Saturday 29 November 2014

UAE dirham at 1-year low in forwards market

The UAE dirham fell to its lowest against the US dollar in more than a year in the one-year forwards market on Thursday, as speculation grew that slumping oil prices would lead Gulf states to ditch their currency pegs to the dollar. One-year dollar/dirham forwards rose 8 points,


Weak oil depresses assets in Russia, Middle East

Oil's lurch to a new four-year low on Thursday sent growing tremors through the financial markets of Russia and energy-reliant economies in the Middle East. As expectations waned that producing countries will take meaningful action on supply after a meeting in Vienna, crude f


Qatar, UAE top global ranking for paying taxes

Qatar and UAE share an equal first place in a global ranking for the total tax rate, the number of payments and the time taken to comply, a report said. Qatar has a total tax rate of 11.3 per cent, takes 41 hours to comply and there are four payments to make. The UAE figures are: tax r


HSBC to refund excess fees to Mideast, Africa customers

HSBC will refund customers across five countries in the Middle East and North Africa for charging them excessive foreign currency fees on debit and credit card transactions, the lender confirmed to Reuters on Wednesday. The step was taken after an internal review of the bank'


40pc global SMEs ‘not recognising Africa’s growth potential’

About 40 per cent of global small and medium-sized enterprises (SMEs) do not receive Africa as a growth opportunity, despite the positive economic growth stories and growing middle class int he regions, according to a recent study. The in-dept study conducted by the Economist Int


Gold Holding named distributor of PAMP bars in Saudi

Gold Holding, an integrated gold investment company in the UAE, has been appointed as the exclusive distributor of PAMP minted gold bars of 100 grams or less in Saudi Arabia. PAMP is a leading bullion brand, headquarter in Switzerland, which holds dominant positions in the world&


IDB unit to raise $1.2 billion in Islamic financing

The private sector arm of the Jeddah-based Islamic Development Bank (IDB) plans to tap Islamic capital markets to raise as much as $1.2 billion in long-term funds during its current financial year, its chief executive said. The Islamic Corporation for the Development of the Priva


AXA Gulf launches insurance unit for SMEs

AXA Gulf, one of the largest and leading international non-life insurers in the region, has launched a dedicated sales unit offering insurance solutions for small and medium-sized enterprises (SMEs) in the UAE. As per Dubai SME, an agency of the Department of Economic Development


New thinking urged to prevent recession

Oil and gas exporting nations of the region need fresh thinking and new approaches to stave off recession following the fall in oil prices, a major conference in Doha, Qatar, heard. More than 700 senior finance and banking executives heard a range of speakers outline the challenges and


‘West-East corridor’ analysis at Dubai SME event

The impact of ‘West-East corridor’, which defines the growing economies that span from West Africa to East Asia, on small and medium enterprises (SMEs) in the GCC will be analysed at an upcoming event in Dubai, UAE. SME Beyond Borders - Global Models for Success will

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