World Bank boosts climate financing by 10 percent
Washington, United States - The World Bank announced Thursday that it delivered a record $42.6 billion in climate change financing in the last financial year, up 10 percent from a year earlier.The development lender has looked to boost its climate financing commitment under new president Ajay Banga, who took over last...
FAB profit up 50 percent
The company's net profit amounted to $2.18 billion.
Abu Dhabi to set up industrial financing entity: Chairman ADDED
A new industrial financing entity will soon be established in Abu Dhabi to finance large industries and small and medium-sized enterprises (SMEs) as industrial financing requires the establishment of new frameworks, said Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). Abu Dhabi's...
Egypt to receive $500 mn from World Bank to boost food security
Egypt's food security has been under mounting pressure since Russia invaded Ukraine in late February causing massive disruption to exports from Black Sea ports. Before the invasion, the two countries accounted for 85 percent of Egypt's wheat imports.UAE lends helping hand to Africa through credit lines
A line of credit of US$20 million will be opened between ADEX and ECOWAS to boost cooperation and raise the volume of trade between the two entities.
Abu Dhabi Export Office signs financing pact with Capital Bank of Jordan
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with Capital Bank of Jordan, under which AED73.4 million ($20m) will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies of the two...
IsDB’s Lives and Livelihood Fund provides $1.5bn to 33 member states
Abu Dhabi Fund for Development (ADFD), is one of LLF's key donor partners on this innovative initiative.
Dubai establishes Debt Management Office for financing needs
Dubai has announced the establishment of a Debt Management Office that would be responsible for government's financing requirements, managing the sovereign debt portfolio and setting strategic objectives and policies. It will also be responsible for pursuing risks to ensure government financial sustainability, as well as maintaining high levels of transparency...Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first time in the country. Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions. This contains guaranteeing 100 percent of the value of the financing, and...
East Pipes of KSA gets $133m financing
East Pipes of Saudi Arabia has secured a Shariah-compliant working capital financing of $133 million from Bank Albilad.UAE launches assessment of proliferation financing risks
The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control have launched assessment of proliferation financing risks in the Emirates. The proliferation financing risk assessment will assist the UAE's public and private sectors to implement...TAQA Group, EWEC price green bond
The bonds were 1.8 times oversubscribed.
Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.UAE and IRENA launch $1 billion clean energy finance platform
The UAE and the International Renewable Energy Agency (IRENA) on Wednesday announced the Energy Transition Accelerator Financing (ETAF), a new global climate finance facility to accelerate the transition to renewable energy in developing countries. The UAE committed $400 million in funding provided by the Abu Dhabi Fund for Development (ADFD)...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.
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
Pipeline to transport gas from Qatar to UAE secures $3bn in financing
The Dolphin Gas Project, a natural gas pipeline to transport Qatari natural gas to the United Arab Emirates and Oman is set to receive $3 billion in financing.Top Saudi banks see increase in deposits and financing in Q2
Top Saudi banks have seen strong growth in the second quarter of the current fiscal in financing and deposits. According to Alvarez & Marsal, the professional services firm, core operating income rose 8.4 percent from the first quarter to the second quarter of 2021, while L&A increased by 13.1 percent...
UAE-led consortium gets $250m for gas plant in deal with DFC
The consortium, called Pearl Petroleum Company Limited, is led by Dana Gas and Crescent Petroleum, both of which are from the UAE. The development will help in meeting the rising demand for clean natural gas for electricity generation and industry in the KRI.
ADIB finances Rasmala for Tesco supermarket acquisition
The property, constructed in 2012, extends to 100,365 sq ft ADIB offers Sharia-compliant property financing solutions Abu Dhabi Islamic Bank (ADIB) has provided structured Islamic financing to Rasmala Long Income Fund to support its acquisition of a supermarket investment in Hattersley, Greater Manchester. The property, which was constructed in 2012,...
