Saturday 25 April 2015

ADCB posts $339m net profit for Q1, up 13pc

Abu Dhabi Commercial Bank (ADCB) has posted a net profit of Dh1.24 billion ($339.9 million) for the first quarter of the year, an increase of 13 per cent as compared to the same period last year. The banks operating incomes totalled to Dh2.19 billion, up 15 per cent during the pe


Al Hilal Bank wins best ‘Islamic Fund’ award

Abu Dhabi-based Al Hilal Bank’s ‘Al Hilal GCC Equity Fund’ has won the ‘Best Islamic Fund Award’ at the recently concluded 2015 Banker Middle East UAE Product Awards. The bank’s open-ended fund has received this honour for the second consecutiv


StanChart appoints new head for Emiratisation initiatives

Standard Chartered Bank has appointed Farid Amin Mohammad as the new head of Emiratisation initiatives for its UAE operations, as part of its continuous efforts to drive its 2020 Emiratisation vision to be the International employer of choice for UAE National talent Mohammad star


Gulf stock markets face key test at 200-day averages

Major Gulf stock indexes are nearing technical resistance on their 200-day averages and strong trading volume suggests they may break above those levels, paving the way for long-term uptrends to resume. The Gulf markets tumbled below their 200-day averages in the final months of


Warba Bank launches new ’Mosawama’ service

Warba Bank has unveiled its new BCT service representing a trading platform for domestic and international commodities. The ‘Mosawama’ comes within the framework of the efforts of the retail banking group in providing special services and products to customers in pers


Emirates Islamic Q1 profit doubles to top $52m

Emirates Islamic, a leading Islamic financial institutions in the UAE, has announced a net profit of Dh194 million ($52.8 million) for the first quarter of the year, an increase of 106 per cent over the same period last year. Total income (net of customers’ share of profit)


Bahrain forum to focus on combating terrorism financing

Bahrain will today host the eighth GCC-EU workshop on combating financing of terrorism. The Foreign Ministry and the Central Bank of Bahrain are organising the seminar in co-operation with the general secretariat of the GCC and the European Union, said a report in the Gulf Da


Probe launched into Mumtalakat's financial affairs

Bahrain’s MPs have launched a probe into the financial affairs of Bahrain's sovereign wealth fund. Bahrain Mumtalakat Holding Company oversees a portfolio of 36 companies including Alba and Gulf Air, said a report in the Gulf Daily News (GDN), our sister public


'Pyramid scheme' scams warning in Bahrain

A surge in swindlers setting up so-called "pyramid scheme" scams has led to authorities outlawing the practice in Bahrain, it has been revealed. The Industry and Commerce Ministry's Consumer Protection Hotline received dozens of complaints about pyramid schemes and


Saudi's Algosaibi to put new debt proposal to creditors

Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) said on Tuesday it will put an improved offer to its creditors in the coming weeks in a fresh attempt to reach a settlement. The family conglomerate collapsed in 2009 along with Saad Group, a separate Saudi business emp

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