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UAE real GDP to grow 5.3 percent in 2024: S&P Global
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...
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Emirates Global Aluminum agrees credit facility tied to Term SOFR
Emirates Global Aluminum today announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR). SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades but has been the subject... -
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances. -
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid a dollar-denominated debt in rubles this week. -
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. -
UAE, New Zealand partner to strengthen trade relations
According to Statistics New Zealand, the total two-way trade between New Zealand and the UAE in 2021 reached AED8.63 billion ($2.35 million). -
DNI inks AECB deal
It will help DNI assess people and companies’ financial position. -
ADNOC Distribution posts net profit of AED2.2bn for 2021
ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021. -
Inflation, geopolitics might worsen credit conditions: S&P
The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a modest extent. -
Sri Lanka gets $500m Indian loan to pay for oil
The island's economic woes have left thermal power generators unable to keep the lights on, as traders run desperately low on foreign currency to fund imports. -
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade that matches the Kingdom of Saudi Arabia's sovereign credit rating. The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent... -
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans. -
UAE and Greek credit insurance organizations to promote businesses
The UAE's federal export credit company Etihad Credit Insurance (ECI) signed an MoU with Greece’s Export Credit Insurance Organization (ECIO) to boost the bilateral trade and economic cooperation between the UAE and Greece. The two agencies will support local businesses of both the countries operating in agriculture, construction, renewable energy,... -
SIDF and Al Rajhi team up to boost industries growth
The Saudi Industrial Development Fund (SIDF) has teamed up with Al Rajhi Bank to provide a documentary credit service. -
Sanad secures $100m loan from FAB
The revolving credit facility deal was signed during Dubai Airshow. -
Lebanon to soon give medicines for chronic, incurable disease for free
The Lebanese central bank has opened a credit line of $60 million for medicine importers. -
UAE credit card applicants to get pre-approved status online
The UAE’s Al Etihad Credit Bureau has joined hands with online financial aggregator Policybazaar UAE to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks’ approval criteria. -
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13 percent in 2020. -
S&P revises Oman’s credit rating to positive on the back of fiscal improvement
S&P has revised up Oman’s credit outlook to positive from stable on the expectation that the sultanate’s reform program will limit increases in government debt in the coming years. -
Majid Al Futtaim secures $1.5bn SLL
Women to form 30 percent of board members under agreement. -
UAE residents got $91.4 billion in personal loans
Gross credit, which includes which includes loans to residents and non-residents and non-banking financial institutions up by 0.9 percent compared to March. -
Dubai Police customers can avail cash deposit facility
Emirates NBD-enabled service available through bank's 300 plus CDMs Service aimed at minimizing physical contact and government's digitization efforts Emirates NBD, a banking group in the Middle East, North Africa and Turkey (MENAT) region, has enabled remote cash deposits for Dubai Police customers. The service allows the customers to deposit... -
To give fillip to key sectors, UAE Central Bank doles out $12 billion in credit in 2020
The credit is intended to give a boost to sectors critical to the overall economy of the United Arab Emirates The transport, storage, communication and real estate among the sectors receiving credit In order to give a boost to sectors critical to the overall economy of the United...