Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
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.
Business
Asian Development Bank sells $3.5bn global benchmark bond
48% of the bond went to central banks and official institutions.
- The issue achieved wide primary market distribution with 49 percent placed in Europe, Middle East, and Africa.
- The bank plans to raise about $28 billion–$30 billion from the capital markets in 2023.
Business
Mastercard, DIFC to partner with FinTech companies for digital transformation
Dubai, UAE - Dubai International Financial Centre (DIFC), the leading financial centre in the Middle East, Africa and South Asia...
- The partnership will provide FinTech companies with access to Mastercard's network and DIFC's financial ecosystem
- The collaboration will focus on creating new payment solutions and digital services, as well as enhancing existing ones
Economy
Perfect storm will make dollar biggest loser of 2023: deVere CEO
The warning from the boss of the financial giant follows the dollar having already dropped 10 percent from its peak...
- The warning from the boss of the financial giant follows the dollar having already dropped 10 percent from its peak hit last year
- He warns that there is a transition underway from a bull to a bear cycle for the dollar and that this will impact the global investment environment
Business
DIB Q1 profit up
Net financing and sukuk investments stood at $65.35bn.
- DIB's total income rose to AED 4.431 billion ($1.21bn) compared to AED 3.016 billion ($820m), a solid expansion of 47 percent YoY.
- Net operating revenues showed a robust 12 percent YoY to reach $750 million, while net operating profit stood at $550 million.
Business
HSBC calls for vetoing split proposal
HSBC's largest stakeholder Ping An says the split will improve business.
- HSBC argued this was the best and safest way to continue to deliver substantially more value for shareholders.
- The banking giant called on shareholders to vote against the proposal at the bank's annual general meeting on May 5.
Business
Abu Dhabi announces $100m Culinary Investment Fund
Dubai, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Wednesday announced a new $100...
- DCT said the fund will support building and establishing a Culinary School to aid with recruitment, training, and other staffing resources in the sector.
- The first two recipients of the new Abu Dhabi Culinary Investment Fund would be announced in the coming months.
Business
MBM Holding, Portland Holdings ink MoU
Firms will work together on nuclear, renewable energy.
- The two firms seek to address global challenges by adopting innovative solutions in health sciences and nuclear and clean energy.
- The MoU comes as part of the UAE’s Year of Sustainability in preparation for the country's hosting of COP 28 to promote environmental sustainability.
Business
DAE okays $300m for bond repurchase
The repurchase will be made through open market transactions.
- To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
- The airplane lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Business
Dubai records real estate deals worth $843 million in two days
Dubai, UAE – Dubai's real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Wednesday, Dubai Land...
- Wednesday's sales included 474 villas and apartments worth AED1.13 billion, and 31 land plots worth AED445.47 million.
- On Tuesday, the emirate recorded deals worth AED1.2 billion ($326 million) , including 433 sales transactions worth AED820.06 million
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Company News
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Pfizer set to acquire Seagen
Business
UAE, KSA lead as tech and energy drive IPOs in GCC
The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both...
Market Report
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
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Business
NEOM announces its new luxury ecotourism destination Zardun
NEOM, SAUDI ARABIA - NEOM's Board of Directors has announced the launch of Zardun - an exclusive resort and natural...
- This move will help in supporting NEOM's efforts to develop luxury ecotourism in the Kingdom.
- Zardun Nature Resort will feature four ultra-luxurious buildings that will blend with the landscape.
Business
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
- The Islamic Treasury Sukuk launched in 2023 and valued at US$299 million experienced robust demand, with bids received worth US$2.2 billion.
- The UAE is Hong Kong's largest trading partner in Middle East, with non-oil trade reaching $6 billion (AED22.2 billion) in the first half of 2022.
Business
Jabal Omar secures $509m Murabaha
The financing agreement was signed with Al Rajhi Bank.
- The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam. Â
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.Â