Economy

The National Bank of Fujairah, NBF, has announced a net profit of AED511.6 million for the period ended 30th September, 2019, a rise of 10.7 percent over the corresponding period of 2018. According to a press release issued by NBF today, the Bank also achieved strong operating profit of AED862.3 …

The letters of guarantee issued by banks and other business entities in the UAE amounted to AED5.3 billion during the first eight months of 2019, a growth of 5.3 percent as compared to December 2018, according to the Central Bank of the UAE. A letter of guarantee is a type …

In a sign of continuing investor confidence in Dubai and new opportunities arising across diverse economic sectors, the Dubai’s Department of Economic Development, DED, issued 4,057 new licenses for various professional, commercial, industrial and tourism activities in September 2019. According to the Business Registration and Licensing, BRL, sector in DED, …

The Sharjah Islamic Bank, SIB, reported a net profit of AED415.4 million for the first nine months of 2019, compared to AED397.7 million for the same period last year, with a projected increase of 4.5 percent. The bank’s total assets reached AED45.6 billion as of the end of the third …

Nasdaq Dubai, the international financial exchange in the Middle East, has welcomed the listing of two bonds with a total value of US$1 billion by Industrial and Commercial Bank of China, ICBC, the world’s largest bank by assets. The two bonds of $500 million each bring the total value of …

The Director-General of the Government of Dubai’s Department of Finance, DoF, Abdulrahman Saleh Al Saleh, has said that the continuous improvement in the performance of Dubai’s public budget over the last five years has been driven by Vice President and Prime Minister of the UAE and Ruler of Dubai His …

Within the UAE’s efforts to develop its international relations network and promote constructive communication with various countries of the world, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, has met with Ian Gorst, External Relations Minister of Jersey. The meeting took place on Friday on the sidelines …

Emirates NBD Bank today announced that it proposes to raise AED6.45 billion via a rights share offering to strengthen its capital base and support the future growth of the business. In a statement issued by the bank on Thursday, the lender plans to offer 758.8 million shares at AED8.50 each, …

Volumes of oil products held in storage at Fujairah have risen to their highest since early June, as a surge in regional demand and preparations for new sulphur regulations on marine fuels drive more supplies into the eastern UAE port. Stocks rose almost 11% – 2.214 million barrels – last …

Etihad Aviation Group, owner of the national airline of the United Arab Emirates, and Air Arabia, the Middle East and North Africa’s first low-cost carrier, today announced the signing of an agreement to launch ‘Air Arabia Abu Dhabi’, the capital’s first low-cost carrier.Etihad Air Arabia will establish an independent joint …