Global banking giant HSBC has announced the opening of its new headquarters in Downtown Dubai as it looks to grow its market share in the region. The 20-floor free-hold tower, owned by HSBC, reflects …
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UAE raises benchmark rate by 25 basis points following Fed increase
The Central Bank of the UAE raised its benchmark interest rates by 25 basis points following a rate hike by the US Federal Reserve, which indicated further moves are likely this year and next. The UAE …
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Sharjah could be considering a three-way banking merger
Invest Bank and United Arab Bank (UAB) reinforces the consolidation already underway in the UAE’s crowded banking industry. About 50 banks operate in the UAE with a population of about 9 million …
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UAE central bank raises interest rates by 25 bps
The UAE central bank (CBUAE) said on Wednesday it was raising its repo rate by 25 basis points, and also raising interest rates on the issuance of its certificates of deposit in line with the increase …
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UAE’s Bank of Sharjah, Invest Bank, UAB in merger plan
The Sharjah government is weighing a merger between three of the emirate’s banks that could create a lender with about Dhs66.2bn ($18.0bn) of assets, sources aware of the matter told Reuters.
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3rd Fintech Summit in Dubai set for Oct 30
The UAE, and Dubai in particular … Operations and Technology, Mashreq Bank. Digital disruption is unavoidable. It’s happening because multiple technologies are rapidly evolving all the time. While t…
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Emirates NBD preps WhatsApp banking services
Emirates NBD, a leading bank in the region, announced today that it will soon launch customised banking services via WhatsApp in the UAE. The bank, a front-runner in digital banking innovation, is the …
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Emirates NBD lifts Dubai, rest of Gulf modestly firmer
Sept 27 (Reuters) – A leap by Dubai’s biggest bank boosted the stock market index sharply on Thursday while most Gulf bourses registered only marginal gains. The Dubai index closed up 1.8 percent, its …
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Dubai index outperforms emerging markets amid Fed hike
Most of the strength to the Dubai index came about due to buying in Emirates NBD, Dubai Islamic Bank (DIB) and Emaar Properties. “The Fed rate decision is broadly positive for all banks …
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The How-To: Financial Literacy Education For Employees
The employee perspective According to Willis Towers Watson’s 2017 Global Benefits Attitudes Survey on Financial Wellbeing in the United Arab Emirates (UAE), overall employee financial wellbeing has fa…
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Big majority of finance firms ‘plan fintech tie-ups’
Eighty-two per cent of financial services companies plan to increase fintech partnerships in the coming three to five years, with an expectation of 20 per cent ROI on their innovation projects, said t…
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This Investor Was the Star of Dubai. Now It Can’t Make Rent
Dubai International Financial Centre told Abraaj to vacate its main office in the financial freezone by the end of the month, the people said, asking not to be identified as the information is private …
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UAE forges ahead with integrated blockchain payment platform
The Dubai Department of Finance controls the transactions on DubaiPay and is looking to enhance efficiency by transferring all transactions onto the blockchain. Rahman added that “There is no real …
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Dubai Finance Dept. Upgrades Payment System With Blockchain
The Dubai Department of Finance or DoF joined with the Smart Dubai Office or SDO for a Blockchain-powered upgrade to its financial system. The new platform, called “Payment Reconciliation and Settleme…
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UAE may see 100% growth in sukuk
Mohamed Damak, senior director and global head of Islamic finance, financial institutions ratings, S&P Global, said the number of UAE sukuk issuances had reached $6.4 billion so far this year as compa…
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DIFC Courts reinforce multibillion-dirham UAE-India bilateral trade
Dubai International Financial Centre (DIFC) Courts has brought additional certainty to UAE-India commerce with the signing a Guidance Note with Nishith Desai Associates, covering enforcement of civil …
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Abraaj is said to close Dubai Financial HQ after missing rent
Abraaj, once one of the most influential emerging-market investors, plans to vacate its headquarters in Dubai’s business hub after the embattled buyout firm failed to pay rent, people with the knowled…
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