UAE’s price comparison portal pulls in $10m

Dubai: Dubai-based Souqalmal.com, the price comparison website for the banking and insurance sector, has pulled in some major investor interest to the tune of $10 million (Dh36.73 million). The new shareholders include GoCompare Group, which operates the ... ( read original story ...)

UAE Exchange among investors in personal finance start-up

One of the biggest remitttance houses in the Gulf, UAE Exchange, has joined investors to back local personal finance website Souqalmal, it was announced on Tuesday. Souqalmal.com has raised $10 million in a Series B fundraising round with new investors ... ( read original story ...)

Dubai returns to court over ship-repair company’s $2.1bn debt

The maritime engineering business, a unit of the government-owned Dubai World conglomerate, in 2012 had to use bespoke insolvency legislation to finalise its first restructuring after a hedge fund won a judgment against the firm for defaulting. Drydocks ... ( read original story ...)

UAE economic growth forecast to rise to 3-3.5% in medium term

Economic growth in the UAE is expected to increase to at least 3 percent in the medium term on the back of Expo 2020, according to Bank of America Merrill Lynch’s GEMs Macro monthly report. The bank's MENA economist Jean-Michel Saliba said UAE real GDP ... ( read original story ...)

Mashreq Bank Unveils New Digital Bank in UAE

The breakneck innovation in the UAE on-line banking sector received a major fillip on Sunday with Mashreq Bank entering the fray by unveiling a full-service digital bank - Mashreq Neo. Announcing what it termed a new era initiative, the bank indicated that ... ( read original story ...)

A digital bank for the connected generation

These are the words of Aref Al Ramli (pictured right), Regional Head of Digital Banking for Mashreq, after the UAE-based lender launched Mashreq Neo, a full fledged digital bank that transformed the traditional banking landscape of the country, on October 1. ( read original story ...)

UAE banks’ credit, deposit growth dips in August

Dubai: Monetary data form the Central Bank of UAE for August showed a monthly drop in system-wide credit and deposits in the banking sector. Gross credit fell by 1 per cent month on month in August, with domestic loans contracting by a greater 1.3 per cent. ( read original story ...)

Dubai’s GEMS Education planning over $1 bln loan ahead of IPO

DUBAI, Oct 1 (Reuters) - GEMS Education, an international education firm headquartered in Dubai, plans to raise a loan of over $1 billion to refinance some existing debt before a planned initial public offer of shares in London, sources familiar with the ... ( read original story ...)