The UAE Central Bank governor Mubarak Al Mansouri said that he expects the country’s economy to expand next year at a faster pace, giving a boost to flailing bank growth. “If we look at expected GDP growth of 2.4 per cent from 2.2 this year, I think …
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Gulf banks could lose access to dollar clearing, UAE central banker warns
ABU DHABI Commercial banks in the Gulf could lose their ability to have dollar trades cleared through the U.S. banking system, increasing risks for them, the United Arab Emirates’ central bank governor warned on Monday. Mubarak Rashid al-Mansouri told a …
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Dubai construction duo Arabtec and Drake & Scull reduce losses
Arabtec said the financial impact of discontinued operations in Saudi Arabia is expected to decrease further after recording a third-quarter loss of 17 million dirhams on the business, against a 79 million dirham loss a year earlier. ($1 = 3.6729 UAE …
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UAE c.bank chief: expects slightly higher growth next year, similar loan growth
ABU DHABI Nov 14 The United Arab Emirates’ central bank governor said on Monday that he expected economic growth to edge up to about 2.4 percent next year from an estimated 2.2 percent this year, helped by oil prices at higher levels than they were for …
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UAE Indian banks NOT accepting old Rs500, Rs1,000
Indian financial experts in Dubai have rebutted the rumour spreading on social media about depositing the demonetised 500 and 1,000 rupee notes in a representative office of State Bank of India in Dubai. The Institute of Chartered Accountants of India …
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UAE residents' bank accounts balloon to Dh1,321.8 billion
Dubai: While government deposits are on a decline amid the oil slump, UAE residents continue to build their wealth, with the amount of private fortunes held in banks growing by several millions of dirhams recently. As of September 2016, the numbers on UAE …
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UAE and Saudi insurers resilient to economic headwinds
Dubai: The UAE and Saudi insurance markets have remained resilient despite ongoing economic headwinds resulting from the persistent decline in oil prices over the past two years according to a recent study by EY and Oxford Economics. “The UAE and KSA …
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A billionaire racing driver, a poet and a hedge fund manager: Now that Prince Harry is off the market, meet the world's most eligible royal bachelors
The Georgetown University graduate now works as a hedge fund analyst in New York … Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai His title may be a bit of a mouthful, so luckily the Crown Prince of Dubai, 33, is happy to …
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Dubai hires HSBC to advise on finance of airports expansion
Dubai has hired HSBC to advise it on borrowing US$3 billion to finance the expansion of its two international airports as passenger numbers surge. The emirate is aiming to boost annual passenger flow at Dubai International Airport and Al Maktoum …
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Dubai Sponsors USD 3bn Airports Finance Deal
Dubai to Enable Passenger Traffic Target of 146m by 2025; New Al Maktoum International Airport Set to be Primary Airport for Dubai, and Home to Emirates Airline from 2025 Dubai’s two international airports are set for a capacity-boosting, capex-fueled …
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Dubai government says picks HSBC to arrange $3 billion airport financing
The financing will be raised by a consortium of Dubai state entities, comprising of the Department of Finance, state-owned fund Investment Corporation of Dubai, and the Dubai Aviation City Corporation. The funds will come from a variety of sources and will …
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UAE personal income tax not on the cards at present, says finance ministry
The UAE has no plans to impose new taxes on individuals and the Government is not studying the introduction of more fees for services, Younis Al Khouri, under-secretary at the Ministry of Finance, local media reported him as saying. Governments across the …
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Students and universities in the UAE try to ease the financial burden
Student loan debt concept. Young woman with heavy box full of debt carrying it up the education ladder The average cost of attending university in the UAE remains among the highest globally. But a top education official hopes recently introduced labour …
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UAE banking sector reports another soft quarter
Dubai: The UAE banking sector reported another soft quarter with a general decline in earnings driven by higher credit costs, somewhat higher provisioning while most banks say the worst is behind them. Amid the overall subdued trend in credit growth and …
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Blockchain to revolutionise UAE’s financial services
Dubai: Blockchain technologies have the potential to revolutionise the rapidly growing financial services sector in the UAE and broader GCC region, according to a new report from Booz Allen Hamilton, titled Blockchain: Application to Financial Services in …
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Desktop banking trumps mobile in UAE
Traditional online banking done through a bank’s desktop website is still proving to be the more popular alternative to mobile banking amongst UAE residents, a survey by compareit4me.com has found. The survey, which compiled responses from almost 400 UAE …
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Market analysis: UAE bank equities a sound investment
Mena equity investors have had a stormy year so far. We have seen decent swings in both directions, but despite the volatility, Mena equities are now where they started the year, although some countries and sectors have fared better than others. While …
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