Two of the biggest economies of the Gulf Cooperation Council (GCC), UAE and Saudi Arabia are moving quickly towards cashless transactions. China (55%) and the UAE (26%) topped the list of countries adopting cashless transactions. Mastercard Advisors new global report The...
Mashreq CEO highlights growing role of Dubai as global hub for trade and finance The Middle East & Africa day at Sibos began with a speech by Alain Raes, Chief Executive, EMEA & APAC at SWIFT, who then introduced to...
The nomination of the new Fed Chairman has raised key questions about the effects on world markets and new policy going forward. As Larry Summers drops out of contention to become the next Federal Reserve Chairman, it seems the new...
Banks prioritise automation and efficiency in payments and trade finance to grow their transaction banking business 69 per cent cite operational inefficiencies as a barrier to growth in core businesses Cross-border payments processing the top priority for investment globally 84 percent said...
It seems the Indian rupee is still susceptible to volatile price swings -- first seen in the 1990's -- and that vulnerability was recently exposed when the rupee fell to an all-time low of nearly 70 rupees per dollar. The...
A new report shows Islamic banking in Oman is expected to support the financial sector in the Sultanate. Published by the rating agency Moody’s, the report is titled 'Islamic Banking in Oman: Solid Growth Prospects Moderated by Industry Challenges’. It says...
According to a new survey by Deloitte, financial institutions around the globe are seeking to increase focus on risk management owing to heightened regulatory scrutiny and greater concerns over risk governance. In response, banks and other financial services firms are...
Chasing India's currency problem. It seems that India is constantly a step behind in the present investor confidence plunge in the country. With a lack of control over the falling currency, investors are leaving the country as capital outflows increase. The efforts...
In a fresh development, the central bank of United Arab Emirates has agreed to conditionally remove a UAE loan transfer ban on personal loan transfers between the various UAE banks. The central bank imposed a three month ban on the...
Barclays is carefully assessing its UAE retail banking operations and may consider options that could lead to a sale of the business. Sources familiar with the matter have disclosed that the British bank, fourth-largest by market value in its home...
Dubai’s Islamic bond gains squash concerns that another real estate bubble may be forming. The Emirate’s real estate sector continues to perform strongly, but the IMF is warning the government to be ready for a timely intervention. In the aftermath...
The Abu Dhabi Investment Council has partnered with two other Japanese investors to buy a billion dollar Tokyo office tower. Market information shows that this is the biggest property deal in Japan since February, and the largest involving a foreign...
A decrease in the sale of Gulf Islamic bonds reveals that the market for the Shariah-compliant instrument is still forming-up and that much more needs to be done to encourage investor interest. Data by Bloomberg points out, that compared to...
The new centre supports Dubai's initiative to become the Capital of the Islamic Economy through it's three academic programs on human resources development, scientific research, and community service. Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai,...
New market data suggests that Qatari bank lending is expected to rebound as the tiny Gulf state is all set to pump billions into various infrastructure projects. For the second half of the current year, QNB, the Middle East’s largest...
The analogy between any competitive sport and the cutthroat world of finance works at many different levels. They overlap when it comes to training, but it is in the real world that competition turns into a 'dog-eat-dog' proposition. This makes...
Recently released figures of top UAE banks show a remarkable improvement in the reported second-quarter profits on the back of swift economic recovery and lower provisioning for exposure to state-linked entities. Recently released figures for the top UAE banks show...
Demand and supply are the basic fundamental pillars of any economy. Having a 'good' and having people supply that 'good' allow for the smooth functioning of markets. Well informed buyers and sellers use their knowledge in order to get...
A new report says Middle Eastern investment banking fees have hit $356.6 million during the first half of this year. Middle Eastern investment banking fees have seen an impressive 28 percent increase compared to the same period last year. The...
Global research firm IHS downgrades Egypt's banking sector to 'Significant Risk' on sovereign concerns. Sovereign risk constraint is 'significant' given the banking sector's substantial holding of sovereign debt, which stands at 40% of GDP. Outlook and implications. Bank-supplied credit to the economy...
The world's leading regulated crowdfunding platform, Crowdcube has announced they are planning to expand in the MENA region. Crowdcube has formed a JV partnership known as Crowdcube MENA. Omar Rana; "We are currently examining various regions to assess the best...
