Dubai’s Drake & Scull says capital restructuring completed

Drake & Scull International (DSI) has announced that it has successfully completed its capital restructuring program which started at the beginning of the fiscal year. The company also welcomed a AED500 million ($136.1 million) investment by Tabarak ... ( read original story ...)

Mashreq launches Neo digital bank for millennials

Dubai-based Mashreq has confirmed its future as a branchless bank, with the launch of its digital entity Mashreq Neo. As reported in May, Mashreq was mulling the branchless route in a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. ( read original story ...)

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 ...)