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...

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.

ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French  delegation to strengthen bilateral relations through dialogues on investment opportunities and areas of collaboration in the financial field. The delegation was led by French Minister of Economy, Finance, Industrial and Digital Sovereignty Bruno Le Maire. The event...

Continuing with their probe into Lebanon's money laundering and embezzlement, investigators from Europe will question Lebanon's central bank chief Riad Salameh next month as part of a probe into his and his brother's affairs, according to a judicial official. Both Salameh and his brother Raja deny any wrongdoing.

Public resistance to a carbon tax has prevented many nations from establishing carbon pricing via taxation, but taxation is not the only way to deter emissions, she highlights, while pointing out to numerous barriers that have impeded the flow of private capital to decarbonization projects around the world.

Mohammed Al-Jadaan also warned of risks if the central bank digital currency was introduced as it will require citizens to provide large amounts of data.

DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of the DFSA’s Business Plan for 2023-24. The Business Plan has been developed to foster an enabling environment for firms as Dubai and the UAE continue to grow its reputation as...

The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account. The Guidance requires LFIs to demonstrate compliance with its requirements.

Dubai, UAE-- Emirates NBD has announced the successful pricing of its inaugural AED1 billion ($272 million) dirham-denominated bond, the first such issue by a UAE bank. The group's bond sale will support the further development of a medium-term bond yield curve and facilitate access to financing for UAE corporations, the...

The joint statement comes after the sudden collapse of cryptocurrency platform FTX - worth $32 billion before it filed for bankruptcy in November - which sent chills across the sector. FTX's disgraced founder Sam Bankman-Fried has since been accused of committing one of the biggest financial frauds in US history,...

The year 2022 was crowned with excellent ratings for the Qatari economy, as the S&P's credit rating agency raised the rating of the State of Qatar from "-AA" to "AA" during the year 2022, and Moody's credit rating agency raised the outlook for the country from stable to positive.

Riyadh, Saudi Arabia---Saudi Arabia’s Real Estate Development Fund has launched a program to provide short and medium term financial facilities to real estate finance companies, which will in turn facilitate the kingdom’s initiative to provide affordable housing to its residents. The kingdom aims to raise the percentage of home ownership...

Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom. Manafa  is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an...

The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohamed bin Zayed Solar Park in the country from the current 50 megawatts to 70 megawatts.

Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the war-scarred country's economic reform program. Sponsored by the Kingdom of Saudi Arabia, the program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of...

Britain unveiled a painful budget with $65 billion of tax hikes and spending cuts despite confirming its economy was in recession. A day after official data showed UK inflation rocketing to a 41-year high above 11 percent, Finance Minister Jeremy Hunt triggered an era of austerity following the calamitous tenure...

Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the growth needs of the financial community of Abu Dhabi. They signed an agreement under which the ADIB will provide clients with ADGM licensed managers for Sharia compliant banking services and...

The G20 health ministers have agreed to establish a pandemic fund.

The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security.

The Gulf region’s loan-to-deposit ratio fell by 160 basis points in the second quarter of 2022, due to higher customer deposits.

The branches cater to northern, southern areas.

Muscat, Oman---Oman’s budget achieved a surplus of RO 1.123 billion ($2.92 billion) at the end of September 2022, the country's finance ministry reported in its Fiscal Performance Monthly Bulletin. For the same period last year, the budget reported a deficit of RO 1.030 billion. Oman’s public revenue stood at RO...

Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said the UAE’s participation in the 27th session of COP27 in Egypt will be an affirmation of the country's pioneering model regionally and globally in facing the challenge of climate change.

Abu Dhabi, UAE— The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), which will be effective from 1st January, 2023. The amendments were made are in line with international best practice in light of the GCC...

ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion (AED367.9 billion) in 2020 to $126.3 billion (AED463.9 billion) in 2021, says the Ministry of Finance (MoF) data released Tuesday. The MoF released the preliminary government finance statistics data for...

An IsDB official said proceeds were used to finance projects to recover from the COVID-19 pandemic, reduce poverty etc.

Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC countries.

Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.

The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for 2022, which was held in a hybrid format.

Continuing with its slide against the dollar, the pound hit a record low on fears about the UK economy after the government presented a huge tax-cutting budget. Countries around the world are battling high inflation and seeking to curb it with interest rate hikes. But analysts fear such moves can...

More organizations in the region are trying to turn their current challenges into advantages through innovations and by improving skills to collaborate with suppliers and allies.

The $2bn worth Saudi steel giant will list on Tadawul.

Developers have spent years working on a more energy-efficient version of the ethereum blockchain, a digital ledger that underpins a multibillion dollar ecosystem of cryptocurrencies, digital tokens (NFTs), games and apps.

A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope the event will prompt much more "critical discourse" of the sector. "There are so many crypto conferences but they are funded by the crypto industry," said Martin Walker, a co-organizer.

They will offer inventory solutions to their local, international clients.

The hospital will help tackle chronic disease and reduce mortality rates and also alleviate overcrowding in other hospitals of the region.

Turkey's finance minister told businesses on Friday they should not be concerned by the threat of sanctions that Washington warns will follow if they do business with sanctioned Russians. Nureddin Nebati's Twitter comments represent Ankara's first official response to a letter the US Treasury sent to Turkish businesses on Monday.

The United Arab Emirates this month said it would invest $1 billion in Pakistan and, according to reports, Saudi Arabia is considering extending an emergency $2 billion loan made last year. The latest boost came in talks between Qatar's emir Sheikh Tamim bin Hamad Al Thani and Pakistan's Prime Minister...

Bahrain has posted a budget surplus of $88 million in the first half of 2022, from a deficit of $1.38 billion a year earlier, the Ministry of Finance and National Economy said in its Mid-year Financial Report for 2022. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National...

Net profit for H1 2022 reaches $60 million.

Jordan Senate's Finance and Economic Committee hosted an expert in economic affairs at the National Democratic Institute (NDI), to look into the draft law regulating the investment environment.

UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs to contribute to the country's sustainable economic development and food security.

The Central Bank of the UAE (CBUAE) has decided to increase the debt burden ratio of the beneficiaries of home finance of the Sheikh Zayed Housing Program (SZHP) from 50% to 60%.

China's banking regulator has urged lenders to extend more credit to real estate developers, as a growing number of homebuyers withhold mortgage payments on unfinished housing projects across 50 cities.

Other issues to be tackled by the ministers include digital financial inclusion –- with more than a billion of the world's population still without access to a bank account -– and the deadline for an international tax rules overhaul.

Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organizations across the world through secure channels.

Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also promises growth due to a new era of multilateralism, supported by regionalization, trade in services, innovation and sustainable trade, which would counter global recession, according to 'The Future of Trade 2022'...

Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.

Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession. The former education minister was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson. Johnson also lost...

An IMF team said in March that the country faced "major structural challenges", with low growth and investment, along with high unemployment and gaping inequality.