Over 80 million people in the Middle East and Africa will turn to mobile banking by 2017. After many years of speculation and high hopes, mobile money is: “Not the next big thing. It is already a big thing." -- Tracey...
It seems that the global trend of substituting cash with plastic money is catching up across the UAE, as revealed by a recent survey conducted by compareit4me.com, the UAE-based finance comparison site. According to the survey there is a rise in the...
Last year saw a huge shock for the financial world. When I say shock, I mean one of many shocks which have caused financial markets react in unexpected ways over the past few years. The fixing of LIBOR by...
The founder and chief executive of the world’s largest independent financial advisory organisation has today confirmed that he has acquired Acuma, one of the most successful wealth management firms in the United Arab Emirates. The deVere Group’s Nigel Green was...
THREE-IN-TEN UAE CFOs CONCERNED ABOUT AVAILABLE CASH FLOW WITHIN THEIR BUSINESS. Managing the balance sheets (29%) and access to investment financing (29%) are also primary concerns Nearly half (45%) cite customer/client insolvencies as the main reason for cash flow problems Cash flow...
Bitcoin seeks to become the de-facto world currency for online purchasing. Arabian Gazette's Zain Naeem looks into the Bitcoin phenomenon. Imagine an electronic currency that can be transferred and used for transactions from one peer to another. Imagine how this will affect...
UNCTAD: Foreign Direct Investment (FDI) inflow to the United Arab Emirates increased by 25 percent in 2012 to USD 9.6 billion. West Asia's third largest recipient country, the UAE, increased FDI inflow by 25 percent to USD 9.6 billion, continuing...
Nearly half of UAE Finance Directors admit to having no successor in place, says Robert Half. More than 4-in-10 UAE finance directors cite ‘lack of existing internal talent’ as the primary reason. Robert Half offers employers three tips for efficient succession...
Saudi banking experts have claimed that the kingdom’s banking system is safest in the Arab world Earlier this week, CNBC Arabia had reported that 5,000 fraud cases took place out of 1.3 million ATM cash withdrawals recently in the country....
According to recent estimates the global Takaful business will reach USD 20 billion by 2017. The GCC market contributes more than 62 percent of the world's gross Takaful premiums. Saudi Arabia maintained the largest share of contributions, growing 17 percent to USD...
Mobile commerce expert, Sammy Tuffaha, has called for marketing campaigns to raise public awareness of e-payment services in the MENA region, that promote the culture of electronic payment to national institutions and private sector companies. Tuffaha made the comments during...
Accounting and Financial Management need to sharpen skills to help avoid financial risks. Firms operating in Europe, Middle East, India and Africa (EMEIA), say 'fraud has likely attacked their company' in the last 12 months. One-in-five employees of American firms operating...
The UAE and Qatar receive upgrades to 'Emerging Market status' by Morgan Stanley Capital Investments. The upgrade facilitates foreign investment in both UAE and Qatar. New Emerging Markets. After a wait of several years, the equity index provider Morgan Stanley Capital International...
A new market survey has revealed that large institutional investors in the Middle East are showing a greater appetite for alternative investments, such as private equity and hedge funds. The survey, by asset management arm of French bank Natixis shows...
The UAE central bank has removed the ban on banks transferring the personal loans of citizens to other banks. When the UAE central bank studied the practice in greater detail, it banned all such loan transfers for three months. The...
The Qatari Financial Sector is making an increased effort to attract Foreign Direct Investment within the State of Qatar. According to  H.E Yousef Hussain Kamal, Minister of Economy and Finance and Chairman of the Financial Markets Development Committee, this is...
The inaugural report released by the Qatar Financial Centre Authority and Campden Wealth, has yielded significant findings after analysing private wealth in the Middle East. The primary purpose of the Beyond Convention report was to shed light on Middle Eastern wealth...
2013 Invesco Middle East Asset Management Study 20% of Sovereign Wealth Funds new assets, are allocated to private equity Property and infrastructure are not the big SWF ‘alternative investment’ story Major sovereign governments and sovereign wealth funds (SWF's) in the...
The Bank of London and the Middle East (BLME), Britain's largest standalone Islamic bank, plans to set up an office in Dubai to expand on it's offerings in capital markets and wealth management. The bank is experiencing 15 percent growth...