Monday 3 August 2015

RBS ends plan to sell UAE units to ADCB

Royal Bank of Scotland (RBS) has ended its plan to sell its UAE cash management and trade finance business to Abu Dhabi Commercial Bank (ADCB), sources familiar with the matter said on Monday. The sale would have been one of the last remaining steps in the bank's pull-back fr


UAE to cut state spending by 4.2pc

The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday. The UAE does not regularly reveal consolidated state budget data, and f


Dubai Trade logs 12.5pc growth in new firms in H1

Dubai Trade, the online gateway for trade and logistics services in Dubai, witnessed 12.5 per cent growth in the registration of new companies in the first half of the year as compared to the same period last year. With 9,317 new companies on board, the number of transactions gre


Egypt’s economic future focus for Euromoney

The dynamics of Egypt’s changing political, economic, financial, regulatory and monetary systems to the international markets will come under limelight at the upcoming Euromoney Egypt Conference in Cairo. The 20th anniversary of the conference will take place on September 7


Sico posts $9m net profit for H1

Bahrain-based wholesale bank Securities & Investment Company (Sico) has reported its net profit for the first half of the year was BD3.5 million ($9.2 million). When compared with net profit of BD5.1 million for the first six months of last year, it is down by 31 per cent mai


Bahrain cbank to launch directory of women in finance

A who’s who of Bahraini women in the financial and banking sector will be published by the Central Bank of Bahrain (CBB), it was announced yesterday (July 26). The directory will feature an extensive history as well as illustrated photographs of the many talented Bahraini w


BHB opens subscription for $394m bonds

A BD150 million ($394.9 million) Government Development Bond issue yesterday (July 26) opened to direct subscription through the primary market, Bahrain Bourse (BHB) announced in a statement. Bahraini and non-Bahraini investors can subscribe to the issue through registered broker


Dubai Holding unit mulls Maltese telco stake sale

Emirates International Telecommunications (EIT), a unit of Dubai Holding, said on Sunday it plans to sell its 60 per cent stake in Maltese telecom operator Go. The company owned by Dubai's ruler said in an emailed statement it "has not yet approached or identified any bu


Kuwait inflation hits all-time high in June

Kuwait's statistics office reported consumer price for June jumping up by 3.5 per cent year-on-year, showing inflation at its highest since April 2012. Prices of food and beverages, which account for over 8 per cent of the basket, rose 3.6 per cent year-on-year and 0.7 per cent mon


FGB Q2 profit boosted by lending rise

First Gulf Bank (FGB), the third largest lender by assets in the UAE, posted an 8 per cent rise in second-quarter net profit on Sunday, with performance bolstered by growth in new lending and a drop in bad loans. The results continue a run of positive earnings for UAE lenders dur

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