News Round

More than 1400 contracts for various projects in Saudi Arabia were given the go-ahead during the first half of 2010. They were valued at more than 70bn Saudi riyals, according to the kingdom’s Ministry of Finance, which added that the contracts didn’t include those deals worth less than five million riyals or those that would take less than a year …

Bank Audi has launched “Audi Cards On-line”, a new internet banking service that meets “today’s on-thego cardholder’s lifestyle”. It allows cardholders to “log in to their credit card information and check all their transactions and card movement within the comfort of their own homes”. They can also access this service anywhere, anytime, even through their mobiles. Mrs Randa Bdeir, group …

Investors have turned bearish in their outlook for the global economy and corporate earnings, according to the BofA Merrill Lynch Survey of Fund Managers published in July. The survey shows a net 12 per cent of respondents predicting the global economy will deteriorate in the coming year, the first negative forecast since February 2009. This represents a big turnaround from …

Noor Islamic Bank’s highly successful growth rate since its inception in 2007 highlighted the need to address the impact that manual operations had on its overall business. A combination of increasing transaction volumes, more complex financial instruments and reconciliations with smaller processing windows led the bank to conclude that it needed to update its reconciliation and exception management solutions. A …

UAE central bank governor Sultan bin Nasser al-Suweidi said recently that local banks will return to making good profi ts despite uncertain economic conditions. According to Reuters, Al-Suweidi told Arabic daily Al Ittihad that local banks’ positive reception to the Dubai World debt proposal, as well as strong cash reserves and capital, would help the banking sector meet any necessary …

Lebanon’s BLC Bank is being partnered by IFC, a member of the World Bank Group to help increase trade fi nance for businesses in Lebanon, expanding economic activity in the region. Under the agreement, BLC Bank becomes an issuing bank as part of the IFC Global Trade Finance Programme, which supports trade with emerging markets and promotes the fl ow …

One of India’s leading banks this month opened its fi rst overseas branch in Dubai. IDBI, which will provide a full range of corporate banking services, including fi nancial advice and syndication of credit, has received a licence from the Dubai Financial Services Authority to operate from Dubai International Financial Centre (DIFC). “Th e setting up of the offi ces …

A number of trade finance programmes backed by the Japanese government are currently being held in the MENA region. This follows on from an initiative by IFC, a member of the World Bank Group, which earlier this year held its first training seminar for Iraqi bankers, aimed at helping them improve their knowledge of trade finance operations so Iraqi’s banks …

Saudi Arabia’s economic diversifi cation initiatives, one of the priorities listed in its fi ve-year development plan, has yielded positive results, Dr. Waleed Al-Wohaib, chief executive officer of the International Islamic Trade Finance Corporation (ITFC) – a member of the Islamic Development Bank Group – said in a speech before the first Saudi Conference for Trade Finance and Export held …

As part of ongoing eff orts to enhance connectivity, Dubai Gold & Commodities Exchange (DGCX) has approved FFastFill plc, a global provider of soft ware and services to the fi nancial community, as an independent soft ware vendor (ISV) on the exchange. FFastFill, quoted on the London Stock Exchange, develops and supports more than 80 fi nancial institutions worldwide using …

Business confidence rose across almost all Gulf countries in the first quarter of 2010, according to the latest HSBC Gulf Business Confidence Index. Only Bahraini business people saw a slight dip in confidence. Compared to Q1 2009, the overall Business Confidence Index has risen by more than 20 points, indicating that the region’s business people are far more positive about …

China and the Middle East are likely to expand two-way capital flows rapidly in the coming years as investment catches up with recent fast growth in trade, the chief executive of Abu Dhabi financial services firm Invest AD recently told a conference in Shanghai. The next growth area will be two-way investment, with Abu Dhabi emerging as an entry point …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit insurance arm of the Islamic Development Bank (IDB), this month opened its representative office in the Dubai International Financial Centre (DIFC). The official opening was attended by Ahmad Humaid Al Tayer, governor of the DIFC; Dr Ahmad Mohammad Ali, president of the IDB Group and …

The National Bank of abu dhabi (NBad) has been granted a licence by the emirates securities and Commodities authority (sCa) enabling it to practice the “securities Custody” activities of securities listed on local markets – making the bank the first to achieve this feat. According to the “securities Custody” transaction, an investor may entrust his securities in the custody of …

Teachers believe financial literacy should be compulsory for all school leavers, according to a survey carried out by Visa, a leading payment solutions provider. An overwhelming number of GCC education professionals polled “believe that basic financial literacy skills are essential for young people today and would like to see the fundamentals of money management taught in schools”.  Lama Kabbani, corporate …

Dubai in March launched Mirsal2, a comprehensive electronic Customs declaration system that facilitates legitimate trade movement. It accelerates business procedures and advances quality service delivery standards. Dubai Customs developed Mirsal2 in-house over a period of two years. It was designed in line with client and strategic stakeholder needs. It aims to further service delivery standards, reinforce cooperation with partners and …