United Arab Emirates (UAE) Central Bank Governor Mubarak Rashid al-Mansouri has issued a warning to the public against the use of virtual currencies as a medium of exchange due to the lack of control. United Arab Emirates (UAE) Central Bank Governor …
( read original story …)
New law allows Dubai’s non-Muslims to write wills
Non-Muslims living in Dubai will be able to create a will under new laws issued by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, UAE Vice President and Prime Minister. The law, which is applicable to the wills and assets of non-Muslims based in …
( read original story …)
Dubai Investments says Q3 net profit up 4.8% to $95m
Dubai Investments, listed on the Dubai Financial Market, has reported net profit of AED350 million ($95.2 million) for the third quarter, an increase of 4.8 percent over the same quarter last year. The company said net profit for the first nine months of …
( read original story …)
UAE interest rates are expected to rise, mirroring US policy
The US Federal Reserve is likely to raise rates further to tighten its monetary policy and the UAE Central Bank will have to follow suit because the dirham is pegged to the dollar, analysts said. “The current central bank rate is 1.5 per cent, which has …
( read original story …)
Emaar unit is said to plan IPO at premium of as much as 20%
Dubai: Emaar Properties PJSC is expected to offer shares in its United Arab Emirates development business at a 10 to 20 per cent premium to the unit’s net asset value, according to three people familiar with the plans. The lead managers on the initial …
( read original story …)
Emaar to end UAE’s IPO drought
But with Emaar IPO-ing a subsidiary, and with Dubai having prospered irrespective of oil pricing, the chances for a successful IPO is very optimistic. Hadi Khatib is a business editor with more than 15 years’ experience delivering news and copy of …
( read original story …)
UAE Ministry of Finance Expands E-Dirham System by Adding Health and Medical Sectors
The UAE Ministry of Finance (MoF) signed a membership document with the Medical Office of the Ministry of Presidential Affairs and two agreements with Abu Dhabi Health Services Company (SEHA) and the National Health Insurance Company (Daman) to join the e …
( read original story …)
Dubai Investments Reports Net Profit of Dh350 Million for Q3 2017
Dubai Investments, the leading, diversified investment company listed on the Dubai Financial Market, has reported net profit of AED 350 million for the quarter ending September 30, 2017, an increase of 4.8% over AED 334 million achieved during the same …
( read original story …)
Dubai’s DFM sees 1% fall in nine-month net profit
Dubai Financial Market Company on Monday announced a net profit of AED173.3 million for the first nine months of 2017, a 1 percent decrease compared to the same period of 2016. Net profit for the third quarter fell by 22 percent to AED27.7 million …
( read original story …)
UBF banking forum to focus on future of tech-based banking
… (UBF), a professional representative body comprising 48 member banks operating in the UAE, has released the full agenda on the Middle East Banking Forum. Currently in its fifth edition, the forum is a premier annual event for the region’s banking …
( read original story …)
UAE deposit growth surged as credit growth remained weak
Dubai: Deposits in the UAE’s banking system rose in September as credit growth continued to be anaemic, according to UAE Central Bank monetary data. Gross credit growth remained lacklustre in September at just 0.1 per cent month on month. This reflected …
( read original story …)
Dubai Multi Commodities Centre Offers Islamic Trade Finance Platform for SMEs
DMCC, one of the world’s leading free zones for trade and enterprise in Dubai, has signed an agreement with Dubai SME, an agency of Dubai Economy, to develop Sharia-compliant trade finance platform for the small and medium enterprises ( SMEs). The …
( read original story …)
Dubai developer Union launches new investment arm
Union Properties on Monday announced the formation of a new investment arm, UPP Capital Investment, as the Dubai-based real estate group continues to roll out its diversification strategy. The new entity will specialise in direct and indirect real …
( read original story …)
Dubai bank Emirates NBD’s Q3 profit rises 37%
Emirates NBD (ENBD), Dubai’s largest lender, posted a 37 per cent rise in third-quarter net profit on Monday as impairments tumbled and operating income rose. The bank, the last major lender from the United Arab Emirates to report its earnings during the …
( read original story …)
Finance Minister to attend India-UAE Partnership Summit in Dubai
Srinagar: JK Minister for Finance, Dr Haseeb Drabu on Sunday left for UAE to attend the India-UAE Partnership Summit (IUPS) to be held in Dubai on 30/31 October 2017. The Summit is being jointly organized by the Embassy of India, Abu Dhabi, Consulate …
( read original story …)
Bank recapitalisation offers a new lifeline to NPA hit state-owned Indian banks
Dubai: The Government of India’s decision to inject an unprecedented … one of the key drivers for our negative outlook on the South Asian nation’s banking sector,” said Jobin Jacob, associate director at Fitch Ratings. Apart from stabilising …
( read original story …)
Dubai CommerCity first regional e-commerce free zone
Dubai CommerCity, the first free zone dedicated to e-commerce in the MENA region, is intended to promote Dubai’s position as a leading platform for international e-commerce and to support economic diversification and smart transformation strategies. The …
( read original story …)