Friday 21 July 2017

Global corporates urge banks to use Swift gpi

Six leading Swiss corporates with international operations - including ABB, Nestle, Roche, SBB, Swiss Re and Wurth – have issued an open letter, stating their support for the Swift global payments innovation (gpi) and encouraging banks worldwide to use the service in order to improve cros


Saudi Arabia seeks feedback on VAT Implementing Regulations

Saudi Arabia's General Authority of Zakat and Tax (GAZT) has launched a public consultation on the  draft Implementing Regulations for the proposed value-added tax (VAT) in the kingdom. The public consultation is to invite people to share their views on the specific KSA


Warba Bank H1 profit surges 455pc to $8.3m

‎‎Kuwait-based Warba Bank, a top investment bank, has posted a net profit of KD2.523 million ($8.3 million) for the first half (H1) of the year compared to KD0.455 million for the same period of 2016, marking a rise of 455 per cent. The increase in the bank's total re


NBB H1 net profit stays steady

National Bank of Bahrain (NBB) has recorded a net profit of BD31.74 million ($84.41 million) for the six months ended June 30, compared to BD31.72 million ($84.36 million) for the corresponding period of 2016. During the first half of 2017, the bank achieved an operating profit o


Economic reform 'is key to surviving oil price shock'

Arab countries must put in place development strategies that place the private sector at their heart and focus on diversification to reduce vulnerability to future oil-price shocks, says Oussama Kanaan, director, Middle East Centre for Economics and Finance, IMF.  


Dubai opens nominations for Islamic Economy Award

The Dubai Islamic Economy Development Centre (DIEDC) has announced the commencement of nominations for the fifth edition of the Islamic Economy Award (IEA), a report said. Launched in 2013, the award recognises the efforts of institutions and entrepreneurs across the globe in off


Trakhees enables payments via Al Ansari Exchange

Trakhees, the regulatory arm of Ports, Customs and Free Zone Corporation in Dubai, recently partnered with Al Ansari Exchange, a global remittance company, to provide easy and convenient payment options for its customers. Under the terms of the agreement, Trakhees customers can n


Dubai DED transactions tally tops 6.8 million

More than 6.8 million transactions have been conducted by the Business Registration and Licensing Sector (BRLS) at the Department of Economic Development (DED), Dubai, since its launch in 1997, a report said. The figure underlines the sustainable growth posted by companies in var


CBI posts $14.16m profit in first half

The UAE-based Commercial Bank International (CBI) has announced a net profit of Dh52 million ($14.16 million) for the first half of 2017, a 24 per cent decline compared to the first half of 2016. The profit fall was due to higher provisioning, necessitated by market conditions, s


Ajman DED issues 1,052 new licenses during Q2

Ajman's Department of Planning and Development at (DED-Ajman) has released a total of 1,052 new licenses while 165 licenses were revoked or cancelled during the second quarter of the year. Official statistics and figures showed a growth of 12.3 per cent in the number of renew

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