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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

CBUAE to start new terms for credit and liquidity facilities

The new terms and conditions will come into effect on 1st March, 2022.
  • The new terms and conditions define the discretionary powers related to the activation of these facilities and the guidelines for collateral management
  • In addition, the CBUAE may activate the Contingent Liquidity Insurance Facility in response to any actual or prospective stress of an exceptional nature

The Central Bank of the UAE will introduce a new set of terms and conditions for its standing credit and liquidity insurance facilities. It will enable the licensed financial institutions in the UAE to access CBUAE reserves on an overnight or term basis by posting eligible collateral.

The new terms and conditions, which will come into effect on 1st March, 2022, define the discretionary powers related to the activation of these facilities, and the guidelines for collateral management.

At their own discretion, eligible counter-parties may access either of the standing credit facilities to draw on CBUAE reserves on an overnight basis, through Collateralized Funding or Murabaha Transactions, to deal with temporary liquidity needs.

In addition, the CBUAE may activate the Contingent Liquidity Insurance Facility in response to any actual or prospective stress of an exceptional nature, where eligible counter-parties need CBUAE reserves for extended terms.

Khaled Mohamed Balama, Governor of the CBUAE, stated, “The reorganization of the spectrum of eligible collateral will ensure more effective intervention by the CBUAE to provide eligible counter-parties with liquidity at times of stress, or to deal with domestic market issues. The new features of the standing credit and liquidity insurance facilities shall also assist the CBUAE to cope with all market conditions.”