The UAE banks are well-positioned even bad loans rise further, thanks to strong capital buffers and high level of profitability that local lenders enjoyed prior to the outbreak of Covid-19 pandemic, …
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UAE bank ADCB reports soaring profit as it recovers from NMC impairments
UAE’s third-biggest lender, reported a more than 400% surge in first-quarter profit on Sunday, after it took big impairments a year earlier due to its large exposure to troubled hospital operator NMC …
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Azmin leading trade, investment mission to Saudi Arabia, UAE
Senior minister for economy Mohamed Azmin Ali will meet senior ministers in both countries to boost investments. KUALA LUMPUR: Senior minister and international trade and industry minister Mohamed …
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Help! My Dubai rent cheque is due, but I don’t have the money
Question: I am a resident of Dubai. I have been living in a two-bedroom apartment for the last four years. The contract was renewed six months back with six cheques for the year. I have another two …
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Azmin to lead trade and investment mission to Saudi Arabia, UAE
Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali will lead a trade and investment mission to Saudi Arabia and the United Arab Emirates (UAE) from tomorrow …
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UAE: Dh38m raised for 100 million meals drive in art auction
The International Charity Art Auction supporting ‘100 Million Meals’ campaign raised more than Dh37.54 million ($10.28 million) on Saturday during a live in-person auction in Dubai. On display were a …
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UAE Central Bank Extends Economic-Support Program Until Mid-2022
The United Arab Emirates extends its economic support program launched in response to the coronavirus pandemic until the middle of next year, the Gulf state’s central bank said.
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The listing of UAE local companies on foreign exchanges
Ahmed Ibrahim of Ibrahim & Partners considers the scope of application and the expected reactions towards a decree obliging Dubai-based companies to list their shares on Dubai’s stock exchanges …
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UAE’s Universal Tubes and India’s Tata in world’s first blockchain-led trade finance for steel
The first blockchain-based trade finance deal in the global steel industry has been struck – and it involves a UAE-based business. The transaction was done by UAE’s Universal Tubes & Plastic …
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Central Bank of UAE imposes financial sanction on an exchange house
Dubai: The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE for violating the law on Anti-Money Laundering and Combating the Financing of …
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HSBC Blockchain Trade Finance for Tata Steel & Universal Tube
HSBC has successfully executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes & Plastic Industries Ltd and India’s Tata Steel Ltd. The Contour blockchain …
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What first quarter bank results say about the health of the UAE economy
First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Wednesday reported a group net profit of Dh 2.5 billion in the first quarter of 2021, up 3 per cent compared to Dh2.4 billion in the first …
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UAE trade finance platform goes live with invoice fraud solution
UAE Trade Connect (UTC), a trade finance solution that addresses the risk of double financing and fraud across the United Arab Emirates, has moved into full commercial production. Having been in …
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Saudi Tadawul Group narrows banks for IPO process -sources
Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company’s upcoming initial public offering (IPO), three sources said.
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Another digital bank – Rezq/Baraka – plans to go live in UAE, and based on Sharia
Promoter Zurich Capital Funds Group says it plans to line up cross-border alliances Dubai: A Sharia-compliant digital bank has been set up – Rezq/Baraka has launched operations from the UAE and will …
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UAE’s Universal Tubes, India’s Tata Steel execute blockchain trade finance deal
UAE-based Universal Tubes & Plastic Industries and India’s Tata Steel has executed the global steel industry’s first blockchain-based live trade finance deal. The transaction enabled the digitisation …
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Another digital bank – Rizq/Baraka – is going live in UAE, but based on Sharia
The digital bank is a venture from Zurich Capital Funds Group. “Our main challenge is to create a digital bank compatible with Islamic law, accommodating fast responses to fit into modern life,” said …
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