Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
Business
Najm inks pact with iot squared
Business
SVC inks pact with IMPACT46
Business
DIB to buy stake in TOM Group
Geostrategy
Business
SVB crash may hit GCC investments in US tech firms
Saudi Arabia and US tech firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies...
- Saudi Arabia and US technology firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies and banks, with key focus on tech sector
- Middle East startups, however, have become resilient and resistant to setbacks, with a well-established network of startup incubators in Dubai, Abu Dhabi, Riyadh, Manama, and Doha
Economy
Lebanon central bank chief denies financial misconduct
Lebanese central bank governor Riad Salameh maintained his innocence following a second day of questioning before European investigators in Beirut...
- Following a three-hour session, Salameh released a statement saying he appeared as a witness and "not as a suspect or facing charges".
- The European investigators are looking into allegations of financial misconduct, including possible money laundering and embezzlement.
Business
GCC banks face minimal impact of US banking crisis
The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment...
- The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment portfolios, Junaid Ansari of Kamco Invest tells TRENDS
- The decline in regional indices reflects shaken investor sentiment in global markets, the volatility of interbank rates and uncertainty related to bankruptcy crisis, he adds
Geostrategy
Lebanon central bank chief summoned in European probe
A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said...
- Lebanon central bank chief Riad Salameh denies all accusations against him and has rarely appeared before the judiciary.
- If he shows up, it would be the first time Salameh, 72, appears before European investigators probing suspected financial misconduct.
Business
Credit Suisse shares down
The bank has lost 81% of its value since Greensill bankruptcy.
- Shares in Switzerland's second largest bank plunged quickly by 14.3 percent to reach 2.139 Swiss francs.
- Despite a huge restructuring effort, the value of Credit Suisse has dropped repeatedly on the stock market.
Business
Credit Suisse delays yearly report
Delay has had no effect on its annual financial statement.
- The publication of the yearly report which includes information about the company's functioning, was due on Thursday
- The bank had reported a net loss of 7.3bn Swiss francs ($7.9 billion) - the biggest since 2008, in its 2022 financial statement
Business
AI, ML make banks in MENA region smarter and faster
The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway...
- The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway CCO Adnan Erriade tells TRENDS
- Every stakeholder in the financial ecosystem stands to gain from open banking, but end customer remains the biggest beneficiary, adds Erriade in an interview
Business
Saudi EXIM, SINOSURE ink MoU
Pact is likely to help enhance Kingdom's non-oil exports.
- The agreement was signed during a ceremony held at the Saudi EXIM Bank headquarters in Riyadh
- It aims at knowledge exchange, finance and investment opportunities in Saudi Arabia and China
Economy
Egypt arrests 29 over alleged online crypto scam
Cairo, Egypt - Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded...
- The scheme promised large profits from crypto-currency mining and trading services, for fees charged at an attractive foreign exchange rate.
- The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation.
Business
Giga projects attract more foreign banks to KSA
At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to...
- At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.
- New banks are expected to add value to the Saudi economy by strengthening the services sector, expanding financing options and boosting public confidence in financial system
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...
Business
Company News
JPMorgan Q3 profit at $13.2bn
Business
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Najm inks pact with iot squared
Business
SVC inks pact with IMPACT46
Business
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future...
Business
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
Opinion
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Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Economy
China announces $137 bn sovereign bond issuance
Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a...
- The funds will be distributed to local governments to support national disaster prevention and recovery, state news agency Xinhua said.
- Zhang Zhiwei of Pinpoint Asset Management said the move was "highly unusual" and "came to the market as a surprise".