Maki Vekinis, the managing director of Emirates Digital Wallet, wants to take Dh65.4 billion off the streets of the UAE – not in a daring heist but by replacing notes and coins with digital money for the benefit of residents and banks and the over 1 …
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Dubai’s financial hub posts record growth in 2017
Dubai International Financial Centre (DIFC) posted a 1 percent increase in combined revenue in 2017, DIFC Governor Essa Kazim announced on Monday. In its 2017 annual review, DIFC noted that combined revenue rose from $218 million in 2016 to $221 million in …
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Citi implements its global digital strategy in UAE consumer and wealth business
Dubai: Citi, as part of realigning its consumer banking strategy across all its markets with focus on emerging affluent and affluent customers has set strong growth targets for the UAE and Gulf markets, said Francisco Aristeguieta, CEO of Citi, Asia.
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Doha Bank’s Seetharaman chosen ‘CEO of the Year’
Seetharaman receiving the ‘CEO of the year’ award at the EMEA Finance Middle East Banking Awards 2017 Ceremony in Dubai recently. Doha Bank CEO Dr R Seetharaman won the “CEO of the Year” for bringing “transformational leadership” in Doha Bank …
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Beware of this UAE scam, warns financial authority
Dubai: UAE consumers and businesses were warned on Sunday to be on alert for scammers who continue to impersonate financial services authorities to defraud them of their hard-earned money. Fake certificates of incorporation and money laundering clearance …
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UAE implicated in Trump election ‘finance for favours’ probe: Report
Potential attempts by the United Arab Emirates to purchase influence and get the White House to back its regional policy are being investigated by a special team looking into US election fraud, a weekend report has revealed. A team led by Robert Mueller …
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TrumpWatch, Day 408: Mueller Investigating Gulf State’s Financial Influence in Trump Campaign
The UAE line of inquiry appears to be part of a wider examination of possible foreign influence through financial support of Trump’s inner circle. Revelations in the past week have focused on Trump’s son-in-law Jared Kushner, who reportedly sought …
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Starz Play to show new season of ‘Billions’ same time as the US
Dubai-based Starz Play will air the premiere of Billions the … The drama centres around the rivalry between federal prosecutor Chuck Rhoades Jr. (Paul Giamatti) and hedge fund billionaire Bobby Axelrod (Damian Lewis) over his financial crimes as in …
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Nearly 1,300 bank jobs cut in Abu Dhabi in 2017, statistics show
Almost 1,300 bank jobs were cut in Abu Dhabi over the course of 2017, bringing the total number of bank employees in the emirate to 11,877 at the end of Q4 2017, according to new preliminary statistics from the Statistics Centre Abu Dhabi (SCAD).
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UAE banks need to be in step with Fed hikes
As the UAE dirham is pegged to the US dollar, the change in Fed rates translated to a proportional increase in the country’s policy rates. The hike in Fed rates will have repercussions across most GCC states as the consequent escalation in bank finance …
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How Abu Dhabi is Increasing its Success with Crypto-Trading Regulation
Dubai is recognized as a global hub of Smart city and IoT innovation and has already kicked off multiple blockchain initiatives and is continuously rolling out services,” Hacker says. Hacker also agrees that the UAE will pioneer comprehensive …
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Bank of Baroda offers housing loans at reduced rates
Bank of Baroda, the only Indian bank present in mainland of UAE with its six branches, nine EBSUs and 47 ATMs, has substantially reduced housing loans interest rates as UAE residents are constantly looking at good deals and exploring payment options in …
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UAE Central Bank reports 12% rise in foreign currency assets
Total foreign currency assets held by the Central Bank of the UAE abroad surged 12 per cent annualy in January as current account balances rose and deposits with foreign banks strengthened. The foreign assets of the central bank reached Dh326 billion at …
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Foreign currency assets of UAE Central Bank climb 12% in January
Total foreign currency assets held by the UAE Central Bank abroad surged 12 per cent annualy in January as current account balances rose and deposits with the foreign banks strengthened. The foreign assets of the central bank reached Dh326 billion at the …
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UAE Ministry of Finance Issues Financial Circular No. (1) of 2018
HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, issued the financial circular No. (1) of 2018 concerning the preparation of the draft of the federal budget for the fiscal year 2019 – currently in the third year …
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UAE insurers report surge in profitability as regulatory changes bolster prices
This would allow insurers to replenish more easily their capital if required. The increased interest from investors will also improve the UAE insurers’ financial flexibility, equipping them to participate in market consolidation. Merger and acquisition …
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UAE- MoF issues Financial Circular concerning federal budget preparation
DUBAI, 1st March, 2018 (WAM) — H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, has issued the Financial Circular No. 01 of 2018 concerning the preparation of the draft of the federal budget for the fiscal year …
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