DUBAI, Oct 27 (Reuters) – Banking shares that were beaten down earlier this month by fears of slowing economic growth in the region boosted several Gulf stock markets on Thursday, despite weakness in Asian bourses and oil prices. The Saudi bank sector has …
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CBD posts Dh701.5m in nine-month net profits
Dubai: Commercial Bank of Dubai (CBD) posted a net profit of Dh701.5 million for the first nine months of 2016, 23.4 per cent lower compared to Dh915.3 million for the same period last year. The bank attributed the decline in profit to prudent provisioning.
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Banks team up to expand sustainable financing
National Bank of Abu Dhabi (NBAD), Commercial Bank of Dubai, Dunia Finance, Emirates NBD, HSBC, National Bank of Fujairah, RAKBank and Union National Bank signed the Dubai Declaration on Tuesday. The deal, at the Unep Finance Initiative Global Roundtable …
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Saudi bond coup seen strengthening banks seeking Aramco IPO role
Dubai: Banks that helped Saudi Arabia raise a record $17.5 billion (Dh64 billion) last week will next turn to an even bigger prize: landing a role on the potential $100 billion initial public offering (IPO) of Saudi Arabian Oil Co. HSBC Holdings Plc …
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Local banks to continue helping struggling SMEs
Local banks will continue to help struggling small businesses restructure debt even after President Sheikh Khalifa ratified a bankruptcy law, according to a spokesman at the UAE Banks Federation. The federation said in September that an initiative among …
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Gulf Banks Feel the Pain as Investors Wonder What Will Come Next
Banks from Saudi Arabia to Dubai are feeling the pain of the Middle East’s slowdown. Many of the region’s largest banks missed analysts’ earnings estimates in the third quarter as lenders provisioned for higher bad loans and funding costs increased.
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Guga banking on major upset
The UAE Beach Soccer coach is confident of a first major upset as his team readies to take on three-time world champions Brazil in their opening match of the Sixth Samsung Beach Soccer Intercontinental Cup Dubai. The five-day tournament that brings …
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Emirates NBD ranked 'strongest bank in UAE'
Emirates NBD, a leading bank in the region has been ranked the ‘Strongest Bank in the UAE’ by the prestigious Asian Banker’s ‘AB 500 Strongest Banks in 2016.’ The bank, the largest in the UAE, was rated highly for its sound growth record and its …
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Dubai Islamic Bank Q3 net profit down 9.9 per cent
Dubai Islamic Bank, the United Arab Emirates’ largest Sharia-compliant lender, on Monday posted a 9.9 per cent drop in third-quarter net profit, in line with analysts’ forecasts. The bank made Dh876.3 million in the three months to September 30 …
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Dubai Islamic Bank 9-month net profit up 7% to Dh3b
Dubai: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by total assets, on Monday reported a Group Net Profit of Dh3.01 billion, up 7 per cent compared with Dh2.8 billion for the same period in 2015. For the third quarter of the year the bank …
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UAE salary guide 2017: How much you can expect to earn in finance, technology, HR and admin
Entry salaries for professionals in finance and accounting, financial services, technology and administration sectors are expected to rise an average 2.5 per cent over the next year, according to the Robert Half 2017 Salary Guide, which benchmarks wages …
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Why finance is key to securing a low-carbon future
As renewable energy costs fall, the UAE government is taking note. Policy is pivoting. Investment flowing. The agenda set. At HSBC, we look forward to actively participating in the UN-convened Global Roundtable on sustainable finance hosted by the UAE this …
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Low oil price takes its toll on Saudi banks
Dubai: Persistent decline in oil prices since mid-2014 is posing a new wave of challenges for Saudi Arabia’s banking sector which enjoyed, abundant liquidity during the years of oil boom between 2003 and 2013. During this period, the Kingdom was able to …
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UAE participates in Global Investors Summit in India
During his speech at the opening session, HE Al Saleh emphasised the strong bilateral ties between UAE and India, the latter being UAE’s first trade partner. He noted that the volume of trade between the two countries has amounted to $50 billion for the …
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UAE Central Bank says lending to SMES has tightened
UAE banks have become less willing to lend to businesses and individuals, according to the latest quarterly credit sentiment report issued by the Central Bank. At the same time, borrowers, especially owners of small businesses and expats, have become …
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Post-dated rent cheque encashed two months early due to ‘bank error’
Dubai: A Dubai resident got the shock of her life when her post-dated cheque worth Dh30,000 for her three-month rent was mistakenly encashed two months in advance. The Filipina, who requested anonymity, said her troubles began when her bank cleared her …
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Emirates NBD pilots blockchain-based money transfers
During the pilot, remittance and trade finance processes were executed on the blockchain network with almost real-time transfers of invoices and purchase orders. Emirates NBD chairman Shaikh Ahmed bin Saeed Al Maktoum said the pilot was the first of its …
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