Friday 6 May 2016

Customer accounts safe says Qatar National Bank

Qatar National Bank, the Middle East's largest lender by assets, said it had taken immediate steps to ensure customers would not suffer any financial loss after a security breach last week exposed personal data of thousands of clients. "We are taking every measure to pro


DFM Q1 profit rises 27pc to $23.4m

Dubai Financial Market Company today announced a first quarter net profit of Dh86 million ($23.40 million), a 27 per cent increase compared to Dh67.7 million during the corresponding period of 2015.      The company’s total revenue increased by 11 per cent to


UAE Exchange sees 6pc remittance growth in Q1

UAE Exchange, a top remittance solutions provider, has announced a six per cent year-on-year growth in its remittance transactions to the Arab corridor in the first quarter (Q1) of 2016. The company has also posted rise in remittance transactions to Egypt and Jordan through its n


Arab Bank posts $218m Q1 net profit

Arab Bank Group reported a net profit after taxes and provisions of $218.3 million during the first quarter of 2016, compared to $217.2 million for the same period last year. Shareholders equity, meanwhile, rose to $8 billion. The bank’s balance sheet remains


Oman cuts benefits for state agency staff

Oman is cutting benefits for employees of state agencies as part of an austerity drive designed to curb a big budget deficit caused by low oil prices, the Times of Oman reported on Sunday. The cuts were communicated in a circular to the agencies from Financial Affairs Mi


Wall Street Exchange business grows 10pc in 2015

Wall Street Exchange, a leading money exchange service provider in the UAE and a member of Emirates Post Group, has reported a 10 per cent growth in its remittance business for 2015. The chief marketing and support services officer of Wall Street Exchange, Sultan Al Mahmoud said:


MoneyGram offers flat rate for Philippines transfers

MoneyGram, a global transfer and payment services company, has introduced a flat fee for money transfers from Saudi Arabia to the Philippines. The flat fee of just SR15 ($4) is regardless of the amount being sent and the promotion is valid until July 6, the company said.


IFC arranges $375m financing for Iraqi power firm

IFC, a member of the World Bank Group, has arranged a $375 million financing package for a leading private Iraqi power company, Mass Global Energy Sulimaniya. The project will provide electricity to millions of people across the country—particularly in the Kurdistan Region


Jordan Islamic Bank posts $16.5m Q1 profit

Jordan Islamic Bank (JIB), a subsidiary of Al Baraka Banking Group (ABG), posted a profit after tax of $16.5 million in the first quarter of 2016 compared with $16.1 million for the first quarter of 2015, a growth of three per cent, reported the Gulf Daily News, our sister publication.


Saudi Arabia 'to become most active IPO market'

Saudi Arabia will become the region’s most active market for IPOs (initial public offerings) and private equity investment if government plans to boost the economy are successful, according to experts set to speak at Euromoney Saudi Arabia Conference 2016 in May. Recent pro

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