Monday 10 August 2020

Adnic H1 net profit surges nearly 60% to $51.6m

Abu Dhabi National Insurance Company (Adnic), a top multi-line insurance provider, recorded a net profit of AED189.7 million ($51.6 million) for the first half (H1) of the year, a 59.9% increase compared to the same period last year. Despite challenging market conditions, Adnic d


Sukuk issuance in GCC to fall 5% this year: Moody’s

Sukuk issuance in the GCC is set to fall 5% this year to about $170 billion because of the coronavirus crisis, after four years of rapid growth, said Moody’s in a new report.  "The decline will be partly limited by the financing needs of GCC countries because of l


Investcorp reports $165m net loss for fiscal year

Bahrain-based Investcorp, a leader in alternative investment, said that financial results for the six months ended June 30, 2020 (H2 FY20) and for the full FY20 have been impacted by the Covid-19 crisis resulting in a net loss of $165 million for FY20. The company reported a net


Dubai Economy, DFZC sign consumer services pact

Dubai Economy will extend its consumer protection services to free zones in Dubai under an agreement with the Dubai Free Zones Council (DFZC). The agreement, which is part of enhancing co-ordination between government, government-related and private entities to improve the overal


UNCTAD to chart new path for post-Covid recovery

The United Nations said that UNCTAD, its trade and development body will hold its fifteenth quadriennial conference will seek to align the sustainable development agenda with global efforts to recover from the Covid-19 pandemic. UNCTAD15 will take place under the theme “Fro


UAE issues 665,246 business licences by July-end

The total number of business licences issued in the UAE at the end of July amounted to 665,246, a 1.9 percent increase compared to 652,885 licences issued in December 2019, according to the National Economic Register. Based on these figures, the issuance of licences in the countr


UAE cbank, AMF to offer clearing services in AED

The Central Bank of the UAE and the Arab Monetary Fund (AMF) have partnered to offer clearing and payment settlement services in Emirati Dirhams, AED, through the "Buna" platform for Arab payments, after the completion of technical link operations. The announcement conc


United efforts, focus on needy key for recovery: Bahrain banker

Banks in Bahrain must play a major role in helping the national economy recover from the global Coronavirus (Covid-19) pandemic and, to do so effectively, will need the ongoing support of all stakeholders, particularly the Government, said a senior Bahrain banker.   


UAE consumer spending up 65% in June from March

Consumer spending in the UAE increased by 65% in June 2020 as compared to March, according to statistics released by the Federal Competitiveness and Statistics Authority (FCSA). Hoteliers were among the top beneficiaries, as spending jumped 15% in June comparatively with April. T


Dubai launches programme to reset economy

Dubai Economy, in partnership with the Mohammed bin Rashid School of Government (MBRSG) has launched "The Great Economic Reset Programme" as part of the efforts to reshape the emirate’s economy and reset it towards a more agile, sustainable, resilient, and inclusive post-pandemi

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