Turkey is set to introduce blockchain-based digital currency, according to data compiled by Anadolu Agency from the country’s Annual Presidential Program. Turkey will launch the currency after its design, development and testing phases are completed. Testing is expected to start in 2020. The announcement comes as China is preparing... Read more
Banque du Liban said raising capital by $4bn would help banks ‘confront the current situation and any future developments particularly in the face of a possible credit downgrade’ Lebanon’s central bank asked local lenders to raise their capital by 20% in the next year, the state-run National News Agency... Read more
Transfer of money by Saudis outside the kingdom also down 9% compared to last year Expatriates in Saudi Arabia sent SR93 billion ($24.8bn) overseas in the first nine months of the year – down 11 percent for the same period in 2018. However, according to figures released by the... Read more
More than 1,000 authorised ticket resellers around the world indicate commitments for over 2 million tickets prior to official launch Expo 2020 Dubai’s ambition to draw 25 million visits through its gates is on track after more than 1,000 authorised ticket resellers (ATRs) have signed up in key markets... Read more
Amanat Holdings has recorded a 38% increase in nine-month net profit despite losses related to Bahrain hospital investment Amanat Holdings, the GCC’s largest healthcare and education investment company, has recorded a 38 percent increase in nine-month net profit to AED33.4 million on total income from investments of AED52.1 million.... Read more
Everyone is being encouraged to invest in the kingdom’s most important asset and many Saudis see the IPO as a demonstration of loyalty It’s the day so many ordinary Saudis have eagerly awaited. The sale of shares in their national oil giant, Aramco, has been three years in the... Read more
Saudi Arabia’s BinDawood Group is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to sell shares of its supermarket business as early as next year, according to people with knowledge of the matter. The company also picked GIB Capital for the deal, which could value the... Read more
Abu Dhabi Commercial Bank combined with local rivals Union National Bank and Al Hilal Bank in May to create the Gulf region’s fifth-biggest lender Abu Dhabi Commercial Bank PJSC, which completed a three-way merger in May, plans to exit its operations in Qatar and Kuwait to focus on its... Read more
Revenue in Oman is on the rise and the deficit is plummeting, according to data released by the National Centre for Statistics and Information. A recent report shows that Oman’s government budget deficit had plunged 24.7 per cent to OMR1.4 billion by the end of August this year, down... Read more
The prospect of the world’s most profitable firm falling short of a $2 trillion valuation sought by Saudi rulers is widely considered the reason the IPO has been delayed Saudi Aramco has said the timing of its long-awaited stock market debut “will depend on market conditions”, after... Read more