The campaign, led by Sheikha Hind bint Maktoum bin Juma Al Maktoum, chairperson of the board of trustees of the UAE Food Bank, has received donations from companies, humanitarian organisations, …
( read original story …)
First Abu Dhabi Bank reports 22% slump in profit over coronavirus
First Abu Dhabi Bank set aside $201m in impairment charges, calling it prudent provisioning due to a challenging operating environment’ …
( read original story …)
UAE’s First Abu Dhabi Bank’s quarterly profit hit by impairment charges
First Abu Dhabi Bank, the biggest lender in the United Arab Emirates (UAE), reported a 22 percent drop in quarterly profit on Monday, hit by interest rate cuts and impairment charges. Its net profit …
( read original story …)
UAE instructs banks to freeze accounts of NMC founder Shetty, his family: Report
United Arab Emirates lenders have been told by the central bank to freeze the accounts of NMC Health shareholder BR Shetty and his family, three sources with knowledge of the matter said. NMC, which …
( read original story …)
Solidarity Fund: Dubai Islamic Bank unveils Dh120 million contribution
The Dubai Islamic Bank has announced on Saturday a Dh120 million contribution to the Community Solidarity Fund against COVID-19 launched by the Islamic Affairs and Charitable Activities Department.
( read original story …)
UAE, Gulf states can raise billions via asset sales
Gulf nations may turn to asset sales to complement an almost $50 billion debt spree to support economies rocked by the coronavirus pandemic and the collapse in crude prices, according to Citigroup Inc …
( read original story …)
Jumia: Africa’s Amazon’s huge losses since a billion-dollar IPO
After peaking at a high of $49.77 within its first week of trading in April 2019, the stock had crashed below its IPO price by August. Jumia lost its “unicorn” status by September and the stock now …
( read original story …)
Veteran UAE horse racing journalist Mohammed Taha passes away
Mohammed has been associated with the sport since its inception in the UAE in the early nineties and has been a pivotal member of the core management team behind the successful Dubai International …
( read original story …)
Shuaa Capital to provide support to UAE tech SMEs amid Covid-19 pandemic
UAE-based Shuaa Capital is to provide free expert advisory services and interest-free loans to support the country’s small and mid-sized technology enterprises (SMEs) impacted by the coronavirus …
( read original story …)
Coronavirus: Dubai’s DIFC to allow employers to reduce hours, pay without consent
Employers will also be able to restrict workplace access, mandate remote working, and impose paid or unpaid leave, according to a release from the Government of Dubai’s Media Office. “The primary …
( read original story …)
Saudi retail giant Bin Dawood’s online battle with pandemic
Ahmad Bin Dawood, chief executive of the holding company that owns the eponymous store chain as well as the Danube outlets, was ready for the challenge presented by the pandemic from the beginning.
( read original story …)
Dubai launches remote payment services to facilitate real estate registration process
DUBAI – Dubai Land Department (DLD), in cooperation with Smart Dubai and the Department of Finance (DOF), launched remote payment services to facilitate the process of real estate registration through …
( read original story …)
COVID-19 response: UAE banks use 60% of funds under central bank liquidity facility
The Governor of the Central bank of the UAE (CBUAE) met with CEOs of all banks on April 12, 2020 to discuss the implementation of the TESS. “In our efforts to protect impacted individuals and ensure …
( read original story …)
Saudi, UAE, Kuwait GDP to contract this year: report
The UAE’s GDP is expected to contract by 4.6% y/y in 2020 (1.4% growth prior … “In the meantime, the General Reserve Fund (GRF), part of Kuwait’s sovereign wealth fund, continues to finance …
( read original story …)
UAE’s Dana Gas pledges proceeds of Egypt sale to repay sukuk
Dana Gas DANA.AD plans to use the proceeds from its Egyptian assets, which the United Arab Emirates-based firm has been trying to sell, to pay down its sukuk, an Islamic bond which is due in October.
( read original story …)
MoF Launches Upgraded Version of Smart UAE Gate for GFS Reports System
As part of its ongoing efforts to enhance financial systems, global competitiveness of the United Arab Emirates, and to adhere to the updated requirements of the IMF’s Government Finance Statistics …
( read original story …)
Commercial Bank of Dubai reports Dh315m first quarter net profit
Commercial Bank of Dubai (CBD) on Wednesday reported a net profit result of Dh315 million for the first quarter of 2020, down 7.3 per cent against the same period in 2019. Image Credit …
( read original story …)