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...
Business
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,...
COP28 UAE
Economy
Lebanon to order central bank forensic audit soon
Lebanon's outgoing finance minister Ghazi Wazni has told reporters that auditing firm Alvarez & Marsal would be signed on within...
- Central bank governor Riad Salameh is already under the scanner for his alleged role in Lebanon’s economic crisis
- The former Merryll-Lynch banker is also being investigated by French authorities over money-laundering charges
Business
Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.
- Currently, green assets comprise more than 13 percent of the bank’s overall portfolio
- This is equal to around $550 million in loans and direct investments
Economy
MarsRise to colonize Mars by becoming the next MoonShot
MarsRise is a deflationary token found on the Binance Smart Chain, which comes with an automatic liquidity pool growth, and...
- MarsRise is a deflationary token found on the Binance Smart Chain, which comes with automatic liquidity pool growth, and therefore the holder rewards through transaction taxation
- It has automated Liquidity and its Strategic Buyback is distributed to the locked liquidity on every transaction, making MarsRise one of the best in this game
Economy
IMF’s SDR allocation to benefit rich MENA nations
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
- The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves
- SDR allocations will help most vulnerable countries struggling to cope with the impact of the COVID-19 crisis
Economy
What can central banks do to address climate risks?
While not directly involved in addressing global warming, central banks do have to be alert to its impact on the...
- While not directly involved in addressing global warming, central banks do have to be alert to its impact on the economy and the financial system.
- Amid increasing public concern, the institutions are factoring considerations about climate into their policies
Business
Four major UAE banks post $4bn net profit in first half
The combined net profit of four major banks in the United Arab Emirates has vaulted to $4 billion in the...
- Moody's said the four banks combined net profit increased from last year, but returns on assets remains below pre-pandemic levels
- The four big banks account for 77 percent of UAE banking assets, Moody’s said
Analysis
UAE platforms lead GCC crypto market
Even as the GCC countries dither to embrace cryptocurrencies, the UAE has made some significant strides in this regard.
- The United Arab Emirates already boasts about some of the biggest crypto exchange platforms in the GCC region
- However, it is yet to warm up to crypto ATMs, a field where the United States rules the roost
Business
Fintech creams off most in $2.1bn funding
The fintech sector has attracted nearly 30 percent of all the funding raised during the year, with one in four...
- Fintech stood out above other sectors on funding volume and value
- RedSeer said financial free zones such as the Abu Dhabi Global Market and the Dubai International Financial Center have contributed to this growth
Analysis
GCC cautious, but optimistic about crypto
The UAE and Saudi Arabia have already formed policies to regulate cryptocurrencies, while Bahrain has given an official stamp on...
- US investors made $4.1 billion from Bitcoin in 2020
- However, a UAE resident lost AED15,000 (a little more than $4,000) after investing in DubaiCoin
Infographics
How will new remittance rules affect Lebanon?
The new rule authorizes banks to buy dollars from fresh dollar accounts without a customer's permission.
- Lebanon ranked third in the Arab world in receiving remittances in 2020
- Dollars entering Lebanon in the first half of 2021 were higher by 50 percent than those over the same period in 2020
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...
Business
Company News
Latest News
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...
Economy
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...
Business
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Business
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of...
- EDB and AFD will leverage their outstanding capabilities and professional expertise in agritech financing.
- The two firms will share their experiences in financing SMEs and providing smooth and flexible access to capital.
Economy
EIB lends US$3.6bn to circular economy projects
BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting...
- EIB has been building partnerships with multilateral development banks and civil society organizations to accelerate the transition to a circular economy.
- EIB said there can be no transition to a carbon-neutral economy without a change to a circular economy where resources are in use for as long as possible.
Geostrategy
EU sanctions Iran Revolutionary Guards’ wing over brutal crackdown
The European Union imposed an asset freeze on the investment arm of Iran's Revolutionary Guard, over Tehran's brutal crackdown on...
- The 27-nation bloc added the IRGC Cooperative Foundation, which handles the Guards' investments, to an EU asset freeze and visa ban blacklist.
- The EU also blacklisted the Student Basij Organization, which it said acts as enforcers for the Revolutionary Guards on university campuses.