Saturday 31 January 2015

Travelex, UAE Exchange to merge and list in Abu Dhabi

Foreign currency exchange firm Travelex will be merged with money transfer company UAE Exchange and listed in Abu Dhabi by early on in 2017, new owner Bavaguthu Raghuram Shetty said. The Indian-born billionaire along with Abu Dhabi private equity house Centurion Investments agree


BBK eyes bond issue to refinance $500m debt

Bank of Bahrain and Kuwait (BBK) is planning its first debt issue since 2010 to refinance an existing $500 million bond maturing in October, its chief executive has said. The offering by Bahrain's fourth-largest bank by assets will have a lifespan of between five and seven ye


RBS to exit corporate debt, DCM business in MEA

Royal Bank of Scotland (RBS) plans to sell or close its corporate debt and debt capital markets business in the Middle East and Africa, the latest pullback by the state-controlled lender from emerging markets to focus on its domestic business. The lender, 81-per cent owned by the


Bahraini students develop bank security system

A voice-activated security system that automatically alerts the police when would-be bank robbers attack, has been developed by two Bahrain University (UoB) students. The system, devised by Bahrainis Mohammed Basiouni, 22, and Kamal Mohammed, 23, uses a voice recognition chip to


Egypt’s pound weakens to new low

Egypt's pound weakened to 7.49 per dollar, from 7.46 at yesterday's sale, at a central bank auction on Thursday, the weakest level it has been allowed to reach since auctions began in December 2012. The bank offered $40 million and sold $38.4 million at a cut-off price of


Western Union signs Amr Diab as brand ambassador

The Western Union Company, a global leader in financial services, has announced its association with one of the Arab world’s most popular pop stars – Amr Diab, as its brand ambassador. As an Arab star with a strong international following, Amr Diab will now represent


UAE gold sector records substantial growth during DSF

The UAE gold sector has shown a positive growth at the start of the year with reports indicating a 25-30 per cent increase in gold sales within the Emirate, following an overwhelming response received by the shoppers this DSF. The Dubai Gold and Jewellery Group (DGJG) saw a tremendous


Innovation transfer FDI to achieve sustainable development

Foreign direct investment based on innovation and technology transfer to achieve sustainable development will be the focus of a  meeting to be held in Dubai in March. The fifth edition of the Annual Investment Meeting (AIM), organised by the UAE Ministry of Economy, will run


New plan aims to boost investment in Saudi

A new plan aims to transform Saudi Arabia’s investment landscape by further diversifying the economy, building its knowledge base, creating job opportunities and maintaining the ease of doing business in the kingdom. The Unified Investment Plan was presented by Abdullatif A


Citi Bahrain launches rewards programme

Citi Bahrain has launched a rewards programme giving its local credit card customers access to merchandise from across the globe. These include product catalogue redemptions, airline/hotel points transfer capabilities and end-to-end travel bookings online, said a report in the

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