Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
Business
Dubai Islamic Bank donates $1.77 million of Zakat money to ERC programs
The Dubai Islamic Bank has donated Zakat money worth AED6.5 million to support the program and projects of the Emirates...
Saudi Arabia to give nod to digital banking in kingdom, service may start soon
Two digital banks are being set up, if all goes well with the regulatory agency
Africa Finance Corporation has 31 members now
Burkina Faso, Democratic Republic of Congo and Morocco added members in the first quarter of 2021 More than half of...
Africa Finance Corporation tops 30 member states
Burkina Faso, DRC and Morocco are the latest to join More than half of African nations are now members of...
Emirates Development Bank’s $750 million bond issue subscribed 4 times
EDB rated ‘AA-’ by S&P Global Ratings and Fitch with Outlook Stable The bond issue was subscribed 4 times, resulting...
OPEC Fund grants $10m aid to Bank of Maldives to shore up tourism
The loan will be used for lending to small enterprises The lending is expected to drive the country's...
M2P Solutions joins Visa Fintech Fast Track program for MENA region
M2P Solutions works with over 500 fintechs across Asia, Middle East It has also partnered with over 30 banks in...
UAE strengthens efforts to counter money laundering
It will work as a reference for security agencies, the police, and other enforcement bodies in financial-crime probes It...
S&P assigns ‘AA-’ issuer rating to Emirates Development Bank with ‘stable’ outlook
EDB has also been assigned a “gcAAA” long-term GCC regional-scale rating
Saudi Aramco meets investors ahead of first dollar Islamic bond sale
World's biggest company mandates Alinma Invest, Goldman Sachs, HSBC, J.P. Morgan for meetings
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Company News
UBS Q4 net profit at US$1.7bn
Business
ADIB net profit in 2022 is $985m
Business
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UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...
Geostrategy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
Economy
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Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
UBS hopes to complete Credit Suisse takeover before July
Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7...
- Net income of UBS for the first quarter was reduced by an increase in litigation provisions of $665 million to settle an old dispute linked to the subprime crisis
- UBS said it saw a net inflow of new money into its global wealth management division of $28 billion, of which $7 billion came in the last 10 days of March
Economy
EU parliament approves sweeping cryptocurrency rules
The European Parliament approved the comprehensive rules to regulate the "Wild West" world of cryptocurrencies, hoping to protect investors against...
- Under the regulation known as Markets in Crypto Assets (MiCA), cryptoasset service providers (CASPs) must protect customers' digital wallets.
- Large providers will also have to disclose their energy consumption as part of the EU's efforts to reduce cryptocurrencies' high carbon footprint.