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Banking & Finance

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Avia to buy 40 Boeing aircraft

The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.

Trailblazing women transform finance in Arab world

Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.

DIB H1 2023 net profit $844m  

Profit driven by core revenues, effective cost management.
  • Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
  • Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.

ECB wants reports on weekly basis to tighten monitoring of banks’ liquidity

BERLIN, GERMANY - The European Central Bank (ECB) announced on Saturday it wants to monitor the liquidity of banks in the...
  • The data include details such as the maturity of liquidity in the bank's accounts, their counterparties and refinancing transactions with the ECB.
  • The shift comes just after the bankruptcy of regional banks in the United States in March, followed by the collapse of Credit Suisse.

FAB H1 2023 net profit $2.2bn

It is highest ever profit achieved by FAB in a half-year.
  • Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
  • Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.

ADIB unveils fixed-rate home finance

In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
  • The bank said that the new product offers customers more property financing options in the midst of a high-rate environment
  • In January this year, the bank reported a net profit of US$985 million (AED 3.62 billion) in 2022, a 55 percent increase from the previous year

OQGN inks $1.2bn financing deal

Deal will provide firm access to capital in dual currencies.
  • OQGN is the exclusive operator of the natural gas transportation network in Oman.
  • This is considered one of the largest syndicates of Sharia-compliant financing in Oman.

Global debt dominates as G20 finance chiefs meet in India

Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the...
  • Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said
  • A top official from G20 chair India said there had been a "not so encouraging response" from Beijing on shared debt understanding

CBD H1 2023 net profit $133m

Profit is a 41.5 percent jump compared to H1 2022.
  • This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
  • The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.

US banks express caution on economy as Fed rate hikes boost earnings

Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
  • JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
  • Citi experienced a drop, citing an anemic investment banking market for revenue drop.

UAE banking sector is resilient, says CBUAE in its report

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
  • The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
  • The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.

QNB H1 2023 net profit at $2bn

QNB set aside $1.3 billion as provision for loan losses.
  • There was an increase in the operating income by 14 percent to reach US$5 billion.
  • This reflects QNB’s success in maintaining strong growth in various sources of income.

Trailblazing women transform finance in Arab world

Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.

Latest News

Bank takes over Amiantit subsidiary

The bank will absolve Amiantit of all its financial obligations.

UAE insurance sector assets rise US$3.1bn in 9M 2023

ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...

BCI’s subsidiary secures US$100m loan from SIDF

RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...

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Tabreed gets US$163m Green Revolving Credit Facility

ABU DHABI, UAE -  Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
  • This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
  • The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.

PM issues law forming Dubai Investment Fund to oversee government investments

DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
  • The law endows the Fund with the financial and administrative independence to pursue its objectives along with the legal mandate to do so.
  • Dubai Investment Fund will be responsible for investing Dubai Government funds, surpluses and the general reserve locally and internationally.

Nadia Calvino is now European Investment Bank head

BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
  • After the EU selected Nadia Calvino, Margrethe Vestager, 55, said she would "resume" her duties at the European Commission, the Eu's executive arm.
  • Vestager's star has waned in recent years following a series of setbacks in EU courts against some of the world's biggest companies, including Apple.