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Egypt encourages savers to invest in shares- exchange head

The chairman of Egypt’s stock exchange has said that it is working on a campaign to increase demand for shares from within the country as well as looking to make it more attractive to international investors. Mohamed Farid told Zawya on the sidelines of a conference held by investment bank EFG Hermes on Monday that alongside efforts to increase the …

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UAE central bank chief: fintech very beneficial to banking sector

Technology underlying crypto-currencies, financial technologies are beneficial to banking sector, UAE central bank governor said. ABU DHABI The technology underlying crypto-currencies and other new financial technologies are really beneficial to the banking sector, United Arab Emirates central bank governor Mubarak Rashid al-Mansouri said on Tuesday. Asked at a financial industry conference whether U.S. interest rate rises this year might pressure …

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Chinese firm wins $163mln contract for Damac’s Dubai skyscraper

China State Construction to build tower at Aykon City overlooking Dubai Canal. Damac Properties has announced the award of a 600 million UAE dirham ($163.4 million) contract to build a tower at its Aykon City project on Sheikh Zayed Road in Dubai. The company has chosen China State Construction Engineering Corporation’s Middle East (CSCEC) arm to build the tower overlooking …

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Saudi extends licences for foreign investors for up to five years

Foreign investor licences currently only last for 12 months. By Nada Al Rifai, ZAWYA Saudi Arabia’s General Investment Authority (SAGIA) has extended the licensing period for foreign investors to five years – up from one year at present. A statement sent by SAGIA to Zawya said that the licensing period can also be renewed upon expiry of the five-year period, …

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Ripple effect: Saudi’s crypto experiment can save hundreds of millions, says Moody’s

By: Staff Writer, ZAWYA Saudi Arabia could save itself hundreds of millions of dollars in foreign currency exchange fees if its pilot programme to use blockchain for cross-border payments is rolled out, according to credit ratings agency Moody’s. In a note published on Monday evening, Moody’s said that an agreement last Wednesday between United States-based financial technology (fintech) company Ripple …

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First Abu Dhabi Bank launches ‘payit’, UAE’s first fully-featured digital wallet

Staff Writer, WAM (Emirates News Agency) ABU DHABI- First Abu Dhabi Bank, FAB, has launched ‘payit’, the country’s first fully-featured digital wallet, in support of the UAE’s goal to become a cashless economy. The safe and secure service is available to anyone with a valid Emirates ID. Using ‘payit’, Emiratis and residents can send and receive money instantly 24/7, make …

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Nasdaq Dubai launches Abu Dhabi, Dubai equity index futures

Nasdaq Dubai’s website showed Dubai index futures, due to expire on June 21, trading at 3,328 on Sunday while the underlying index was down 0.6 percent at 3,310 points. Abu Dhabi index futures were at 4,560 while the index was up 0.2 percent at 4,586 points. Nasdaq Dubai said it was in talks with regional and international financial institutions that …

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RAKBANK partners with Etisalat to offer business banking solutions at Hello Business Hub

RAKBANK will provide Business Banking solutions at preferential terms to SMBs who visit Etisalat’s specialized business hub. RAKBANK partners with Etisalat to offer business banking solutions at Hello Business Hub United Arab Emirates – The National Bank of Ras Al Khaimah (RAKBANK) today announced a strategic partnership with Etisalat’s “Hello Business Hub”, a one-stop location that enables small and medium …

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UBS names ex-Investcorp exec as Saudi ultra high net worth head

UBS Group has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia. UBS Group UBSG.S has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia from February 1, the bank said in an email. Aractingi previously headed the Saudi business for Bahrain-based Investcorp INVB.BH …

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Regulators must adopt emerging tech: Accenture

Innovative products and services are increasingly challenging regulatory processes By Staff Writer, TradeArabia Regulators must embrace the innovative application of emerging technologies, known as RegTech, to enable a more effective regulatory environment, mitigate risks and drive competitive advantage, said leading global professional services company Accenture in a new report. According to the report titled “RegTech for Regulators”, released in collaboration …

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