Monday 17 June 2019

Bahrain’s GDP to grow at 2.4pc over 3 years: S&P

Bahrain’s average real GDP growth over 2019-2022 is expected to be 2.4 per cent, said S&P Global Ratings in a new report. “We expect the government's plans to promote infrastructure development, including several large projects like the refinery modernization


India top destination for UAE remittances

Outward personal remittances from the UAE during 2018 hit Dh169.2 billion ($46 billion) during 2018, with outflows to India claiming 38.1 per cent of this figure, said a media report. India was followed as a destination by Pakistan (9.5 per cent), the Philippines (7.2 per cent),


DGCX posts highest AOI since 2016 following rupee spike

Dubai Gold & Commodities Exchange (DGCX) last month witnessed a spike in rupee (INR) trading as the India elections came to a close, leading the exchange to record a monthly average open interest (AOI) of 406,203 contracts in May, its highest AOI since November 2016.   Th


Bahrain's parliament passes 2019-20 budget into law

Bahrain has announced that the state budget 2019-20 has been passed into law, demonstrating that the kingdom is committed to realising the aims of the fiscal balance programme and paving the way for strong growth.   Updated forecasts included within the budget d


EFG International launches share buyback programme

EFG International, a global private banking group offering asset management services based in Zurich, Switzerland, is set to repurchase up to eight million of its own registered shares under a  share buyback programme.   The share buyback programme refers t


Abu Dhabi banks’ earnings up 12pc to $2.1bn in Q1

Total net interest earnings operating in the Emirate of Abu Dhabi grew to circa Dh8 billion ($2.17 billion) in Q1-2019, a growth of 12 percent on year, according to figures by the Statistics Centre-Abu Dhabi (SCAD). The increase in total revenues of the UAE capital’s Sharia


Bahrain's banking system gets stable outlook; GDP up 2.1pc

Leading ratings agency Moody's Investors Service has changed the outlook for the Bahraini banking system to stable from negative as economic growth accelerates, and a $10-billion support package from gulf neighbours strengthens the government's liquidity and stabilises conditions for th


NBB joins Bahrain Fintech Bay’s talent programme

National Bank of Bahrain (NBB) announced its participation in Bahrain Fintech Bay’s National Fintech Talent Program (FTP) as part of its ongoing commitment to digital advancement and human capital development. NBB is among the founding partners of Bahrain Fintech Bay and is


Mena records one IPO valued at $58.3m in Q1: EY

Saudi Arabia led the Mena IPO market during Q1, raising a cumulative value of $58.3 million in capital, contributed by the listing of software & services company, Al Moammar Information Systems on Tadawul (Saudi SE), a report said. In Q1, Saudi Arabia’s Tadawul witnesse


ICC urges fair regulatory treatment of trade finance

The trade finance industry must work together to ensure that regulation does not hinder the availability of trade finance and remains relevant in a digital landscape, said a whitepaper release by the International Chamber of Commerce (ICC) Banking Commission. The milestone report

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