Sunday 19 August 2018

Turkish lira crisis drives investors to gold

The currency crisis engulfing the Turkish lira has led investors to pursue the stability offered by safe havens such as gold, which saw a hike in value by 0.4 per cent coinciding with the crash of the lira. Tom Coughlin, CEO of Kinesis, a bullion backed blockchain monetary system


EI launches quick remittance service to Pakistan

Emirates Islamic (EI), one of the leading Islamic financial institutions in the UAE, said that its 60 second online fund transfer service ‘QuickRemit’ is now available for remittances to Pakistan. The bank has launched the service to coincide with Pakistan’s Ind


1,200 experts to gather for 25th WIBC in Bahrain

Over 1,200 global Islamic banking and finance leaders, industry powerhouses and policy makers will converge for the upcoming 25th edition of the World Islamic Banking Conference (WIBC) set to take place in Bahrain in November. Held under the patronage of HRH Prince Khalifa Bin Sa


Amanat H1 net profit grows 12pc to $7.6m

Amanat Holdings, a top healthcare and education investment company, has reported a net profit of Dh27.9 million ($7.6 million) in the first half (H1) of 2018, delivering double-digit growth of 12 per cent over the same period last year. The strong half-yearly performance is under


Waha Capital H1 net profit up 31pc to $65m

Waha Capital PJSC, a leading investment company in Abu Dhabi, has reported net profit of Dh239.7 million ($65.2 million) for the first half (H1) of the year, marking a 31 per cent year on year (YoY) increase. The strong H1 results were largely driven by Waha Capital’s succe


Bank ABC posts $113m H1 net profit

Bank ABC (Arab Banking Corporation) today announced a consolidated net profit for the first half of 2018, 11 per cent higher compared to $102 million for the same period the previous year.   Profit before taxation was $119 million, 25% lower compared to $158 mil


Solidarity Bahrain posts BD1.16 m net profit

Solidarity Bahrain, one of the largest insurance companies in the kingdom and a subsidiary of Solidarity Group Holding, has announced a net profit of BD1.16 million ($3.07 million) for the six month period ended June 30, 2018, compared to BD89,000 for the corresponding previous period, repres


Bahrain non-oil sector to hit 4.3pc growth in 2018

An acceleration in the pace of project implementation in Bahrain during the first quarter of the year is expected to drive the non-oil sector growth to 4.3 per cent in 2018, with headline growth of 3.4 per cent, said the Economic Development Board (EDB) in a new report. The forec


Global speakers for FinTech Abu Dhabi Summit

World-class speakers will discuss gather to support the growth of financial services industry in Abu Dhabi and the Mena region at the upcoming second edition FinTech Abu Dhabi Summit in the UAE capital. Organised and curated by the Abu Dhabi Global Market (ADGM), the award-winnin


Egypt non-oil sector sees bigger recovery in July

Egypt’s non-oil private sector recorded a greater recovery during July, supported by gradual monetary policy normalisation, improved political stability and a rebound in the tourism sector, said Emirates NBD in its latest Egypt PMI survey. The Emirates NBD Purchasing Manage

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