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
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
Economy
Dubai approves Savings Scheme for foreign employees in Govt
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved on...
- The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent
- The announcement was made during a meeting of The Executive Council of Dubai held at "Deep Dive Dubai."
Market Report
Equities rise as Powell soothes rate fears, oil presses higher
Traders were given a much-needed shaft of light on Wednesday when the Fed boss eased concerns over its plans for...
- Traders were given a much-needed shaft of light on Wednesday when the Fed boss eased concerns over its plans for tightening policy
- Powell told lawmakers he was in favour of a moderate pace of rate increases, with a 25-basis-point lift this month
Business
Saudi Central Bank licenses new payment fintech company
Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.
- The total number of payment companies licensed by SAMA now stands at 16
- This is in addition to nine companies that were granted an in-principle approval
Economy
World Bank to support Iraq higher education with $5m
The World Bank (WB) announced that it would support the higher education sector in Iraq with an amount of $5...
- The project of World Bank will support the Ministry of Higher Education and Scientific Research in Iraq
- World Bank will also help to develop centers of excellence in sectors of agriculture and renewable energy
Economy
Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.
- The measures were backed by the United States, Canada, the European Commission, Britain, France, Germany and Italy
- In a symbolic gesture likely to resonate in Moscow and the Kremlin, the stunning news was first delivered from Europe
Geostrategy
Sanctions bore in on Russia over Ukraine invasion
On Friday, US President Joe Biden extended his country's measures against Russia to include sanctions on President Vladimir Putin and...
- The first tranche will hit four Russian banks, cut off more than half of Russia's technology imports, and target several oligarchs
- Energy giant Gazprom and 12 other major companies will be barred from raising capital in Western financial markets
Infographics
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...
- Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
- But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
Business
‘Suisse Secrets’ puts Swiss banking back in spotlight
No Swiss news media took part in the investigation against Credit Suisse due to the risk of criminal prosecution in...
- Investigations into Credit Suisse revealed the bank has held more than $8 billion in accounts of criminals, dictators, and rights abusers
- 48 media houses across the world participated in the Suisse Secrets investigation, coordinated by non-profit journalism group OCCRP
Business
Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million...
- The bank signed an agreement with Credit Suisse to provide financing and fund administration services.
- GFH said it aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management.
Analysis
Lebanon’s ‘zombie banks’ downsize to weather crisis
More than two years into a financial crisis that has seen the local currency lose 90 percent of its value,...
- The financial collapse that began in Lebanon in late 2019 has been deemed by the World Bank one of the world's worst since the 1850s
- However, before that the country had an oversized but prosperous banking sector, which has since come to be blamed for the economic crisis
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
Company News
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ADIA, EQT to buy Dechra Â
Business
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...
Economy
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...
Business
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Business
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses.
- There was an increase in the operating income by 14 percent to reach US$5 billion.
- This reflects QNB’s success in maintaining strong growth in various sources of income.
Business
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
- The agreement is worth US$293 million (SAR 1.1 billion).
- AÂ promissory note of $306 million was provided to guarantee the credit facility.
Business
Ant Group to buyback shares
Share buyback plan values Ant Group at $78.5 billion.
- The China Securities Regulatory Commission (CSRC) on Friday slapped a $984 million fine on Ant and its subsidiaries "in view of... illegal and irregular acts".
- Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.