Thursday , 18 October 2018

Financial Services

Could Rain from Bahrain be what MENA cryptocurrency traders have been waiting for?

Fledgling cryptocurrency exchange Rain hopes to become the region’s first to achieve full licensure Digital currency exchange Rain is aiming to become the first licensed cryptocurrency exchange in the Gulf Cooperation Council after graduating from Bahrain’s fintech sandbox. The exchange’s founders have been in discussions for two years to try to achieve a stable legal framework for digital currency traders, …

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Egypt’s CIB progresses plans to launch digital bank

Bank executive says digital banks are key to bringing around 45 million eligible Egyptians into the formal banking sector One of Egypt’s biggest banks, Commercial International Bank (CIB), is pressing ahead with plans to create a digital bank, in a bid to tap into the huge numbers of the country’s population that remains unbanked and bring them into the formal …

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All about the green: UAE’s wealthy more likely to invest sustainably

Zawya Express presents the top story, topic or trend highlighted by our editorial team as recommended weekend reading Wealthy individuals from the United Arab Emirates are more likely to place a part of their portfolio in sustainable investments than their global counterparts, according to Swiss investment bank UBS. The bank’s latest UBS Investor Watch report issued on Thursday found that …

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OneGram lists Islamic cryptocurrency on its own virtual exchange

The company claims that its cryptocurrency adheres to sharia directives Dubai-based OneGram Group has listed a cryptocurrency it bills as sharia-compliant on the company’s virtual exchange and is planning additional listings in coming months, its chief executive said on Tuesday. The company claims that its cryptocurrency adheres to sharia directives as each OneGram unit is backed by physical gold stored …

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Jobs in UAE: Banks hire 760 employees in 2018

Local banks increased their hiring while foreign banks reduced the number of employees. UAE banks added 760 employees in the first seven months of this year despite decrease in the number of branches, official figures showed. According to the Central Bank data, local banks increased hiring while foreign banks reduced number of employees during January to July period. In total, …

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MIDEAST STOCKS-Gulf outperforms emerging market slump, late sales hit Saudi

Big banks boost Abu Dhabi and Qatar Gulf stock markets mostly rose on Monday, outperforming emerging markets globally, though Saudi Arabia closed lower because of a wave of selling in the final hour. MSCI’s emerging market index was down 0.9 percent. Gulf markets have been weakened by the global downturn but many fund managers think that with Brent oil above …

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League of Arab States and International Islamic Trade Finance Corporation announce cooperation towards intra-Arab trade

The Memorandum of Understanding (MoU) outlines clear objectives aimed at enhancing trade capacities and improving structures and mechanisms of trade cooperation among Arab countries The League of Arab States (Economic Affairs Sector) and the International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org), a member of the Islamic Development Bank Group, have signed a Memorandum of Understanding (MoU) towards accelerating cooperation in …

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High costs and data skills shortage the main barriers to AI in banking: Emirates NBD official

Consultancy firm PwC predicts potential contribution of AI to the economic growth of the UAE to stand at 13.6 percent by year 2030 Artificial Intelligence (AI) is being integrated into many services already provided by banks in the United Arab Emirates, but its high cost and a shortage of specialist data scientists could preclude a more widespread use, according to …

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UAE stocks gain $2bln following potential bank merger reports

Abu Dhabi’s ADCB, Union National Bank, Al Hilal Bank in talks to merge The UAE stock exchanges gained AED7.5 billion in market cap Tuesday following reports purporting initial negotiations on potential mergers between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank. The shares of the ADX-listed ADCB and Union National Bank therefore closed high at AED8.00 and …

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Abu Dhabi, Kuwait among world’s top 3 for sovereign liquid assets

Abu Dhabi and Kuwait governments hold liquid assets which are more than 100% of their GDP Abu Dhabi and Kuwait governments hold liquid assets which are more than 100 per cent of their GDP, which positively effects the ratings of the countries and help them combat effects of economic cycles. According to global ratings agency S&P forecast, Kuwait, Norway and …

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