UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
World’s oldest near-complete Hebrew Bible sells for $38m
The manuscript was auctioned for the first time in more than 30 years and had a pre-sale estimate of between...
- The Codex Sassoon was bought by former US diplomat Alfred Moses on behalf of an American nonprofit that will gift it to the ANU Museum of the Jewish People, Sotheby's said
- The sale surpassed the $30.8 million that Bill Gates paid for Leonardo da Vinci's Codex Leicester manuscript in 1994 as the most expensive handwritten document ever sold at auction
Geostrategy
France issues arrest warrant for Lebanese central bank chief
A French investigating magistrate issued an international arrest warrant for Lebanon's central bank chief Riad Salameh, a source close to...
- Investigators suspect Lebanese central bank chief Riad Salameh of building his network of assets with the help of a complex fraudulent financial system.
- Since the start of the year, magistrates from European countries have travelled to Lebanon on three occasions to interview the central banker and his entourage.
Business
CBUAE imposes administrative sanctions on 8 banks
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the...
- The administrative sanctions take into account the banks' failures to comply with the CBUAE's instructions
- CBUAE works to ensure that all licensed financial institutions abide by the UAE laws, regulations and standards.
Business
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
- The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
- Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Business
Strong fraud detection boosts security of UAE banks
"The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and...
- The UAE's focus on digital transformation and innovation enhances fraud detection and control capabilities, says Jamal Saleh, Director General of UAE Banks Federation
- Tasharuk platform plays a crucial role in detecting cyber risks while continued investment in technology and collaboration strengthens UAE's banking system, he adds
Business
ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY - The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for...
- Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
- Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.
Business
ICIEC inks deal with SNB
ICIEC is world's only multilateral Islamic insurance firm.
- DCIP is a non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.
- DCIP supports the potential of SNB to provide confirmation lines to various issuing banks in Saudi Arabia or ICIEC member states.
Business
EDB review ways to boost SMEs financial inclusion at 2-day event
ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting,...
- The Bank offers financing solutions with flexible terms for industrial companies and projects with high developmental impact.
- Financing options include capex financing, advanced technology adoption financing, renewable and energy efficiency financing.
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Economy
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
- This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF).
- The program aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Company News
UAE approves Dubai Metro Blue Line project
Geostrategy
Latest News
Al Ansari 9M profit US$105m
Business
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Fintech fuels growth in Islamic finance sector
Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations...
Business
GCC banks navigate rising rates with record lending
Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the...
Business
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Business
Beltone 9M net profit at $2.7m
In 9M, the firm's restructuring led to a turnaround.
- Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
- The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.