Friday , 24 November 2017

Financial Services

UAE central bank to set up cybersecurity department for financial institutions – governor

By Nada Al Rifai UAE central bank governor said a minimum set of standards for cybersecurity controls will be established in coordination with the National Electronic Security Authority The central bank of the United Arab Emirates has taken a set of decisions to mitigate cyber-risks that are likely to increase with the digitalisation of financial services, its governor said today. …

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WGES 2017: Region needs green bonds to fund renewable schemes, says bank project finance head

By: Imogen Lillywhite, ZAWYA Capital markets need to get involved in investing in green projects to meet the region’s renewable energy targets, according to a UAE banking head. Frank Beckers, head of project finance and advisory, First Abu Dhabi Bank, told delegates at the World Green Economy Summit in Dubai on Wednesday that while the region was leading the way …

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Qatar Islamic Bank Q3 profit up 10.9%, in line with forecasts

DUBAI- Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 10.9 percent jump in third-quarter net profit on Wednesday, in line with analysts’ forecasts, according to Reuters calculations. It made a net profit of 610.1 million riyals ($167.6 million) during the three months to June 30, compared with 550.1 million riyals in the same period …

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ADGM, Yes Bank collaborate to further advance FinTech opportunities

ABU DHABI- Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, and YES BANK have signed an Memorandum of Understanding, MoU, to further foster cross-border exchange between the FinTech (Financial technology) ecosystems of the UAE and India. The collaboration will enable fintech innovators from the Middle East region and India to apply into YES FinTech programmes and …

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UAE economic growth to stay resilient

Non-oil growth in the UAE will remain resilient in 2017 while in the medium term, while economic activity will strengthen on the back of firmer oil prices and a rebound in global trade, the World Bank said on Thursday. While an Opec-mandated oil production cut restricts oil growth, firmer oil prices, a rebound in global trade and easing of fiscal …

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The International Islamic Trade Finance Corporation (ITFC), and the National Company of Transports and Logistics, SNTL, Morocco, Launch a Study to Bridge the Gap between Morocco and Africa

This signing is under the umbrella of the AfTIAS, but is also at the core mandate of the Arab Africa Trade Bridges (AATB) Program, which is created for bridging the trade gaps between the Arab and African countries The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, signed a partnership agreement with the …

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Egypt strong, Saudi bolstered by $12.5bln sovereign bond issue

Egypt’s stock index climbed on Thursday ahead of a central bank meeting on monetary policy later in the day, while the banking sector helped carry the Saudi index higher after news that the government had priced a $12.5 billion international bond issue. The Egyptian central bank was likely to keep key interest rates unchanged at its meeting, a Reuters poll …

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Egypt: The Economy Is Gathering Strength

Egypt launched a reform program when its economy faced rising imbalances that led to high public debt, a widening current account deficit, and declining official reserves. “The Egyptian authorities have embarked on an ambitious reform program and have taken decisive measures aimed at restoring macroeconomic stability and sustainable public finances. At the same time, by strengthening social protection measures, they …

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Saudi reform tweaks won’t affect key economic policies

Saudi Arabia is revising parts of an economic development plan released a year ago but key policies, including fiscal reforms and a massive privatisation programme, won’t be affected by the review, sources familiar with the matter told Reuters. In June 2016, the government published a National Transformation Programme (NTP) that included hundreds of steps to modernise the economy and society, …

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China’s ICBC in talks with Gulf governments, firms on yuan bonds

Industrial and Commercial Bank of China is talking to governments and state-linked entities in the Gulf that are interested in issuing yuan-denominated bonds in China, said an executive at ICBC, China’s largest bank. One government entity is in the process of applying to issue such instruments, known as panda bonds, which would make it the first issuer from the Middle …

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