Press Releases

Saudi Arabia’s strong hospitality growth drives demand for F&B products Saudi food and beverage industry outlook is positive with an expected annual growth rate of 7 percent Dubai, October 21, 2012: The hospitality sector in the Kingdom of Saudi Arabia has witnessed an unprecedented boom over the last several years. Saudi Arabia’s overall economy shows positive growth in GDP until …

Arab Bank was recently recognized by the international banking publication, EMEA Finance with Best Foreign Exchange and Best Cash Management services awards in the Middle East for 2012. These recognitions are part of EMEA Finance’s Transaction Banking awards recognizing excellence in this field. EMEA Finance considers various performance and structural factors when it comes to choosing the winners, such as …

Dubai eGovernment expands ePay scope by signing agreement with DTCM to provide ePay services to tourist sector October 20, 2012 As part of its efforts to facilitate the transactions of the public in obtaining government services in a speedy, secure and reliable manner, Dubai eGovernment announced the signing of a new joint agreement for ePay with the Department of Tourism …

MasterCard Expands Contactless Payments Infrastructure in the UAE MasterCard® PayPass™ Terminals to be deployed across more than 1000 major stores by year end Acceptance network being enhanced in preparation to launch NFC Payments technology  Dubai, UAE – October 17, 2012: MasterCard (http://newsroom.mastercard.com/), today announced that it is collaborating with Network International, the region’s leading acquirer to enhance the acceptance infrastructure …

October 16, 2012 BofA Merrill Launches Online PIN Check; Innovative Technology Available to Large Corporate Clients Company Expands Rollout of Chip and PIN to Canada NEW YORK – Bank of America Merrill Lynch, a leading provider of transaction services, today announced an enhancement to its Commercial Card offering with the launch of online PIN Check. Online PIN Check allows Chip …

October 15, 2012 Reporters May Contact: Will Wilson, Bank of America Merrill Lynch, 1.980.388.3360 will.wilson@bankofamerica.com  Bank of America Merrill Lynch Completes Information Reporting Transition Corporate Clients Also Benefit from Enhancements to Key CashPro® Online Module NEW YORK – Bank of America Merrill Lynch today announced it has completed the transition of all existing information reporting clients from various older systems …

October 15, 2012 Reporters May Contact: Louise Hennessy, Bank of America, 1.646.855.1403 louise.hennessy@bankofamerica.com  Bank of America Merrill Lynch Unveils Supply Chain Module on Electronic Platform, Trade Pro®  Enhanced Technology to Benefit Both Buyers and Suppliers NEW YORK – Bank of America Merrill Lynch, a leading provider of global transaction services, today unveiled its online supply chain finance module available on …

Economic reform: The unfinished agenda London, 15 October, 2012 – Emerging economies such as China, India, Indonesia, Nigeria and Brazil can boost average individual income by as much as 40% to 50% by 2030 by once again pursuing vigorous economic reform, according to a Special Report by Standard Chartered Research published today. View the full report here. After a “golden …

The Middle East Takaful Forum (METF 2012) to Open on the 17th of October in the Kingdom of Bahrain More than 200 regional Takaful industry leaders to gather at METF 2012 for discussions that will seek to tackle the profitability challenge for the Middle East Shari’ah-compliant insurance industry Manama, Kingdom of Bahrain: 15 October 2012: More than 200 key players …

Abu Dhabi, Shanghai- (October 10, 2012)-The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (UAE), launched its Representative Office in Shanghai today, beginning its operations in mainland China. Founded in 1968 and listed on the Abu Dhabi Securities Exchange, NBAD, in addition to its massive domestic network, has the largest international presence among …

NBAD Inaugurates Subsidiary in Malaysia  The Bank to expand to 41 countries in next decade  NBAD targets Indonesia, Singapore, India, South Korea and Vietnam among other markets GCC& Southeast Asia trade to grow 41% Abu Dhabi, Kuala Lumpur – (October 8, 2012) – The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (UAE), …

Abu Dhabi (October 7, 2012) – The National Bank of Abu Dhabi’s (NBAD) Cautious Income Fund will make a semi-annual distribution of 1.97% on the back of strong performance and robust asset growth. The Dividend is earned from its inception on September 27, 2011 making an annualised yield of 3.44%. The Cautious Income Fund, launched to meet market’s demand for …

October 10, 2012 – Dubai, U.A.E – Dubai Aluminium (DUBAL), one of the world’s largest single site aluminum smelters and the industrial flagship of the United Arab Emirates, has selected SunGard’s AvantGard Treasury (Quantum) for treasury management and hedge accounting. The solution will also help DUBAL manage foreign exchange, interest rate and commodity risk. Moving from a spreadsheet driven environment …

Overcoming the Profitability Challenge Vital for Middle East Takaful Operators The Middle East Takaful Forum (METF 2012) to feature critical discussions that will seek to tackle the profitability challenge for Shari’ah-compliant insurance operators in the region. Manama, Kingdom of Bahrain: 02 October 2012: The global Takaful industry has been experiencing double digit growth rates with the GCC and Malaysia being …

Winner-Takes-All Trend Accelerates as Fewer Managers Are Able to Attract New Asset Flows, While Changing Investor Preferences Contribute to the Growing Power of Distributors and Wealth Managers, BCG Study Finds Dubai, October 1st, 2012—The $58 trillion global asset-management industry faces rising headwinds and its growth has stalled, putting the industry’s attractive economics at risk, according to a report released today …

Standard Chartered Bank Launches First Islamic Euro Nostro Account  Bank Alfalah is the first bank to sign up for this product UAE, 1 October, 2012 – Standard Chartered Bank today announced the launch of the industry’s first Islamic Euro Nostro[1]Account. Islamic banks across the world will now be able to earn Shariah-com pliant profits on their account balances at Standard …