Friday 21 July 2017

GCC banks to see loan growth of 4.9pc in 2017

Despite current business conditions, GCC banks are expected to register a solid loan growth of 4.9 per cent in 2017, a report said. This is, however, far lower than the average annual growth of 9.2 per cent recorded between 2012 and 2016, added the Coface Economic Report released


GAZT launches public consultation on VAT

Saudi Arabia’s General Authority for Zakat and Tax (GAZT) has launched a public consultation of the Draft Implementing Regulations for Value Added Tax (VAT), which is open for feedback until August 19. This consultation follows the closure of KSA VAT Draft Law public consul


Non-oil sector ‘will claim 80pc of UAE, Saudi GDP’

Non-oil sectors will account for more than 80 per cent of GDP in the UAE and Saudi Arabia by 2025, said a new report, highlighting the steps taken by GCC governments to boost private-sector investments, construct new tourist attractions and expand airport capacity. Plus, the grea


Emirates NBD H1 net profit up 5pc to top $1bn

Emirates NBD (ENBD), a leading bank in the region, delivered a record set of results for the first half (H1) of the year with a net profit of Dh3.9 billion ($1.06 billion) as compared to a net profit of Dh3.7 billion during the same period in 2016, marking a rise of five per cent.


Dubai Islamic Bank H1 net profit up 7pc to $583m

Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today reported a group net profit of Dh2.143 billion ($583.45 million), for the first half of this year, up 7 per cent compared with Dh2.004 billion ($545.6 million) for the sa


RAK Chamber member numbers top 32,800

The Ras Al Khaimah Chamber of Commerce has announced that Chamber membership numbers reached 32,801, and that 10,093 members had renewed their membership by the end of the first half of current year.  The number of new private members registered during the first half of curr


ADGM implements G20 reporting standards

Abu Dhabi Global Market (ADGM) has implemented the Common Reporting Standard (CRS) Regulations in support of the UAE’s international obligation in implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for Econo


Gulf Bank records 10pc jump in H1 net profit

Kuwait-based Gulf Bank recorded a net profit of KD22.8 million in the first six months of 2017, an increase of 10 per cent over the same period of 2016. The bank was able to generate a net interest income of KD63.5 million and an operating profit of KD60.5 million during the first half


EFG Hermes takes 50pc stake in FIM for $21.5m

EFG Hermes UAE Limited, a wholly owned subsidiary of  EFG Hermes Holding SAE, has entered into definitive agreements to invest $21.5 million in Frontier Investment Management Partners Ltd (FIM), an asset management firm.   Following the investment, EFG Hermes will own 5


Sharjah completes 33,000 licenses during H1

Sharjah Economic Development Department (SEDD) has completed 33,149 issued and renewed licenses in Sharjah in the first half of 2017, according to the data released in its Licenses Annual Report of the year. The report showed that the licenses renewed through the first half of th

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