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Dubai tells global bankers to expect another boom

Reuters – Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers. Over a dozen top Dubai officials and executives met about …

Daily News Egypt

G20 final document unlikely to address Ukraine crisis

Reuters – The world’s financial leaders are likely to discuss possible risks to Europe’s economy from the crisis in Ukraine, but there are no plans to mention it in the final document from their Washington meeting, two G20 officials said. Finance ministers and central bankers from the Group of 20 developed and emerging economies will …

Daily News Egypt

Egyptian pound strengthens at central bank Forex sale

Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP  …

Daily News Egypt

Barclays to sell UAE retail ops to Abu Dhabi Islamic Bank for $177m

Reuters – Barclays has agreed to sell its retail banking operations in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB) for an expected price of AED 650m ($177m), ADIB said on Sunday. The emirate’s largest Islamic bank said it aimed to acquire 110,000 customers through the deal, helping it expand into serving expatriates, …

Daily News Egypt

Dubai to challenge London with Islamic financing platform

Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …

Daily News Egypt

Egypt’s Suez Cement Raises Dividend

Reuters – Suez Cement, Egypt’s biggest listed cement maker by market value, will pay a cash dividend of EGP 2.65 ($0.38) per share, it said in a statement published on the bourse on Tuesday. The company, which lists Italcementi Group as its main shareholder, said it would make the payment in two phases. One pound …

Daily News Egypt

Dubai Investments to lift foreign ownership cap to 35%

Reuters – Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35% of its total capital, the company said on Sunday. Foreign investors now hold 13.7% of Dubai Investments’ shares out of the total 20% allowed, bourse data shows. The firm’s shareholders, including …

Daily News Egypt

How to deal with emerging markets volatility

By John Wasik Since the beginning of the year, emerging markets have been like cats on a hot tin roof. Hot money is skittering out of foreign markets as countries from Argentina to Turkey have been clawed by economic and political turmoil. But even with heightened concerns about the prospects of developing countries, emerging markets …

Daily News Egypt

Qatar’s Masraf Al Rayan buys Islamic Bank of Britain

Reuters – Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, said on Thursday it had completed its acquisition of Islamic Bank of Britain (IBB). Al Rayan did not disclose the terms of the purchase. IBB was majority-owned by another Qatari lender, Qatar International Islamic Bank, which had been in discussions with Al Rayan over a sale since mid-2012. Al Rayan said in a bourse …

Daily News Egypt