RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Stable credit conditions make GCC firms resilient
Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a...
Business
Business
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...
- The Gulf region is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says Nicola Buonanno of Chainalysis.
- Crypto crime encompasses activities from theft and scams to money laundering and ransomware attacks, all orchestrated to exploit cryptocurrencies for illicit gains, he adds.
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...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.
Geostrategy
Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
- Fethi Zouhair Nouri, a 69-year-old member of the central bank's board, will succeed 64-year-old Marouane Abassi.
- Tunisia has grappled with a growing economic crisis following the COVID-19 pandemic, political tensions.
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
- With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical risks.
- The sector's commitment to sustainability and strategic risk management promises a future of stability and growth, highlights the latest insights from S&P Global.
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...
- The UAE is experiencing remarkable growth in sustainable finance, according to Barclays Private Bank UAE CEO Rasha Badawi.
- Sustainable investment opportunities expanding in the UAE across various sectors including renewable energy and agriculture, she adds.
Business
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.
- The bank said that five percent of its head office staff would be cut as part of organizational changes
- The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Economy
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
- The Qatar Central Bank said the total bids for the treasury bills and Sukuk amounted to US$2.2 billion (QR 8.275 billion).
- QCB issued treasury bills and Sukuk with maturities of one week, one month, three months, six months and nine months.
Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
- The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency, and accessibility.
- In the Middle East, unique dynamics in decentralized finance and cryptocurrencies, coupled with a projected 25% annual growth in open banking, are driving financial innovation.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Company News
Latest News
ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
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
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
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Business
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
- ADIB launches a framework aimed at supporting environmental protection and social justice projects.
- The Abu Dhabi-based bank is first global financial institution to issue US dollar-denominated green sukuk.
Business
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...
- The Gulf region is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says Nicola Buonanno of Chainalysis.
- Crypto crime encompasses activities from theft and scams to money laundering and ransomware attacks, all orchestrated to exploit cryptocurrencies for illicit gains, he adds.
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...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.