Wednesday 26 October 2016

Remittances to developing countries to rise in 2016

Remittances to low and middle-income countries (LMICs) are projected to hit $442 billion in 2016 – an increase of 0.8 per cent over the previous year, according to a World Bank report. Remittances to the Mena region are expected to edge ahead by 1.5 per cent in 2016, it sai


Emirates NBD ranked ‘strongest bank in UAE’

Emirates NBD, a leading bank in the region has been ranked the ‘Strongest Bank in the UAE’ by the prestigious Asian Banker’s ‘AB 500 Strongest Banks in 2016.’ The bank, the largest in the UAE, was rated highly for its sound growth record and its gian


Axco enters Mena in tie-up with Dubai firm

Axco Insurance Information Services (Axco), a leading provider of business information services to the insurance industry, has announced its debut into the Mena market in partnership with Dubai-based RefPoint Business Consultants. UK-based Axco has been providing country and regi


Business confidence up in ME despite low growth

Global business confidence in the Middle East has improved for the second consecutive quarter, despite economic growth in the region being at a 30-year low, according to a new report. However, the regional confidence levels remain low amid slumping growth rates with 44 per cent o


GFH approves settlement of lawsuits

GFH Financial Group (GFH) said it has got approval from its board for settlement arrangements with a series of counterparties related to an undisclosed number of lawsuits, reported the Gulf Daily News, our sister publication. To read further, please visit


Adeptio completes Americana share buy

Adeptio AD Investments SPC and Al Khair National for Stocks and Real Estate have announced the completion of the sale by Al Khair of all of its shares in Kuwait Food Company (Americana) to Adeptio at a price of KD2.65 ($8.74) per share. Following completion and in accordance with


Bahrain bank Ibdar buys $78m US prime property

Bahrain-based wholesale Islamic investment bank, Ibdar Bank, has announced the successful acquisition of a $78-million multi-family housing property at Montgomery county in Maryland, US, the sixth wealthiest county in Washington DC. The asset, which is a 2001 constructed multi-fa


15,000 leaders for Dubai’s Annual Investment Meeting

The upcoming 2017 edition of Annual Investment Meeting (AIM) in Dubai, UAE is expected to see participation from more than 15,000 participants including heads of states and businessmen and from over 140 countries. The seventh edition of AIM is set to run from April 2-4, 2017, at


Faisal Holding appoints new CEO

Faisal Holding, one of the leading business houses in the Middle East, has announced the appointment of Brett Schafer in the role of chief executive officer. In his new role, Schafer will be providing strategic leadership and management for the group’s diverse portfolio of


UAE nuclear power project closes financing

The Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) announced today the formal financial close of the funding for the UAE's Barakah Nuclear Energy Plant project. The fund will be managed by the recently created subsidiary, Barakah O

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