UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Business
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
- The agreement is worth US$293 million (SAR 1.1 billion).
- AÂ promissory note of $306 million was provided to guarantee the credit facility.
Business
Ant Group to buyback shares
Share buyback plan values Ant Group at $78.5 billion.
- The China Securities Regulatory Commission (CSRC) on Friday slapped a $984 million fine on Ant and its subsidiaries "in view of... illegal and irregular acts".
- Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.
Economy
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
- The term of embattled three-decade chief Riad Salameh ends this month with no successor in sight, setting the stage for a leadership crisis.
- "Unless the political class names a successor, the vice-governors will resign before (Salameh's) mandate ends" on July 31, an official said.
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
Business
AllianceBernstein office in DIFC
DIFC provides a platform for AB to expand its wings.
- AB is the latest of an influx of global asset management firms to open regional offices in DIFC.
- The premises will give investors across the region, including institutional clients, distribution partners.
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Business
Europe agrees tougher rules on banks to avert repeat of 2008 financial crisis
The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.
- The draft law is the European Union's interpretation of the Basel III reforms of international standards on how banks evaluate credit and market risks.
- They include stipulations that banks have adequate capital and liquidity. The rules will apply from Jan 1, 2025, two years later than the 2023 deadline agreed under the reforms.
Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
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Mumtalakat, Investcorp ink pact
Business
UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
Geostrategy
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Â Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
Business
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...
Business
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Business
Awaed Alosool launches Sharia compliant investment platform
RIYADH, SAUDI ARABIA - Awaed Alosool Capital announces the launch of the Awaed platform, revolutionizing investment opportunities in public listed companies....
- Awaed Alosool unveils an innovative platform dedicated to empowering individuals in Saudi Arabia with seamless access to Sharia compliant investment.
- The platform provides an intuitive interface, offering individuals the means to engage in the market irrespective of their geographical location.
Business
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
- UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
- The pledge reflects collective efforts of national banks towards a sustainable future.
COP28 UAE
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
- UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
- Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.