Monday 18 February 2019

Warba buys major AUB stake in Kuwaiti financial group

Warba Bank, a leading Islamic bank in Kuwait, said it has signed an agreement with Bahrain-based Ahli United Bank BSC and its subsidiary Ahli United Bank KSCP to acquire their respective shareholding in Kuwait and Middle East Financial Investment Company, representing 75.72 per cent of the co


ECI eyes $3bn UAE non-oil exports in 2019

Etihad Credit Insurance (ECI), the UAE Federal export credit company, said it is set to play a lead role in the country's move towards non-oil diversification by securing $3-billion worth of exports and re-exports of non-oil companies in 2019.   The ECI unve


Shuaa Capital revenues hit $40m, profit down

UAE-based Shuaa Capital said its total group revenues for 2018 increased by 23 per cent to reach Dh165.2 million, however the net profit fell 63 per cent year-on-year to Dh27.2 million with the company taking mark-to-market charges on its investments in Q4 2018 and additional one-off provisions


Top speakers for DMCC global trade summit

Leading figures from government, trade, investment, and technology are set to share predictive analysis on the shifts taking place within the world economy at an upcoming trade conference organised by DMCC in Dubai, UAE. The UAE Ministry of Economy has announced its support for t


Samsung Pay signs 5 new partnerships in UAE

Samsung has partnered with Abu Dhabi Commercial Bank (Debit Cards), Dubai Islamic Bank, Finance House, MAF Najm Cards and Noor Bank and to enable their customers access to the digital payment and digital wallet solutions of Samsung Pay. The announcement of these five new issuer p


E-commerce in Dubai ‘set to hit $2.6bn in sales’

E-commerce stands out as a sector with massive potential for growth for Dubai, poised to expand at a CAGR of 12 per cent in the 2018-2023 period to reach Dh9.7 billion ($2.6 billion) in sales volume by 2023, said a top official. “Wholesale and retail commerce are primary ec


CBI 2018 net profit surges 29pc to $61.5m

Dubai-based Commercial Bank International (CBI) has posted a net profit of Dh226 million ($61.5 million) in 2018, as against Dh175 million in the previous year, marking an increase of 29 per cent. Quarterly net profit up 36 per cent from Dh61 million in Q3 2018 to Dh83 million in


Amanat posts $11.6m net profit for 2018

Amanat, a healthcare and education investment company, has  reported a net profit of Dh42.9 million ($11.67 million) in FY 2018 in line with 2017 and 39 per cent higher excluding costs relating to acquisitions  and non-recurring one-offs. Total net revenue of Dh104.4 mi


Khalifa Fund signs MoU with Central Bank of UAE

The Khalifa Fund for Enterprise Development (KFED) has signed an agreement with the Central Bank of the UAE which will enable the fund to employ the direct debit system of the Central Bank and receive payment from its’ entrepreneurs directly from their accounts in any bank which operates


DFM 2018 net profit plunges 46pc to $34m

Dubai Financial Market (DFM) Company has posted a net profit of Dh125.5 million ($34.1 million) for 2018, compared to Dh232.9 million in the previous year, marking a 46 per cent decline, a media report said. Total revenues reached to Dh324.7 million in 2018 compared to Dh421.6 mi

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