Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency. The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023...

Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish...

NEW YORK, US - Artists under siege by artificial intelligence (AI) that studies their work, then replicates their styles, have teamed with university researchers to stymy such copycat activity. US illustrator Paloma McClain went into defense mode after learning that several AI models had been "trained" using her art, with no...

Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as GDP, fiscal revenue and the balance of payments, over the long term against the backdrop of the global energy transition, says Fitch Ratings. Uncertainty around potential outcomes remains high at...

Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower credit risk groups according to the Organization for Economic Co-operation and Development (OECD) standards.

Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the sector crucial for the country's economic progress. According to Global Times, these measures represent...

Obeikan AGC Glass will have an export credit insurance policy.

The bank will extend three-year credit facility of $500 million.

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion (AED 28.5 billion) in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank’s figures showed that the...

DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to sharing credit and judicial data and information. The MoU was signed by CEO of Qatar Credit Bureau Sheikha Maryam bint Khalifa Al-Thani and SJC's Enforcement Department director Judge Nabil Abdullah...

Pact to enhance commercial activities between the two.

The builder has accumulated debts of more than $150bn.

Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around $7.73 billion in the first five months of this year. According to the latest statistics from the Central Bank of the UAE, the two sectors witnessed a 4 percent rise...

Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised interest rates by 100 basis points to contain the rising inflationary pressures. The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent, while the credit...

The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates, indicating strong growth rate.

BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling both governmental and private securities, according to the Prime Minister's financial advisor Mudhar Muhammad Salih. In an interview with the Iraqi News Agency (INA), Salih emphasized the center's role in...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE). The apex...

This facility replaces an existing partially utilized term loan of the same amount.

Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January 2023 to $1,020.55 billion at the end of February 2023, according to the Central Bank of the UAE's Monetary & Banking Developments for February 2023. Gross credit increased by 1.2...

ABU DHABI, UAE -  The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the UAE. The administrative sanctions take into account the banks' failures to comply with the CBUAE's instructions not to grant any loans or credit facilities to the beneficiaries of loans granted...

The bank's total income exceeded AED 10bn for the first time.

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

Total operating income rose 11% in 2022 compared to 2021.

The $53-million direct lending fund is Shariah compliant.

Doha, Qatar-- Qatar has received more than 614,000 visitors during the month of December 2022, a monthly increase of 3.7 percent as against November 2022. The highest number of visitors were from the Gulf Cooperation Council at 40 percent. As for visitors by type of port, the visitors via air...

Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which aims to empower Saudi exporters and international investors and enhance the Saudi-Italian trade exchange.The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and SACE CEO...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 percent, rising from $983 billion at the end of October 2022 to $988 billion at the end of November 2022. According to figures published in CBUAE's November summary...

Doha, Qatar--The Qatar Credit Bureau has disclosed that more than 33,000 credit reports were issued and more than 1,400 complaints were closed during the year 2022. Also read: Qatar’s economy remains strong despite global crises The center noted in a tweet about the performance of the electronic services portal during...

They will co-invest in global credit opportunities.

It will shield customers from fraud and online threats.

The deal allows for joint cooperation between the two.

         DUBAI, UAE -  Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah Economic Zone (RAKEZ) to support the emirate’s path towards economic diversification by stimulating its non-oil foreign trade. The Memorandum of Understanding came as part of ECI’s effort to support Ras Al...

Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export credit agency, to enhance import and export activities between the two countries. The activities include the export of environmentally friendly energy sources produced in Saudi Arabia, such as green hydrogen...

They will strengthen trade ties and boost exports between the two markets.

The two firms signed a partnership to provide bespoke credit solutions.

The bank's revenues declined 12 percent to $12 billion.

The failure to flesh out her economic plan failed to calm the jittery markets, however, and the pound slid 2.01 percent against the dollar, falling to as low as $1.1241 after her address.

The Sharjah Chamber of Commerce and Industry (SCCI) has hosted a webinar in cooperation with Al Etihad Credit Bureau (AECP) to discuss the importance of AECP credit report and score for SME businesses.

The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by 2.0%.

S&P Global Ratings said that boosting the country's credit score of foreign debt to CCC+ "reflects strong committed international financial support to Ukraine."

Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn). It involved 34 million transactions, with 51 percent increase year-on-year, said Governor of Central Bank of Jordan (CBJ) Adel Sharkas. He noted mobile phone payments soared 107 percent in volume...

Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3 percent compared to June 2021. The Planning and Statistics Authority (PSA) revealed this in its monthly statistics bulletin "Qatar; Monthly Statistics,” issued Tuesday. Cash equivalents; including Commercial Bank Deposits, attained...

Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent to US$3.5 billion (AED13.1 billion) in the first four months of 2022.

EDB credit facility will extend to both capital investment and expenditures.

The loan approved Wednesday aims to ensure "affordable bread for the poor, barley for livestock, and agricultural inputs for domestic grain production".

Etihad Credit Insurance (ECI) and Israel Export Insurance Corporation have entered into an agreement under which ECI will provide buyer’s credit guarantees to the funding bank for Ghana’s AED 540 million ($147 million) healthcare project. This project comprises the construction of a new general regional hospital in Tema, the largest...

The Foreign Direct Investment (FDI) in Jordan amounted to $622 million in 2021, constituting 1.2 percent of the Arab region's total FDI. The Arab Investment and Export Credit Guarantee Corporation (Dhaman) issued data Tuesday which confirmed this. The Arab region's FDI in 2021 went up by 42 percent to $53...

Higher-than-expected credit losses and inflation are to blame.