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
GCC banks navigate rising rates with record lending
Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the...
Business
UAE, US review countermeasures to deal with financial crimes
A delegation of UAE banks meets a US Treasury official to discuss issues related to financial crime compliance in combating...
UAE to launch digital currency within five years
The United Arab Emirates will launch its first digital currency by 2026, the central bank of the country said on...
Emirates Development Bank allocates $8.17m to finance SMEs via Beehive
Emirates Development Bank has signed an agreement with peer-to-peer platform Beehive to expand funding options for the small and medium-sized...
G20 ministers endorse global deal to tax multinationals
A framework for international tax reform, including a minimum corporate rate of 15%, was agreed this month by 131 countries...
Aldar Properties recieve $81.67-million loan from HSBC
HSBC has sanctioned a loan of $81.67 million to Aldar Properties that has its interest linked to achievement of sustainability...
OFID lends $25 million to Banco Ficohsa to bolster SMEs in Honduras
The bank is expected to use this to grant further loans to SMEs hit by Covid-19 and hurricanes This is...
Citi’s revenue “nearly triples” in Saudi Arabia
Citigroup’s corporate and investment banking revenue nearly tripled in Saudi Arabia The group had returned to the kingdom three years...
Standard Chartered opens branch in Saudi Arabia
London-based bank began operations from its Riyadh branch with a 35-strong team The bank received a licence to launch banking...
Qatar Investment Authority deals a blow to Credit Suisse, lowers stake
The QIA now hold a below five-percent stake in the Swiss bank Earlier it held about 133 million shares, making...
UAE, Austria sign deal to spare tax payers of double taxation
The agreement was previously signed between the two countries in September 2003 Both parties aim to avoid double taxation...
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
Company News
Credit Suisse shares down
Business
Saudi EXIM, SINOSURE ink MoU
Business
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UAB 2022 net profit at US$42m
Business
EDB review ways to boost SMEs financial inclusion at 2-day event
ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting,...
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
Business
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
Economy
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Economy
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY - Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...
- A net 27 percent of banks reported a tightening of credit standards for loans to companies, meaning it is harder for the enterprises to borrow.
- Demand for housing loans declined, while there was a smaller decrease in consumer credit and other lending to households.
Business
HSBC posts bumper profits
Its pre-tax profits touched US$12.9bn in Q1 of 2023.
- The bank posted a $9-billion jump in pre-tax profits in the first quarter of 2023, projecting strong earnings for the rest of the year.
- Quinn added that HSBC has also announced its "first quarterly dividend since 2019 of $0.10 per share" and a share buy-back of up to $2 billion
Geostrategy
European probe officials to question Lebanon central bank audit firms
European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with...
- Visiting European investigators plan to question officials from the Lebanon offices of Deloitte, Ernst and Young, and a local firm.
- The European investigators arrived in Beirut this week on their third trip to Lebanon in connection with the probe.