Tuesday 22 August 2017

Qatar tells banks to seek overseas funding: report

Qatar is requesting banks to tap international investors to raise financing, instead of mainly relying on government funding as the impact of the ongoing Arab boycott puts pressure on liquidity, according to an international report. The central bank is holding regular meetings wi


Barclays expands private bank team in Mena

Barclays announced today the appointment of Bjorn Holderbeke as Mena head of global investments and solutions (GIS) for its private bank. Based in Dubai, Holderbeke will be responsible for product and platform development and will liaise with subject matter experts to assist in d


Saudi Arabia denies ban on Qatari riyal dealings

The Saudi Arabian Monetary Agency (Sama) has debunked reports circulating on social media suggesting that it has instructed local financial institutions to stop dealing in Qatari riyals. The Saudi Press Agency (SPA) quoted Sama as saying that it did not issue any instructions to


DGCX to launch Sharia compliant spot gold contract

The Dubai Gold & Commodities Exchange (DGCX) and Ayedh Dejem Group, a conglomerate from Saudi Arabia, have agreed to launch the Middle East’s first-ever Sharia compliant Spot Gold contract to be traded on an international exchange. The partnership enables both entities


Abu Dhabi funding of Afghanistan projects hits $326m

Abu Dhabi Fund for Development (ADFD) has allocated to date Dh1.2 billion ($326 million) in Abu Dhabi government grants and concessionary loans to 18 development projects in Afghanistan. The funding spans crucial sectors, such as agriculture, housing, energy, transport, industry


Ajman launches ISIC4 to boost business activity

The Department of Economic Development – Ajman (DED-Ajman) has launched its ISIC4 system, to enhance electronic communication with other local and federal agencies, to streamline government procedures. The ISIC4 system is an important tool, and is fundamental in the process


UAE listed insurance firms post $208m profit in H1

Net profits of 28 insurance companies listed at Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) surged 34.2 per cent during the first half (H1) of the year to Dh764 million ($208 million) against Dh569 million during H1 2016. Market analysts attributed the re


Qatar economy growth slowest since 1995: report

Qatar’s economy will grow this year at the slowest pace since 1995, according to international economists, as the impact of the Arab boycott is felt on trade and investor confidence, a report said. Gross domestic product will grow 2.5 per cent in 2017 and 3.2 per cent next


Amana Capital launches education portal

Amana Capital, a provider of brokerage services in international financial markets, has launched a global educational and research portal in line with its plans to expand in Asia and Europe. Building on the success of its former Arabic research and educational portal, Souqelmal.c


UAE Central Bank deposits top $33 billion in H1

The total value of monetary deposits at the UAE Central Bank amounted to Dh123 billion ($33.5 billion) during the first half (H1) of the year, Dh122.95 billion of which are in banknotes and Dh50 million in coins, a report said. On a month-over-month basis, the deposits increased

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