Friday 22 September 2017

Global economic growth to forecast to hit 3.5pc

The global economy started 2017 strong with real GDP growth gaining momentum and rising to 3.6 per cent in Q1 2017 and  the previous uncertainty surrounding the global growth forecast receded since May 2017, says a Euromonitor International  report.  


ADGM partners with Japan body for fintech

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and Financial Services Agency of Japan (FSA) have completes a framework for co-operation to promote innovation in financial services in Japan and ADGM.   This co-operation framework recognis


UAE offers $7.5bn in grants in H1; up 78pc

Domestic and international grants provided by the UAE rose 73.8 per cent to Dh 27.7 billion ($7.5 billion) during H1 2017, from a total of Dh 15.9 billion in 2016, according to the UAE Ministry of Finance. ''Grants provided by the UAE in the first six months of the year a


KHC closes Banque Saudi Fransi stake deal

Kingdom Holding Company, an investment firm owned by Saudi billionaire Prince Alwaleed bin Talal, said it has  completed the acquisition of 16.2 per cent stake in Banque Saudi Fransi for SR29.5 ($7.8) per share; a deal worth SR5.8 billion ($1.5 billion). The Saudi group had


Saudi to launch $2.6bn entertainment investment firm

Saudi Arabia’s Public Investment Fund (PIF) is in the process of developing a new company with an initial capitalization of SR10 billion ($2.66 billion) to act as its investment arm in the kingdom’s growing entertainment sector. The company will play an active investm


InfoFort launches VAT compliance solutions for GCC

InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, has launched VAT Compliance and Automation Solution for the GCC markets. The GCC-wide value-added tax (VAT) implementation that comes into effect in 2018, impacts how


Islamic banking products ‘losing appeal in UAE’

The number of UAE consumers applying for Islamic banking products has declined since last year, according to a new study from yallacompare, a leading comparison site in the Middle East. By analysing statistics from its financial comparison platform, yallacompare can reveal that,


GCC assets under management set to double to $110bn

GCC fund managers expect to more than double their assets under management (AuM) from $45.8 billion in 2016 to $110.9 billion in 2020, according to a new report published by the Dubai International Financial Centre (DIFC). Published in partnership with Thomson Reuters, the &ldquo


Egypt benefits from strong reform momentum: Moody's

Egypt's credit profile (B3 stable) reflects its large and diversified economy and strong reform momentum, set against constraints which include its very weak government finances, Moody's Investors Service said in an annual report today. The report, "Government of Egy


New UAE-Iraq team aims to boost bilateral trade

Senior government officials of the UAE and Iraq have agreed to form a joint working team or technical committee to enhance investment cooperation and to identify related priorities in key sectors of the Iraq as it undergoes reconstruction. Sultan bin Saeed Al Mansoori, UAE Minist

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