UAE, Kazakhstan sign MoU to combat financial crimes
ASTANA, KAZAKHSTAN – UAE and the Republic of Kazakhstan signed an agreement to enhance bilateral cooperation in the combating of...
Geostrategy
Geostrategy
Iran, Syria to establish joint free zone, joint bank
Qasemi, who headed a high-ranking delegation to Syria, met with senior officials from Syria.
- The decisions for the establishment of the mentioned entities were made during a three-day visit of the Iranian minister to Syria
- Iranian Transport and Urban Development Minister Rostam Qasemi announced a joint committee is set to be formed between Iran and Syria
Economy
S&P affirms Kuwait credit rating at A+ with negative outlook
"The government has almost exhausted the General Reserve Fund's liquidity", said the rating agency.
- It argued that despite higher oil prices and production levels, Kuwait's central government deficits are set to average 12 percent of GDP
- It, however, noted that it could revise the outlook to stable if the government successfully addresses Kuwait's existing fiscal funding constraints
Business
Moody’s ranks QIIB ‘stable’
It has also has assigned the Qatari bank an A2 rating.
- Moody's said the rating reflects the bank’s position as one of Qatar's leading Islamic financial institutions
- It added that the financial institution has solid asset quality, profitability, liquidity, and capitalization
Business
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports...
- The controls oblige banks to provide e-verification services of banking documents issued electronically or on paper.
- These controls included the minimum limit of banking documents necessary for being electronically issued.
Business
Jordan Banking Organization honors former Jordan’s Central Bank Governor
The Association of Banks in Jordan (ABJ) held a ceremony to honor the former Governor of the Central Bank...
- The ceremony was held via teleconference, and attended by Jordan's Prime Minister Bisher Khasawneh, CBJ Governor Adel Sharkas.
- Chairmen and CEOs of more than 59 banks were present at the felicitation ceremony.
Business
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans.
- KCB spokesperson Habari Al-Khashti said the effectiveness of the bank's electronic services saved time and effort for citizens
- She also indicated that 99 percent of the bank’s credit services have become electronic
Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
Interview
‘Digital currencies are GCC future’
Payment landscape in Gulf countries is headed for a significant change, Ralf Wintergerst, Group CEO of G+D tells the TRENDS....
- Payment landscape in Gulf countries is headed for significant change as it’s among the fastest-growing e-commerce markets, Ralf Wintergerst tells the TRENDS
- Many central banks in the GCC region are already testing in sandbox environments to simulate a digital currency under real-world conditions, Wintergerst added
Business
Kuwait’s Warba Bank celebrates listing of $250m Sukuk on Nasdaq Dubai
Kuwait's leading Islamic bank, Warba Bank, celebrated the listing of the bank's $250 million perpetual Tier-1 Sukuk on Nasdaq Dubai...
- This was the third listing after a $250 million and a $500 million instrument in Mar 2017 and Oct 2019 respectively.
- The new listing brings the total outstanding value of the bank’s Sukuk on the exchange to $898 million.
Economy
Oman central bank’s FX reserves reached $18b in 2021
The board of governors at the Central Bank of Oman expressed satisfaction with the state of the 2021 FX reserves.
- The bank’s board of governors observed that the total demand for foreign currency in the local market was at satisfactory levels
- This, it opined, has brought the FX reserves of CBO in equation with the value of nine months of country’s imports
Company News
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ICIEC inks deal with SNB
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
Business
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Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business
Tech-driven sustainability focus of banks
Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...
- Through digitalization, collaboration with fintech companies, and responsible banking practices, banks are leading the charge in sustainable development in the region, say experts
- Gulf banks are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint, and supporting sustainable businesses, they add