BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
Awaed Alosool launches Sharia compliant investment platform
RIYADH, SAUDI ARABIA - Awaed Alosool Capital announces the launch of the Awaed platform, revolutionizing investment opportunities in public listed companies....
Business
Business
ADGM-registered can now list shares on UAE markets
Entities registered with the Abu Dhabi Global Market or ADGM will now be able to offer and list shares on...
- An MoU was signed between the Registration Authority of the ADGM and the Securities and Commodities Authority or the SCA.
- The agreement aims to reinforce regulatory and supervisory cooperation between the two parties
Economy
Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.
- This is part of the Saudi Central Bank’s strategy to build on the goals of the Financial Sector Development Program
- The program aims to reduce cash transactions while raising electronic payments to 70 percent of all transactions by 2025
Business
UAE’s new data law promises privacy
The law to include features of gold-standard data protection regulations such as Europe's GDPR (General Data Protection Regulation), the UK's...
- The law would include the right to be forgotten, the right to access, and the right to information
- It will have a low cost of compliance, so as not to burden Small and Medium Enterprises
Business
Taxation and confiscation to rein in crypto market
Last few years have seen a lot of tension between governments and central banks around the world, on the one...
- Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.
- Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.
Business
Saudi bourse joins new emerging-markets index
The Saudi Stock Exchange will be added to its widely followed Emerging Markets Government Bond Index (EMGBI), the global index...
- The accession will allow the Saudi Sukuk and Debt instruments to be part of corresponding global market indicators that investors follow
- This would have been made possible by the actions that the Capital Market Authority of Saudi Arabia has taken
Business
Digital transformation helps GCC banks prosper
Digital transformation brought about by COVID-19 has made banks more open to branchless and cashless banking enabling them to perform...
- Tech adoption amidst COVID-19 makes regional banks more open to branchless and cashless banking enabling them to manage better in H1 2021 than they did in 2020
- The margins of the regional banks were under pressure throughout 2020 and early this year, but they managed to stay afloat by reducing costs and improving efficiency
Science
Digital currency can speed up global payments: CBUAE
The CBUAE has in a study found that central bank digital currencies can substantially improve international trade payments.
- The findings come from a report that has been generated from the first Multiple CBDC Bridge (mBridge) Project
- This project is a step closer to making cross-border trade payments easier, safer, and in real time
Science
UN fund urges rich nations to pay $100bn a year in climate finance to poor countries
Rich countries must deliver on a promise to channel $100 billion a year in climate finance to developing nations, otherwise...
- The call by Yannick Glemarec comes as about 50 climate ministers meet in Milan, Italy, on Thursday to hammer out details and tackle differences on the pace of green transition
- The pre-COP26 summit in Milan this week is the last major UN meeting before negotiators head to Glasgow
Business
EDB to push Ajman growth
The EDB-Ajman MoU is in line with the Make it in the Emirates Campaign.
- Under the terms of the agreement, EDB will support SMEs registered at Ajman Free Zone, in line with its applicable policies and procedures
- In addition, the companies operating in the free zone will be given access to the bank’s key programs, financing solutions, and other facilities
Economy
SEDCO Capital, Lombard Odier launch Shariah-compliant fund
The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
- The Fund's composition reflects a convergence of SEDCO Capital's Prudent Ethical Investment (PEI) approach with Lombard Odier's investment expertise
- The Fund aims to deliver capital growth through an active asset allocation strategy with the goal of outperforming the Dow Jones Islamic Market World Developed Total Return Index
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
Company News
FAB posts Q1 net profit of $1bn
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Barclays Q1 net profit at $2.2bn
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DIB Q1 profit up
Business
Strong economy, innovation shield GCC banks
GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to...
Business
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...
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...
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Business
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...
- The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
- The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Business
Gulf banks witness continued growth in lending activities
The first quarter of 2023 experienced a surge in credit demand, except for a slight dip in Qatar. The latest...
- GCC banks witness a 3.2% increase in aggregate gross loans, reaching a record of $1.87 trillion, while NPL ratios improve, with the average ratio decreasing to 2.3%
- Due to the expansion of the banking business and government support, the UAE has the highest NPL ratio, while Saudi Arabian banks exhibit the highest q-o-q growth
Economy
Europe still under inflationary pressure, says ECB head
European Central Bank president Christine Lagarde said that a closely watched measure of eurozone inflation does not appear to have...
- Headline inflation for the 20 countries that use the euro dipped more than expected to 6.1 percent, from 7.0 percent the previous month.
- Underlying -- or core -- inflation, which strips out volatile energy, food, alcohol and tobacco prices -- came in at 5.3 percent in May.