The Gulf state’s inflation rate will slow to 4.1 per cent next year, says central bank chief.
The government plans to spend $219 billion in 2013, 19 per cent higher than the amount budgeted for 2012.
Many Gulf banks recorded slightly better performance in 2012 but regional differences are apparent. Overall, the region has swerved the ongoing global growth weakness.
The country faces political problems and a hangover from banks that were affected in the global economic crisis.
Attractive interest rate levels and abundant secondary liquidity in the market are expected to drive demand.
William Berridge, FX strategist at Barclays reveals the expected trends in the currency market.
Provisions set aside for specific NPLs fell slightly to Dhs65.3 billion at the end of October from Dhs65.4 billion in September.
The loan amount will be used for general corporate purposes.
Travellers going to and from the country can now carry only up to $10,000 in cash.
The fall in the index was led by Kuwaiti investors selling out profitable positions ahead of holidays.
Abu Dhabi Islamic Bank is the UAE’s first lender to receive a banking license in the African nation.
The forecast deficit is 21 per cent higher than the deficit originally projected by the government for 2012.
Capital markets in the MENA region raised $2 billion in 2012, up around 134 per cent from 2011, says Ernst & Young.
Bahrain shows biggest increase; Qatar shows biggest decrease in savings sentiment.
The sultanate last year became the last country in the GCC to introduce Islamic finance.
The Dubai bank will also make an offer to minority shareholders for the remaining 4.8 per cent.
Ominvest also has plans to list part of Oman Arab Bank on the Muscat bourse.
Emirates NBD’s offer was highest in a second round of bidding that took place in December.
The Saudi lender’s issue was around 2.2 times covered by investors.
Interest in deals is up say experts, but closing deals is still lacking as billions of dollars in dry powder lies waiting.
Following complaints from several banks, requirements on liquid assets have been postponed.
Qatar’s Masraf Al Rayan will have until the new year to decide on a proposed takeover of the lender.
The sale is expected to be completed in the first half of 2013.
As part of the partnership, the car manufacturer will explore the viability of setting up an automotive facility in the Kingdom.
HSBC Holdings will pay the biggest fine in banking history after violating US rules aimed at preventing money laundering.
National Bank of Abu Dhabi aims to be in 41 countries by 2021, compared with 14 right now, said a senior manager.
Saudi is currently the world’s largest market for Islamic assets, says new report by Ernst &Young.
Tradable allows users to download crowd-sourced apps tailored specifically to suit their needs.
Falcon Private Bank plans to acquire wealth management boutiques that manage between $500 million and $4 billion in assets.
The agreement between the Abu Dhabi financial services firm and Sberbank is expected to facilitate more investment in both the regions.