Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
ADCB approves cash dividends worth US$1.1bn Â
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
- The banking sector benefited from economic growth, foreign trade, investment, government revenues.
- The preliminary financial results showed that all seven banks listed on MSX posted higher profits.
Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
- The total value of bonds listed on Nasdaq Dubai by CCB, comprising the issuances by Hong Kong and Dubai branches, stands at $2.45 billion.
- The cumulative value of outstanding debt from Chinese issuers on Nasdaq Dubai stands at US$11.95 billion through 22 issuances.
Geostrategy
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
- The sanction comes as a result of the CBUAE’s decision following the company’s non-compliance with the regulations.
- The CBUAE works to ensure that all insurance companies and related professionals comply with laws and regulations.
Business
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,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Business
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
- The aim is to collaborate in capacity building within ahli Islamic and foster the growth of the Islamic finance sector in Oman.
- The signing ceremony occurred concurrently with the AAOIFI-IsDB 18th Annual Islamic Banking and Finance Conference.
Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Business
Albilad Capital to pay dividendÂ
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
- The report has been issued to provide transparent and accurate information about the performance of the insurance sector.
- The report showed a 2.2 percent increase in the insurance sector’s penetration ratio to non-oil GDP in Q3 of 2023.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Company News
ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
Latest News
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
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...
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...
Business
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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.