Tuesday , 28 January 2020
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OneGram lists Islamic cryptocurrency on its own virtual exchange

The company claims that its cryptocurrency adheres to sharia directives Dubai-based OneGram Group has listed a cryptocurrency it bills as sharia-compliant on the company’s virtual exchange and is planning additional listings in coming months, its chief executive said on Tuesday. The company claims that its cryptocurrency adheres to sharia directives as each OneGram unit is backed by physical gold stored …

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JadoPado founder drops plans for Middle East crypto exchange

Omar Kassim says regulators, banking sector and decline in crypto asset values made establishing BitPado as a profitable business would be a struggle Omar Kassim, the digital entrepreneur who sold e-commerce site JadoPado to competitor noon last year, has halted plans to create a new cryptocurrency exchange in the United Arab Emirates. Kassim had announced plans to launch a new …

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Jobs in UAE: Banks hire 760 employees in 2018

Local banks increased their hiring while foreign banks reduced the number of employees. UAE banks added 760 employees in the first seven months of this year despite decrease in the number of branches, official figures showed. According to the Central Bank data, local banks increased hiring while foreign banks reduced number of employees during January to July period. In total, …

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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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Alibaba co-founder Jack Ma to retire – New York Times

It was not immediately clear whether the company will appoint a new chairman. Alibaba Group Holding Ltd’s co-founder and executive chairman Jack Ma will retire from the e-commerce company on Monday, as the former English teacher seeks to focus on philanthropy in education, the New York Times reported. Ma, one of China’s best known corporate leaders, will remain on the …

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Qatar growth: Non-oil business conditions have softened since July, but new business, job creation at record high

Zawya Express presents the top story, topic or trend highlighted by our editorial team as recommended reading to start your working day Business conditions in Qatar’s non-oil and gas private sector are continuing to improve, according to a report commissioned by the Qatar Financial Centre (QFC). The data, compiled by IHS Markit, showed that despite the rate of expansion slowing …

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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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