Friday 1 July 2016

Saudi Arabia ups commissions on stock exchange trades

Saudi Arabia's market regulator raised the commission on trades on the kingdom's Tadawul stock exchange, which is seeking to attract foreign investors and sell state assets. As well as raising the commission from 12 basis points to 15.5 basis points per transaction, Saudi


MoF releases e-dirham card charge service with MBME

The UAE’s ministry of finance (MoF) recently launched the e-dirham card charging service through MBME for collecting fees and payment services. MBME is a leading supplier of kiosk based payment systems in the UAE. The National Bank of Abu Dhabi (NBAD) will be re-charging


HSBC Mideast relocates head office to DIFC

HSBC Bank Middle East Limited (HBME) has transferred its place of incorporation and head office from Jersey to the Dubai International Financial Centre (DIFC) effective today (June 30). As a result of the transfer, HBME is now lead-regulated by the Dubai Financial Services Author


Egypt bans use of debit card abroad

Egypt's central bank has ordered banks to stop the use of debit cards for accounts in Egyptian pounds abroad, a central bank official said on Wednesday. "We sent a letter to bank chiefs today to stop the use of debit cards outside the country. As for credit cards it is b


GIB’s ratings affirmed by Capital Intelligence

Capital Intelligence Ratings has affirmed Bahrain-based Gulf International Bank’s (GIB) Long-Term Foreign Currency Rating at A+ and the Short-Term Foreign Currency at A1, with a ‘Stable’ outlook, reported the Gulf Daily News, our sister publication. To


Global stock, oil prices gain as Brexit jitters recede

Stock markets around the world rebounded for the second straight day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus. Fading concerns over Britain's vote to exit the Europ


Oman sells $500m six-year sukuk

Oman's government has sold a $500 million six-year sukuk in a private placement, a document from the lead manager showed on Wednesday. The sukuk's profit rate is 3.5 per cent and the Ijara-structured instrument will be repaid in three equal instalments after four, five an


Investcorp eyeing opportunities presented by Saudi reform plan

Investcorp is seeking more opportunities in Saudi Arabia, aiming to capitalise on the kingdom's plans for a significant reform of its economy, the co-chief executive of the alternative investment specialist said on Wednesday. Under Saudi Arabia's Vision 2030 initiative th


Mideast bourses announce Eid al-Fitr closures

Middle Eastern securities exchanges have announced plans to close for upcoming Eid al-Fitr holidays. The Saudi Stock Exchange will be closed throughout next week and reopen on Sunday, July 10. The Dubai, Kuwait and Oman markets will close from Tuesday, July 5 and r


MasterCard to include 40m micro, small merchants

MasterCard set a goal to connect 40 million micro and small merchants to its electronic payments network within five years, expanding on the company’s Universal Financial Access 2020 commitment made last year. To date, financial inclusion has been predominantly centred on p

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