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Mubadala Capital, Woori sign partnership
The two firms will explore mutually beneficial investment opportunities.
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Jordan secures US$1.9bn in foreign aid amid dire global economic conditions
Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2 billion by the end of the year. Addressing Jordan's financial assistance at a forum convened by the government on the shores of the Dead Sea on Friday, Minister of Planning... -
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to enhance economic cooperation between the two countries. During the meeting on Thursday, the two ministers discussed the available opportunities to enhance trade exchange and joint investment, with the aim of... -
Arab Parliament endorses call to support victims of terrorism
Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported "financially and economically" to overcome tragedies. The parliament said that those affected by the evil claws of terrorism in the Arab world must be supported to overcome their tragedies. The... -
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate. -
Oman Air approves restructuring program to lower rising debt
Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15 percent in the ongoing fiscal year while aiming to reach a break-even point by 2026. The airline in May made a forecast of reducing its net loss by a further... -
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance through financial empowerment, sustainability, innovation and future foresight, financial leadership and sustainable development. Deputy Ruler of Dubai and Minister of Finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who... -
Saudi Fund signs US$77m agreement to set up solar power plant in Belize
Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power plant in the Central American country. In this connection, the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, today signed a loan agreement with the Prime... -
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023. -
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective action and collective finance to strengthen sustainable development. She also called upon G20 countries to fulfill their commitment to providing the pledged financial support for global climate initiatives. Almheiri addressed... -
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do... -
Fawry to expand into Saudi Arabia
The money transfer firm plans to set up base across the GCC. -
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine. -
ADIB unveils fixed-rate home finance
In a UAE's first, Istikrar will offer long-term, fixed-rate home finance. -
Global debt dominates as G20 finance chiefs meet in India
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth". Talks will also focus on "critical global issues such as strengthening the multilateral development banks... -
Tunisia and EU sign ‘strategic’ deal on economy, migration
The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been criticized over its treatment of migrants after President Kais Saied accused "hordes" of migrants from sub-Saharan African countries of a "plot" to change the country's demographic makeup. -
South Korean blockchain firm NEOPLY to set up global HQ in Abu Dhabi
Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the Abu Dhabi Investment Office (ADIO) said Monday and added that the move underscores emirate's appeal as a magnet for innovation-driven companies. NEOPLY provides a decentralized finance (DeFi) platform and a... -
UAE’s financial advisory market to touch US$239 billion in 2023
Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end of this year. According to Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., the UAE's ultra-high-net-worth individuals (UHNWI) demographic is projected to grow at a compound annual growth... -
Conservative-dominated US Supreme Court steers society sharp right
Washington, United States--One year after its ruling to erase abortion rights, the conservative-dominated US Supreme Court has underscored its determination to push society sharply to the right by scrapping long-established progressive policies. In emphatic rulings this week the court banned universities from giving minorities priority in admissions -- so-called "affirmative action"... -
France charges Lebanon central bank chief’s ex-assistant in graft probe
A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France. Last year, France, Germany and Luxembourg seized assets worth $130mn in a move linked to a probe into Salameh's wealth. He is accused of having amassed a fortune during his... -
UAE and Russia hold talks to eliminate double taxation
Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free... -
UBS set to complete its takeover of Credit Suisse today
The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come with "waves" of difficult decisions, particularly regarding employment. The country's leading bank UBS was forced into a marriage to prevent its rival from going under, but it hasn't waited for... -
Turkish Lira sinks to new low more than week after Erdogan reelection
Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister. -
TRENDS poll: Technology most booming GCC sector
Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were in the 20-29 age group and mostly from Egypt. -
DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership Forum, which will bring together senior treasurers from leading banks, multinationals and services providers to focus on how to optimize treasury operations for growth and the key trends shaping treasury... -
DP World partners with Standard Bank to expand trade finance in Africa
Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the largest bank in Africa by assets, to offer trade finance solutions jointly with DP World Trade Finance. African companies looking for trade finance will now be able to seamlessly access... -
Libya parliament suspends rival government chief Fathi Bashagha
