Friday 5 March 2021

Saudi expat remittance jumps 12% to SR12 billion in January

The personal remittance of expatriates recorded an increase of 12%, equivalent to SR1.26 billion ($337 million) reaching SR12.06 billion ($3.2 billion) during January 2021.    This is compared to SR10.79 billion ($2.9 billion) in January 2020, according to


IHC invests in Falcon CI IV LP and SpaceX

The UAE-based International Holding Company (IHC) has revealed that the company had purchased a 94% stake in Falcon CI IV LP, a Cayman Island-based private equity fund that has invested in California-based aerospace company, SpaceX.    The purchase was done


Gulf Capital successfully exits from ECDC Holding

Gulf Capital, a leading growth markets alternative investment firm, has announced the successful and full exit of its investment in ECDC, a leading oil & gas drilling and production services provider in the Middle East and Africa.    The company is part


New report highlights Dubai’s startup ecosystem

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, in cooperation with Dubai Technology Entrepreneur Campus (Dtec) has released the Dubai Startup Report 2021, an informative guide on Dubai’s startup ecosystem for international startups and investors that are keen


Financial Services ‘has key role in Bahrain’s development’

Bahrain’s Crown Prince and Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa has placed Financial Services at the forefront of the priority economic sectors to focus on and this increases the responsibility of the banking sector in achieving the aspirations and plans


Arab Bank named the Middle East’s Best Trade Finance Provider 2021

Global Finance, the New York-based international publication, has recently granted Arab Bank the “Best Trade Finance Provider 2021 in the Middle East” award.    The recognition comes as an acknowledgment of the bank’s leading position in t


SABB net income up 7% in Q4

The Saudi British Bank (SABB) reported a net income of SR680 million for the three months ended December 31, 2020.   Net income before Zakat and income tax for the three months was SR801 million, SR55 million or 7% higher than the three months ended December 31,


UAE raises daily decline limit in shares to 10%

Stocks listed on the UAE’s bourses will see their limit cap rising to 10% from the current 5%, effective February 28, the Abu Dhabi and Dubai markets said.   The development comes in implementation of a cabinet decision whereby the stock markets shall reve


NCB, Mastercard launch corporate credit card in Saudi

Mastercard, the global technology leader, and the National Commercial Bank (NCB), a leading financial institution in the region, have launched a new corporate credit card for NCB corporate and MSMEs clients in Saudi Arabia. The Mastercard Corporate World card allows companies to


UAE sets up office to combat money laundering

The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). The Executive Office will

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