EDB CEO, Ahmed Mohamed Al Naqbi

UAE’s EDB, Ministry of Economy recognise partner banks

The bank’s credit guarantee scheme aims to help SMEs overcome challenges in accessing financing from conventional banks

Saudi Arabia banking sector

How Saudi Arabia’s banking system is building a solid future

Saudi banks stand to remain on a profitable path in 2023 with corporate lending continuing to drive credit growth in the sector

Mubadala, ADIB deal

Mubadala offloads 7.6% ADIB stake to National Holding

The state investor said the deal is in line with its strategy to create long-term value by optimising a global portfolio of investments

DIFC venture regulation

DIFC enacts new venture studio regulations

The enactment of the new regulations supports the DIFC Launchpad by providing a legislative framework for venture building

Abdulla Almoayed, founder and CEO of Tarabut Gateway

Tarabut Gateway raises $32m to fund Saudi expansion

The open banking platform plans to use the proceeds of the Series A funding round to accelerate growth in Saudi Arabia

Saudi Pharma Jamjoom to list 30%

Saudi Arabia’s Jamjoom Pharma to sell 30% stake in IPO

The company secured approval from the Saudi Capital Market Authority to offer 21,000,000 shares, representing 30 per cent of its issued share capital

CBUAE - interest rate

Most GCC central banks raise interest rates tracking US Fed move

Central banks in the GCC usually track the Fed’s policy rate moves as their currencies are pegged to the US dollar

Dubai_Mohammad AlBlooshi - Head of DIFC Innovation Hub and FinTech Hive 2023 DFS

Exclusive: How Dubai is bolstering its global fintech hub status

Mohammad Alblooshi, head of DIFC Innovation Hub and Fintech Hive, showcases Dubai’s role in the global fintech ecosystem

ESG and Middle Banks Arthur D Little Op-ed

Implementing ESG strategy: How Middle East banks are faring

As the region’s banks double down on their ESG efforts, the implementation of a comprehensive strategy with data governance at its core has never been more important

Abu Dhabi's Khalifa Fund, AlMaryah Bank to provide digital banking services

Abu Dhabi’s Khalifa Fund, AlMaryah Bank to provide digital banking services to SMEs

The bank will provide exclusive benefits to Khalifa Fund members in accordance with the agreement

Saudi National Bank profit Q1 2023

SNB to hold 0.5% stake in UBS Group after merger with Credit Suisse

The bank’s investment in Credit Suisse plunged by approximately 20 per cent by the end of 2022 and a further 70 per cent in Q1 2023

BitOasis is poised to become the first to receive an FMP licence

BitOasis secures MVP operational license from Dubai’s VARA

The crypto trading platform plans to launch new virtual asset products with a continued focus on driving accessibility and consumer protection

UAE Banks Federation signs off on strategic plan and goals photo WAM

UAE Banks Federation approves strategic plan to boost banking sector

The plan will see 5,000 UAE nationals employed in the banking and financial sector by 2026

Middle East venture capital market

The Middle East’s booming venture capital market

The drive for economic diversification and state-backed initiatives together with financial support for startups is fuelling Middle East’s venture capital industry

RAKBANK

RAKBANK more than doubles net profit to Dhs450m in Q1 2023

RAKBANK reported a record total income of Dhs1.07bn for the first quarter

Mashreq Bank CEO Ahmed Abdelaal

Mashreq’s Q1 2023 net profit soars to Dhs1.6bn

The bank reported an operating profit of Dhs1.8bn, up 96 per cent compared to the same period a year earlier

Emirates NBD q1 2023 results

Emirates NBD profit more than doubles to Dhs6bn in Q1 2023

Emirates NBD also enjoyed a record quarter for income, which exceeded Dhs10bn for the first time ever

ADIB net profit Q1 2023

ADIB’s Q1 2023 profit surges to $299m on higher margins

The Islamic bank made a profit of Dhs1.1bn in the three months to March 31, up from Dhs715m in the same period last year

UAE’s First Abu Dhabi Bank branch

First Abu Dhabi Bank’s Q1 2023 net profit up 70%

The banking group’s operating income jumped 51 per cent YoY to reach Dhs6.7bn compared to Dhs4.5bn in the first quarter of 2022

UAE T-Sukuk dirham denominated

UAE to sell Dhs1.1bn dirham-denominated treasury sukuk

The T-Sukuk will first be issued in two, three and five-year tranches, followed by a 10-year tenure sukuk at a later date

Added Wio bank photo courtesy WAM

Wio Bank, Abu Dhabi Department of Economic Development partner to supports SMEs

This partnership will help fast-track the account opening process for SMEs and deliver seamless banking services through the Wio Business app

UAE to offer corporate tax relief to ‘public benefit’ entities

Organisations that qualify for the exemption include entities that focus on activities such as philanthropy, community services and corporate social responsibility

EDB, Emirates Islamic partnership

Emirates Development Bank, Emirates Islamic partner to support SMEs

The Islamic lender is the 11th commercial bank to join EDB’s credit guarantee scheme platform

Ray Dalio, hedge fund billionaire, opens family office in Abu Dhabi

Ray Dalio set to open branch of family office in Abu Dhabi

The Dalio Family Office helps handle the billionaire’s private investments as well as his philanthropic donations

Dubai Islamic Bank branch

Dubai Islamic Bank posts 12% surge in quarterly profit on higher revenue

The bank’s balance sheet expanded by 1.3 per cent YTD to Dhs292bn while customer deposits settled at Dhs198bn

ADCB Group Q1 2023 results

ADCB’s Q1 2023 profit surges to $509m on higher net interest

The bank’s net interest income rose by 33 per cent to Dhs2.85bn while non-interest income surged by 34 per cent to reach Dhs1.06bn

UAE central bank

UAE banks record Dhs245.5bn in saving deposits by January-end

The central bank said saving deposits in the banking system have increased in recent years, from Dhs152bn in 2018 to Dhs241.8bn in 2021

EFG Hermes exit Oman

EFG Hermes shuts Oman operations

The universal bank said the move comes in light of its efforts to drive shareholders’ value by optimising its operations and improving the return on equity metric

Oman Ahli United Bank, Bank Dhofar merger

Oman’s Ahli Bank rejects merger offer from Bank Dhofar

The board of directors studied the non-binding proposal from Bank Dhofar and decided not to accept it

ADX and Mashreq Signing Ceremony 1

Abu Dhabi Securities Exchange, Mashreq to offer instant trading access to customers

The agreement streamlines the digital onboarding process for Mashreq customers, allowing them to instantly obtain a national investor number