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...
Geostrategy
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...
Business
Economy
Saudi private equity, capital growth doubled in five years : Al Quwaiz
Private equity and capital growth in Saudi Arabia has reached SR12 billion ($3.2 billion), Mohammad Al-Quwaiz, chairman of the board...
- Mohammad Al-Quwaiz, chairman of the board of the Capital Market Authority, was speaking at the Global Entrepreneurship Congress 2022 in Riyadh.
- He cited the vitality of fintech companies in the business sector, and explained how the advent of these companies has reshaped the Saudi economy.
Analysis
Why GCC should heed Fed rate changes
Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a...
- Any increase in US interest rates affects dollar-pegged countries, including the Gulf countries
- Four Gulf Arab central banks raised interest rates by a quarter percentage point, for the first time since 2018
Business
Egyptian pound loses 13% of its value against US dollar
The value of the Egyptian pound shed 13 percent against the US dollar on Monday, registering 17.80 pounds against the...
- The pound's value went from 15.70 to the dollar on Sunday to 17.80 at midday on Monday, according to rates on state-owned banks
- The currency in Egypt saw a sharp devaluation in 2016 when it lost nearly half its value against the dollar overnight
Economy
New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a...
- The UAE issued 21 million cheques in 2021, with an average value of $13,900
- Despite the recent decriminalization of cheque bounces, UAE businesses must still consider the risks connected with them
Economy
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
- The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
- The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Economy
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.
- The base rate is anchored to the US Federal Reserve’s IORB
- It signals the general stance of the CBUAE’s monetary policy
Economy
US Fed raises interest rate in battle against high inflation
Markets are expecting a total of seven rate hikes this year, and while the US Federal Reserve’s Open Market Committee...
- At the conclusion of its two-day meeting, the Fed’s Open Market Committee announced a quarter-point rate hike
- This is the first increase in interest rates since 2018 and since it cut the rate to zero at the start of the Covid-19 pandemic
Economy
Fed set to raise interest rates to rein in inflation
The Federal Reserve will have to walk a tightrope to ensure its efforts don't derail the recovery from the Covid-19...
- The Federal Reserve will have to walk a tightrope to ensure its efforts don't derail the recovery from the Covid-19 pandemic
- Russia's invasion of Ukraine has introduced new uncertainty in an economy battered by supply chain snarls and labor shortages
Business
Three trends that will shape payroll this year
It seems unlikely that the volatility we have experienced since the start of the pandemic will disappear. Therefore, payroll teams...
- Covid-19 has tested the flexibility and resilience of payroll teams, forcing them to cater for hybrid working models and respond with agility to evolving tax relief measures
- Challenging times have prompted many payroll departments to modernise their systems and processes in anticipation of even more change to come
Economy
China-backed bank halts lending to Russia, Belarus
In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that...
- In a statement issued Thursday, the AIIB said that "in the best interests of the bank, management has decided that all activities relating to Russia and Belarus are on hold
- China, whose bilateral relationship with Russia has strengthened in recent years, has thus far avoided criticizing Moscow over its invasion of Ukraine
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...
Geostrategy
Company News
Latest News
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.
Business
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Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Business
US banks express caution on economy as Fed rate hikes boost earnings
Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy...
- JPMorgan and Wells Fargo both reported huge increases in second-quarter profits.
- Citi experienced a drop, citing an anemic investment banking market for revenue drop.
Economy
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
- The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
- The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.