banking

February 19, 2019

(WAM) -- Etihad Credit Insurance, ECI, the UAE Federal export credit company, has signed a Memorandum of Understanding, MoU, with Standard Chartered Bank.

The collaboration will provide seamless access to trade credit solutions and funding for UAE businesses which are aiming to establish their presence locally and globally.

Under the MoU, both institutions will collaborate to support UAE-based exporters through various financing and funding solutions. Areas of focus include credit risk management solutions, export financial tools, surety bonds, export financing, aircraft"...

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February 14, 2019

ABU DHABI, 13th February, 2019 (WAM) -- The Khalifa Fund for Enterprise Development, KFED, signed a Memorandum of Understanding, MoU, with the Central Bank of the UAE which will enable the fund to employ the direct debit system of the Central Bank and receive payment from its’ entrepreneurs directly from their accounts in any bank which operates within the UAE.

The agreement was signed by Mohammed Ali Bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank and Abdulla Saeed Al Darmaki, CEO of Khalifa Fund of Enterprise Development, in the presence of senior officials from the two parties, on Wednesday at the Central Bank's headquarters"...

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February 13, 2019

(WAM) -- Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that the World Bank will be establishing its office in ADGM on Al Maryah Island.

The signing of an agreement to set up the office was witnessed by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Merza Hussain Hasan, Executive Director and Dean of the Board of the Executive Directors of the World Bank Group; Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM; and Ferid Belhaj, Vice President MENA of the World Bank Group, during the World Government Summit 2019.

The"...

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February 12, 2019

Emirates NBD, Dubai’s biggest bank, said gold and cash top the list of its preferred asset investments this year, while emerging market equities are attractive in the long term.

Well selected hedge funds and a diversified portfolio of emerging market bonds, particularly in the Arabian Gulf, denominated in US dollars with some local currency, are among the top investment picks, according to the Emirates NBD investment outlook 2019 report on Sunday.

“Cash - in AED or US dollars - is back as a yielding asset but also provides flexibility, which is the ability"...

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February 6, 2019

Dubai royal Sheikh Saeed bin Ahmed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the UAE.

His private office will help Invao, which invests in cryptocurrencies and blockchain start ups, secure funding from investors in the Gulf state. The Private Office, as its known, makes its own investments, as well as sourcing deals for others.

Invao, which was set up last year, has already invested more than $1 million and has managed to make a profit even though the value of most cryptocurrencies has"...

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February 6, 2019

(AETOS Wire)-- Kony, Inc., a leading provider of digital banking solutions, and CFG Bank, an innovator in retail commercial banking in Morocco, today announced their collaboration on CFG Bank’s digital banking application. With customers expecting a simple yet robust digital banking experience, CFG Bank has selected Kony to partner on its long-term digital transformation strategy built on the pillars of simplicity, transparency and sustainable"...

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February 5, 2019

Emirates Development Bank (EDB) launched a Dh100 million ‘Credit Guarantee Scheme’ for small and medium-sized enterprises in the UAE.

The new facility supports the goals of the National Agenda under UAE Vision 2021, which focuses on boosting the contribution of SMEs to the country’s economy, with the aim of increasing it to 70 per cent of gross domestic product (GDP) by 2021, the lender said in a statement on Monday.

“We will continue supporting national efforts ... by introducing initiatives that will further diversify SMEs’ financing"...

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February 4, 2019

Dubai Police signed a long-term partnership with Noor Bank to give its customers the opportunity to pay traffic fines in instalments. Under the agreement, Noor Bank credit card holders can pay traffic fines in interest-free instalments. The repayments can be made over a number of months by downloading the Dubai Police smart app or using Dubai Police website. arabianbusiness ...

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February 4, 2019

First Abu Dhabi Bank jumped on optimism the lender will follow peers and raise the foreign-ownership limit in its stock.

The shares climbed as much as 5.8 percent to 15.6 dirhams at the open in Abu Dhabi, the biggest increase since April 2017.

The ADX General Index added 2.5 percent. The UAE's biggest lender aims to raise the cap to 40 percent from 25 percent, it said last week.

Shareholders still need to approve the change in a meeting on February 25. Investors from abroad held about"...

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February 2, 2019

(WAM) -- Dubai Investments Park Development Company (DIPDC), the operator of Dubai Investments Park and wholly owned subsidiary of Dubai Investments, has signed a US$300 million bilateral term loan facility with Emirates NBD Bank (ENBD). The financing extends for a tenor of 5.5 years and will be utilised to repay the existing Sukuk of $300 million maturing in February 2019. Al Mal Capital acted as the financial advisor on the transaction.

Omar Al Mesmar, General Manager of Dubai Investments Park, said, 'Given our robust business model and strong relationship with local financial institutions, we have assessed that it is currently competitive"...

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