Sunday 17 November 2019

DFSA signs key agreement with Chinese banking regulator

The Dubai Financial Services Authority (DFSA) said it has signed an extension to its MoU with the China Banking and Insurance Regulatory Commission (CBIRC). The MoU was signed by Bryan Stirewalt, Chief Executive of the DFSA, and ZHOU Liang, Vice Chairman of the CBIRC, during a vi


Bahrain tops Mena in Islamic finance indicator

Bahrain has topped the entire Mena region for Islamic finance development, according to the seventh and latest annual Islamic Finance Development Indicator (IFDI).    The kingdom, which has led Mena in all seven IFDIs to date, also ranked in second place gl


Saudi Dar Al Arkan lists $600m sukuk on Nasdaq Dubai

Saudi-based Dar Al Arkan, one of the leading real estate developers with a major presence in the Middle East region, on Wednesday listed a $600 million sukuk (Islamic bond) at Nasdaq Dubai. The listing supports the accelerating development activities of Dar Al Arkan, one of the M


Investcorp kicks off Investors Conference in Bahrain

Bahrain-based Investcorp, a leader in alternative investments, opened its Investors Conference today under the patronage of HRH Prince Salman Bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister. A gala dinner at the Four Seasons Hotel,


Misk Foundation signs partnership with Hub71

Saudi Arabia’s Misk Foundation, a non-profit philanthropic foundation, has signed an agreement with Hub71, Abu Dhabi’s global tech ecosystem, towards creating a more dynamic market for startups between Saudi Arabia and the UAE. The memorandum of understanding (MoU) wa


Dubai-China trade grows 81pc in 10 years

China is Dubai’s top strategic partner with 81 per cent growth in trade in the last ten years to make Dh139 billion ($37.8 billion) in 2018 compared to Dh77 billion in 2009, said Ahmed Mahboob Musabih, director general of Dubai Customs. Musabih  was speaking during dis


CBI reports 48.5pc fall in net profit for 9 months

UAE-based Commercial Bank International (CBI), a corporate and retail bank, has posted a net profit of Dh72.6million for the nine months ending September 30 compared to Dh141 million prior year, a decline of 48.5 per cent. Net operating income decreased by 7 per cent to Dh576 mil


DME posts 21pc rise in exchange trading volume

Dubai Mercantile Exchange (DME), a top energy futures exchange, has recorded a 21 per cent increase year-on-year in exchange trading activities, along with 172 per cent increase in forward curve trading in October. In 2019, DME registered an average daily volume of 5.97 million b


Digital economy 'will raise Bahrain's GDP'

The transformation towards the digital economy in Bahrain is conducive to economic growth, higher GDP, and higher GDP per capita for Bahrainis, says Bahraini businessman Yacoub Al-Awadhi.   He stressed that digital transformation may have a positive impact on fi


ICE, Adnoc to launch crude oil futures exchange

Intercontinental Exchange (ICE), a leading operator of exchanges, and Abu Dhabi National Oil Company (Adnoc) have partnered with nine global energy traders are on the launch of ICE Futures Abu Dhabi, a new exchange in Abu Dhabi Global Market (ADGM) that will host the world's first Murban cr

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