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UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...
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Egypt court jails ex-presidential candidate for 15 years
An Egyptian emergency court on Sunday sentenced former presidential candidate Abdelmoneim Aboul Fotouh to 15 years in prison for "spreading false news" and "incitement against state institutions", judiciary sources said. -
Global ESG assets could reach $50 trillion by 2025 : PIF Governor
Global environmental, social, and governance assets are expected to hit $41 trillion by the end of this year, and $50 trillion by 2025, Yasir Al-Rumayyan, governor of the Saudi sovereign fund said. The growth in assets is due to the fact that Public Investment Fund continues to enhance ESG integration... -
McDonald’s to exit Russian market
The company will sell its business in the increasingly isolated country. -
Bonfire of bitcoin: Why crypto assets are tumbling
The lightning uptake of crypto assets like bitcoin had swelled a volatile sector to a valuation of roughly two trillion dollars recently. A week-long rout has wiped away tens of billions of dollars from that value and spread panic throughout the market. Bitcoin blues Bitcoin is the premier cryptocurrency and... -
IHC doubles its profit in Q1
The Abu Dhabi company has posted $970m profit. -
Alpha Dhabi Q1 net profit $773m
Revenues stood at AED8.17 billion, a year-on-year increase of 700 percent. -
Sell seized Russian assets to rebuild Ukraine: EU chief
The EU should confiscate and sell Russian assets it has seized and use the proceeds to rebuild war-scarred Ukraine, EU chief Charles Michel said in an interview published Thursday. He was the first high-ranking EU official to propose the confiscation of oligarchs' assets. -
SIB Q1 net profit up 13.9 percent
The bank said it continued to maintain a strong liquidity. -
NBK Q1 net profit $383m
Total assets by the end of March grew by 8.7 percent YOY. -
Abu Dhabi grants Binance approval to operate in emirate
Abu Dhabi has allowed Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, to operate as a broker-dealer in virtual assets in the emirate. Abu Dhabi Global Market (ADGM) introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018. -
Successful acquirers make insurgent assets unique
Incumbent brands need small-brand deals to recapture top-line growth and boost total shareholder return. While challenging to get right, these acquisitions can deliver substantial value. Success requires a clear understanding of what makes insurgent assets unique, he adds. -
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine. -
EU court rules in favor of Mubarak family on assets freeze
The European Court of Justice ruled Wednesday in favor of the family of late Egyptian president Hosni Mubarak and confirmed the unfreezing of assets blocked over a decade ago. The European Union had decided in March last year to end sanctions it had imposed on Mubarak, his wife, two sons... -
World’s fossil fuel assets risk evaporating in climate fight
Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against climate change in the coming decades, experts say. The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with... -
Waha approves dividend in 2021
Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45 percent. Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said Waha Capital continues to demonstrate strong financial and operating performance, which was reflected in the significant increase to our... -
120 million euros frozen in Lebanese laundering probe
France, Germany and Luxembourg have seized properties and frozen assets worth 120 million euros ($130 million) in a major operation linked to money laundering in Lebanon, the EU's justice agency said Monday. "Five properties in Germany and France were seized as well as several bank accounts," were frozen, Eurojust said... -
Egyptian pound loses 13% of its value against US dollar
The value of the Egyptian pound shed 13 percent against the US dollar on Monday, registering 17.80 pounds against the greenback after a recent rise in inflation. -
Hit by sanctions, many Afghans find a savior in cryptocurrency
In the middle of a bazaar in western Afghanistan, Arezo Akrimi takes out her smartphone and, after a few taps of the screen, changes some cryptocurrency for a bundle of hard cash. Arezo, 19, is one of a hundred students in Herat receiving around $200 a month in cryptocurrency since... -
Ithmaar Holding of Bahrain to sell ‘assets’ to Al Salam Bank
Shareholders of Ithmaar Holding have approved a plan to sell a few of the company's assets to Al Salam Bank. -
Dubai passes new law to regulate virtual assets like Bitcoin
