CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
- This increases the Group’s holding in the Bank from 9.25 to 16.93 percent, although the investment is subject to necessary regulatory approvals
- The Monument Bank is a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority
Business
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future...
- While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.
- In the UAE, neobanks struggle with funding over trust issues in the absence of deposit insurance, while the CBUAE supports their growth, ensuring traditional banking stability.
Economy
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
Opinion
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
- AI-driven portfolio management systems are challenging traditional investment methods.
- The future of investment may lie in a hybrid approach, combining AI with human insight.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Economy
China announces $137 bn sovereign bond issuance
Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a...
- The funds will be distributed to local governments to support national disaster prevention and recovery, state news agency Xinhua said.
- Zhang Zhiwei of Pinpoint Asset Management said the move was "highly unusual" and "came to the market as a surprise".
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Company News
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SIB, Noqodi sign agreement
Business
CBI 2023 net profit at $46.5m
Business
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
Economy
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,...
Business
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Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
- The total value of bonds listed on Nasdaq Dubai by CCB, comprising the issuances by Hong Kong and Dubai branches, stands at $2.45 billion.
- The cumulative value of outstanding debt from Chinese issuers on Nasdaq Dubai stands at US$11.95 billion through 22 issuances.
Geostrategy
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
- The sanction comes as a result of the CBUAE’s decision following the company’s non-compliance with the regulations.
- The CBUAE works to ensure that all insurance companies and related professionals comply with laws and regulations.