FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
Business
Technological advancements make regional banks more buoyant
Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting...
- Banks in the GCC have proved resilient to the pandemic owing to years of investment in technological capabilities
- Online shopping and money transfers are the preferred payment methods for the typical GCC retail customer
Business
COVID-19 helps GCC grow its appetite for digital banking
Banks in the Gulf region were already on the path towards digitization, but the pandemic became the catalyst for accelerated...
- More than 80% consumers now prefer to do their banking online rather than visit a physical branch, while around a third feel their bank provides weak online banking services
- As the pandemic recedes, banks may continue with enhanced customer engagement online, which will pave way for physical branches to deliver more complex and high-value activities
Business
GCC ripe for digital banking growth
A high penetration of digital technologies and a tech-savvy younger consumer base among the factors that make the region a...
- Internet usage in the GCC is relatively high, with 82 percent penetration in Qatar, 78 percent in the UAE, 62 percent in Oman, 55 percent in Bahrain and 41 percent in Saudi.
- The market size of the e-commerce industry in the region was expected to grow from $24 billion in 2020 to $50 billion by 2025.
Business
Web 3.0 to further revolutionize digital banking
Forward-leaning financial institutions are ready to seize strategic opportunities to secure their stake in the future of Web 3.0. Right...
- Banks globally are going digital, embracing new technologies and these institutions in GCC countries are following this trend
- There have been many reports about Web 3.0 and its benefits for the banking sector and its clients
Economy
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in...
- FDI in the UAE witnessed significant growth, from $9.5billion in 2012 to $20.6 billion in 2021
- The UAE was ranked 19th globally in the list of top 20 countries that attract FDIs
Business
UAE’s high-end luxury sectors most crypto-friendly
Most luxurious vacations are purchased through crypto, same goes for luxury real estate and many more retail services, says Atul...
- Most luxurious vacations are purchased through crypto, same goes for luxury real estate and many more retail services, says Atul Hegde, NFT & digital marketing expert
- The biggest challenge is ‘acceptance’. A confident consumer base compatible with dealing in crypto is needed to push these payments, he adds
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.
- Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
- The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
Economy
‘Credit by national banks rose to US$3.5bn till April 2022’
Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent to US$3.5 billion (AED13.1 billion)...
- The cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent.
- Value of credit facilities extended by national banks to the sector accounted for 89.1% of gross accumulative credit balance.
Business
FAB profit up 50 percent
The company's net profit amounted to $2.18 billion.
- FAB said the total income was AED12.5 bn, up 31% year-on-year
- Customer deposits reached AED648 billion, up 8% sequentially
Company News
QNB H1 2023 net profit at $2bn
Business
Ant Group to buyback shares
Business
Latest News
Verition opens office in DIFC
Business
AllianceBernstein office in DIFC
Business
A glimpse into GCC’s financial evolution
As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a...
Videos
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...
Analysis
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
Business
Most Read
Arts & Culture
NEOM to set up education, research and innovation center
TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
- NEOM’s ERI center will enable access to a world-class education, research and innovation ecosystem at any stage of the life of a learner.
- The curricula deployed across NEOM’s ERI pillars will prepare a digitally fluent workforce, equipping students with real-life skill sets.
Business
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...
- In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade, with the financial sector bearing the brunt, a report points out
- AI and automation notably shorten data breach lifecycles and costs, while phishing emerges as the predominant cause of breaches in the region, the IBM study adds
Business
Sustainable finance helps achieve net-zero emissions
"Together, we are working under the direct supervision of the Central Bank of the UAE to further advance sustainable finance...
- Six major UAE banks have dedicated over US$51.8 billion in green financing for renewable energy, waste-to-energy, and green technology projects
- UBF members will play a critical role in integrating environmental values into business and industrial progress during the upcoming COP28, says its chief