
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First Abu Dhabi Bank pulls out of talks to acquire Bank Audi Egypt
Banking analysts expect merger and acquisition activity in the region to pick up when the dust around Covid-19 is settled.
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Dubai RTA renames two stations
DUBAI – Dubai’s Roads and Transport Authority, RTA, has signed an agreement granting Mashreq Bank the naming rights of the ex-Sharaf DG Metro Station. Thus, the new name of the station has become …
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