Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...
Economy
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
Business
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Geostrategy
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...
- The settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure.
- Officials of banks, financial institutions and national companies expressed their pleasure and pride in taking part in this national initiative.
Business
Fintech fuels growth in Islamic finance sector
Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations...
- Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations and poised to hit $4 trillion by 2026
- The UAE and Saudi Arabia are at the forefront of the Islamic fintech revolution, setting new digital standards and driving the sector's global expansion, says a latest report
Business
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...
- Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the UAE, and robust economic indicators.
- GCC-listed banks hit a new record with aggregate gross loans reaching US$1.95 trillion by Q3-2023, as strong manufacturing and project awards boost market scenario.
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.
Business
Beltone 9M net profit at $2.7m
In 9M, the firm's restructuring led to a turnaround.
- Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
- The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.
Business
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...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.
Geostrategy
UAE approves Dubai Metro Blue Line project
DUBAI, UAE - Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has approved the...
- Sheikh Mohammed underscored that investments in infrastructure projects align with Dubai's strategy for comprehensive city development.
- This is a new 30 kilometer metro route that will strategically link key areas in the emirate through 14 stations,
Business
Technological advances propel UAE’s payments industry
The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the...
- The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the evolving global payments landscape, says a report.
- Moreover, the Gulf country's economic expansion and changing consumer preferences towards digital payments are also leading to continuous growth of the payment industry.
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...
Economy
Company News
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At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
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...
Business
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Business
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
- The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency, and accessibility.
- In the Middle East, unique dynamics in decentralized finance and cryptocurrencies, coupled with a projected 25% annual growth in open banking, are driving financial innovation.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
- The banking sector benefited from economic growth, foreign trade, investment, government revenues.
- The preliminary financial results showed that all seven banks listed on MSX posted higher profits.