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AfDB, Islamic Development Bank sign new $2b deal to fund energy, SMEs, human development programs

The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have signed a landmark agreement to strengthen partnership at country level. Both parties have agreed to jointly pull together the sum of US $2 billion over the next three years to finance projects in agriculture and food security, renewable energy, small and medium enterprises, and human development (health and …

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Saudi Arabia to host 2020 G20 summit

Jeddah – Saudi Arabia will host the G-20 Summit in 2020, said an official statement issued on Saturday at the end of this year’s event in Hamburg, Germany. “We thank Germany for hosting a successful Hamburg summit, and look forward to meeting again in Argentina in 2018, in Japan in 2019 and in Saudi Arabia in 2020,” AFP quoted the …

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Soft-landed UAE economy poised for a convincing comeback

Dubai: The UAE’s economic growth which faced strong headwinds following prolonged low oil prices and slump in international trade has managed a soft landing, with a less pronounced cycle than in 2008 according to According to Bank of America Merrill Lynch. Analysts expect a convincing a turnaround from 2018, according to recent economic forecasts. “We expect non-oil real GDP growth …

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Bahrain-based GIB gains retail banking licence for digital venture

Gulf International Bank (GIB) said on Wednesday it had been granted a retail banking licence in Bahrain by the kingdom’s central bank for its digital venture called Meem. GIB is licenced by Bahrain’s central bank, headquartered in Bahrain and owned by the governments of the six Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund the principle shareholder with …

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Middle East millennials work harder, driven by desire to make positive impact: Study

Millennial business owners in the Middle East are more likely to be driven by the desire to increase their influence and have a positive impact on others than the overall average for entrepreneurs globally, according to a new study by HSBC Private Bank. The bank’s second Essence of Enterprise report, launched recently, researched the views of over 4,000 entrepreneurs globally …

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UAE ranked 1st in MENA region and 35th worldwide in Global Innovation Index 2017

The UAE has improved its standing in the 2017 Global Innovation Index, GII, topping all Arab countries and ranking 35th globally to improve six places from last year’s 41st position cementing its status as one of the world’s most innovative countries. The results of the index were officially announced during a press conference held on 15th June at the UN …

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VAT introduction in Gulf by 2018 to significantly impact operations- Deloitte

Deloitte holds annual seminar in Saudi Arabia on income tax and zakat updates. Deloitte recently hosted business leaders in its annual seminar on global and Saudi Arabian tax and zakat updates impacting businesses in Saudi Arabian. The seminar ran in Riyadh Jeddah and Al-Khobar, and aimed at sharing and discussing in depth the tax landscape shaping the current and future …

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Organization for the Islamic Conference countries lacking behind in agricultural and rural finance

Green Revolution could be brought through Islamic Agricultural Finance: Zubair Mughal. 53% of the population of OIC (Organization for the Islamic Conference) countries lives in the rural area which is globally more than the other areas and its commitment to the total agricultural department is 34%. On the other hand, 49% population lives in the rural areas while their commitment …

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2017 will be a year for reshaping the way we do business, according to ‘The 2017 Economic Outlook’ discussion at Capital Club Dubai

The event, led by experts in their respective fields, highlighted key growth areas as well as challenges for the year ahead ‘The 2017 Economic Outlook’ discussion recently hosted at Capital Club, Dubai’s Premier Private City Club and member of the ENSHAA group of companies, offered Members key insights into what to expect in the coming year regarding the region’s economy. …

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ITFC, catalyst group TIE partnership for SME Trade Development in support of Vision 2030 of Saudi Arabia

As a strategic step towards the development of the small-to-medium-sized enterprises (or “SMEs”) in Saudi Arabia, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, and Catalyst Group inked an Engagement Agreement to commence ITFC’s KSA SME Program to boost the SME Trade development. Through this partnership, ITFC will be piloting a SME Trade …

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