ARCHIVE
ECONOMY
ARCHIVE

Bahrain selects banks for planned international bond issue

Wednesday, 21 February 2018

Bahrain’s government has selected banks for a planned international bond issue, sources familiar with the matter said on Wednesday. BNP Paribas, Citi and JPMorgan have been chosen to arrange the transaction, along with Gulf International Bank and National Bank of Bahrain, the sources said. Bahrain’s central bank did not immediately respond to a request for comment. The government is covering a budget deficit caused by low oil prices partly ...

Malaysian firm adds Islamic certification to cryptocurrency

Tuesday, 20 February 2018

Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said. Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho. Unlike other cryptocurrencies, GOLDX involves the issuance of a token ...

S&P: Dubai’s real estate slump to last until 2020

Tuesday, 20 February 2018

Dubai real estate prices could decline by 10 to 15 percent over the next two years, hit by new supply, geopolitical risks and the introduction of value added-tax in the United Arab Emirates, S&P Global Ratings’ analysts said on Tuesday.The grim prediction came after Dubai residential prices fell by 5 to 10 percent in 2017, and the weak property market has also begun to hurt earnings of the emirate’s top property developers.“We believe this correction will continue at least ...

Donald Trump Jr. arrives in India to help sell apartments

Tuesday, 20 February 2018

The eldest son of President Donald Trump has arrived in India to help sell luxury apartments and lavish attention on wealthy Indians who have already bought units in Trump-branded developments.Donald Trump Jr. posed for photos Tuesday morning with Indian developers, who are building the complexes in four cities. Later in the week, he is scheduled to make a speech about Indo-Pacific relations at a New Delhi business summit, sharing the stage with Prime Minister Narendra Modi.The Trump ...

Saudi cyber security body inks MoU with SANS Institute

Monday, 19 February 2018

The Saudi Cyber Security and Programming Federation has signed a Memorandum of Understanding (MoU) with the SANS Institute in a move that aims to exchange knowledge, transfer technology and localize capabilities. The MoU was signed on Monday by the Federation’s Vice Chairman, Dr. Abdullah Sharaf Alghamdi. “Signing this agreement with a distinguished company in cyber security training such as SANS will open great horizons for the members of the Federation through professional ...

Saudi Arabia’s King Salman receives Indian finance minister in Riyadh

Monday, 19 February 2018

Saudi Arabia's King Salman met with Indian Finance Minister Arun Jaitley, who is also heading the India operations of the Saudi-Indian Joint Committee,  at Al-Yamamah palace in Riyadh on Sunday."During the meeting, they discussed bilateral relations and ways of developing and enhancing them in various fields," the Saudi Press Agency reported. "The audience was attended by Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Interior, Minister of State and ...

Dubai-based startup secures investment from Chelsea FC owner in Initial Coin Offering

Monday, 19 February 2018

The Dubai-based messaging app, Telegram, has attracted several Russian investors, including Chelsea FC owner Roman Abramovich, since it announced its Initial Coin Offering (ICO) in December 2017, the Arabian Business magazine reported.An ICO is commonly used by startups to avoid regulatory processes to raise capital, instead it gets funds by selling cryptocurrency to early investors in exchange for legal tender. The cryptocurrency then becomes a functional unit of currency if the project meets ...

Saudi initiative to crack down on food waste as $13bn squandered yearly

Monday, 19 February 2018

Saudi Arabia on Sunday launched a national program to crack down on food waste after shocking figures estimated the cost of wastage at $13.3 billion a year, amounting to a third of the country’s food production.The initiative aims to effectively exploit natural resources and establish policies to reduce waste among popular grains and foods, including wheat, rice, dates, vegetables, fruit, red and white meat.The Saudi Grains Organization said at a press conference in Riyadh that it will ...

Pakistan has sold around 750,000 tons of wheat for export

Saturday, 17 February 2018

Pakistan has sold around 750,000 tons of wheat ready for export with a price range of around $188 to $200 a ton, free-on-board, grain exporter Seatrade group said on Saturday. “Some of the wheat is being sold as milling wheat and other as feed ... Some is going by road to Afghanistan,” Tayub Rafiq Balagamwala, director of corporate affairs, told an industry event in Dubai. Pakistan has been hardly visible in wheat export markets in past years with its main sales going to ...

Three held in $1.8 bln Indian public sector bank fraud case

Saturday, 17 February 2018

India’s federal police arrested two employees at Punjab National Bank believed to be at the center of a staggering $1.77 billion fraud, a police source said on Saturday, in the first arrests so far in the country’s biggest-ever bank scam. The arrests late on Friday come amid an intensifying probe involving various authorities after India’s second-largest state-run lender said on Wednesday it had been hit by massive fraud. The two bank employees who were arrested, Gokulnath ...

Top
BREAKING NEWS
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed