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Economics

UAE bank launches ATM withdrawals via smartphone

Customers of a UAE-based bank who own a Samsung smartphone can now withdraw cash from an ATM without the need of a debit or credit card. National Bank of Ras Al Khaimah (RAKBANK) said in a statement that it is the first bank in the Middle East to introduce Samsung …

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Dubai's Abraaj said to plan IPO of South African firm

Abraaj Group is planning an initial public offering of South African food and personal care maker Libstar, which may value the firm at as much as $1 billion, according to people familiar with the matter. The Dubai-based emerging markets buyout firm, which bought a controlling stake in Libstar in 2014, …

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UAE Islamic bank adds extra security to cheques

Emirates Islamic has announced that it will introduce blockchain technology into its cheques as a fraud prevention measure. Termed Cheque Chain, Emirates Islamic said it is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method. Emirates Islamic will issue new cheque …

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UAE fund aims to create Emirati Google, Tesla by 2071

Sandooq Al Watan, a national initiative launched by prominent Emirati businessmen to support research projects, aims to create the an Emirati Google or Tesla by 2071. The “Our Future” initiative hopes to prepare the UAE for a post-oil era by supporting the establishment of world-class Emirati start-ups and growing them …

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FTSE Nasdaq Dubai UAE 20 closes 0.39 percent down

Wed 21-06-2017 18:10 PM DUBAI, 21st June, 2017 (WAM) — The FTSE Nasdaq Dubai UAE 20 index edged down 0.39 percent, closing at 3360.7 points at the end of Wednesday’s trading of 415,000 shares worth US$3.6 million. DP World was among the top performers out of nine listed companies, trading …

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Four million barrels of crude auctioned for Iraqi company

Wed 21-06-2017 18:24 PM DUBAI, 21st June, 2017 (WAM) — A 2-million barrel cargo of Basrah Heavy was awarded at a premium of US$1.18 over the August Basrah Heavy Official Selling Price (OSP), to Iraq’s National Oil Company, SOMO, in an auction hosted Wednesday by the Dubai Mercantile Exchange. DME. …

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