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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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Tech savvy: 50% online users in MEA trust social media- survey

Today’s connected world is driving a ‘consumer trust divide’ between suspicious minds in developed nations and more accepting attitudes in emerging countries, according to Kantar TNS’s latest Connected Life research. Kantar TNS surveyed 70,000 people across 56 countries and conducted 104 in-depth interviews as part of the 2017, Connected Life study. The research explored consumer trust in brands in relation …

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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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Small change: Dubai, Saudi in push to help support SMEs

Small and medium-sized enterprises are the backbone of all economies in the Middle East. According to a report by Dubai SME, these businesses are described as the “anchors of any economy” and represent 95 percent of companies in the emirate of Dubai, account for 42 percent of the workforce and contribute around 40 percent to the total value of the …

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UNESCO Launch of Global Education Monitoring Report confirmed at Innovation Africa 2017

The Government of Mozambique is now gearing up for the high level Innovation Africa Summit that will take place at the Gloria Hotel, Maputo 23 to 25 October. In an important development it has now been confirmed that UNESCO have official partnered with Innovation Africa to launch their Global Education Monitoring Report on the 24th October. The UNESCO Global Education …

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Saudi, Russia to sign deals worth over $3bln during King Salman’s Moscow visit

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during a visit to Moscow by Saudi Arabia’s King Salman, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday. The deals will include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak …

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Amazon’s technology head to speak at next week’s GITEX

Amazon’s chief technology officer, Werner Vogels, has been recruited to deliver a keynote speech at this year’s GITEX Technology Week. Vogels is set to discuss Amazon’s growth from a start-up to the world’s fourth-biggest company by market capitalisation, according to the Financial Times Global 500 rankings. Amazon has also taken a major stride into the Middle East this year following …

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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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