Monday , 23 October 2017
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First 11 firms enrolled into DIFC’s fintech accelerator

Dubai International Financial Centre (DIFC) has announced that 11 firms have been chosen to take part in its accelerator programme for new financial technologies, known as FinTech Hive. The programme, which is being launched in partnership with management consultancy Accenture, is a 12-week course that will see the selected firms working closely with financial institutions and other stakeholders to help develop …

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IMF, AMF, AFESD and Government of Morocco to Host Regional Conference

IMF, AMF, AFESD and Government of Morocco to Host Regional Conference: “Opportunity for All—Promoting Growth, Jobs, and Inclusiveness in the Arab World” IMF Managing Director Christine Lagarde, AFESD Director General Chairman of the Board Abdlatif Y. Al-Hamad, and AMF Director General Chairman of the Board Abdulrahman Al Hamidy will be among the conference speakers The International Monetary Fund (IMF), Arab …

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Etihad Airways sets new CEO deadline, may join late 2017

Etihad Airways has delayed the appointment of its new group chief executive to late 2017 with the hiring of a new boss nearly finalised, the airline said on Monday. In May, Abu Dhabi’s Etihad appointed executive Ray Gammell as interim Group CEO to replace veteran CEO James Hogan who left on July 1. At the time, Etihad said it was …

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New $136mln Dubai tower aims to target ‘affordable luxury’

Invest Group Overseas (IGO) has launched a new, 40-storey, 195 metre-tall tower on what managing partner and chief executive Anas Kozbari described as “the last off-plan” residential property project available in Dubai’s Jumeirah Lakes Towers. The IGO Tower will cost between 500 million-600 million UAEdirhams ($136-163 million) to build, Kozbari told journalists at a launch event at the company’s headquarters on Monday morning. It will …

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Nineteen UAE listed banks posted $5.17bln in H1 net profit

A total of 19 listed banks reported H1 net profit of around AED19 billion, a 3.8 percent growth from around AED18.3 billion during the corresponding period last year. Matching previous expectations, the gains reflect the banking sector’s resilience and ability to cope with the fast-paced, multifaceted developments witnessed by the national economy which in its turn has maintained decent growth …

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Abu Dhabi Global Market, UAE Exchange join forces to enhance FinTech ecosystem

Abu Dhabi Global Market, ADGM, and UAE Exchange have entered into partnership, to support, develop and promote the FinTech ecosystem in Abu Dhabi and the UAE. An MoU was signed by Promoth Manghat, Chief Executive Officer of UAE Exchange Group, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM. The partnership will see UAE …

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Chinese firms to invest $300mln in Abu Dhabi

Five Chinese companies will start operations in Abu Dhabi’s industrial zone with an initial investment of $300 million in a boost for the oil-rich emirate’s economic diversification plans. The companies, from Jiangsu province on China’s east coast, are involved in sectors ranging from power and metals to natural resources and banking, Abu Dhabi officials said. Chinese companies are increasingly seizing …

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Dubai developer Nakheel targets growth in recurring revenue

Property developer Nakheel wants recurring income to increase to more than 50 percent of all revenue by 2021 as it opens more shopping malls in Dubai, its chairman told Reuters. Nakheel, the developer of the palm shaped islands in the emirate, expects leasable retail space to more than triple to 17 million square feet in the next three to five …

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Females first: Study shows women are more successful than men at raising money through crowdfunding

Female-led crowdfunding campaigns are more likely to reach their funding targets than male-led ones, a new study published last week by consultancy firm PwC has discovered. An analysis of over 450,000 crowdfunding campaigns by nine of the world’s largest crowdfunding platforms showed that female-led campaigns were 32 percent more successful at reaching their funding target than male-led campaigns. “Even in …

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MIDEAST STOCKS-Banks pull Qatar higher, big Mobily loss weighs on Saudi

Banks pulled Qatar’s stock market higher in early trade on Monday while Saudi Arabia’s market edged down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss. The Qatari index added 0.4 percent as Qatar National Bank climbed 1.0 percent and Masraf Al Rayan rose 0.8 percent. Qatar International Islamic Bank gained 1.4 percent after …

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