ABU DHABI / WAM The UAE is home to eight Islamic Banks, accounting for approximately 20 percent of total assets in the banking sector, which comprises 23 percent of total domestic credit as of the end of August 2017, Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, said. “The growth of Islamic banking has been supported by robust ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) Group announced on Sunday that its net profit for the first nine months of 2017 rose 13 percent year-on-year to AED1.69 billion. “Net profit for the third quarter of 2017 delivered a 10.8 percent year-on-year rise,” the bank said in a press statement. Revenues increased by four per cent for the ...

DUBAI / WAM Abu Dhabi Securities Exchange (ADX), and Nasdaq Dubai signed an agreement to develop and launch an Index Futures contract based on the Abu Dhabi General Index (ADI), on Nasdaq Dubai’s derivatives platform. The ADI indicates the performance of ADX listed stocks and is widely tracked by the investment and trading community locally and internationally. The ADI’s value ...

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, attended the signing of 12 Memorandums of Understanding (MoUs) between Area 2071 and various local and international partners. Area 2071 seeks to find innovative solutions to current and future development challenges faced in a number of sectors. This ...

Abu Dhabi / Emirates Business Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced two major initiatives — the launch of the ADGM FinTech Innovation Centre and its global partnership with world’s largest startup accelerator Plug and Play — at its inaugural FinTech Abu Dhabi Summit. These two FinTech initiatives aim to support greater financial innovation, ...

DUBAI / WAM DP World and Dubai Carbon Centre of Excellence (DCCE) signed an agreement to use crowdfunding, and innovative Fintech tool, to power the retrofitting of warehouses in Mina Rashid. The agreement was signed by Nabil Battal, Global HSE Director of DP World, and Ivano Iannelli, CEO, Dubai Carbon, on Monday at the19th edition of Water, Energy, Technology and ...

Abu Dhabi / Emirates Business Business leaders and decision makers from across the SMEs sector will meet at ADNEC this week to discuss innovations and solutions for SME business growth in the region. Smart Business Expo, in strategic partnership with Abu Dhabi Chamber of Commerce, and partner Etisalat will be driving the agenda to discuss critical issues affecting the sector ...

DUBAI / WAM The 4th Annual Arab Future Cities Summit will be held under the patronage of the Ministry of Infrastructure Development, on October 30-31 in Dubai. During a news conference, Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, said the ministry and Sheikh Zayed Housing Programme are working in parallel to embed smart technology and sustainability ...

DUBAI / WAM The Water, Energy, Technology, and Environment Exhibition (WETEX 2017) was opened on Monday by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of Dubai Electricity and Water Authority (DEWA). Themed ‘At the Forefront of Sustainability,’ WETEX is organised by DEWA on October 23–25 at the Dubai International Convention ...

DUBAI / Emirates Business All future ENOC service stations will be powered by solar energy to support the UAE’s long-term strategy to target an energy mix that combines renewable, nuclear and clean energy sources to meet the country’s economic requirements and environmental goals. The announcement, made during the Water, Energy, Technology and Environment Exhibition (WETEX) 2017, is also in line ...