PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
Business
Business
Abu Dhabi Judicial Department pulls up banks over loan guarantees
Failing to take guarantees is a violation of the requirements and controls regulating the granting of loans, said the department.
- In many cases already filed, courts found the guarantee provided by a borrower not proportional to the value of the loan
- In some other cases, banks apparently disbursed money against the borrower’s guarantee or his identification papers only
Bitcoin jumps above $50,000 for first time since May
Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and...
- Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000
- In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app
Business
ADIB launches Islamic digital bank for children
Called Amwali, this digital bank is expected to serve those between the ages of eight and 18.
- The banking solution is designed to empower young customers with a dedicated digital banking experience
- However, young account-holders may conduct transactions only under parental control
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Business
Meet to discuss Islamic finance’s role in post Covid-19 recovery
The global forum organized by the Islamic Development Bank on Aug. 28 is being held as a side event to...
- The first panel of the forum will highlight the economic effects of the pandemic and the poverty trends in IsDB member countries.
- The second panel will focus on Islamic finance PPP as a tool to mobilize resources to support IsDB member countries’ economic recovery.
Analysis
New GCC wealth drives private banking
Private banks cater to the complex banking needs of the Ultra High Net Worth Individuals and High Net Worth Individuals...
- Saudi UHNWI population has grown by 227 percent since 2016, the fastest growth rate globally over this period.
- Private banking yields returns up to 30 percent annually, but more typically are in the 7-13 percent.
Research
Turbulent economy under Taliban
Ahmady explained that the Taliban would have access to only 0.1-0.2 percent of the country’s foreign reserves of $9 billion,...
- Ahmady explained that the currency may depreciate, something that already happened over the weekend the Taliban took Kabul
- He also predicted that food prices would rise, hurting the poorest the most
Economy
UAE to combat money laundering, terror financing
This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
- The country’s ministry of economy highlighted that the private sector is a strategic partner in its efforts to implement the country’s international obligations
Analysis
Retail detail: New malls come up in UAE, Saudi Arabia
Even as the pandemic would affect businesses, the mall owners are so confident of staying afloat that they are going...
- Saudi Arabian retailer BinDawood Holding has witnessed a 200% increase in its online sales.
- Al-Waleed Investment Group constructs a new shopping center ‘Meyan Mall’ near Burj Al Arab.
Business
Bahrain bank challenges students to make digital solutions
The National Bank of Bahrain has tied up with Bahrain FinTech Bay to launch challenge youngsters in the country to...
- The goal is to develop solutions for NBB’s digital banking app that focuses on the youth and features the latest trends in user experience
- The three best solutions will get prize money, three months of incubation at BFB, and other prizes
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
Company News
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Innovative financing solutions attract firms to UAE
"Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government...
Business
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of...
Business
EIB lends US$3.6bn to circular economy projects
BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting...
Economy
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Geostrategy
UAE discusses global economic challenges in EBRD meeting
SAMARKAND, UZBEKISTAN - The UAE, represented by the Ministry of Finance (MoF), participated in the 2023 Annual Meeting of the...
- Representatives of member states, private sector, the Board of Directors and the bank's management attended the meeting.
- The UAE said focus should be on enhancing regional, global integration, to facilitate trade, investment and closer economic cooperation.
World’s oldest near-complete Hebrew Bible sells for $38m
The manuscript was auctioned for the first time in more than 30 years and had a pre-sale estimate of between...
- The Codex Sassoon was bought by former US diplomat Alfred Moses on behalf of an American nonprofit that will gift it to the ANU Museum of the Jewish People, Sotheby's said
- The sale surpassed the $30.8 million that Bill Gates paid for Leonardo da Vinci's Codex Leicester manuscript in 1994 as the most expensive handwritten document ever sold at auction
Geostrategy
France issues arrest warrant for Lebanese central bank chief
A French investigating magistrate issued an international arrest warrant for Lebanon's central bank chief Riad Salameh, a source close to...
- Investigators suspect Lebanese central bank chief Riad Salameh of building his network of assets with the help of a complex fraudulent financial system.
- Since the start of the year, magistrates from European countries have travelled to Lebanon on three occasions to interview the central banker and his entourage.