Banking & Finance

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The move has been a long time coming. Saudi authorities have slowly unrolled a plan to liberalise the market spanning a decade, and pursued a long- term reform agenda.
September 22, 2014 - 04:55 GMT
reign investors are salivating at the prospect of investing in Saudi Arabia’s well developed but frontier market with a string of world-class companies that have remained largely out of the portfolio of global fund managers.

July 9, 2014

Mr. Hisham Al Rayes, Dr. Ahmed AlMutawa, Mr. Mohammed Al Habbai
08:49 GMT
(press release)

Gulf Finance House (GFH), announced that it has signed a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its DUBAILAND district.

July 8, 2014

The stock market is also down, with the Tel Aviv 25 Index currently off 0.58%.
19:43 GMT

The shekel has weakened against the dollar this morning, as the security situation in the south of Israel escalated overnight.

Dr. Yahya Alyahya, GIB CEO
11:59 GMT
(press release)

Gulf International Bank B.S.C. (GIB) has announced the launch of its trial phase for retail banking services to customers in the Kingdom of Saudi Arabia (KSA) under the brand name, ‘meem م’.

Adam did not expect additional financial assistance from Gulf countries in the next period.
04:55 GMT

Foreign reserves are now the lowest since the ouster of former president Mohamed Morsi in July 2013.

July 7, 2014

Dubai’s real estate market may also be overheating, as the country’s central bank issued a warning on the soaring property prices.
11:49 GMT

Gulf markets ended their worst quarter in many years, as almost all indices in the region ended the month on a negative note.

Shayne Nelson, Group CEO Emirates NBD
10:09 GMT
(press release)

Emirates NBD, the leading banking group in the region, has announced that its Investment Bank is ranked as the leading arranger of USD Sukuk globally.

The International Finance Corporation
10:05 GMT

ACWA Power today announced the signing of the subscription agreement by International Financial Corporation (IFC), a member of the World Bank Group.

Abdul-Aziz Al-Ghurair, CEO of Mashreq Bank
09:44 GMT
(press release)

Mashreq announced that its Internal Audit function had been assessed to be in “Conformance” with The IIA’s International Standards for the Professional Practice of Internal Auditing.

The tax on other alcoholic beverages, such as wine and spirits manufactured locally or imported from abroad, has been increased by 150%.
02:06 GMT

The resolution replaces old amendments to the Sales Tax Act, which were not implemented and were postponed after facing broad popular opposition.

July 6, 2014

Islamic Banking Centre in the UAE
10:29 GMT
(press release)

Standard Chartered Saadiq, the Islamic Banking division of Standard Chartered Bank, inaugurated its first dedicated Islamic Banking Center in the UAE at the Al Khalidiya Branch in Abu Dhabi.

Dr. Adnan Chilwan, CEO DIB
06:58 GMT
(press release)

Dubai Islamic Bank, the largest Islamic bank in the UAE, has announced the launch of Smart Bank.

July 3, 2014

Jamal Bin Ghalaita, CEO - Emirates Islamic with winners of the Innovation Challenge
09:39 GMT
(press release)

Emirates Islamic announced Middlesex University as the winners of the Innovation Challenge, a competition which invites students from UAE Universities to devise social media solutions for the banking industry.

“It [the company] was also acquitted of any violation of Egypt’s tax laws, and thus did not take this decision into consideration,” the company added.
03:00 GMT

AhramOnline reported Tuesday that the construction tycoon has been sentenced in absentia to three years imprisonment on charges of tax evasion.

July 2, 2014

Aref Al Ramli, Head of electronic business and innovation at Mashreq
09:20 GMT
(press release)

Mashreq, one of the UAE’s leading financial institutions, today launched the world’s first online & international mobile top-up and bill payment service, another quick and hassle free payment facility for consumers.

Al Hilal Bank
07:53 GMT
(press release)

Al Hilal Bank has successfully priced USD 500 million Perpetual Additional Tier 1 sukuk certificates, marking the first Tier 1 issuance out of the Middle East since May 2013.