Banking & Finance

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Gulf entities have provided at least $30 billion of funding, at current prices, for African infrastructure over the last decade.
In the year 2000, The Economist magazine famously described Africa as “the hopeless continent” on its cover.

September 2, 2013

08:46 GMT
(press release)

Mashreq, the UAE’s leading financial institution, announces the launch of the new Snapp, the region’s best mobile banking service now on the Windows 8 platform.

Arif Mubarak, CEO Arady Developments
05:47 GMT
(press release)

Arady Developments announced the launch of its 48-storey residential tower, a part of the prestigious ‘Central Park’ project at the Dubai International Financial Centre.

September 1, 2013

HSBC will discontinue sales of any new Wealth Investment or Wealth Insurance products in Lebanon, Jordan and Bahrain from 07 October 2013.
14:39 GMT

“Existing Wealth customers will continue to receive basic services and their wealth investments will be maintained until maturity."

Saif Al Mansoori and Ahmed Hashim Khoury at the signing ceremony
12:51 GMT
(press release)

Emirates NBD as the main sponsor of its various activities for the fifth consecutive year.

11:52 GMT
(press release)

HSBC Bank Oman has rewarded five lucky Mandoos Savings Scheme customers with cash prizes of 20,000 Omani Riyals each.

The bank has said it is providing financial institutions with U.S. dollars at the rate of 175 pounds since last month.
10:45 GMT

The pound seemed to recover slightly on the black market, but was still much weaker than before Western powers weighed military options.

QNB Group, the largest GCC bank by assets, is the only Qatari bank in the top ten list and was the fastest growing bank with total assets expanding by 30 percent in the 12 months to end-June 2013.
08:38 GMT

Overall, assets of the top ten GCC banks grew by 16 percent in twelve months to end–June 2013 to reach $743 billion.

Jordan Dubai Islamic Bank
06:05 GMT
(press release)

As perits strategy,Jordan Dubai Islamic Bank (JDIB) has implemented Microsoft’s Virtual Desktop Infrastructure (VDI), making it the first bank in the Kingdom to benefit from this solution.

August 29, 2013

During the event
09:35 GMT
(press release)

Emirates Islamic Bank recently held an open day for UAE National job seekers at Emirates Institute for Banking and Financial Studies in Dubai International Academic City.

While the correction in Dubai was partly due to the geopolitical tension, it was also looking for a chance to correct, as some experts believe it was an overheated market.
08:30 GMT

After Tuesday’s massive sell off in UAE and Saudi Arabia’s stock markets, which was triggered by concerns over possible military action against Syria, selling pressure in both somewhat abated yesterday as investors stepped in to take advantage of the fall in share prices and buy bluechip stocks.

August 28, 2013

Mashreq Payport
11:16 GMT
(press release)

UAE’s leading financial institution Mashreq announced the launch of ‘Mashreq Payport’, the region’s first fully EMV Chip & PIN compliant mobile POS solution.

Nilanjan Ray, NBAD’s Head of Commercial Banking, Gulf
10:41 GMT

The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has appointed Nilanjan Ray as the Head of Commercial Banking - Gulf.

August 27, 2013

Dubai led losses across Middle East bourses and sharply underperformed emerging market losses globally - MSCI's emerging market index was down 1.3 percent.
13:16 GMT

"The extent of the drop doesn't make sense and people are over-reacting because local fundamentals are strong and even if there is a war, I don't see it significantly impacting Gulf countries," said Yassir Mckee.

“This dispute has serious foreign relations implications, evidenced by the filings of three governments in the courts below, in which U.S. ally Jordan protested that the sanctions ‘severely infringe’ its sovereignty and ‘punish Arab Bank for not violating Jordanian law.’”
13:03 GMT

A trial is scheduled to take place in January 2014, marking the first time a bank has been tried in the U.S. for terrorism financing under the act.

The construction and commissioning of those thermal power plants in Turkey’s Afsin-Elbistan region would have created more than 10,000 jobs.
12:14 GMT

“This is a drive by the UAE and the GCC states to exercise pressure on the Turkish government to do a U-turn on their position towards the Egyptian cause. The step by the UAE is a consequence of the Turkish government’s stance towards Egypt,” Ashour said.