DUBAI Feb 1 National Bank of Abu Dhabi said on Wednesday it had become the first bank in the Middle East and North Africa to introduce real time, cross-border payments on blockchain, becoming the latest lender to experiment with the technology. Through a …
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Dubai Islamic Bank mandates banks for potential sukuk sale -sources
DUBAI Feb 1 Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of …
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NBAD tops UAE banks’ fourth-quarter figures
National Bank of Abu Dhabi (NBAD) was the best of a mixed bag of fourth-quarter UAE bank results yesterday, with the overall picture showing a sector that is still coping with a sluggish lending market. NBAD, which is merging with Abu Dhabi lender FGB …
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ADCB’s fourth-quarter net profit falls 16%
The Egyptian investment bank EFG-Hermes has forecast that profit at nine UAE banks it covers would fall by 8 per cent year-on-year in the fourth quarter because of a rise in provisions and tighter spreads. It forecast ADCB’s net profit would decline 18 …
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Economic challenges push ADCB profits down 16%
Dubai: Abu Dhabi Commercial Bank (ADCB) reported on Tuesday a 16 per cent year-on-year decline in net profit attributable to equity shareholders that reached Dh4.15 billion in the full-year 2016 from Dh4.9 billion in 2015. The figure puts net profit for …
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Citi Private Bank eyes 15% growth in UAE revenue this year
Dubai: With $374 billion (Dh1.37 trillion) of assets under management globally, Citi Private Bank (CBP) expects a 15 per cent growth in revevues and assets in the UAE this year, even as it eyes investment opportunities in private equity to fund small …
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Emirates NBD launches Green Auto loan with preferential pricing
Emirates NBD, a leading bank in the region, announced today the launch of a Green Auto Loan product in line with its commitment to support the UAE’s transformation into a low-carbon economy, as part of UAE Vision 2021. The Green Auto Loan has been …
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Dubai Financial Market : Dh5m investment drops to Dh123 in decade
Dubai: A client who deposited Dh5 million in two trust accounts with a UAE bank 10 years ago, recently sued the bank after discovering that his investment was now worth only Dh123. An accident had forced the client — a resident of a Gulf Cooperation …
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UAE's First Gulf Bank reports 11 pct fall in Q4 profit
DUBAI Jan 31 First Gulf Bank (FGB), Abu Dhabi’s third-largest lender by assets, reported an 11 percent fall in fourth-quarter net profit on Tuesday but narrowly beat analysts’ expectations. FGB, which is being merged with rival National Bank of Abu Dhabi …
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Emirates Bank for Volunteering established
Zayed Giving Initiative, ZGI, the UAE Societal Voluntary Programme, and Tadreeb National Training, Tadreeb, have signed an agreement to establish and manage the first specialised bank for volunteers. The bank will target volunteers across community …
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UAE Central Bank Board reviews Q4 Report for 2016
ABU DHABI, 31st January, 2017 (WAM) — The Board of Directors of the UAE Central Bank has reviewed the bank’s Q4 Report for 2016, which covered various banking related issues. The 1st meeting in 2017, held under the chairmanship of Khalifa Mohammed Al …
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Dubai To Open Up To Crowdfunding Platforms, As Part Of Fintech Push
The regulator of offshore financial hub the Dubai International Financial Centre (DIFC) is preparing to license loan-based crowdfunding platforms for the first time. The Dubai Financial Services Authority (DFSA) has begun a consultation process on its …
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DFM, ADX indices flat ahead of banks’ financial results
Dubai: The UAE’s main equity indices were relatively flat on Monday, one day before Abu Dhabi’s three biggest banks are set to disclose their financial results for 2016. The Dubai Financial Market (DFM) index inched up 0.34 per cent to 3,678.79.
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GCC bank profits expected to improve in 2017
Dubai: Profitability of Gulf Cooperation Council (GCC) banks are expected to improve this year after going through a slowdown last year according to banking industry analysts and rating agencies. “Earnings in GCC may show a growth of 5.9 per cent 2017 …
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Alternatives thrive as UAE investors cast nets wide
Dubai: The 30-year bond rally as well as a US equity market … Alternative investment strategies offer a wide range of possibilities — from commercial real estate, hedge funds, private equity, private placement debt to trade finance.
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Market permitting, Dubai Investments plans IPOs in 6-9 months -CEO
which is 60 percent owned by Dubai Investments, was working as a financial adviser on the listing, he said. “When we are positive on the market, then we can go to the Emirates Securities and Commodities Authority (ESCA) for approval for the IPO,” said Kalban.
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UAE residents found it harder to get loans in 2016 – report
The number of UAE residents applying for personal loans dropped in 2016, but it was harder for those who applied to get their loans approved, according to a new report. The report by financial comparison site compareit4me.com found that the number of …
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