Major coal, oil and gas funders China, Japan and South Korea were absent from the pledge. The IEA says that to keep 1.5C in play there must be no new fossil fuel projects.

The oil prices would average US$70 per barrel in 2021, Garbis Iradian, chief economist for MENA at IIF, tells TRENDS in an exclusive interview.

The deal is valued at AED1.1 billion ($300 million).

InvestSP Corporation and the Global Logistics Passport initiative have signed a Memorandum of Understanding or MoU for better shipping and logistics.

Saudi Arabia will not reduce value added tax any time soon, but will consider doing it when it public finances will have improved. This was stated by Saudi Finance Minister Mohammed Al-Jadaan .

A key aim of the initiative was to understand how organised crime attempts to move illicit assets, such as the flows of cash and gold.

A top law official in the UAE has detailed several cases where the judicial system fined and jailed people for financial irregularities, and recovered sums to the tune of millions of dirhams from them. Many such people were also deported.

The facility will be provided through Murabaha mode

About 61% of the UAE consumers are opting for cards or digital wallets instead of paying in cash, a joint study by Dubai Economy and Visa has pointed out.

The banknotes were badly damaged after the coffers were engulfed in groundwater during offensive to take Mosul from the jihadists.

The Saudi and UAE bourses saw quite some ups and downs in the week that began on Sunday, October 10.

Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company (CDP Group), have discussed the progress of sustainable development projects, trade finance of SMEs and the Halal sector.The review meeting was held as a follow-up to the MOU signed between the two Export...

The world’s largest cryptocurrency exchange recently registered three companies in Ireland and is currently setting up several regulatory companies worldwide. Binance is banned by several governments, while other countries are open to investigations into allegations such as market manipulation.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online

The DFSA set up the Innovation Testing Licence (ITL) Programme to encourage innovation in the Dubai International Financial Centre and protect the market against risks.

The United Arab Emirates Expert Group for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has continued to hold productive meetings with key partners to discuss AML/CFT matters.

Saudi Arabia is confident that it will have budget surpluses from 2023 with the kingdom’s economy showing a “noticeable and anticipated uptick.”

Digital transformation brought about by COVID-19 has made banks more open to branchless and cashless banking enabling them to perform better in H1 2021 than they did in the same period last year.

Noting the wide contributions of the Kuwait Fund for Arab Economic Development (KFAED) to his country, the Prime Minister of Egypt, Mustafa Madbouli, has said that the Kuwait Fund was financing $3.6 billion worth of projects.

Banking firms in the Arabian Gulf countries dominate the list of top companies in terms of market capitalization with Saudi players leading from the front.

Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate has businesses in automotive, real estate and non-banking financial services sectors.

John will assume Amer Jeambey’ s role at the company.

Despite being the future of money, Bitcoin cannot be the dollar of future because the US dollar is a fiat currency, created and supported by the US government.

The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2 2020.

Daniel Zhang, Alibaba chairman, said the group was "eager to do our part to support the realisation of common prosperity"

The sentiment gets a jolt after Chinese regulators gives dressing down to ride-hailing giant Didi Chuxing and ten other car platforms in the latest move against tech firms.

While not directly involved in addressing global warming, central banks do have to be alert to its impact on the economy and the financial system.

ADX has plans to get at least 10 companies as well as additional services such as derivatives trading by the end of 2021

Cyber criminals have targeted an organization in UAE 295 times per week on an average in the last six months. Banking and finance sector bears the brunt.

The Central Bank of the United Arab Emirates (CBUAE) has unveiled the Retail Payment Services and Card Schemes Regulation.

The last time the Bahraini Kingdom tapped the international debt market was in January, when it raised $2 billion

The product has Shariyah Review Bureau certification Customers can opt for a fee-free Islamic account or a conventional one     Jingle Pay, a UAE homegrown money service business, will offer its customers an option to open an Islamic account or opt for a conventional alternative In a statement, the...

*Award honors institutions that identify new paths and design new tools in finance  *Selections made on the inputs of reporters who are experts on the functions being served by the innovators The Gulf International Bank BSC (GIB) has been named the winner in two key categories in Global Finance magazine’s “The...

ADX-listed International Holding Company continued its upward streak to AED97.4 amid AED3.53 bn in transactions

Number of investment funds registered with SCA fell to 46 in 2019

Two digital banks are being set up, if all goes well with the regulatory agency

  $50 billion needed to enhance manufacturing capacity, supply, trade flows, and delivery Governments urged to act or risk continued waves, explosive outbreaks of COVID-19 The heads of the world’s predominant global financing, health and trade agencies have united to urge government leaders to urgently finance a new $50 billion...

*Dubai finance ministry and Dubai SME sign MoU * SME owners will be encouraged to register in the ministry's Federal Supplier Register Dubai’s Ministry of Finance recently signed a Memorandum of Understanding with Dubai SME to support the business sector and advance comprehensive and sustainable development in the country. Under...

Steadfast on the path of economic diversification and structural reforms, countries in the Middle East and North Africa (MENA) seem to have finally found the equilibrium to adjust to the “new reality” of lower oil prices. This is reflected in the just released outlook for the region in 2018 by...

TRENDS speaks with Jorn Lambert, Group Executive, Digital Channels in Emerging Payments, Mastercard, about how Mastercard is offering richer experiences to its regional clients and sees massive opportunities in this region that are beyond developed markets. When it comes to evolving payment technology, how do you look at Middle East region? Today, consumer...

The digitally connected world has made the consumer the real king. With rapid technological advancement and innovation, the entire focus has shifted toward delivering services to consumers online in a secured way. The financial service industry is witnessing an upheaval with fintech startups gaining stronghold and challenging the traditional business...