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,...
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,...
Business
Business
Bank of China lists $300m bonds
The bank's Fitch A ratings bonds were listed on Nasdaq Dubai.
- The new listing highlights Nasdaq Dubai's significant role in strengthening links between the capital markets in Dubai and China.
- Bank of China's Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent.
Business
Resilience helps UAE banks face global challenges
Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in...
- Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in the world, say key bankers
- The CEOs Advisory Council, in a recently held meeting, had called for continued efforts to protect the banking sector’s digital infrastructure in the Gulf country
Business
EDB, ADCB ink pact for UAE SMEs
The MoU will enable SMEs access to financing options.
- The scheme is in line with EDB’s mandate to provide AED 30 billion towards the development of the UAE economy in five strategic sectors.
- The Memorandum of Understanding (MoU) will enable SMEs in the UAE to have improved access to strategic financing options.
Business
Continuous efforts to enhance UAE’s endeavor to confront money laundering crimes: CBUAE Governor
The apex bank "will continue to take all measures to ensure the maintenance of the integrity of the financial system...
- The CBUAE is making continuous efforts to enhance the fight against all forms of financial crimes and money laundering, says its Governor Khalid Mohammed Balama
- The Gulf country is developing effective policies and legal frameworks, governance and executive machineries, and close follow-up of all illegal financial transactions, he adds
Business
Britain fines Santander US$132m
Firm fined due to gaps in anti-money laundering controls.
- The Financial Conduct Authority said that it had concluded Santander UK failed to properly manage its anti-money laundering systems between December 2012 and October 2017.
- Santander UK had taken action to address the issues once they were identified.
Business
HSBC sells Canada ops for $10bn
Bank will use funds for core business, give cash to investors.
- The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia.
- The Canadian divestment is expected to be completed in late 2023.
Business
ADIB enables digital solutions to support UAE IPOs’ push
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB) announced that its retail customers were able to conveniently participate in...
- ADIB said that 80 percent of clients subscribed to IPOs that were issued in 2022 through ADIB Mobile app.
- ADIB is providing a quick and easy end-to-end process for IPOs subscriptions through mobile app.
Business
‘Introducing insurance share to beneficiaries is important privilege’
ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law...
- The authority said that shares are distributed to the daughter, sister or mother if they are widowed or divorced and to the son or brother if they are disabled.
- Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension.
Business
HSBC Oman, Sohar International Bank decide to merge
The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to...
- The banks said in two separate regulatory announcements that all assets and liabilities of HSBC Oman will be transferred to Sohar International
- Earlier in 2012 HSBC Bank Middle East’s operations in Oman merged with Oman International Bank to create a HSBC Bank Oman
Business
ADIB, ADGM to support growth needs of Abu Dhabi financial community
Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the...
- ADIB will provide clients with ADGM licensed managers for Sharia compliant banking and share news on developments in finance sector.
- Also, a formal framework for cooperation in education, business development between the Bank and ADGM is also a part of the deal.
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,...
Business
Company News
Saudi EXIM, India EXIM ink MoU
Business
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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...
Opinion
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
Geostrategy
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Business
Fintech innovations reshape GCC’s banking landscape
The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the...
- The GCC countries are rapidly emerging as a leading fintech hub, revolutionizing traditional banking and financial services across the region
- The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is heralding the future of financial services
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.