ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) and Al Baraka Banking Group — a Bahrain-headquartered Islamic multinational banking group —announced the signing of a memorandum of understanding (MoU) to expand transactional networks. The correspondent bank-ing arrangement provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions. The MoU was ...

ABU DHABI / WAM The vital projects between the UAE and China reflect the close cooperation between the two countries and the UAE’s strategic role in supporting the success of China’s ‘Belt and Road’ initiative as the gateway to the Middle East and North Africa. There are several prominent Chinese projects in the China-UAE Industrial Capacity Cooperation Demonstration Zone in ...

FUJAIRAH / WAM National Bank of Fujairah (NBF) announced its results for the six month period ended on June 30. NBF posted a record net profit of AED357.1 million, a rise of 15.1 percent over the corresponding period of 2018, which exhibits its resilient business strategy. The bank also recorded its best-ever half-year operating profit of AED567.0 million which increased ...