The largest bank in the UAE was born on April 1 as Abu Dhabi-based National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) completed their widely discussed merger. The new combined bank has been named First Abu Dhabi Bank and it will have assets in …
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UAE ministry to use e-Dirham for payments to DHA
UAE’s Ministry of Finance (MoF) signed an agreement with Dubai Health Authority (DHA) to adopt the e-Dirham system and e-Dirham cards as a means of paying for government services provided by DHA. The Memorandum of Understanding (MoU) was signed by Saeed …
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MOVES-Mashreq's Iossifidis to become CEO of Noor Bank – sources
DUBAI, April 3 (Reuters) – The head of corporate and investment banking at Dubai’s Mashreq is leaving to become chief executive of Noor Bank, sources familiar with the matter told Reuters on Monday. Mashreq, Dubai’s third-biggest bank by assets …
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NBAD, FGB merge, now 'First Abu Dhabi Bank'
Dubai: The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) announced on Sunday they have merged to become First Abu Dhabi Bank. In a joint statement, the banks said their merger was legally completed on April 1, and the merged bank began …
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Will UAE apply VAT on expat remittances too?
“I am not aware of any UAE official information on VAT in relation to the remittance service. However, if the new VAT laws follow the similar practice in the EU countries, these transactions [fees charged by financial services for the remittance services …
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First Abu Dhabi Bank to attract more investors to bourse
Dubai: The start of share trading on First Abu Dhabi Bank is expected to attract more investors to the Abu Dhabi bourse and reflect positively on overall trading, according to the bourse’s chief executive. In a statement on Sunday, Rashed Al Balooshi …
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FGB, NBAD merger creates UAE's largest bank
Following the legal completion of the merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) on April 1, 2017, the combined bank began trading on the Abu Dhabi Securities Exchange (ADX) today under ticker symbol ‘NBAD’. Reflecting the …
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UAE businesses face late payments
UAE companies, particularly SMEs, faced financial hurdles in 2016 after having to wait twice as long for payments. 2016 saw low recovery and low growth in the GCC due to the recent drop in the oil price, which impacted the liquidity in the market …
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UAE economy hits sweet spot
“On-going global political remained flat for Dubai South built stock. Uncertainties are likely to impact the performance of financial markets, which in turn will dent investor sentiment and appetite.” Charles Swanson, Surveyor, UAE Industrial Leasing.
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Indonesian sukuk raise Dubai listings to new global record above $50 billion
“The channelling of Sukuk listings into Dubai reflects the growing collaboration between Islamic finance practitioners based in different parts of the world. By pooling our know-how and respective traditions, we are creating a more dynamic global …
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Mitsubishi UFJ optimistic on Saudi project finance, Aramco IPO role
Dubai: Mitsubishi UFJ Financial Group (MUFG) expects double-digit growth in its project finance business in the Middle East in 2017, driven partly by Saudi Arabia’s efforts to reduce its dependence on oil, the bank’s co-head in the region Elyas …
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OPEC compliance with oil curbs rises in March as UAE joins cut: survey
LONDON/DUBAI (Reuters) – OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt …
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Merged UAE banking giant seen earning bigger MSCI weighting
Dubai: A mega-merger of the two biggest banks in the UAE should leave the combined company with a larger representation on the benchmark emerging-market index, triggering hundreds of millions of dollars of inflows to the stock, according to calculations by …
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DIB launches Panin Dubai Syariah Bank in Indonesia
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched Panin Dubai Syariah Bank in Indonesia, following its acquisition of 40 per cent shares in PT Bank Panin Syariah Tbk. DIB had acquired around 25 per cent shares of Bank Panin …
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Dubai Based Ride-Hailing Firm Careem Seeks Acquisition, IPO an Option
Dubai-based ride-hailing company Careem is looking for acquisition opportunities and is considering an initial public offering as a possible option but has no timeframe in mind, its founder and CEO said. Careem, which competes with Uber and operates from …
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UAE to exempt new residential property from VAT
… property including sales and leasing in the UAE will be exempt from value added tax (VAT), according to the UAE’s finance ministry. In a VAT briefing session for advisors last week, the ministry also confirmed that there will be one exception …
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Dubai Investments manufacturing assets grow to Dh3.05 billion
Dubai Investments, the leading, diversified investment company listed on the Dubai Financial Market, has achieved consistent growth in its manufacturing business with total assets in the sector increasing to Dh3.05 billion, constituting 19 per cent of the …
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