Dubai returns to court over ship-repair company’s $2.1bn debt

The maritime engineering business, a unit of the government-owned Dubai World conglomerate, in 2012 had to use bespoke insolvency legislation to finalise its first restructuring after a hedge fund won a judgment against the firm for defaulting. Drydocks ... ( read original story ...)

UAE economic growth forecast to rise to 3-3.5% in medium term

Economic growth in the UAE is expected to increase to at least 3 percent in the medium term on the back of Expo 2020, according to Bank of America Merrill Lynch’s GEMs Macro monthly report. The bank's MENA economist Jean-Michel Saliba said UAE real GDP ... ( read original story ...)

Mashreq Bank Unveils New Digital Bank in UAE

The breakneck innovation in the UAE on-line banking sector received a major fillip on Sunday with Mashreq Bank entering the fray by unveiling a full-service digital bank - Mashreq Neo. Announcing what it termed a new era initiative, the bank indicated that ... ( read original story ...)

A digital bank for the connected generation

These are the words of Aref Al Ramli (pictured right), Regional Head of Digital Banking for Mashreq, after the UAE-based lender launched Mashreq Neo, a full fledged digital bank that transformed the traditional banking landscape of the country, on October 1. ( read original story ...)

UAE banks’ credit, deposit growth dips in August

Dubai: Monetary data form the Central Bank of UAE for August showed a monthly drop in system-wide credit and deposits in the banking sector. Gross credit fell by 1 per cent month on month in August, with domestic loans contracting by a greater 1.3 per cent. ( read original story ...)

Dubai’s GEMS Education planning over $1 bln loan ahead of IPO

DUBAI, Oct 1 (Reuters) - GEMS Education, an international education firm headquartered in Dubai, plans to raise a loan of over $1 billion to refinance some existing debt before a planned initial public offer of shares in London, sources familiar with the ... ( read original story ...)

Green finance a key component of sustainable growth strategy

The Building Department of Dubai Municipality licensed 17,438 buildings with a total area of 187,723,308 million square feet between March 1, 2014, and June 30, 2016. Green Finance in UAE Green finance continues to grow in the UAE. According to the UAE’s ... ( read original story ...)