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...
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
Business
Economy
Governors of UAE and Turkey central banks to collaborate in banking sectors
The meeting was held on the sidelines of the official visit of Turkish President to the UAE.
- The currency swap agreement was signed in January 2022, which promotes the financial, commercial and investment interests of the two countries.
- Senior officials from both the central banks were present in the meeting which was held in Abu Dhabi.
Analysis
Inflation, geopolitics might worsen credit conditions: S&P
The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a...
- In a Global Credit Conditions Special Update, S&P Global ratings has said downside risks to global credit conditions are escalating
- It pointed especially to geopolitical tensions, persistent inflation, and the prospect of central banks raising borrowing costs
Business
CBD signs a debt financing deal with Postpay
Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later...
- The strategic partnership with CBD will provide support to Postpay on several fronts including Transaction Banking
- The continued support from CBD will also enable Postpay’s planned expansion in the UAE, KSA, and other GCC countries
Economy
Saudi sukuk issuance in 2021 reaches $36.9 billion: S&P Ratings
Saudi companies and government raised $36.9 billion sukuk in 2021, compared to $27 billion in 2020, an increase of 37...
- In 2021, the global sukuk issuance reached $147.4 billion compared with $148.4 billion in 2020.
- Foreign-currency denominated sukuk issuance increased by 10 percent; jumbo issuances in Saudi have contributed to this increase.
Business
Protests erupt in Lebanon against harsh economic policies
A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with...
- The headline of the protest was, “Until rights are restored” & “For the right to hospitalization and a decent retirement
- They deemed that “the banks are seizing the funds and savings of engineers and depositors in general, and imposing controls
Business
Data cover: GCC sees rise in cyber insurance demand
Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such...
- For the Gulf region, cyber insurance is still a viable and profitable proposition when compared to Europe, Asian and US markets
- There has been an increase in demand from the SME and mid-market client pool as well as financial institutions in the region
Business
Iraq keen to benefit from Egypt: Central Bank Governor
Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on...
- Iraq’s Central Bank Governor Mustafa Ghaleb met Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones
- Mustafa Ghaleb praised "the development witnessed by the Arab Republic of Egypt in all sectors, especially the business and investment sector"
Economy
India announces digital currency and ‘crypto tax’ in budget
India will have its own digital currency starting 2022-23, Finance Minister Nirmala Sitharaman said while announcing the country’s budget for...
- India is launching a digital currency that is expected to use blockchain and other technologies
- The country is also levying a 30 percent tax on all virtual digital assets, which could mean cryptocurrencies
Economy
IACE President warns Tunisia as a state can collapse
The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
- He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
- In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
Business
Arab Bank profit up 61%
The net income after tax rose from $195.3m to $314.5m.
- The Arab Bank Group consolidated the financial statements of Oman Arab Bank under its group accounts
- This increased total assets by $8.4 billion to $63.8 billion, compared to $54.4 billion for the same period last year
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...
Business
Company News
ADIA, EQT to buy Dechra
Business
Latest News
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....
Economy
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
Business
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Economy
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
- The term of embattled three-decade chief Riad Salameh ends this month with no successor in sight, setting the stage for a leadership crisis.
- "Unless the political class names a successor, the vice-governors will resign before (Salameh's) mandate ends" on July 31, an official said.
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
Business
AllianceBernstein office in DIFC
DIFC provides a platform for AB to expand its wings.
- AB is the latest of an influx of global asset management firms to open regional offices in DIFC.
- The premises will give investors across the region, including institutional clients, distribution partners.