News Round

The next generation of tech-savvy entrepreneurs and business leaders is transforming the global payments market, according to a new report, Global Payments 2020: Transformation and Convergence, from BNY Mellon, a global leader in investment management and investment services. The report says the payments landscape is being shaped by the needs and expectations of retail customers as much as by commercial and …

The UAE hosted the Global trade Development Week EMEA, which will see an unprecedented gathering of influential business and government leaders, entrepreneurs and academics from more than 70 countries. The event, which is the world’s largest trade facilitation, development, investment and customs programme, was held in Emirates Towers, Dubai, from 27 until 29 October. Businesses are being encouraged by leading …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, have signed a Memorandum of Understanding (MOU) regarding co-operation. The MOU is intended to strengthen the existing partnership between the SMBC …

NBAD has been ranked among the World’s 50 Safest Banks for the sixth consecutive year by Global Finance magazine, which rated it 25th, up 10 positions compared with the previous year. In addition, it found NBAD remained the safest bank in the Middle East and Emerging Markets. Alex Thursby, group chief executive officer of NBAD, said, “This recognition reflects the …

The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group, signed a $45m Murabaha Agreement with the Turkish “Aktif Bank” as a line of financing aimed at supporting Turkish exporters. This highlights ITFC’s mandate to promote intra-trade among Organisation of Islamic Conference member countries and its continuous efforts to support vital economic sectors in those countries.

There is huge potential for project financing in the Gulf, according to the French banking giant Société Générale, which said it sees the region as an important market as it meets the bank’s expectations on safety, security and return on capital. “There is much liquidity available to be deployed, but we have to be mindful of the safety, quality of …

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a financing agreement with the government of The Comoros regarding a revolving $20m facility to secure strategic supplies of petroleum products in the country. HE Mohamed Ali Soilihi, IDB governor and The Comoros vice-president, and Eng. Hani Salem Sonbol, deputy CEO ITFC, signed …

Euler Hermes has appointed Mahan Bolourchi as GCC CEO, with responsibility for Euler Hermes operations in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. “The Euler Hermes GCC team is strongly focused on providing high-quality service to our customers, and to delivering tailor-made solutions to protect companies of all sizes and sectors against payment defaults,” he said. “The market …

SWIFT announced at Sibos last month that it had delivered early on its commitment to reduce its messaging prices by between 30 and 50 per cent between 2010 and 2015, a goal the company set as part of its SWIFT2015 strategy. “We have now achieved the high-end of our commitment, delivering a 50 per cent reduction in messaging prices to …

Black gold is not the only oil of industry in the emerging Emirati economies. In a final look at last year, CMM’s CAROLINE MAGINN makes transparent some of the extracts from thecompany’s 2014 UAE Tajara Monitor The trade and investment storyboard was very positive across even the non-oil based Emirates economies and corporate banking continued to be central to banks …

International trade growth has dropped drastically compared to those years before the global financial crisis but is now hesitantly picking up, according to Global Survey 2014, the largest and most comprehensive International Chamber of Commerce (ICC) report to date, which includes data from 298 banks across 127 countries. Survey highlights include: Lack of available trade finance causing global trade growth …

The UAE is preparing to host Global Trade Development Week EMEA, which will see an unprecedented gathering of influential business and government leaders, entrepreneurs and academics from more than 70 countries. The event, which is the world’s largest trade facilitation, development, investment and customs programme, will be held in Emirates Towers, Dubai, from 27 until 29 October. “It is time …

Arab Bank Group’s net profit after tax and provisions during the first half of 2014 grew by seven per cent to $414.9m from $387.3m in the same period last year. Loans and advances also increased, by four per cent, to reach $23.7bn compared to $22.9bn on June 30, 2013. Also, customer deposits grew by $1.7bn to reach $34.4bn compared to …

Bank of America Merrill Lynch has announced that a new payments capability is available on CashPro®Online, the company’s worldwide banking portal. Corporate and government clients of all sizes utilising CashPro can now transact low-value cross-currency payment into 29 countries, at the same time benefiting from reduced costs and improved efficiency. “We’re pleased to add this new capability to CashPro Payments …

Barclays continues to grow its MENA team with the appointment of Jeroen Reyes Stolker as head of trade and working capital for the Middle East. Reporting to Baihas Baghdadi, managing director, head of trade and working capital international at Barclays, Stolker will support clients with their business needs by providing end-to-end trade and working capital solutions.

Citi UAE, the leading provider of cash management and trade services in the MENA region, and Now Health International, an international health insurance provider with regional services in the UAE, have  announced a partnership whereby Citi UAE will provide direct debit services to Now Health International as a collection channel for their insurance premiums. The direct debit solution will use …