FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...Business Banking & Finance Markets
UAE, Iraq agree to promote and protect investments
The agreement is part of the UAE’s endeavors to strengthen and activate means of economic and investment cooperation globally.The agreement aims to encourage foreign investment by improving the investment environment and enhancing economic cooperation
It will also look to secure a balance between rights and obligations between investors and the host country
UN report says global FDI rebounds to $852bn in H1
A United Nations report has depicted a positive picture of global foreign direct investment during the first half of 2021....Countries around the world recorded a total of $852 billion in FDI flows, showing a “rapid recovery” from the 2020 lows
Developed economies recorded the biggest increase in new investments, with FDI reaching an estimated $424 billion in the first half of the year
Gulf Islamic Investment of UAE to invest $500m in India
Gulf Islamic Investment of UAE will invest $500 million in India over the next three years as it takes steps...The shariah-compliant firm said its current investment plan is sector-agnostic and is now keen to partner with Indian start-ups and growth companies
This follows its Indian investment debut in 2020 with India Growth Portfolio (IGP-I)
Zoomcar enters Egypt market
Zoomcar targets 5,000 cars in Egypt by March 2022.Zoomcar to launch their functioning in Egypt
The target of Zoomcar is to have 20,000 cars in market by 2022 end
Tasi, the Tadawul All Share Index, vaults 0.4% to go past 11,800
The Tadawul All Share Index, TASI, vaulted 0.4 percent to surge past the 11,800 point level in early trade today.Al Rajhi Bank rose more than 1 percent
Etihad Etisalat (Mobily) gained 2 percent to SR30.85
Deficit to surplus: GCC economies on growth track
The combined current account balance of oil exporters in the GCC region is likely to shift from a deficit of...UAE economy is expected to grow by 2.2 percent in 2021 and by 4.9 percent in 2022, supported by tourism, oil prices recovery and Expo 2020 activities.
Saudi Arabia's real GDP growth fell 4.1 in 2020 and is expected to increase to 1.9 percent this year and 4.8 percent in 2022.
Fintech Galaxy raises $2m in seed funding
The funds will be used to develop and rollout Open Finance platform.The seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments.
The Open Finance platform aims to redesign financial services with an open API infrastructure.
Mobily signs recycling deal
Mobily will recycle old and discarded Ericsson devices.Mobily is now expected to join the Ericsson Product Take-Back Program to recycle discarded electronic devices
The program is responsible for the disposal and recycling of electrical equipment at the end-of-life stage
Marjan lands $272m RAK project
Dubai Investments and Marjan have tied up for the project.The project’s design is reportedly set to offer a private enclave with waterfront views
It is targeted at social gatherings, family unions, business meetings, or personal relaxation
UAE makes up 88% of GCC investment in Sub-Sahara Africa
Over 3,000 government officials, business leaders and industry experts representing 91 countries took part in the 6th Global Business Forum...Fintech, healthcare, agriculture, e-commerce were identified in the report as high-potential sectors
Around 90 percent of surveyed executives said they expect fintech to see the most growth in 2022