Parliament also announced an investigation into Bashagha. The chamber, backed by military strongman Khalifa Haftar, had picked Bashagha in February last year to lead a government to replace that of Prime Minister Abdulhamid Dbeibah, who sits in Tripoli. -
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries during its annual meeting in Jeddah. The four-day event hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries. The agreements aim to... -
RAK Ceramics’ profit soars in Q1
The profit rose to US$22mn on the back of higher revenue. -
GCC-China economic relations move beyond oil trade
China aims to play a more central role in the Gulf region, focusing on investment opportunities beyond the oil and energy relationship. -
ADFD finances US$30m sustainable water project in Mauritania
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to finance a project aimed at providing potable water to the city of Kiffa, which will be sourced from the Senegal River. The contribution from the ADFD towards this strategic project... -
Jordan-Iraq business forum to begin in June, seek deeper trade ties
Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the Jordanian-Iraqi Business and Finance Forum next month in Amman, under the theme: "Building Bridges of Common Prosperity," with “wide” participation from the two countries’ investors, business owners, companies and other... -
UAE, Switzerland discuss enhancing bilateral relations
BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common interest with Switzerland here. The UAE's Ministry of Finance (MoF) held the fifth financial dialogue with the Swiss Confederation in Bern. Younis Haji Al Khoori, Undersecretary of the Ministry of... -
Jordan’s $1.25 billion Eurobonds oversubscribed six times
Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion Eurobonds in global markets at a fixed coupon rate of 7.5 percent due in January 2029. The Ministry has reduced the coupon rate by 25 basis points from 2022's issue... -
IMF approves $5bn under flexible credit line for Morocco
Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under the Flexible Credit Line (FCL). Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about $3 billion. The first PLL was approved on August... -
Credit Suisse chiefs apologize to shocked shareholders
ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke. Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its... -
IMF chief: another ‘challenging year’ ahead, risks to financial stability up
Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8 percent, she said at the China Development Forum. Uncertainties are exceptionally high, including because of risks of geo-economic fragmentation which could mean a world split into rival economic blocs. -
UAE, Serbia discuss cooperation in R&D, innovation
BELGRADE, SERBIA - UAE Minister of State for Public Education and Advanced Technology Sarah Al Amiri discussed cooperation in research and development (R&D), advanced technology, sustainability, food technology with the Serbian government. Al Amiri, in her visit to Serbia, discussed developing tools to finance research, innovation, energy transition and developing... -
Saudi finance minister, National Bank head downplay risks to bank sector
"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister Mohammed al-Jadaan said, a day after Credit Suisse's shares closed 24% lower after Saudi National Bank, its main shareholder, said it would not raise its stake due to regulatory constraints. -
Lebanon central bank chief summoned in European probe
A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said Monday, part of a multinational probe into his personal wealth. The embattled central bank chief faces embezzlement accusations in separate investigations in Lebanon and abroad, looking into the fortune he... -
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has allocated SAR 10.5 billion ($2.79 billion) to finance programs and products for the SME sector. The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be... -
SVB failure unnerves USDC, other cryptocurrencies
The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in US history. The bank is expected to reopen on Monday under a new name. -
AI, ML make banks in MENA region smarter and faster
The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway CCO Adnan Erriade tells TRENDS. -
Saudi EXIM, SINOSURE ink MoU
Pact is likely to help enhance Kingdom's non-oil exports. -
UAE best country globally for expat lifestyle, says HSBC survey
Abu Dhabi, UAE - The United Arab Emirates is the best country for expat lifestyle, according to a survey by the HSBC. A total of 36 percent of the people surveyed said chances of having a better lifestyle is the main reason for relocating to the UAE, significantly higher than... -
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022. -
Qatar’s 2022 budget records surplus of US$24.45bn
At the time of the approval, the budget was estimated to hit a deficit of QAR 8.3 billion. "The deficit estimate was a result of the expenses related to hosting the World Cup, including security and all events accompanying the FIFA World Cup Qatar 2022,” said Qatar’s Finance Minister Ali... -
Giga projects attract more foreign banks to KSA
At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months. -
Quality finance crucial to deal with climate change
"We cannot neglect any element of the climate crisis, including its clear implications for international peace and security,” he adds. “Our obligation – with each body contributing within its mandate – is to reverse the current trajectories with inclusive, effective, and responsive climate action.” -
NBQ 2022 net profit $99m
Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99 million), a 38 percent increase from 2021. Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent. The bank... -
Fintech prospers as bold debt deals rise in MENA
There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from 20 percent in 2021 to 47 percent in 2022, reports suggest.