Friday 17 August 2018

EMPG raises $50m as part of investment round

Emerging Markets Property Group (EMPG), the parent company of leading property portals in the Mena (Middle East and North Africa) and South Asia regions, has wrapped up a first close of $50 million as part of a substantially larger investment round. In addition to in th


UAE Exchange, Unimoni waive fee on Kerala fund remittances

Leading money transfer brands UAE Exchange and Unimoni have waived service fee on remittances to Kerala Chief Minister's Distress Relief Fund in the wake of the floods that has ravaged the Indian state of Kerala. The initiative which enables the global Indian diaspora to cont


APIC posts net profit of $8m for H1

Arab Palestinian Investment Company, a public shareholding investment company has achieved net profits after tax of $8.04 million in the first half of 2018, a growth of 2.14 per cent year on year. Net profits attributed to APIC shareholders amounted to $5.67 million in the first


BisB, Kingdom Properties sign deal for home financing

Bahrain Islamic Bank (BisB) has recently signed an agreement with Kingdom Properties Real Estate to provide property financing for potential residents of the Janayin Al Hamala Project in Bahrain. This will enable Bahraini nationals working in the kingdom to pay the down payment s


New orders drive Dubai non-oil sector output in July

Dubai’s non-oil private sector recorded continued improvement during July, stimulated by a further expansion in new orders, while business confidence remained strongly positive, according to the latest Emirates NBD Dubai Economy Tracker. Dubai’s non-oil private sector


Profitability ‘stable for UAE’s 4 top banks in 2019’

Higher net interest income and lower provisions drove profits higher for the four largest banks in the UAE in the second quarter (Q2) of 2018 with profitability likely to remain stable into 2019, Moody’s said in a new report.  "We expect core profitability for the


ICD benefits from robust capital, liquidity: Moody’s

The Islamic Corporation for the Development of the Private Sector benefits from a robust capital position and strong liquidity, although its weak asset quality remains a challenge, said Moody’s in its annual Credit Analysis report. The Islamic Corporation for the Developmen


Emirates Islamic offers incentive on EV financing

Emirates Islamic, a leading Islamic financial institution in the UAE, is encouraging customers to Go Green by offering up to 100 per cent discounts on processing fees for auto financing on electric vehicles. The bank is the exclusive Islamic Banking Partner for Expo 2020 Dubai an


StanChart names new chief risk officer

Standard Chartered has appointed Faisal Abu Shaar as chief risk officer, Middle East; Country chief risk officer UAE; and head, Risk, Islamic Banking. Abu Shaar  has been with the Bank for the last seven years and has held various roles including senior credit officer, Singa


Dubai Chamber eyes India jewellery sector

The Dubai Chamber of Commerce and Industry recently concluded a study mission to India which explored business opportunities within the country’s gems and jewellery sector. The study mission included visits to Mumbai and Delhi and coincided with the India International Jewe

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