DUBAI, Oct 24 (Reuters) – Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts. Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.

Source: Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters

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More than 25 per cent of the world’s 500 largest companies have the UAE as the regional base of their operations in the Middle East and North Africa, says a report.

Source: 25pc of world’s top firms have base in UAE

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Jayne-Anne Gadhia (pictured) is leaving Virgin Money, where she was chief executive. In June The Clydesdale and Yorkshire bank brands agreed a £1.7bn takeover of Virgin Money. While she is no longer CEO she has agreed in principle to support the group as senior adviser to David Duffy, chief executive of Clydesdale and Yorkshire Banking Group, for 18 months.

Source: Jayne-Anne Gadhia to leave Virgin Money | Mortgage Introducer

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UAE falls, Bahrain, Saudi rise on HSBC expat ranking The average annual salary in the UAE was found to be the sixth highest globally at $155,039

Source: UAE falls, Bahrain, Saudi rise on HSBC expat ranking – Gulf Business

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One of Europe’s biggest banks, Banco Santander, has poached the head of investment banking at UBS to be its next chief executive.Andrea Orcell will replace José Antonio Alvarez, who has been at the helm since January 2015. He has been a long-standing adviser to the Botin family that controls Santander.

Source: Santander appoints new chief executive – BBC News

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DUBAI, Sept 25 (Reuters) – Kuwaiti stocks rose nearly 0.8 percent in early trade on Tuesday, helped by expectations that its inclusion in the FTSE Russell emerging market index will trigger more foreign fund flows. The first phase of its entry to the index began on Monday and the second stage will be on Dec. 24.

Source: MIDEAST STOCKS-Kuwait up 0.8 pct on expectations of foreign inflows

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Emirates Islamic launches mortgages for non-residentsCustomers can avail financing up to 50% of their UAE property value and repay over 25 years

Source: Emirates Islamic launches mortgages for non-residents |

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LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.The German banking giant originally established its Riyadh branch in 2006.

Source: Deutsche Bank appoints Riyadh GM | ZAWYA MENA Edition

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The average cost of moving home in the UK has increased by £4861 over the past year to £12,110 (from £11,624), topping £12,000 for the first time, Lloyds Bank has found. This 4% rise in costs comes at a time when the annual growth in average earnings is at 2.9% and the price that consumers have to pay for goods and services is up 2.42%2.

Source: Average cost of moving home tops £12,000 for first time | Mortgage Introducer

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DIFC marks remarkable growth in asset management sector The number of registered companies and specialist global advisors in the Centre has increased to more than 200, including 13 of the world’s top 25 firms in the sector

Source: DIFC marks remarkable growth in asset management sector | ZAWYA MENA Edition

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Abu Dhabi is exploring the potential merger of three of its banks to create a lender with around $110bn of assets.Bloomberg first cited sources as confirming discussions to combine Abu Dhabi Commercial Bank (ADCB), Union National Bank and Al Hilal Bank. If successful a deal could be announced as early as this month, the sources said, emphasising that a final decision has yet to be made.

Source: Abu Dhabi’s ADCB, Union, Al Hilal Bank in talks to merge – Gulf Business

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PT Bank Mandiri, Indonesia’s largest bank by assets, plans to list its Islamic finance unit in 2020 as demand for Shariah-compliant products surges in the world’s most populous Muslim-majority nation.

Source: Indonesia’s Bank Mandiri is on track to list its Islamic finance unit in 2020

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