Dubai has promulgated a new law in order to regulate virtual assets that are becoming popular with many investors in the UAE and across the world. -
Agthia Group revenues up 49%
The group’s net profit stood at AED216 million in 2021. -
Measuring the impact of investment on ESG factors
With more ESG marketing claims questioned by clients, asset and wealth management firms can no longer tout ESG without convincing evidence. The solution to this strategic challenge lies in prioritizing ESG factors for specific target clients and building an operating model that reliably quantifies the impact on those factors, they... -
GCC states stress women’s rights to Taliban
Amir Khan Muttaqi, a key member of the Taliban leadership, met in Doha with ambassadors from the six-nation GCC on the first full day of his latest mission. -
CBD net profit $394
The bank's assets reach a record AED114 billion: CEO -
Emirates Islamic 2021 net profit $224m on higher non-funded income
Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant reduction in the cost of risk reflecting the strong economic recovery, the bank said. The bank, which is one of four Islamic banks in Dubai, said in a statement that... -
Aldar and EWEC sign clean energy deal
EWEC will supply clean energy to all Aldar owned and managed assets. -
Assets of Jordan’s Social Security Investment Fund rise by JD1.1 bn in 2021
The assets of Jordan's Social Security Investment Fund (SSIF), the investment arm of the Social Security Corporation (SSC), jumped by JD1.1 billion in 2021 to reach JD12.3 billion, according to Kholoud Saqqaf, the fund’s CEO. The figures mark a 10-percent growth year-on-year. In 2020, the fund’s assets stood at JD11.2... -
Saudi Aramco and Hungary’s MOL to buy Polish oil assets
Poland's state-owned refiner PKN Orlen announced Wednesday plans to sell oil assets to Saudi Aramco and Hungary's MOL in order to meet EU conditions for its merger with domestic rival Grupa Lotos. Saudi Aramco will buy a stake in Lotos's refinery and MOL will purchase several hundred Lotos petrol stations... -
Jordan bank plans acquisition
Central Bank will acquire the Societe Generale Bank Jordan. -
Afghanistan’s asset freeze hurts everyone
To avoid giving the Taliban access to Afghanistan's reserves, Washington froze an estimated $10 billion held by the central bank abroad after the Taliban seized power on August 15. -
Dubai and Abu Dhabi to vie for Gulf Capital’s offering
Gulf Capital, a UAE-based financial institution, has added Abu Dhabi and Dubai to the list of potential markets for the initial public offerings for one of its assets in 2022. -
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments. -
Non-Saudis can now invest in real estate funds in two holy cities
The Capital Market Authority (CMA) of Saudi Arabia allowed the financial market institutions to accept the subscriptions of non-Saudis in the real estate funds that invests in assets within the boundaries of Makkah and Madinah. -
SHUAA’s insurance assets grow to $136m
The firm expects the assets to reach $500m within three years. -
Al-Ahli Bank of Kuwait net profit $69.6 mn
The bank suffered a net loss of KD 7.9 mn in first nine months of 2020. -
Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up. -
MidChains finishes first trades of assets
Abu Dhabi-based virtual asset trading platform has traded in Bitcoin, Ethereum, Litecoin, etc. -
Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or AED3.2 trn, by the end of second quarter of 2021. -
Saudi net foreign assets dip by $4.4bn in July
Saudi Central Bank’s (SAMA) net foreign assets suffered a $4.4 billion drop in July, SAMA data showed on Sunday. -
ADNOC emerging as UAE’s FDI magnet
Besides wooing $74 billion investments, the oil giant has helped the country gain the top position in the Middle East on Kearney's FDI index in 2021 after rising four spots globally. -
Ithmaar Holding gains $4m in H1 2021
This is a turnaround from H1 2020, when net loss was $1.29m. -
HSBC MENA’s pre-tax profit at $700m in H1
Economic recovery in the region helps the bank post $386 million profit in the June quarter. -
Aramco to continue sales of assets in next few years: report
Aramco official says sales to continue irrespective of market conditions The company calls sales a strategy meant to create value and efficiency Saudi Aramco is planning to raise tens of billions of dollars by selling more assets in the coming years, a report said. The largest oil company in the... -
Liquid assets up to Dh486.58 bn in Q1’21: UAE Central Bank
The steady growth in liquidity is a new sign of the gradual economic recovery Liquid assets accounted for 15.9 percent of the total assets by the end of the reference quarter Liquid assets held by UAE-based banks increased 2.6 percent to Dh486.58 billion ($132.48 billion) in first quarter (Q1'21) from...