Dubai: The United Arab Emirates’ (UAE) biggest free zone Dubai Multi Commodities Center (DMCC) welcomed Islamic Bank of Afghanistan as its newest member, DMCC said on on Saturday. The bank, Afghanistan’s first Islamic bank, will use service facilities of …
( read original story …)
Natixis to close commodity trade finance desks in Geneva and Dubai
activities in Paris as part of its new strategic plan that will see the French investment bank close desks in Geneva and Dubai. The changes will have a marginal impact on its activities and will allow Natixis “strengthen its intervention and better serve …
( read original story …)
DMCC welcomes Afghan bank to trade platform
DMCC, a leading Free Zone and Dubai Government Authority on commodities trade and enterprise, has welcomed the Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and …
( read original story …)
UAE, Saudi Arabia announce joint vision through 44 projects
The United Arab Emirates and the Kingdom of Saudi Arabia have announced … build a unified industrial database, empower the banking sector in both countries, harmonize economic procedures and legislations and create a joint council to coordinate foreign …
( read original story …)
UAE banking sector remains resilient, says central bank chief
The UAE banking sector remains resilient, with robust capital ratios, liquidity buffers, profitability, and stable sources of funding, according to Central Bank governor Mubarak Rashed Al Mansoori. The bank’s Financial Stability Report for 2017 showed that …
( read original story …)
Saudi, UAE put economy at heart of alliance with joint investment plans
Saudi Arabia and the United Arab Emirates put jobs and investment at the center of their diplomatic alliance, saying on Thursday they would cooperate in areas ranging from energy and agriculture to tourism and financial services. The countries are already …
( read original story …)
Dubai’s Drake eyes legal action against former management execs
The company said in a statement on Dubai Financial Market that all detected violations committed by DSI’s previous management have been included in a report . It added that the report has been handed to the competent government authority to initiate …
( read original story …)
UAE reforms aid Sukuk market, says Fitch
and those of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) would be addressed. Nevertheless, regulation is one of a number of initiatives that, over time, could support the UAE’s Sukuk market, said Fitch.
( read original story …)
Dubai Fintech Goes Global
Dubai International Financial Centre (DIFC) has signed a FinTech memorandum of understanding (MoU) with professional services company Accenture. Under the MoU, FinTech Hive at DIFC – the first financial technology accelerator in the Middle East region …
( read original story …)
UAE equities rally on Dh50 billion stimulus plan
The Abu Dhabi Securities Exchange (ADX) gained 0.8 per cent to 4,652 points while the Dubai Financial Market jumped 0.4 per cent to 3,055 points, with most companies advancing, led by some big banks and real estate firms. Among ADX-listed equities …
( read original story …)
Up to 85% of UAE residents not saving enough for their future – report
While 77 per cent of those surveyed in the UAE believe that saving is important, 68 per cent also claimed that their financial stability contributes to their overall happiness. The report also found measurements for overall happiness included taking out …
( read original story …)
No increase to private school fees in Dubai
“We ordered an immediate freeze on the tuition fees of all private schools in Dubai for the coming academic year (2018-2019), in order to reduce the financial burden on parents,” tweeted Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of …
( read original story …)
Sheikh Hamdan: No Increase in Dubai Private School Fees To Spare Parents Financial Burden
These are the kind of news that makes us want to pack everything we own and move to UAE. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council made the biggest announcement on Twitter.
( read original story …)
Banking sector maintains strong liquidity despite a drop in deposits
The UAE’s banking sector liquidity continued to remain strong in the month of April despite sluggish growth in both deposits and credits, according to monetary data from the Central Bank of UAE. An analysis of April data by Abu Dhabi Commercial Bank’s …
( read original story …)
Swiss bank Lombard Odier in talks on Saudi partnership
Dubai: Swiss private bank Lombard Odier is in talks to set up a partnership with a Saudi bank as it aims to strengthen its presence in the Gulf, its managing director said on Wednesday. The Geneva-based bank, which had $281 billion (Dh10.3 trillion …
( read original story …)
222 year old Swiss Bank Lombard Odier looks to grow Islamic assets in the Gulf
Swiss Bank Lombard Odier is looking to grow its share of customers in the GCC with a range of new Shariah compliant products. It is also in talks to expand its presence in the UAE and partner with a bank in Saudi Arabia to set up shop in the country.
( read original story …)
Dubai credit cards hacked: What to do?
Dubai: UAE-based expatriate Claire has been without a credit card for a few days now since her bank blocked her account following a series of hacking attempts. Last Sunday, someone tried to use her Dubai-issued card at least four times online and charged …
( read original story …)