Letter from the editorial director

10 November 2014

Dear Reader, Mythology has it that Midas was a king who turned everything he touched into gold – a “talent” that the UAE seems to possess at the moment. As we say in this issue, in an extract from the CMM’s 2014 UAE Tajara Monitor, “Black gold is not the only oil of industry in […]

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Posted in Issue 30 November / December 2014Comments (0)

Global payment changes to re-shape expectations

10 November 2014

The next generation of tech-savvy entrepreneurs and business leaders is transforming the global payments market, according to a new report, Global Payments 2020: Transformation and Convergence, from BNY Mellon, a global leader in investment management and investment services. The report says the payments landscape is being shaped by the needs and expectations of retail customers […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

Step up financial monitoring, corporates are advised

10 November 2014

The UAE hosted the Global trade Development Week EMEA, which will see an unprecedented gathering of influential business and government leaders, entrepreneurs and academics from more than 70 countries. The event, which is the world’s largest trade facilitation, development, investment and customs programme, was held in Emirates Towers, Dubai, from 27 until 29 October. Businesses […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

New MENA-Japan link

10 November 2014

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, have signed a Memorandum of Understanding (MOU) regarding co-operation. The MOU is intended to strengthen the […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

NBAD among ‘50 safest banks’

10 November 2014

NBAD has been ranked among the World’s 50 Safest Banks for the sixth consecutive year by Global Finance magazine, which rated it 25th, up 10 positions compared with the previous year. In addition, it found NBAD remained the safest bank in the Middle East and Emerging Markets. Alex Thursby, group chief executive officer of NBAD, […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

$45m murabaha backs exporters

10 November 2014

The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group, signed a $45m Murabaha Agreement with the Turkish “Aktif Bank” as a line of financing aimed at supporting Turkish exporters. This highlights ITFC’s mandate to promote intra-trade among Organisation of Islamic Conference member countries and its continuous efforts to support […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

Gulf ripe for project financing

10 November 2014

There is huge potential for project financing in the Gulf, according to the French banking giant Société Générale, which said it sees the region as an important market as it meets the bank’s expectations on safety, security and return on capital. “There is much liquidity available to be deployed, but we have to be mindful […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

‘Trade advance’ for The Comoros

10 November 2014

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a financing agreement with the government of The Comoros regarding a revolving $20m facility to secure strategic supplies of petroleum products in the country. HE Mohamed Ali Soilihi, IDB governor and The Comoros vice-president, and Eng. Hani Salem […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

New Gulf chief for Euler Hermes

10 November 2014

Euler Hermes has appointed Mahan Bolourchi as GCC CEO, with responsibility for Euler Hermes operations in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. “The Euler Hermes GCC team is strongly focused on providing high-quality service to our customers, and to delivering tailor-made solutions to protect companies of all sizes and sectors against payment […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

Early price cut from SWIFT

10 November 2014

SWIFT announced at Sibos last month that it had delivered early on its commitment to reduce its messaging prices by between 30 and 50 per cent between 2010 and 2015, a goal the company set as part of its SWIFT2015 strategy. “We have now achieved the high-end of our commitment, delivering a 50 per cent […]

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Posted in Issue 30 November / December 2014, News RoundComments (0)

Emirates develops the Midas touch

10 November 2014

Black gold is not the only oil of industry in the emerging Emirati economies. In a final look at last year, CMM’s CAROLINE MAGINN makes transparent some of the extracts from thecompany’s 2014 UAE Tajara Monitor The trade and investment storyboard was very positive across even the non-oil based Emirates economies and corporate banking continued […]

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Posted in Issue 30 November / December 2014, News Round, Tajara MonitorComments (0)

Airline forecasts its financial future

10 November 2014

Etihad Airways has transformed its profit and loss forecasting and cost modelling procedures to introduce dynamic planning. Helped by a new Adaptive Insights software tool that shifts accountability for inputs to the business and encourages everyone’s participation, the overhaul has eliminated disparate Excel and Access-based models to enable more analysis.  Vydya Venkateswaran, of Etihad Airways, […]

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Posted in Cash, Issue 30 November / December 2014Comments (0)

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