Monday , 10 December 2018

Tag Archives: Finance

Kuwait’s central bank sets up test ground for fintech

Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene. Kuwait’s central bank has issued regulatory guidelines for companies wishing to experiment with new financial technology products and services, it said on Monday. Kuwait’s regulatory testing framework, known as a ‘sandbox’, will include four phases, with representatives from local banks joining a …

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Google Pay launched in the UAE

Google Pay will allow users to make purchases using Android devices at stores Internet giant Google announced the launch of its contactless payment service in the UAE, furhter ramping up the competition sector that is gaining wider acceptance. Google Pay will allow users to make purchases using Android devices at stores that accept contactless payments, as well as across all …

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DIFC will make first investment from $100mln fintech fund “shortly”

Fund is “in the process of being seeded and structured as we speak”, says chief business development officer Salman Jaffery The first investment to be made from the $100 million financial technology (fintech) fund launched by Dubai International Financial Centre (DIFC) is set to be made “shortly”, according to the centre’s chief business development officer, Salmaan Jaffery. Speaking to Zawya …

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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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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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$700 commercial licence launched in UAE

Invites entrepreneurs to raise funds and later list those startups on the financial exchange The Abu Dhabi Global Market (ADGM) on Saturday launched a commercial licence for technology startups at a nominal cost of Dh2,570, inviting entrepreneurs to raise funds and later list those startups on the financial exchange. The financial centre said in a statement that the new licence …

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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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