Banking & Finance

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GCC equities in general continue to show characteristics that will continue to make them attractive to investors over the rest of this year.
Today
While the Iraqi conflict has also kept some international investors at bay and risk premiums across the region elevated, the political backdrop seems to have improved in a number of countries in the region.

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.

The National Bank of Abu Dhabi
07:29 GMT

The National Bank of Abu Dhabi (NBAD) has launched the Cash Plus Fund, a fund designed to offer liquidity, capital preservation and yield enhancement.

July 1, 2014

The finance minister said the budget would push debt down from 94% of GDP, registered in the FY 2013/2014 budget, to around 90% of GDP
11:23 GMT

“The wages system in Egypt is closer to randomness than to being organised,” the minister said, adding that “a project for income law will be submitted to the cabinet during the coming period.”

Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic
10:57 GMT
(press release)

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced the launch of a 360º community outreach programme.

United Arab Bank branch
09:39 GMT
(press release)

United Arab Bank, the fastest growing bank in the Middle East, has announced the completion of a 3-year syndicated Murabaha facility worth US$100m with four banks based in the UAE, Bahrain, and Kuwait.