Wednesday 28 June 2017

GFH exits $55m Promoseven real estate portfolio

GFH, a prominent financial group in the GCC region, said it has signed an agreement with Promoseven Holdings in Bahrain to exit part of its real estate portfolio with an approximate value of $55 million. A leading business group, Promoseven Holdings has interests in real estate, public


A M Best upgrades credit ratings of Dubai Insurance

A M Best, a top insurance rating and information source, has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb+” of Dubai Insurance Company (DIC).. The outlooks of these Credit


Links Group rated A by Dubai SME Rate Framework

UAE-based Links Group, a leading provider of commercial facilitation and advisory services, has been given an ‘A’ rating by the SME RATE Framework. An initiative of Dubai SME, the Framework is the first rating system for small and medium-sized companies (SMEs) in the


Islamic finance growth 'likely to slow in 2018'

The Islamic finance industry will continue to expand this year, but lose some momentum in 2018, said S&P Global Ratings in a new report. The industry's assets reached $2 trillion at year-end 2016, slightly below our September forecast. “Even though sukuk issuance ac


ENBD opens disability-friendly branch at HQ

Emirates NBD (ENBD), a leading bank in the region , has opened a disability-friendly branch within Emirates Group headquarter sin Dubai, UAE. Inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates NBD, the Emirates Group headquarters branch is the thirteenth in Em


Avelacom launches low-latency access to Saudi bourse

Avelacom, a global provider of connectivity solutions for trading, has expanded its network to Riyadh, Saudi Arabia to allow global capital markets access low-latency, real-time market data feeds across various asset classes of Saudi Stock Market (Tadawul). This market data solut


Xpress Money sees 12pc jump in Ramadan remittances

Xpress Money, one of the leading money transfer brands in the UAE, said it has recorded a 12 per cent increase in remittances in the first two weeks of Ramadan compared to the same period last year. This growth is reflected in outward remittances to South Asia, the Levant and oth


RakBank picks Samsung Pay Solutions for ATMs

RakBank is the first bank in the Middle East to introduce Samsung Pay solutions for its ATMs, in partnership with Samsung Gulf Electronics, a report said. This innovative digital solution enables the bank’s customers to make cardless cash withdrawals from RakBank ATMs using


Bahrain to launch national e-wallet on July 4

The Benefit Company has joined forces with Lebanese group FOO technologies to launch the National Mobile Electronic Wallet (BenefitPay), an e-payment software designed to streamline payment within the kingdom, on July 4.   A leading technology company based in B


UAE banks clear $175bn cheques in 5 months

A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data. A total of Dh28.9 billion worth of 546,000 cheques were bounced from January through

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