Sunday 14 August 2022

India’s Beams FinTech Fund looks towards Middle East

Beams Fintech Fund, India’s first dedicated Growth Capital Fintech Fund, looks to expand globally and sees UAE well positioned to be the international hub and silk route to the rest of the Gulf, north and eastern African regions.    As one of the bigg


NBB launches new ‘Double Points’ campaign

The National Bank of Bahrain (NBB) has launched the Double Points campaign for all credit and prepaid cardholders.    The campaign offers NBB customers who use their cards internationally the opportunity to double their points. The campaign, which began in


SABB H1 net income rises 10% to $555.92m

The Saudi British Bank’s (SABB) net income rose 10% to SR2.08 billion for first half (H1), compared to SR1.89 billion for the corresponding period in 2021, driven mainly by higher net special commission income.   Lubna Sulaiman Olayan, Chair of the Board o


Bahrain’s Al Salam Bank sets up Robotic Process Automation

Bahrain’s Al Salam Bank, in collaboration with 10xDS (Exponential Digital Solutions), has implemented Robotic Process Automation (RPA) solution on Blocked and Unblocked Accounts (BUB) within its compliance framework.    This comes as part of the bank&


Tabby secures $150m credit facility from Atalaya Capital

Tabby, the Middle East and North Africa's (Mena) leading payments and shopping app, has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG).    In aggregate, this represents the largest


Tecom Group H1 net profit jumps 43.4pc to $116.5m

Dubai's Tecom Group has seen its H1 2022 net profit jump 43.4% YoY (year-on-year) to AED428 million ($116.5 million) owing to double-digit revenue growth, enhanced operational efficiencies and lower total financing costs.    The company


AlDrees Petroleum Q2 net drops 26pc to $12.24m

Aldrees Petroleum and Transport Services Company, a Saudi petroleum retailing and logistics firm, has posted a second-quarter (Q2) net profit of SR46 million ($12.24 million), a 26% drop compared to the corresponding quarter last year.   The company reported Q2


Clifford Chance advises Actis on Yellow Door acquisition

Leading international law firm Clifford Chance has advised Actis, a leading global investor in sustainable infrastructure, on its acquisition of a controlling stake in Yellow Door Energy Limited.    Yellow Door Energy is a leading distributed Commercial and


Najran profit drops 34pc as revenue remains under pressure

Saudi-based Najran Cement Company’s gross profit dropped by 34% y-o-y, while operating profit plunged 52.3% y-o-y on lower revenue and the resultant fall in operating leverage in the second quarter of 2022.    Gross margins fell to 28.5% for Q2 2022,


BisB appoints Naeema Taheri as chief compliance officer

Bahrain Islamic Bank (BisB), one of the leading provider of Islamic digital banking services in the kingdom, has appointed Naeema Taheri as its new Chief Compliance Officer.    The appointment comes as part of the bank’s efforts to cultivate an experi

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