Saturday 23 July 2016

UAE SME sector contributing 60pc of GDP

The  small and medium-sized enterprise (SME) industry in Middle East and North Africa (Mena) is becoming an increasingly important contributor to gross domestic product (GDP), with the SMEs in Egypt, Lebanon and UAE accounting for 80 per cent, 99 per cent and 60 per cent respectively, a re


ENBD profit up 16pc as bad loan provisions drop

Dubai's largest lender, Emirates NBD (ENBD), reported a 16 per cent rise in second-quarter net profit on Monday, broadly in line with analysts' forecasts, aided by a cut in the amount of cash it sets aside to cover bad debt. The bank, seen as a gauge of the emirate's


Bankruptcy protection urged for Bahrain SMEs

Bahrain Small and Medium Enterprises Development Society has called for urgent solution to the financially troubled companies that would protect them from going bankrupt. The society warned that many businesses might close down and lay off their employees if no suitable solution


Bahrain Bankers to honour 50 women bankers

More than 50 women banking professionals will be honoured by the Bahrain Bankers Union in December, reported the Gulf Daily News, our sister publication. To read further, please visit GDNo


IRTI releases textbook on Islamic finance

The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group, has released a first-of-its-kind textbook titled ‘Fundamentals of Islamic Economics and Finance’. IRTI published the textbook with the aim of satisfying the requirement


NBK net profit surges 7.2pc in Q2

National Bank of Kuwait (NBK) , the Gulf Arab state's largest commercial lender, fell short of analysts' forecasts despite reporting a 7.2 per cent rise in second-quarter net profit on Sunday. The bank made a net profit of KD71.68 million ($237.2 million) in the three mon


Shopify signs up Payfort as payment partner

Dubai-based Payfort, a leading online payment service provider, has partnered with Shopify, a cloud-based, multichannel commerce platform, to simplify the process of creating and managing online stores for start-ups in the region. As per the deal, Payfort will help start-ups and


RAK Chamber sees 20pc jump in new members

Ras Al Khaimah’s Chamber of Commerce and Industry has recorded registration of 1,414 new establishments from the private sector in the first half of the year, marking an increase of 20.5 per cent on the same period last year. Of these, 189 were establishments affiliated wit


Emirates NBD inks partnership with CDA

Emirates NBD, one of the leading banks in the region, has signed an agreement with the Community Development Authority (CDA) to solidify its strategic, long-term commitment to people with disabilities, and offer various solutions. The agreement is part of a series of initiatives


Saudi NCB's net profit up 3.2pc in Q2

Saudi Arabia's National Commercial Bank (NCB), the kingdom's listed largest lender, reported a 3.2 per cent rise in second-quarter net profit on Sunday, at the low end of analysts' forecasts. The bank made a net profit of SR2.44 billion ($665 million) in the three mon

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