Dubai: Fintech is a rapidly emerging industry that covers the overlapping space of technology with financial services. With the growing application of technology, financial services industry can no longer ignore this latest development. With the increasing …
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Transforming the UAE’s banking industry through digital innovation
The UAE’s banking sector is about to take a giant digital leap with the launch of the Emirates Digital Wallet, which is scheduled to take place within the next few months. The first-of-its-kind wallet, developed and implemented under the aegis of the UAE …
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ADNOC seeks to reduce costs, explore joint ventures
ADNOC has emphasised that, unlike Saudi Aramco’s IPO slated for late next year that will sell … manages 460 petrol stations and convenience stores across the United Arab Emirates. ADNOC said it expects the valuation of its retail subsidiary …
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EXCLUSIVE-Saudi Aramco advisers favour London for historic IPO – sources
This was a clear sign that London is ready to welcome Aramco and needs its IPO to attract more sovereign-held entities … (Reporting by Saeed Azhar, Hadeel Al Sayegh in Dubai and Pamela Barbaglia in London; additional reporting by Reem Shamseddine in …
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Artificial intelligence: How it’s transforming financial services in UAE
Being around for more than 60 years, artificial intelligence (AI) is now a part of our daily lives – be it chatbots, robo advisors, cognitive computing and much more that act as an aid to many financial institutions. For many businesses transforming …
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PropTech revolution has arrived in the UAE, study finds
PropTech to disrupt real estate market The UAE findings reinforce forecasts that in the wake of the revolutionary change that financial technology (FinTech) is having on the banking sector, PropTech will similarly disrupt the property sector. Property …
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Dubai salesman jailed for defrauding bank of Dh180,000
Dubai: A salesman has been jailed for six months for defrauding a bank of Dh180,000 in personal loan and credit card using forged papers within two months. The 39-year-old Pakistani salesman approached the local bank’s Sudanese sales representative and …
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A family office spin-off runs a hedge fund that invests like institutions
Dover then moved to Dubai with his wife, and there, received interest from GCC-based families as well. So in late 2015, he spun out of the family office to focus on managed accounts for these families, and launched the Heirloom Investment Fund in June 2016.
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Is This Oil Price Rally Sustainable?
citing tougher disclosure rules in the U.S. The final decision for the estimated $100 billion IPO is not expected until later this year. UAE: We will increase compliance. The UAE said that it would cut production deeper in the near future in order to boost …
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UAE asks banks to freeze accounts of those named on Qatar-linked blacklist
Doha denies the claims. In a circular, the UAE watchdog asked banks and financial institutions to “start immediate search for and freezing of all bank accounts, investments, and deposits that may be held by any individual or entity” included on the …
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Thousands of North Korean labourers in US-allied Gulf nations
DUBAI, United Arab Emirates — As pressure on North Korea grows over its nuclear weapons program, America’s most valued Arab allies host thousands of its labourers whose wages help Pyongyang evade sanctions and build the missiles now threatening the U.S …
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Bank of Sharjah reports Dh152m first half net profit
Dubai: Bank of Sharjah has reported a net profit of Dh152 million for the first half of 2017, down 13.6 per cent compared to Dh176 million for the same period of 2016. “Net profit was affected mainly by a marginal increase in cost of funds, and equity …
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Exclusive: Saudi Aramco advisers favor London for historic IPO – sources
DUBAI/LONDON (Reuters) – Saudi Aramco’s advisers have recommended … A final decision on the venue for what is expected to be the world’s biggest IPO and is targeted to raise $100 billion will be taken by Crown Prince Mohammad bin Salman, who is …
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Dubai’s Mashreq bank sees drop in demand for Qatar business -CEO
DUBAI, July 27 (Reuters) – Mashreq, Dubai’s third-largest bank by assets, has seen a drop off in demand for business in Qatar since a dispute erupted between the Gulf state and its neighbours, Chief Executive Abdulaziz al-Ghurair said. Banks in the United …
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Imran urges UAE central bank to disclose non-residents’ accounts details
Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Thursday urged United Arab Emirates (UAE) Central Bank to disclose details of non-resident account holders under the international agreements. Panama Papers probe, in its final report, revealed Prime …
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UAE issues circular on freezing bank accounts of terrorists, terror organisations
Banks and other financial institutions operating in the United Arab Emirates have been instructed to search for and freeze any accounts or deposits or investments held by individuals or entities designated as terrorists or terrorist organisations by the …
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Imran Khan urges UAE central bank to disclose non-residents’ accounts details
ISLAMABAD: Declaring Iqama [work permit] a kind of protection and safe passage under international agreements, Pakistan Tehreek-e-Insaf (PTI) chairman urged United Arab Emirates (UAE) Central Bank to disclose all details of ‘non-residents’ account …
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