#finance
Operations under the new name and structure are planned to start on April 1, 2021
The bank recorded a a full year 2020 net profit of Dhs10.6bn
The amount will help fund international programmes that meet the medical, nutritional, and food security needs of the country
Authorities had reduced the cap to 5 per cent in March 2020 to contain the fluctuations triggered by the pandemic
BCG says earnings could shrink by -2.1% annually between 2019 and 2024
The new decision, which does not apply to private sector firms, will take effect from January 1, 2024
NMC is undertaking a complete restructuring of its balance sheet following the discovery of significant fraud and debt
The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework
The value of securities traded on the exchange increased 28 per cent to Dhs72.8bn in 2020 from Dhs56.8bn in 2019
The two men, who have not been named, reportedly took advantage of their position in the company and misused public funds
Employing the services of certified audit firms can help companies in the country meet regulatory requirements and avoid penalties
The decline was attributed to a substantial increase in impairment provisions and lower operating profit
Those arrested were allegedly involved in a scheme that transferred more than SAR11.5bn outside the country
With the pandemic upending the business landscape, what are the trends that we should look out for?
The focus on sustainability means that cleantech offers strong potential for growth, states entrepreneur and investor Shailesh Dash, who shares his market perspective in this monthly column
Total income of Dhs23.2bn improved 4 per cent year-on-year
Al Rostamani will takes over from Andre Sayegh
The price of Brent crude is still below what most of the region’s economies need to balance their budgets
Ahmed Alkholifey is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016
The structured note which matures in 12 months provides 95 per cent capital protection
Lawmakers have called for a 2.5 per cent fee on all money transfers out of the country
JMR’s Genie de Banca digital platform will enable banks and financial institutions to automate and digitise their lending departments, develop new revenue channels, and present their customers with new products and services
Investors have pushed risk assets including stocks to sky-high valuations on expectations that widespread vaccine distribution in 2021 will reignite economic growth
As societies adopt more digital payment tools, it is important to bring along the 25 million locally who are still living in cash mode
The option to postpone installments is to be offered to all customers residing in the kingdom, whether individuals or companies
Oman’s central bank also said banking sector in the sultanate was “comfortably placed”
The reshuffle comes as the PIF and its subsidiaries prepare to significantly increase domestic spending
Adnan Kazim has been named as its new chairman in line with regulatory requirements
The fintech sector is booming – supported in part by the Covid-19 pandemic – and Northern Ireland offers regional businesses a great platform for growth
International banks have been expanding in Saudi as the country embarks on a plan to diversify its economy beyond oil