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
Nadia Calvino is now European Investment Bank head
BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
Geostrategy
Business
New Zealand passes law to make banks report climate impact
New Zealand has passed a law that will force banks to reveal the impact of their investments on climate change....
- New Zealand’s Climate Change Minister James Shaw said the law was meant banks, insurance companies, and investment firms
- He said it would require them to make mandatory disclosures about their portfolios' global warming record from next year
Economy
Bahrain central bank issues e-cheques
The e-cheques will retain all the basic functions, legal validity, and benefits of paper cheques while providing a paperless payment...
- The e-cheques will come into effect on October 19, and will be available through two apps
- They are expected to complement traditional paper cheques, which are a popular payment instrument in Bahrain
Business
CBD and Infinios announce pact
Both will work to support the growing fintech market in UAE.
- Achieving the financial inclusion objective of the UAE one of the aims behind partnership.
- The partnership will help Infinios to expand its regionally unique banking-as-a-service solution (BaaS).
Business
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs,...
- Sukuks amounting to $57.3 billion were issued in the GCC region, Malaysia, Indonesia, Turkey and Pakistan in the third quarter of 2021.
- Global outstanding sukuk reached $775.4 billion in the third quarter, 2.8 percent higher than the previous quarter.
Economy
Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
- The bank’s membership in the union represents a major milestone in its role as a facilitator
- It is also said to be in line with the bank’s objective of boosting the export of national products through local and global partnerships
Business
Etihad raises first ESG loan in global aviation
Etihad Airways has raised $1.2 billion in what is the first sustainability-linked loan tied to ESG targets in global aviation.
- Etihad selected HSBC and First Abu Dhabi Bank as the strategic partners and financiers for this transaction
- The two acted as Joint ESG Structuring Banks, Joint ESG Coordinators, Joint Bookrunner and Mandated Lead Arranger
Economy
CBUAE, ADGM to cooperate in FinTech sector
CBUAE and ADGM will collaborate on the development and growth of the FinTech ecosystem in the UAE.
- Under the agreement, CBUAE and ADGM will enhance the collaboration under their co-sandbox program
- This will enable FinTech companies to test their innovative solutions under the existing digital sandbox program
Economy
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
- The NZBA was launched in April by the United Nations Environment Program Finance Initiative
- It aims to bring together banking institutions committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050
Economy
OFID to support Paraguay SMEs, agriculture
OFID has signed a term loan agreement for $30 million with Banco Regional of Paraguay, the third of its kind...
- Banco Regional will on-lend from OFID’s loan to small and medium-sized enterprises pr SMEs, particularly agribusinesses
- The loans are aimed at SMEs severely disrupted by economic slowdowns as a result of the Covid-19 pandemic
Economy
Bank deposits up 0.7% to $525.17bn by August-end: CBUAE
The deposits rose to AED1,928.7 billion at the end of August from AED1,915.1 billion at the end of July.
- The CBUAE attributed the rise in total bank deposits to a 0.6 percent increase in resident deposits
- It also cited a 1.5 percent increase in non-resident deposits for the rise in total deposits
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
Company News
HSBC posts bumper profits
Business
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FAB posts Q1 net profit of $1bn
Business
Barclays Q1 net profit at $2.2bn
Business
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments...
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
Business
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UBS set to complete its takeover of Credit Suisse today
The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come...
- The merger of Switzerland's two biggest banks will be complex both technically and politically, resulting in a megabank unlike the Swiss have ever seen
- "If the takeover by UBS hadn't succeeded, there would have been an international financial crisis", said Thomas Jordan, chairman of the Swiss National Bank
Interview
Rate rise boosts Gulf banks amid crisis
Despite global economic challenges such as the crisis, inflation, and high interest rates, the GCC banking sector has shown impressive...
- Despite crises in US and Europe, the GCC banking sector has shown significant growth, aided by rate hikes and digitalization, says Commercial Bank of Kuwait CEO Elham Mahfouz
- Kuwait's banking industry recorded a 37% profit increase in 2022, and is making strides in adopting AI and supporting sustainability initiatives, she tells TRENDS in an interview
Business
GCC digital banking targets $2trn with cloud services
GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is...
- The next phase of the digital revolution in the region will see 5G services reaching two-thirds of the population by 2026, enhancing the end-to-end customer experience
- By 2025, Saudi Arabia aims to boost fintech GDP contribution to $ 1.2bn and increase the number of fintech players. UAE and Kuwait are also making strides in digital banking.