HSBC relaunches SVB UK

• HSBC rebranded SVB UK as HSBC Innovation Banking, the London-listed lender said in a statement.
• HSBC in March bought SVB UK under a deal brokered by the UK government and the Bank of England.

Dubai logs over $952 million in real estate transactions

• The deals included 671 sales transactions worth AED2.29 billion, 149 mortgage deals totaling AED1.14 billion and 29 gift deals amounting to AED98.65 million.
• The sales included 615 villas and apartments worth AED1.45 billion, and 56 land plots worth AED846.15 million.

Initiative by Digital Economy Chamber to help firms set up in Dubai

• The initiative will provide a comprehensive package of services designed to support tech, digital startups, SMEs, and MNCs.
• The chamber’s strategy (2022– 2024) is focused on improving the digital business environment, developing support for digital firms.

Assets of banks in UAE up 2.6% in first quarter to reach $1.02 trillion

• Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3 percent q-o-q increase during the first quarter of 2023.
• At the end of the first quarter of 2023, there were 22 locally incorporated banks, while the branches of these banks decreased to 494.

Sharjah’s Sabaa Sanabel wheat gets Made in the UAE mark

• Sabaa Sanabel wheat flour has met the highest quality and safety standards in force in the UAE, boosting its competitiveness in the market.
• Sabaa Sanabel has obtained five accredited certificates in quality and safety as it does not contain anything that changes its nutritional value.

Masdar to build up to 1GW wind power project in Kazakhstan

• Masdar is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW
• In Azerbaijan, Masdar is developing the 230 MW Garadag solar power plant and has signed agreements for onshore wind and solar projects

solutions signs $118m contract

• The company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR.
• The company reported a revenue of SAR 2.7 billion in the first quarter of 2023, an increase of 19 percent from the same quarter last year.

Rise of AI voice scams causes alarm in the US

• In a global survey of 7,000 people from nine countries, including the United States, one in four people said they had experienced an AI voice cloning scam
• US officials have warned of a rise in "grandparent scam" -– where an imposter poses as a grandchild in urgent need of money in a distressful situation

Iran-Turkey trade to hit US$15bn on back of private sector cooperation

• According to the Iranian Customs Authority, the bilateral annual trade between the two countries touched US$13.58 billion up to late March 2023
• During the last financial year, Turkey rose to become the third largest customer of Iranian non-oil exports, with some US$7.45 billon worth of purchases

HFZA inks deal with Infinite Mining & Energy to build oil refinery