Tillerson off to Middle East, South Asia with eye on Iran, Iraq

:: US Secretary of State Rex Tillerson heads to the Middle East, South Asia and Europe this week on a diplomatic mission focused on conflicts in Iraq and Syria and blunting Iranian More »

King Salman makes telephone call to Iraqi PM Abadi

:: King Salman bin Abdulaziz Al Saud made a telephone call to Prime Minister Dr. Haydar Al-Abadi of Iraq today. According to Saudi Press Agency (SPA), during the telephone conversation, they reviewed More »

Saudi-Iraqi military talks held in Riyadh

:: The Iraqi Defense Ministry said that Army Chief of Staff Lieutenant General Othman Al-Ghanmi headed a high-level military delegation on Monday for a two-day official visit to Saudi Arabia at the More »

UAE says to announce government reshuffle

:: Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai, said in a tweet a government reshuffle will be announced later on More »

Emir of Qatar: We are ready for dialogue to solve the crisis

:: Qatar’s Emir Sheikh Tamim bin Hamad al-Thani said during the conclusion of his Asian tour in Indonesia that Doha is ready for dialogue to resolve the Arab boycott crisis. Sheikh Tamim More »

 

Category Archives: Banking

Banks join forces in Gulf to fight cyber security threat

:: Local and international banks in the United Arab Emirates are sharing information in an effort to reduce cyber attacks. Gulf banks have invested millions of dollars in boosting cyber security systems in an effort to ward off attempted attacks,

Bitcoin slides on ‘fraud’ warning from JPMorgan’s Dimon

:: Bitcoin slid by more than 10 percent on Wednesday, as investors sold the cryptocurrency after a warning by JPMorgan Chief Executive Jamie Dimon that it “is a fraud” and will eventually “blow up”. Bitcoin, the original and still the

Deutsche Bank boss calls on ECB to halt cheap money

John Cryan

:: Deutsche Bank chief executive John Cryan has called on the European Central Bank to change course on providing cheap money, warning he sees price bubbles in stocks, bonds and property. “The era of cheap money in Europe should come

Doha Bank CEO: In talks with foreign lenders to raise debt

:: Doha Bank is talking to foreign lenders about the possibility of raising long-term funding either through a private placement or public debt sale, according to Bloomberg. In an interview with the channel Monday, the bank’s Chief Executive Officer Raghavan

SAMA report highlights improving financial stability in Saudi Arabia

:: The report of the Saudi Arabian Monetary Agency (SAMA) revealed an improvement in key indicators in the Saudi economy. The data published by SAMA in the Financial Stability Report included non-performing loans to the construction, construction and trade sectors

Qatar injects $6.9 bln in one month to offset the outflow of deposits

:: Qatar’s Central Bank has revealed that Doha has pumped nearly $6.9 bln in local banks last month, according to the Reuters news agency. The Central Bank took this action due to the decline of residents’ and private sector’s deposits

UAE’s Union National Bank opens Shanghai branch

:: Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, has begun operations at its branch in Shanghai, becoming the first bank from the UAE to operate a branch in mainland China, the bank said on Tuesday.

Fund outflow pushes Qatar bank to offer new certificates of deposit

:: Qatari financial institutions are under pressure following the sanctions imposed by Arab Gulf states, leadint to outflow of funds. The boycott which began two months ago led some companies and individuals to withdraw money from Qatari banks. In a

Oman takes $3.55 bln China loan to cover budget deficit

Oman Central Bank.

:: Oman on Wednesday announced it has taken out a $3.55-billion loan from Chinese banks to cover its budget deficit for the current fiscal year. The sultanate had originally planned to raise $2 billion on the Chinese market but raised

IMF: Countries must avoid protectionism ‘at all costs’

:: The International Monetary Fund warned world leaders Friday to avoid resorting to protectionist measures “at all costs” due to the damage it would cause to their own and the global economy. At a time when United States President Donald

Qatar’s $300 bln conundrum: How long can Doha defend its currency?

Qatar Central Bank

:: When is $300 billion not enough? That question is key to Qatar’s future as some bankers and hedge funds speculate the super-rich state’s vast financial reserves may not be liquid enough to defend its currency in the long term.

Egypt’s central bank hikes key interest rates by 200 basis points

:: Faced with an eroding currency and accelerating inflation, Egypt’s central bank raised its key interest rates by 200 basis points for the second policy meeting in a row late on Thursday, the bank said in a statement. The central

High measures to block ‘ransomware’ attack across Arab banks

:: Banks and financial institutions in the Arab countries have taken precautionary measures in order to anticipate the unprecedented electronic attacks that some banks have experienced directly in the region. Al Arabiya traced the developments of these measures at the

Euro rallies after Emmanuel Macron wins French election

:: The euro rallied to $1.1010 from $1.0998 in early forex trading in Asia on Monday after pro-European centrist Emmanuel Macron won the French presidency, scoring a resounding victory over far-right rival Marine Le Pen. The 39-year-old’s victory effectively eliminates

IDB, ITC agree to work together on joint projects

:: Jeddah-based Islamic Development Bank (IDB) and the International Trade Center (ITC) have agreed to work together to implement joint projects and strengthen the competitiveness of small and medium-sized enterprises (SMEs) in member countries. This was announced during ITC Executive

Qatar National Bank to seek Saudi investment banking license

:: Qatar National Bank (QNB), the Middle East’s biggest bank by assets, said on Thursday it planned to apply for an investment-banking license in Saudi Arabia, where low oil prices are expected to encourage more asset sales and debt raising.

Remittances from Egyptians abroad rise by 13.8 pct since November

:: Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday. The central bank said remittances were $8 billion pounds in the five months, compared with $7

Dollar speculation in Egypt on the decline

Despite the fact that the Egyptian Central Bank had not released any figures regarding the dollar trade on the black market, unofficial estimates revealed that speculation on the US currency in the black market have recorded nearly $40 billion from

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