Sunday 21 December 2014

Exchange firms in UAE set up new group

Exchange companies in the UAE have come together to form the Foreign Exchange and Remittance Group (Ferg). The main objective of the move is to work for the betterment of the exchange industry and create a conducive environment for their business growth and facilitate a healthy c


UAE Exchange owner gets $800m loan to buy Travelex

A loan of up to $800 million to help Abu Dhabi-based entrepreneur B R Shetty acquire a majority stake in foreign exchange operator Travelex has been completed, two sources aware of the matter said on Monday. The facility, arranged by Goldman Sachs and Qatar National Bank, will la


Wally launches on Android with new features

Wally, a leading leading lifestyle app for insights into how money behaves, has launched Wally+ for Android with new features and dimensions. More than 5,000 people from around the world helped by beta testing to obtain early access, said a statement. Wally was fir


Dubai, other Gulf markets rebound on stronger oil

Several Gulf stock markets, led by Dubai, rose in early trade on Monday after the price of oil recovered slightly. Brent crude climbed above $62 per barrel on Monday, after hitting 5-1/2-year lows of $60.28 earlier, as traders began pricing in expectations of improving global man


Adnic appoints new CEO

Abu Dhabi National Insurance Company (Adnic), one of the region’s leading providers of insurance solutions for individuals and corporates, has appointed Ahmad Idris as the chief executive officer. Idris replaces outgoing CEO Walid Sidani. In his new role, he will be respons


Bahrain Bourse in new push to launch market

Bahrain Bourse (BHB) has announced the issuance of a consultation paper on the Bahrain Investment Market (BIM). The paper has been released on the bourse website to receive the views and opinions of legal and consultancy companies, as well as brokers and asset managers prior to t


Gulf markets tumble as oil's plunge feeds panic

Gulf stock markets extended their plunge on Sunday as oil's drop to a new five-year low sparked a fresh wave of panic selling. The bourses' losses left Qatar and Bahrain as the only Gulf markets with year-to-date gains. Brent crude dropped nearly three per cent and settle


Abu Dhabi bourse brings in new rules as markets tumble

The Abu Dhabi Securities Exchange (ADX) will temporarily suspend stocks that fall by five per cent under new rules effective from Sunday as slumping oil prices continue to hit markets across the Gulf. Investors have been dumping Gulf shares on fears that oil's more-than 45 pe


Qatar sees economy booming despite oil price slide

Qatar predicted its economy would grow 7.7 per cent next year, signalling the world's top exporter of liquefied natural gas expects very little disruption to its finances from the oil price plunge which is worrying many energy exporters. The forecast by the Ministry of Develo


NCB Capital sponsors financial education lab

NCB Capital, a top wealth management services firm in the GCC and Saudi Arabia’s largest asset manager, has sponsored a new fully equipped lab at Effat University in Jeddah in a move to spread financial literacy among Saudi youth. The lab comprises 25 computer machines and

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