The UAE Cabinet on Tuesday approved the federal budget of AED201.1 billion ($54.7 billion) for the years 2018-2021, of which AED51.4 billion ($13.9 billion) is for next year, with no deficit forecast. Sheikh Mohammed bin Rashid Al Maktoum, Vice President …
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HSBC Appoints Marwan Hadi as Head of Retail Banking and Wealth Management in the UAE
HSBC Bank Middle East Limited has announced the appointment of Marwan Hadi as Head of Retail Banking and Wealth Management (RBWM) in the UAE. In his new role, Hadi will be responsible for implementing HSBC’s retail banking and wealth management strategy …
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Riyad Bank Participates as Platinum Sponsor of Saudi Trade Finance Summit
Riyad Bank will, once again this year … This exclusive Trade Finance event in Saudi Arabia is organized by Dubai based QnA International. The Summit will focus on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging …
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Dubai, the capital of FinTech innovation
The accelerator programme opened with a series of speed meetings, where 11 select start-ups met with partnering financial institutions, including Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Network …
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Nationwide savings drive launched in the UAE
UAE investment company, National Bonds has launched a nationwide campaign to help local residents save after a new study revealed a lack of awareness in financial planning. Launched from November 1 under the hashtag #SavingsExcuse campaign the drive aims …
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BRIEF-UAE’s Amlak Finance Q3 profit rises
Nov 7 (Reuters) – AMLAK FINANCE: * Q3 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 11.8 MILLION DIRHAMS VERSUS 5.7 MILLION DIRHAMS YEAR AGO * Q3 INCOME FROM ISLAMIC FINANCING AND INVESTING ASSETS 45.6 MILLION DIRHAMS VERSUS 49.7 MILLION DIRHAMS YEAR …
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UAE banks report profit gains amid slowdown in credit growth
Dubai: The UAE banking sector reported strong gains from improving asset quality, interest margins from repricing of loans and continuing improvement in operating costs in the third quarter of 2017. According to the latest central bank data on system-wide …
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UAE’s banking sector fundamentals remain sound to withstand economic challenges
Dubai: The UAE’s banking sector is well positioned to withstand the macroeconomic challenges arising from low oil prices and geopolitical issues, according to the International Monetary Fund (IMF) and the Institute of International Finance (IIF).
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UAE residents debunk perception of credit card carelessness
“With the advent of credit scoring from Al Etihad Credit Bureau, and the uptake of credit checks by local financial institutions, the UAE has become a model country in the region for sensible lending,” said Richards. UAE consumers said they still …
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UAE central bank probes Gupta money laundering
Money laundering by the Gupta family using shelf companies in Dubai is “very unfortunate” and is being discussed “at the highest level”, says Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry. Dubai, through the United Arab …
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Emaar IPO set to turbocharge Dubai exchange
LONDON: After disclosing lacklustre third-quarter figures, the Dubai Financial Market (DFM) will be glad of the fees windfall following this month’s initial public offering (IPO) of Emaar Development, part of the UAE’s largest listed company, Emaar …
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Emaar unit’s $1.5bn IPO fully subscribed within hours
The IPO is an “opportunity to invest in the future of Dubai as we continue to build iconic freehold master-planned communities,” Emaar chairman Mohamed Alabbar said in the statement. Emaar Development has a clear growth strategy, projects in premium …
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Dubai spends $27m to promote African investment opportunities
Goolam Ballim, Chief Economist at the Africa’s largest financial services provider Standard Bank said Dubai Chamber held the conference to help bridge the information gap between investors and African companies, so they can tap the continent’s massive …
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Emaar seeking to raise $1.5bn from development unit IPO
Emaar, Emaar Malls and the company’s units in Saudi Arabia and Egypt are already listed. The IPO is an “opportunity to invest in the future of Dubai as we continue to build iconic freehold master-planned communities,” Emaar Chairman Mohamed Alabbar said …
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Emaar to raise up to $1.5bn in IPO of domestic development arm
Dubai property giant Emaar is looking to raise as much as $1.5bn from the initial public offering of its domestic development arm on Thursday. The IPO of Emaar Development opens today, offering 20 per cent of the share capital at an indicative price range …
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Emaar Development expects to raise up to $1.5bn in Dubai IPO
Emaar Development, a unit of Dubai property firm Emaar Properties, has set an indicative price range for its initial public offering, which would value the deal at Dhs5.52bn ($1.5bn) at the top end of the range. This is the first major listing in Dubai …
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Emaar Development IPO seeks up to $1.5 bln in first major Dubai listing in 3 years
DUBAI, Nov 2 (Reuters) – Dubai’s Emaar Properties is looking to raise as much as $1.5 billion from the sale of shares in its development unit in Dubai’s first major listing since 2014. The assets of Emaar Development include 49 units in Dubai’s Burj …
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