DIFC-gate

DIFC launches new license starting at $1,500 for startups and entrepreneurs in Dubai

Businesses can secure up to four visas when renting a desk space within the freezone

Finablr founder Shetty resigns as Indian court closes net on NMC Health

Finablr and NMC Health were both listed on the London Stock Exchange before being suspended

Saudi Arabia’s inflation rate surged to 6.1% in July on VAT hike

Saudi Arabia increased its value-added tax from 5 per cent to 15 per cent on July 1

Abu Dhabi insurance company Daman appoints new CEO

Al Mehyas has been leading the company following a major reorganisation last year

Saudi wealth fund is said to repay $10bn bridge loan

PIF has shifted its focus from being mostly a domestic holding company to an international investment vehicle with stakes in Citigroup, Facebook and Boeing Co

Regional startups on a ‘growth’ trajectory amid Covid-19 crisis

While the pandemic may have rattled industries, the regional startup ecosystem remains resilient

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank records 52% decrease in net profit for H1 2020

Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn

Kuwait pension fund plans to triple infrastructure investments

PIFSS had a record investment profit of $7.3bn in the three months through June

Dubai’s DIFC FinTech Hive accelerator programme attracts record entrants

Fourth cohort attracts 620 fintech startups from all over the world

Dubai's DMCC welcomes 15 companies through their impact scale-up programme

Dubai Gold & Commodities Exchange to run on Nasdaq trading technology

Nasdaq’s clearing solution will provide DGCX with multi-asset class clearing and settlement

UAE Central Bank ramps up TESS scheme to support banking sector

The directive will encourage banks to strengthen the TESS scheme and support customers in overcoming the impact of the pandemic

UAE’s RAKBANK reports 44.7% dip in net profit for H1 2020

The bank’s total income for H1 2020 declined by 4.5 per cent compared to H1 2019

Kuwait’s $112bn pension fund has cash to burn after revamp

Cash accounts for about 11.5 per cent of its investments, which the fund aims to cut to 4 per cent over the next seven months

Dubai attracted around Dhs12bn of FDI in H1 2020

There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives

Customers to earn $60.4bn in credit card rewards this year, research says

Rewards to climb to $67.9bn in 2023 as consumer credit spend recovers post-Covid

Zainab Invesco

Video: Where are Middle East sovereigns investing?

Fixed income and gold have emerged as attractive asset classes for regional sovereigns, finds the Invesco Global Sovereign Asset Management study

Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

The first six months saw $72bn of bond issuance from the region

Bitcoin crashes spectacularly after hitting multi-year high of $12,000

More than $1bn in positions liquidated as bitcoin crashes by $1.4k in minutes

barakah nuclear energy uae

UAE begins nuclear energy production at Barakah plant

The UAE is the first Arab country, and the 33rd nation globally, to produce nuclear energy

Kuwait pension fund posts record first-quarter investment profit

The fund held $112bn in assets at the end of March last year

Etisalat’s eWallet expands into utility bill payments

eWallet is offering a Dhs5 cashback for eligible transactions of Dhs50

AXA to offer Covid-19 insurance cover

AXA will reimburse policyholders up to $5,000 for irrecoverable travel costs

Mastercard taps Microsoft Azure to boost R&D in ecommerce, fintech

Azure to serve as native cloud infrastructure for Mastercard Labs’ R&D efforts

First Abu Dhabi Bank

First Abu Dhabi Bank joins Mideast lenders in raising provisions

First Abu Dhabi Bank increased impairments to Dhs1.06bn ($289m) from Dhs467m a year ago

Shailesh Dash main

Phi Trends: The business implications of 5G

Investors must keep a lookout for stocks with game-changing potential, which inevitably will tap into 5G and enable future growth prospects, opines entrepreneur and investor Shailesh Dash

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Dubai Financial Market announces H1 2022 results, posts net profit of Dhs63.4mn

Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

The DFM attracted 1,718 new investors during the first half of the year

Startupbootcamp establishes regional headquarters at Dubai’s DIFC

FinTech ranked first in the region for deals ahead of e-commerce and transport and logistics

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom