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...
Business
Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
Business
SoftBank Q2 net profit at $21.4b
Firm's reduction of stake in Alibaba partly helped.
- Falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
- The investment behemoth has made huge bets to find and grow new tech companies around the world - making its earnings vulnerable to fickle market forces.
Business
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly...
- The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022
- Increasing inflation levels and the international tension between Russia and Ukraine remain big concerns for the regional banks, says Stephane Ulcakar of Arthur D. Little
Analysis
Total broad money supply in Qatar reaches US$189bn in September 2022
The Planning and Statistics Authority (PSA) has released the 105th issue of (Qatar; Monthly Statistics) bulletin for the month of...
- One of the most prominent changes is the increase in the general index by a positive month-on-month change rate of 1.22 percent compared to August 2022.
- The largest increase was in the entertainment and culture category with 6.03 percent, compared to the previous month.
Business
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.
- The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
- ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
Business
ADEX signs line-of-credit pact with National Bank of Iraq
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$10...
- The agreement between ADEX and NBI aims to boost economic cooperation between the UAE and Iraq.
- The pact adds momentum to ADEX’s effort to contribute to the economies of both countries and support the UAE’s strategy on economic diversification.
Business
Hong Kong looks to legalize crypto for retail investors
Years of strict pandemic controls and a political crackdown have hammered the Asian finance hub's economy and sparked an exodus...
- In contrast to mainland China where crypto has been all but banned, Hong Kong is looking to relax regulations and claw back some of the business that has left
- A fintech conference opened on Monday and will be followed on Wednesday by a finance summit attended by some of the world's top bankers
Business
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.
- The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
- The company's earnings per share was $.02 for the same period last year.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
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...
Business
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NEOM to set up education, research and innovation center
Arts & Culture
‘Qatar remains committed to curb financial crimes’
The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of...
Economy
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...
Business
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Business
UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand...
- Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand and favorable regulations, predicts Moody's
- Gulf's Shari'ah-compliant banks, led by Saudi Arabia at 83% market share, are expected to outpace traditional banks through 2024, with Bahrain following at 69%
Geostrategy
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.
- DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
- DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
Automation revolutionizes financial business models
The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge...
- The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge technologies
- Projected to hit $949bn by 2030, FinTech investments spotlight trends like open finance, decentralized finance and digital assets, while open banking enhances decision-making