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MIDDLE EASTERN (B)

MIDDLE EASTERN (B)

IMF Confident Saudi Can Meet 1.9 Percent GDP Forecast

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Saudi Arabia’s economy can achieve an International Monetary Fund forecast of 1.9 percent gross domestic product growth this year, the central bank governor said on Sunday.

The IMF said last month that growth in the non-oil sector was expected to accelerate as the Kingdom moved ahead with economic reforms.

Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA), made the comments during a press conference in Riyadh.

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The IMFSaid Last Month That Growth in the Non-Oil Sector Was Expected to Accelerate as the Kingdom Moved Ahead With Economic Reforms. (Shutterstock)

Copyright: Arab News © 2018 All rights reserved.

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MIDDLE EASTERN (B)

Strong Tier-One Perpetual Sukuk Debut for ADIB With $750 Million

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Abu Dhabi Islamic Bank (ADIB) has successfully raised $750 million of additional Tier 1 through a perpetual Sukuk that complies with Basel III regulatory framework issued by the Central Bank of the UAE.

ADIB, which is rated A2 by Moody’s and A+ by Fitch, in each case with a stable outlook, priced the non-call, five-year Sukuk at a profit rate of 7.13 per cent.

ADIB, which is rated A2 by Moody’s and A+ by Fitch, in each case with a stable outlook, priced the non-call, five-year Sukuk at a profit rate of 7.13 per cent. (File/ Photo)

© 2018 CPI Financial. All rights reserved.

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MIDDLE EASTERN (B)

Flynas Aims to Recruit 500 Male and Female Saudi Nationals

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Saudi low-cost carrier flynas has announced that it will open employment applications to young Saudi men and women for the “Future Pilots” and “Flight Attendants” programmes.Flynas stated that the “Future Pilots” programme aims to recruit 200 male and female pilots over the next five years, while the “Flight Attendants” programme aims to attract 300 Saudi male and female flight attendants within two years.

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Flynas stated that the “Future Pilots” programme aims to recruit 200 male and female pilots over the next five years, while the “Flight Attendants” programme aims to attract 300 Saudi male and female flight attendants within two years. (Shutterstock)

Copyright 2018 Al Hilal Publishing and Marketing Group

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MIDDLE EASTERN (B)

Islamic Banks Urged to Update Property Rules to Protect $1.3 Trillion Global Assets

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Bahrain-based CIBAFI has called on regulators overseeing Islamic banking to revise guidance on real estate exposures to align with the post-financial crisis capital rules of Basel III, reported Reuters.

The amended version of Basel III, finalised in December 2017, introduced additional requirements including concentration limits and independent asset valuations.

The General Council for Islamic Banks and Financial Institutions (CIBAFI) said treatment of real estate across Islamic finance jurisdictions still reflected Basel II or pre-reform Basel III rules. (Shutterstock)

© 2018 CPI Financial. All rights reserved.

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MIDDLE EASTERN (B)

Jordanian Engineers Association Rejects New Income Tax Law

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President of the Jordanian Engineers Association (JEA) Ahmad Zu’bi on Saturday announced the association’s rejection of the new income tax draft law in its current form.

The rejection came during a swearing-in ceremony for 160 male and female engineers. Zu’bi said the proposed bill is not harmonised with what he described as “the state of dialogue between the associations and the government”, the Jordan News Agency, Petra, reported.

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Jordan is currently going through difficult conditions, and internal and external challenges, including an increase in unemployment rates. (AFP)

© Copyright The Jordan Times. All rights reserved.

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