Wednesday 22 May 2024
 
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When rates drop, GCC banks' profitability will follow: S&P

Gulf Cooperation Council (GCC) banks’ profitability is expected to remain strong in 2024, but suffer a slight deterioration in 2025, as the Fed could start cutting rates in December 2024, and most GCC central banks are likely to follow suit.   This is acco

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Ithmaar Bank turns around, posts $20.5m net in Q1

Ithmaar Bank, a Bahrain-based Islamic retail bank, posted a total net profit for the first quarter (Q1) of BD7.74 million ($20.5 million) compared to BD0.23 million net loss reported for the same period in 2023. This is mainly due to higher core income.   Ithmaa

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Emirates Development Bank launches cash management solution

Emirates Development Bank (EDB), the key financial engine of the UAE economic development and industrial advancement, has launched ‘EDB Smart Connect’, an innovative cash management platform that will deliver a seamless omnichannel experience for the bank’s clients across the

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UAE continues to post robust growth in non-oil sectors: OPEC

The UAE continues to demonstrate robust growth in its non-oil sectors, driven by strong government support and solid demand, according to the Organisation of the Petroleum Exporting Countries (Opec).    The UAE's non-oil GDP registered a significant y-o

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Bank ABC Islamic Q1 net profit rises 9.6pc to $10.8m

Bank ABC Islamic has posted a first-quarter (Q1) net profit of $10.8 million, 9.6% higher than the same period last year on the back of growth in core customer business as well as higher profit rate environment. The balance sheet remained healthy, maintaining strong capital ratio. 

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DIFC fortifies position as preferred global hub for WAM firms

Dubai International Financial Centre (DIFC), a leading global financial hub, has reinforced its position as the largest and preferred hub for wealth and asset management (WAM) companies and hedge funds.   The total number of WAM firms now exceed 370, primarily c

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GFH Q1 attributable net rises 13.03pc to $27.14m

GFH Financial Group has posted first-quarter (Q1) net profit attributable to shareholders of $27.14 million, an increase of 13.03% on Q1 2023, profiting from growth in the group’s investment banking and its commercial banking business.    Earnings per

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Emirates NBD launches fractional bonds on banking app

Emirates NBD, a leading banking group in the Menat (Middle East, North Africa and Türkiye) region, has announced the launch of fractional bonds on its awards winning mobile banking app ENBD X. The announcement was made by the bank at the Dubai Fintech Summit, held at Madinat Jumei

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‘New Silk Road’ region poised for unprecedented growth: report

The New Silk Road, which is currently home to eight out of the world’s top 20 economies and stretches across Asia, Middle East and North Africa, will see its share of global gross domestic product (GDP) rise to 48% by 2040.   In addition, the New Silk Road

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Spinneys posts record sales of $222m in Q1 2024

Spinneys, a leading fresh food retailer in the UAE, has seen its Q1 2024 total revenue grow by 10.9% year-on-year to AED815 million ($222 million).    Record sales were driven by strong like-for-like growth, up 10.0% in the period.  

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