Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
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...
- Central Bank of the UAE data shows that assets rose 3.05 percent from US$1 billion to US$ 34.7 billion between Q2 and Q3 of 2023.
- The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers.
Business
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...
- The US$100 million loan has a duration of seven years and three months starting from October 8, 2025.
- BCI mortgaged all fixed assets of the project as guarantees for financing, in addition to a corporate guarantee.
Geostrategy
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...
- The MoU aims to increase cooperation in combating money laundering, terrorism financing and proliferation financing.
- It will focus on four key areas: virtual assets, public-private partnership, education and capacity building, and asset recovery.
Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Â Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
- This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
- The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.
Business
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
- The law endows the Fund with the financial and administrative independence to pursue its objectives along with the legal mandate to do so.
- Dubai Investment Fund will be responsible for investing Dubai Government funds, surpluses and the general reserve locally and internationally.
Geostrategy
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...
- After the EU selected Nadia Calvino, Margrethe Vestager, 55, said she would "resume" her duties at the European Commission, the Eu's executive arm.
- Vestager's star has waned in recent years following a series of setbacks in EU courts against some of the world's biggest companies, including Apple.
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....
- Awaed Alosool unveils an innovative platform dedicated to empowering individuals in Saudi Arabia with seamless access to Sharia compliant investment.
- The platform provides an intuitive interface, offering individuals the means to engage in the market irrespective of their geographical location.
Business
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
- UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
- The pledge reflects collective efforts of national banks towards a sustainable future.
COP28 UAE
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
- UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
- Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.
Business
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
- Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread traction.
- GCC and MENA regions lead in Islamic finance assets, with significant growth in markets like Russia, Canada, and the USA, driven by an 18% annual fintech rise.
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
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Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
Geostrategy
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
Business
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Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
- The UAE is experiencing remarkable growth in sustainable finance, according to Barclays Private Bank UAE CEO Rasha Badawi.
- Sustainable investment opportunities expanding in the UAE across various sectors including renewable energy and agriculture, she adds.
Business
Societe Generale to slash 900 jobs
The bank employs 117,500 people around the globe.
- The bank said that five percent of its head office staff would be cut as part of organizational changes
- The slashing will be carried out "through internal transfers, end-of-year support or voluntary departures"
Economy
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
- The Qatar Central Bank said the total bids for the treasury bills and Sukuk amounted to US$2.2 billion (QR 8.275 billion).
- QCB issued treasury bills and Sukuk with maturities of one week, one month, three months, six months and nine months.