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
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...
Business
Business
Tariq Al Samahiji CEO of GFH Group’s UK ops
Al Samahiji is the non-executive chairman and co-founder of Orpheus Partners.
- He served as CEO of BNP Paribas Najmah and Global Head of BNP Paribas Islamic Finance and Investments.
- GFH said it currently has assets of over $12 billion globally and looks to build its international portfolio through organic and inorganic growth.
Business
Dubai ups housing loan limit for UAE citizens to $272,000
The ruler of Dubai, and vice president and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al...
- The government is also set to allocate thousands of plots of land and housing for Emiratis at a cost of 5.2 billion dirhams
- “Today, we approved raising the value of the housing loan for citizens in Dubai to one million dirhams,” Sheikh Mohammed tweeted
Infographics
Banks rule GCC in market capitalization
Banking firms in the Arabian Gulf countries dominate the list of top companies in terms of market capitalization with Saudi...
- Al Rajhi Bank's market capitalization stands at $80.65 billion
- In energy sector, Saudi Aramco is much ahead of others with $1.86 trillion
Business
China central bank says all crypto transactions are illegal
The bank has effectively sounded the death knell for digital currencies in China.
- The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations
- The rulings have sought to prevent speculation and money laundering
Business
EDB, Emirates NBD sign MoU to guarantee credit for SMEs
The program will focus on sectors such as manufacturing, healthcare, infrastructure, food security, and technology.
- As part of the MoU, EDB will give financing guarantee coverage of up to 50 percent of the amount lent to SME customers by Emirates NBD
- This will be a maximum of AED5 million (around $1.36 million) for larger SMEs and up to AED500,000 (around $136,000) for smaller customers
Business
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.
- The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
- Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
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Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or...
- Total customer deposits in the country’s banks between Q2 2020 and Q2 2021 witnessed 2.3 percent year-on-year growth reaching US$519.4 billion or AED1.908 trillion.
- Personal loans to residents recorded 3.6 percent increase at US$92 billion or AED336.5 billion during the period
Business
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...
- The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
- 19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
Economy
Bitcoin no threat to dollar, global economy
Despite being the future of money, Bitcoin cannot be the dollar of future because the US dollar is a fiat...
- Bitcoin cannot be the dollar of the future because the US dollar is a fiat currency, created and supported by the US government
- Cryptocurrencies vary from real currencies since they are issued by people and communities rather than governments, something that has never happened before in the history of money
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
Company News
DIB Q1 profit up
Business
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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...
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...
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...
Business
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Business
Dubai Islamic Bank unveils digital banking services
Dubai, UAE - Dubai Islamic Bank launched DIB alt, a full-fledged digital umbrella brand to house all of the bank's...
- DIB ‘alt’ is a full-service transformative digital banking experience that is set to enhance the banking experience for DIB’s customers.
- The platform brings together more than 135 digital services via the DIB Mobile App, Online Banking, WhatsApp, and ATMs.
Business
ADIA, EQT to buy Dechra
The acquisition is expected to complete by early 2024.
- The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
- Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Business
Innovative financing solutions attract firms to UAE
"Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government...
- Raja Al Mazrouei, CEO of Etihad Credit Insurance, asserts that financing solutions are driving manufacturing growth in the UAE and luring external entities
- The ECI CEO, however, acknowledges the challenges in capital access but praised the UAE government's provisions such as subsidies, financing, and guarantees