Monday 27 March 2023

Al Banna joins Rare FND as an Advisor and Co-Founder

Rare FND, the blockchain based fundraising platform that enables charities and start-ups to raise funds, has named Mohammed Al Banna, a well-known entrepreneur, as the newest advisor and a co-founder of the platform.    Rare FND provides a new and innovativ


UAE’s MoE imposes fines worth $6.15m on 29 DNFBP firms

The UAE Ministry of Economy (MoE) has imposed fines worth AED22.6 million ($6.15 million) on 29 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector.    The fines were for failure to comply with the anti-mon


Top 10 UAE banks post 31% surge in net profit in 2022

The top 10 UAE banks have reported a robust operating and financial performance in 2022, with a 31% increase in their net profits, said professional services firm KPMG in a new report. The cost to income ratio during the year also improved on average by 1.8% and banks maintained


Deloitte announce new leadership appointments

Professional services firm Deloitte has appointed Muhammad Bahemia as the new Tax Leader, succeeding Nauman Ahmed, while Akbar Ahmad has been named the Audit & Assurance Leader, succeeding Herve Ballantyne, effective April 1. Mutasem Dajani, CEO of Deloitte Middle East said:


Saudi Re Year 2022 net rises 6.4pc; premiums total $372.6m

The Saudi Reinsurance Company (Saudi Re) has seen its 2022 net profit before Zakat rise to $15 million compared to $14.19 million in 2021, an increase of 6.4%.    The company’s 2022 results also showed a rise in its sales by 26%, reaching $372.6 milli


UAE ready to fast-track digital economy growth: BCG

The UAE is well positioned to carry out its aim to double the contribution of the digital economy to the GDP from 9.7 percent to 19.4 percent within the next 10 years, said leading management consultancy Boston Consulting Group (BCG) in a new report. Under the country’s dig


Saudi banks’ income up 28.4% in 2022 to hit $16.7bn

The aggregate net income of Saudi banks increased by 28.4% year-on-year (YoY) to SR62.7 billion ($16.7 billion) in 2022, a report said, noting that they are likely to remain on a profitable path in 2023 with continued credit growth.    The latest Saudi Arabia (KSA) Bank


Al Ansari completes IPO, oversubscribed 22 times

Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE, has completed the book building and subscription process of its initial public offering (IPO) raising AED7.73 billion ($2.1 billion).    The i


Bahrain's Amakin approves $1.74m cash dividends for 2022

Bahrain Car Parks Company’s (Amakin) Annual General Meeting has approved the distribution of cash dividends to shareholders at the rate of 6% of the paid-up capital, equivalent to BD655,816 ($1.74 million) for 2022.    Amakin highlighted that the year


GFH AGM approves distribution of 6pc dividend for 2022

GFH Financial Group (GFH), which has more than $17.6 billion in assets and funds under management, has approved distribution of a cash dividend of 6% of the nominal value of all the ordinary shares for 2022. This is equivalent to $0.0159 (BD0.0060, AED0.05840) per share.  

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