Saturday 24 March 2018

Abu Dhabi banks post $8.4bn earnings in 2017

The total earnings of commercial and Islamic banks in Abu Dhabi, UAE surged to Dh30.83 billion ($8.4 billion) in 2017, said a media report. The total earnings of commercial banks headquartered in the capital reached Dh25.53 billion by the end of 2017, accounting for 82.8 per cent


Saudi non-oil growth likely to hit 2.7pc this year

Saudi Arabia's non-oil growth is expected to average 2.7 per cent this year, better than the growth seen in the last two years, according to a Bloomberg economist. The kingdom's non-oil growth increased 1 per cent in January, a slowdown from the estimated 2.6 per cent reg


Tamkeen, AUB sign $106m deal to support Bahrain firms

Bahrain's labour fund Tamkeen and Ahli United Bank (AUB) have signed a BD40-million ($106.08 million) portfolio to provide subsidised financing to eligible medium and large-sized enterprises in Bahrain. The agreement was signed by Dr Ebrahim Mohammed Janahi, chief executive o


CrediMax, Benefit launch QR Code payment system

CrediMax and Bahrain-based Benefit have collaborated to launch a unified QR Code payment option where MaxWallet and BenefitPay customers will be able to complete payments at registered merchants through their smartphones. Benefit was established in 1997 and is licensed by the Cen


UAE Central Bank gold reserves rise to $326.7m

The value of the UAE Central Bank’s reserves of gold bars rose to around Dh1.2 billion ($326.71 million) at the end of January, an increase of Dh48 million, or 4.1 percent, compared to Dh1.152 billion in December 2017.   Statistics issued by the bank yeste


Dubai DOF, Deloitte partner to implement IPSAS

The Department of Finance (DOF) of the Government of Dubai has partnered with professional services firm Deloitte to enable the Government of Dubai to implement International Public Sector Accounting Standards (IPSAS). The strategic partnership agreement was signed by Abdulrahman

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