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...
Business
Business
ADQ to fund investments worth more than $4 billion in Greece
ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of...
- In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion.
- The growth of trade, when compared to 2020, was 67 percent, reflecting a significant spike in growth.
Economy
Global stocks sink on rising rates and China lockdown
World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and...
- Frankfurt, London and Paris each shed more than one percent nearing the half-way stage after Tokyo closed down 2.5 percent
- Oil prices lost two percent on demand worries and the haven dollar rose, while bitcoin plunged to a 2022 low below $34,000
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Interview
BNPL gains currency in the UAE
It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...
- BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022
- BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well
Business
NBQ reports Q1 profit of $26.3m
Its net profit increased 26.26% from the same period last year.
- The cost to income of NBQ stood at 27.11 percent during three months
- It reflected the bank's operational efficiencies and disciplined cost management
Economy
Saudi Arabia hosts annual joint meetings of Arab financial institutions
The meetings are taking place under the patronage of the Custodian of the Two Holy Mosques and Saudi ruler King...
- The Arab financial institutions hold these annual meetings to review the performance of each entity and the topics on its agenda
- The meetings also reportedly contribute to financing development projects in vulnerable countries
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Economy
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...
- Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
- These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Business
GCC banks record 40% spike in profits to $35bn in 2021
The Gulf Cooperation Council’s banking sector profits recorded a 40 percent surge to hit $35 billion in 2021, a report...
- Despite the surge, profits remain below pre-pandemic levels of $37 billion in 2019
- Surge in profits is mainly due to an increase in total bank revenue and a decline in loan loss provisions
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...
Business
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ECB wants reports on weekly basis to tighten monitoring of banks’ liquidity
BERLIN, GERMANY - The European Central Bank (ECB) announced on Saturday it wants to monitor the liquidity of banks in the...
Business
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Business
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
- The bank said that the new product offers customers more property financing options in the midst of a high-rate environment
- In January this year, the bank reported a net profit of US$985 million (AED 3.62 billion) in 2022, a 55 percent increase from the previous year
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
Economy
Global debt dominates as G20 finance chiefs meet in India
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the...
- Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said
- A top official from G20 chair India said there had been a "not so encouraging response" from Beijing on shared debt understanding