Most analysts are of the view that a new round of bank mergers – the fourth series of consolidation in the UAE’s banking history – would serve to further consolidate the over-crowded financial system. …
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Lebanese fashion designer Zuhair Murad eyes IPO
Lebanese fashion designer to the stars, Zuhair Murad, is considering an initial public offering (IPO) for his Beirut-based multi-million … “We just opened our first boutique in Dubai in the Dubai Ma…
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Citi’s Middle East banking business is no joking matter
DUBAI: At around 6 p.m. last Tuesday, Atiq Rehman was racking his brains for a joke. The CEO of the Middle East and Africa for Citigroup, the giant American banking business, was delivering closing re…
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UAE, Saudi Arabia and Kuwait give $10bn to support Bahrain reforms
The UAE, Saudi Arabia and Kuwait have pledged $10 billion (Dh367bn) in financial support for Bahrain’s reforms package that aims to eliminate the kingdom’s budget deficit by 2022. Bahrain announced th…
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UAE offers Dh12.5b support to Bahrain
Abu Dhabi: The UAE has signed a financial cooperation agreement worth Dh12.5 billion with the government of Bahrain to support the country’s financial stability and stimulate economic growth.
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Plans approved to create Saudi Arabia’s third biggest bank
The new bank will be a leader in responsible lending and will set new standards for financial awareness and literacy,” said SABB chairman Khaled Suleiman Olayan. Video of Five things to know about… UA…
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UAE bank first globally to offer contactless, QR payments.
Summary: Mashreq Bank and Mastercard has partnered to launch Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution, accessible via the bank’s mobile application, Snapp. The pos…
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SAAB, Alawwal bank boards approve merger agreement
Dubai: The Boards of Directors of The Saudi British Bank (SABB) and Alawwal Bank have approved a merger agreement, according to a joint statement from both entities. Post-merger, the new entity wi …
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DIFC amends anti-money laundering law in bid to fight financial crime
made the changes to regulate the Dubai Financial Services Authority’s anti-money laundering rules. Anti-money laundering laws in Dubai International Financial Centre (DIFC) will see changes implemente…
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Kuwait, Saudi, UAE finance ministers to sign off on Jordan aid
The finance ministers of Kuwait, Saudi Arabia and the UAE will sign off on financial support to Jordan on Thursday, Kuwait’s state news agency reported. The three countries previously pledged $2 …
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Dubai enacts changes to anti-money laundering rules following review
The Dubai government has enacted changes to the Dubai International Financial Centre’s anti-money laundering laws following a self-assessment of the free zone’s capacity to fight financial crime. Shei…
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Saudi, Kuwait, UAE to sign $10bn Bahrain aid deal – report
Saudi Arabia, Kuwait and the United Arab Emirates will soon sign an agreement to provide up to $10bn of financial support to Bahrain, Kuwait’s Al Rai newspaper said on Thursday, quoting an …
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UAE largest emergency aid donor to Yemen
ABU DHABI, 3rd October, 2018 (WAM) — The UAE has once again ranked as the largest donor of emergency humanitarian assistance to Yemen in the world for 2018. According to the Financial Tracking …
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UAE export credit agency embraces Islamic finance
A new agreement between the UAE’s export credit agency Etihad Credit Insurance (ECI) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will seek to promote non-oil …
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Aramco IPO delay a benefit for the country says top banking executive
Carmen Haddad, CEO of the Saudi business of American banking giant Citi, told a conference in Dubai that a takeover by Aramco of SABIC, the industrial conglomerate owned by the Public Investment Fund …
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Citigroup plans to grow offshore booking center in UAE: executive
DUBAI (Reuters) – Citigroup (C.N) plans to boost the United Arab Emirates’ role as an offshore booking center and is working towards a full banking license in Saudi Arabia, helping to propel its regio…
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Emirates NBD introduces Friday banking
Emirates NBD has announced the introduction of Friday banking at three of its popular mall branches — Dubai Mall, Mall of the Emirates, and Mirdif City Centre. Customers now have the flexibility …
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