Thursday 28 May 2015

Flat6Labs Jeddah launches 10 Saudi start-ups

Jeddah-based Flat6Labs, a start-up accelerator programme, introduced a line-up of 10 Saudi technology-enabled start-ups at its third Demo Day event. Supported by IKEA and the Arabian Cement’s Corporate Entrepreneurship Responsibility CER Program, Flat6Labs Jeddah’s Bu


UAE banks mull centralised Islamic finance board

The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed setting up a Higher Sharia Authority that would com


UAE inflation rise slows in April

Annual inflation in the UAE slowed down slightly after hitting a six-year-high in March, data from the country's National Bureau of Statistics said. The inflation rose 4.2 per cent in April this year compared to the same month last year. Housing and utility cos


Waha Capital wins top deal financing award

Waha Capital, a leading Abu Dhabi-based investment company, has won the “Cross border deal financing of the year” award from US-based M&A Advisor for its sale of Aercap Holdings shares. This announcement follows another award that the company received from Banker


Modern Exchange opens 4th Bahrain outlet

Modern Exchange Company has unveiled its fourth outlet in Bahrain, a report said. The outlet, located at Shaikh Isa Road in Muharraq Suq, was formally inaugurated and dedicated to customers by Indian Club president Anand Lobo, reported the Gulf Daily News, our sister publication.


Al Baraka Tunisia Q1 income doubles

Al Baraka Bank Tunisia, a subsidiary banking unit of Al Baraka Banking Group, announced that first quarter net income jumped by 100 per cent to reach four million Tunisian dinars ($2.1 million) compared to the same period in 2014. Total assets also increased by 14 per cent, finan


Saudi IFC to fund Mena tech companies

Saudi-based IFC, a member of the World Bank Group, is investing $10 million in a venture capital fund that supports promising technology companies, part of an effort to drive job creation across the Middle East and North Africa (Mena). The investment will help Wamda Capital advis


GCC lenders join hands for Pacific Controls deal

Qatar-based Al Khalij Commercial Bank (al khaliji) said it has joined hands with National Bank of Fujairah (NBF) for a landmark structured finance deal for Pacific Controls, a pioneer of  IoT (Internet of Things) and a global player in the international ICT (Information and Communication T


Iran may abolish fuel subsidies in bid to cut spending

Iran is likely to abolish subsidised fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests. The government is trying to curb subsidies that have led to profligate energy co


Citigroup to sell online FX trading platform

Citigroup said it is selling its margin foreign exchange business, including the CitiFX Pro and TradeStream platforms to US-based FXCM and Danish investment bank Saxo Bank. "We believe this transaction is in the best interest of Citi's Margin FX clients, who will experie

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