Friday 10 April 2020

PraxisIFM secures ADGM Venture Capital Fund Manager licence

PraxisIFM announced it has secured an ADGM Venture Capital Fund Manager licence for Hambro Perks Ventures Limited through setting up of the structure, incorporation and application to the FSRA and Registration Authority in ADGM.   Only the second licence ever of


New business drops sharply in Dubai amid pandemic

Business  conditions  in  Dubai  deteriorated  at  a  sharp  pace  in  March  as  the  global  economy  was  shaken  by  the  coronavirus  disease 2019 (Covid-19) pandemic, said IHS Markit, a glo


Covid-19 could set back Mena by 30 years: Oxfam

The fallout from the coronavirus pandemic that has killed 83,000 people and wreaked havoc on economies worldwide could set back the fight against poverty by a decade and as much as 30 years in sub-Saharan Africa and the Mena region, Nairobi-based charity Oxfam has warned. The pan


Bahrain PM orders $14.4m social security benefits

Bahrain's Prime Minister HRH Prince Khalifa bin Salman Al Khalifa has ordered a budget allocation of BD5.5 million ($14.4 million) to double the value of social security benefits for needy citizens, including 17,000 Bahraini families, which is set to be distributed this month.


Visa Foundation commits $210m to support small and micro businesses

The Visa Foundation has announced a commitment of two programs totalling $210 million to support small and micro businesses, aligning with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local


Oman Insurance members can access doctors using TruDoc 24x7

Oman Insurance Company has announced a service to help its members get access to doctors, wellness experts and pharmacies from home.    Understanding the difficulty faced by healthcare customers during these times of restricted movement, many of Oman Insura


Credit offered by Oman banks grow 2.5pc in Feb

The total outstanding credit extended by Oman's other depository corporations (ODCs)  – comprising conventional and Islamic banks — grew by 2.5 per cent RO25.9 billion ($67.25 billion) at the end of February2020, the Central Bank of Oman (CBO) has announced.


Online scams rise as pandemic takes toll on cybersecurity

As cybercriminals prey on global fear, business and economic uncertainty caused by the coronavirus outbreak is amplifying scams and attacks, companies and individuals must be extra vigilant to the increasing threats online, a leading cybersecurity expert has warned.  


Funding gaps may widen for MenaT banks: S&P

The fallout from the coronavirus pandemic is likely to expose funding and liquidity weaknesses at banks in the Middle East, Turkey, and Africa (MenaT), said S&P Global Ratings in a new report. "Now that market sentiment has reversed and risk aversion is back, some bankin


ADCB completes 3-way merger, sets up giant banking group

Abu Dhabi Commercial Bank Group said it has achieved full integration of Union National Bank (UNB) and Al Hilal Bank significantly ahead of schedule, completing a complex three-way merger process that has created a fully unified, powerful and resilient banking group.  

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