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
Business
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021.
- UAB is focused on positioning itself as the partner of choice among major corporate clientele segments.
- The bank's CEO said that their focus will remain on the delivery of an enhanced customer experience.
Geostrategy
Quality finance crucial to deal with climate change
"We cannot neglect any element of the climate crisis, including its clear implications for international peace and security,” he adds....
- Majid Al Suwaidi, Director-General and Special Representative of COP28, calls for catalyzing greater and higher quality climate finance for fragile and vulnerable communities
- The UAE will host COP28 in Dubai from 30th November to December 12, which will include the first Global Stocktake to assess progress toward implementation of the Paris Agreement
Business
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.
- The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
- Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Business
Rothschild family to take investment bank private
The Rothschild family is set to take its investment bank private as its holding company announced plans to buy out...
- The offer would be priced at 48 euros per share, or 19 percent higher than Friday's closing price, the holding said in a statement.
- It is also 15 percent up from the all-time high reached in January 2022.
Geostrategy
US, UAE officials discuss financial crimes
ABU DHABI, UAE - The US Department of the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson led...
- Officials from both the countries reiterated their commitment to the continued dialogue between the two sides.
- They agreed to exchange respective experiences on efforts pertaining to Virtual Assets and Virtual Asset Providers (VASPs), supervisory efforts.
Business
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.
- Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
- Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Business
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.
- The news sent the bank's share prices zooming more than eight percent higher in morning trading.
- The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
Business
UBS Q4 net profit at US$1.7bn
Net profits at the banking giant rose 23% in Q4 of 2022.
- For the full year 2022, UBS meanwhile saw its net profit inch up to $7.6 billion from $7.5 billion a year earlier.
- As revenues generated by global markets dwindled, UBS's investment bank saw revenues shrink 24 percent in the fourth quarter.
Geostrategy
Abu Dhabi Global Market receives French delegation
ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French delegation to strengthen bilateral relations through dialogues...
- ADGM is home to an increasing number of French companies including renowned anchor tenants such as BNP Paribas Group.
- Dialogues were exchanged through an open platform discussion along with closed-door sessions and roundtables.
Business
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.
- ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
- The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
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
Najm inks pact with iot squared
Business
SVC inks pact with IMPACT46
Business
Latest News
DIB to buy stake in TOM Group
Geostrategy
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
Business
Most Read
Market Report
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
- Oil prices drifted down around two percent not least on concerns over where the conflict in the crude-rich Middle East is headed.
- Traders were on a welter of third-quarter earnings, with Microsoft and Alphabet among those due to unload after market close.
Business
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the...
- With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the Gulf region has been commendable, says a report
- Despite challenges such as intricate transactions and the demand for universal standards, the potential of financial technology and green financing is immense, it adds
Opinion
Women break barriers for gender equality in finance
This culture should recognize and value the contributions of women and prioritize their growth and development. By highlighting successful women...
- In the financial sector, diverse teams enhance decision-making and performance, yet women occupy just 10% of CEO roles in Fortune 500 companies
- Emirati women constitute 31% of the UAE's finance sector workforce, underscoring the crucial role of mentorship and role models in advancing their careers.