News Round

MENA’s top talent in accountancy and finance were celebrated at the third annual Middle East Accountancy and Finance Excellence Awards at a ceremony at the Ritz Carlton in Abu Dhabi. Organised by ICAEW (the Institute of Chartered Accountants in England and Wales) and sponsored by the National Bank of Abu Dhabi (NBAD) and the PIC Group, the awards recognise “the …

Arab Petroleum Investments Corporation (APICORP), the Multilateral Development Bank owned by the 10 member nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), has signed a Documentary Credit Insurance Policy (DCIP) with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group. The policy will help APICORP effectively …

Steve Troop, CEO, Barwa Bank – Qatar’s fastest growing Shari’ah compliant banking service provider – has been named “Banking CEO of the Year” at the MENA 2013 Awards held by The European magazine. He said, “I am honoured and flattered to be acknowledged with this award though I emphasise that we are a team at Barwa Bank and I accept …

The demand for trade finance is rising in Saudi Arabia as the Kingdom’s non-oil exports hit 51,536 million riyals for the second quarter in 2013, an increase of 6.3 per cent in comparison to the same period the previous year The Kingdom’s imports for the second quarter of 2013 also saw an increase of 11.2 per cent and amounted to …

The Aman Union Database has now been launched by Dr Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the chief executive officer of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), and  Abdulaziz Bin Nasser Al-Khalifa, chief executive officer of Qatar Development Bank. The event took place in Doha …

Standard Chartered has launched a wholesale banking operations in Iraq with the opening of a head office (and first branch) in Baghdad inaugurated by Nuri Al Maliki, Prime Minister of Iraq.  This makes Standard Chartered, which has been operating in the Middle East for more than 90 years, the first international bank to have full-fledged, on-the-ground wholesale banking operations in …

Mozambique has recently joined the Aa3-rated Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), bringing the number of member countries to 41. Dr Abdel Rahman El-Tayeb Taha, CEO of ICIEC, said, “The Republic of Mozambique’s membership opens the door for its private and public sectors to benefit from the risk mitigation services offered by ICIEC to expand …

The second regional CFO conference organised by the Middle East CFO Alliance last December at the Ritz Carlton, Dubai, was judged another huge success. With this event, MECA accomplished the prestigious milestone of successfully organising four CFO Conferences within a record period of 12 months. More than 200 CFOs and senior finance executives from organisations across the region representing multiple …

The Capital Finance International (CPI) 2013 award to Euler Hermes GCC as the “Best Credit Insurance Services and Solutions Provider in the Middle East” was said to recognise the company’s profitable regional growth, particularly in the UAE, Qatar and Saudi Arabia. The judges also “particularly noted the customer service quality that led to a higher retention rate than that of …

The central banks of Malaysia and the United Arab Emirates have signed a pact to foster closer economic ties between the two countries, including those in the area of Islamic finance. The agreement signals stronger co-operation between the two financial hubs, which held a combined $181bn in Sharia-compliant banking assets as of 2011, despite growing competition for a share of …

Recent statistics revealed by Dubai Smart Government show more than AED 4bn was generated through ePay in the first nine months of 2013, which is a 23 per cent increase compared to the same period last year. ePay enables customers to pay their bills electronically and settle dues for various government services in a safe and secure environment that saves …

In further recognition of the National Bank of Fujairah’s commitment and excellence in trade finance and corporate banking, it has been awarded CMM Trade Finance Tajara Benchmark status in 2013. According to Cash Management Matters, publishers of Cash&Trade magazine, this is in recognition of:  the bank’s inclusion in the Tajara Monitor bulge bracket of 12 out of the more than …

Foreign direct investment and remittance flows are expected to remain subdued in MENA for the timebeing, while portfolio flows will remain lower than in other emerging markets and developing countries. Growing regional economic and social spillovers from the conflict in Syria  are adding to the complexity of the economic environment, according to experts in the field.

Dubai has been chosen as the first city in the Middle East to host a British Business Centre. It will be created in partnership with the Dubai Economic Department, SME Dubai and FDI Dubai and is scheduled to open in March 2014. Jonathan Davidson, British Business Group chairmen for Dubai and the Northern Emirates, said the centre would “further develop …

BNY Mellon has appointed Anil Dala as market manager within its treasury services business in Europe, the Middle East and Africa (EMEA). He will work with both sales and product line management in developing solutions to serve non-bank financial institutions (NBFIs), and will report to Peter Hazou, head of EMEA market management, treasury services at BNY Mellon, who said, “Serving …

The Middle East’s aluminium industry is in an advantageous position, and can play a key role in industry consolidation and the development of new globally active players, says a new report by the Boston Consulting Group (BCG). It explains that the Middle East’s strategic position is illustrated by the recent $15bn merger of Dubai Aluminium (Dubal) and Emirates Aluminium (Emal) …