#finance

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Virus may force Kuwait Finance and Bahrain’s AUB to reassess merger

Last year, Kuwait Finance House offered to buy Ahli United Bank in an all-share deal that was valued at about $8.8bn

Finablr uncovers $1bn in hidden debt as UAE’s NMC Health scandal widens

The London-listed company, Finablr, had a market value of GBP77m when it was halted from trading in March, down from a peak of GBP1.5bn in December

Webinar: Investing during the current Covid-19 crisis – Century Financial Dubai

While there remain pockets of opportunity, investors should ensure they have sufficient liquidity right now, stresses Vijay Valecha, chief investment officer at Century Financial  

Abu Dhabi’s Waha to invest bulk of $200m in US stocks

Waha Capital posted a loss of Dhs616m for 2019

Saudi banks act in unison to reassure investors on oil and virus

Lenders warned that it’s still too early “to determine the size and extent of the financial impact at this stage”

First Abu Dhabi Bank

First Abu Dhabi Bank reports 22% decrease in year-on-year Q1 2020 net profit

Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn

Dubai to raise bonds privately to bolster finances

The emirate raised Dhs1bn through a private placement of eight-year Islamic bonds at a rate of 4.71 per cent earlier this month

Dubai’s DIFC says employers can reduce pay during Covid-19 crisis without employee consent

The new directives will remain effective from April 21 – July 31, 2020

Saudi wealth fund seeking ‘any opportunity’ amid virus

The Public Investment Fund has stepped up deal-making in a bid to become the world’s biggest manager of sovereign capital

Expired Emirates IDs will be valid for banking transactions in the UAE

The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid

Abu Dhabi GDP hits Dhs620bn for first nine months of 2019

The emirate’s GDP grew 4.6 per cent, up from around Dhs592.9bn in the first nine months of 2018

Abu Dhabi’s ADIB looks to save Dhs500m by cutting jobs, shutting branches – report

Abu Dhabi Islamic Bank is reportedly planning to close local and international branches

Revealed: Top 10 companies in Kuwait in 2017

The biggest listed companies in Kuwait by market capitalisation

Revealed: Top 50 GCC banks

Gulf Business reveals the 50 biggest banks in the GCC as ranked by total assets

Revealed: Top 100 most powerful Arabs 2017

Prince Alwaleed Bin Talal Alsaud, founder and chairman of Saudi’s Kingdom Holding Company, topped the list

Top 50 GCC Banks 2015

The GCC banking sector had a good year in 2014 with higher profit growth and…

Egypt Requests $4.8bn IMF Loan

The country made a formal loan request to the International Monetary Fund during a visit to Cairo by IMF chief Christine Lagarde.