Wednesday 30 November 2022

Top 10 Saudi banks see 9.3% surge in Q3 net profit

The top 10 banks in Saudi Arabia witnessed robust growth in profitability as net profit increased 9.3 percent quarter-n-quarter (QoQ) resulting in a return on equity (RoE) of 14.8 percent in the third quarter (Q3) of 2022, a report said. Profitability was underpinned by higher to


Bahrain gets S&P ratings boost on fiscal reforms, high oil prices

S&P Global Ratings today (November 26) revised its outlook on Bahrain to positive from stable, while affirming its 'B+/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility assessment on Bahrain remains 'BB-'.


Abu Dhabi GDP expands 11.2pc in H1 on robust non-oil activities

Abu Dhabi's Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2% compared to the same period last year, according to Statistics Centre - Abu Dhabi (SCAD).   The growth reflects the emirate's robust performance and the ability of the eco


Beyon Money remittance services available on BenefitPay

Beyon Money’s international remittance service, which features one of the best offers in the market for international transfers, is now available on BenefitPay. It gives customers the opportunity to seize the lowest fees and rates directly from BenefitPay’s app.


Mashreq partners with Bank Al Habib Limited Pakistan

Mashreq Bank, one of the leading financial institutions in the UAE, has signed a strategic partnership with Bank Al Habib Pakistan to offer free remittance transfers from the UAE to Pakistan.   The collaboration will support Mashreq’s faster cross border p


CFS DIFC Limited gears up for strategic tie-ups, global expansion

CFS DIFC Limited, a leading insurance intermediary, has secured the Dubai Financial Services Authority (DFSA) licence to advise on financial products and arrange deals in investments related to long-term insurance contracts.    The financial hub’s gro


Thakher Development signs MoU with Banque Saudi Fransi

Thakher Development Company in Makkah, the master developer of the $7-billion Thakher Makkah project, has announced signing a Memorandum of Understanding (MoU) with Banque Saudi Fransi.   The MoU provides the company's customers with a range of different fin


Mena’s digital economy is ‘evolving faster than ever’

Some 91% of consumers across Mena bought products online in the past year, with fashion and clothing making up 46% of all online purchases in the region.    1 in 5 consumers across Mena purchase retail products online more frequently than last year, with 33


anb and JCB sign acquiring deal for local acceptance in KSA

anb and JCB International Co, Ltd, the international operations subsidiary of JCB Co Ltd, have partnered to launch JCB Card acceptance at all its POS and ATM locations deployed in the Kingdom of Saudi Arabia (KSA).   JCB is a major global payment brand and a lea


Standard Chartered Bank appoints CEO for Saudi unit

Standard Chartered Bank has appointed Mazen Fahad Al Bunyan as Chief Executive Officer, Standard Chartered Bank Saudi Arabia, effective November 2022.    Prior to joining Standard Chartered Bank, Al Bunyan was the CEO of Alawwal Invest Company, the investme

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