Monday 30 May 2016

Abu Dhabi, Bahraini firms to set up $100m Islamic bank

Abu Dhabi Financial Group (ADFG) and Bahrain's GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi's new financial free zone with initial capital of $100 million, ADFG's chief executive told Reuters on Monday. Privately-owned investment management


Firms to showcase real-time fraud management solutions

Finesse, together with leading anti-fraud technology major CustomerXPs, will showcase their enterprise fraud management solutions platform that many financial institutions are seeking today, at an event in Dubai this week. Finesse and CustomerXPs will showcase Clari5, whose differentia


Dubai Parks and Resorts raises $457m for new park

Dubai Parks and Resorts today confirmed that it has successfully raised Dh1.68 billion ($457 million) from a rights issue that has been oversubscribed by 1.6 times. The rights issue is intended to raise funds to primarily finance the development of the Six Flags Dubai theme park.


Saudi cbank foreign assets shrink $6bn in April

Foreign assets at Saudi Arabia's central bank shrank $6 billion in April as it liquidated some financial holdings to cover a big state budget deficit caused by low oil prices, official data showed on Sunday. Net foreign assets dropped 1.1 per cent from the previous month to S


DP World to list new $1.2bn sukuk on Nasdaq Dubai

DP World today announced that the company has raised $1.2 billion in a new seven-year sukuk set to be listed on Nasdaq Dubai, the Middle East’s international financial exchange. The issue received strong investor interest and was oversubscribed two times, receiving more tha


Investcorp announces sale of GL Education

Bahrain-based Investcorp, a global provider and manager of alternative investment products, has announced it has agreed the sale of GL Education to private equity firm Levine Leichtman Capital Partners (LLCP). Mohammed Al Ardhi, executive chairman of Investcorp, described the tra


UAE remittances to Egypt hit $1.83bn in 2015

Egypt received an estimated $19.7 billion in remittances from the world over in 2015, of which $1.83 billion came from the UAE, according to remittance data of World Bank. Meanwhile, Jordan received $3.8 billion from countries across the globe, with the UAE contributing $716 mill


Noor Bank issues $500m sukuk

The UAE-based Noor Bank has successfully priced its debut perpetual $500 million Tier 1 capital issuance, a statement from the bank said. In the midst of multiple regional issuers on the road looking to raise capital market funding, Noor Bank was able to print its inaugural AT1 S


NCR to launch new solution at Dubai event

NCR Corporation, a global leader in omni-channel solutions, has announced the Middle East Africa launch of NCR Customer Journey & Sales Manager Platform to empower financial institutions to transform customer experiences and maximise revenue generation. NCR has been working w


Americana shares sale to Adeptio scrapped

Kuwait's Al-Kharafi family has scrapped a sale of a majority stake in Kuwait Food Co (Americana) to a Gulf-based consortium, a company controlled by the family said on Sunday, ending months of talks over the multibillion-dollar deal. Americana, which owns the Middle East fran

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