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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

Gulf central banks raise interest in line with US Fed’s rate hike

The bank said the insurance operators must perform customer due diligence, understand the nature of the customer’s business. (WAM)
By TRENDS Desk
December 15, 2022 8:57 am
  • The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points
  • The Central Bank of the UAE (CBUAE) earlier Wednesday raised the Base Rate applicable to the Overnight Deposit Facility by 50 basis points

Abu Dhabi, UAE – The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve Board’s announcement on Wednesday to raise the Interest on Reserve Balances (IORB) by 50 basis points.

The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.

The Board of Directors of the Central Bank of Kuwait (CBK) had decided to raise the discount rate by 0.50 percent from 3.00 percent to 3.50 percent effective December 7, 2022.

The Central Bank of the UAE (CBUAE) earlier Wednesday raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9 percent to 4.4 percent, effective from December 15, 2022.

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