Friday 26 August 2016

Dollar wavers, poised for weekly gains ahead of Yellen speech

The dollar remained on tenterhooks on Friday, on track for a modest weekly rise ahead of Federal Reserve Chair Janet Yellen's eagerly awaited speech that some believe could provide clarity on whether US interest rates will rise this year. The dollar index, which gauges the gr


Oman H1 budget deficit surges to $9bn

Oman's government posted a budget deficit of RO3.5 billion ($9.1 billion) in the first half of 2016 compared with a deficit of RO1.92 billion a year earlier, as low oil export prices slashed its revenues, provisional Finance Ministry data showed.      The


Emirates NBD unit cuts 100 jobs - sources

Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD) , has laid off more than 100 people as part of cost cutting to adjust to a cooler economy, sources familiar with the matter said on Wednesday. Growth in much of the United Arab Emirates (UA


WIBC 2016 to gather 1,300 leaders in Bahrain

The upcoming World Islamic Banking Conference (WIBC 2016) in Bahrain will gather over 1,300 leaders onto a single platform to chart new areas of growth, address economic uncertainties, and unlock opportunities in the global Islamic finance industry. To be held in strategic partne


Saudi prince to discuss reform drive in China, Japan

Saudi Arabia's Deputy Crown Prince Mohammed bin Salman will discuss the kingdom's drive to cut its reliance on oil exports in visits to China and Japan that begin next week, Saudi media and sources said on Wednesday. In April, Prince Mohammed launched radical economic ref


Brexit ‘won’t impact Dubai’s global financial standing’

Seventy-one per cent of the UAE members of the CFA Institute, the global association of investment professionals, said that Brexit will not impact Dubai’s competitiveness as a global financial centre, in a new survey. Furthermore, 58 per cent of respondents affirmed that Mi


Top Saudi healthcare provider appoints SRB

Saudi Arabia’s Mouwasat Medical Services has appointed Shariyah Review Bureau (SRB) as its Sharia advisor to help ensure that its financial dealings comply with best practices in Sharia. A corporate Shari’a Advisor for 26 per cent of the investment companies licensed


Sico adopts CFA’s asset management standards

Securities and Investment Company (Sico), a Bahrain-based conventional wholesale bank, has joined a select group of Mena asset managers that are compliant with the Global Investment Performance Standards (GIPS) issued by the CFA Institute, reported the Gulf Daily News, our sister publi


UAE India Economic Forum focus to step up ties

Key opportunities for diversifying and deepening the economic partnership between India and the UAE will come under the spotlight at the upcoming UAE India Economic Forum (UIEF) in Dubai. Supported by the UAE’s Ministry of Economy and hosted by the Consulate General of Indi


Saudi govt selling $5.3bn bonds, says report

The Saudi Arabian government is selling up to SR20 billion ($5.3 billion) of domestic government bonds to banks in a monthly sale to help cover a budget deficit caused by low oil prices, Maaal financial website reported on Tuesday. The government has informed banks of their alloc

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