EFG Holding posts EGP3bn in Q3 2023 revenue

EFG Holding posts EGP3bn in Q3 2023 revenue

The banking group’s net profit after tax and minority interest rose by 24 per cent to reach EGP395m

UAE payments revenue to hit $19.8bn by 2027

UAE payments revenue to hit $19.8bn by 2027, says BCG

Growth in the country’s payments space is being fueled by a surge in digital transactions and technological advancements such as GenAI

Dubai Taxi IPO announced Image Dubai Media Office

Dubai Taxi IPO: 25% stake to list on Dubai Financial Market

The subscription period will open on Tuesday, November 21

UAE: Abu Dhabi Islamic Bank successfully issues $500m green senior sukuk Image Getty Images

UAE: Abu Dhabi Islamic Bank successfully issues $500m green senior sukuk

The issuance attracted interest from more than 100 global and regional investors with the final order book closing at $2.6bn

IHC quarterly revenue reaches Dhs14.2bn

IHC’s quarterly revenue reaches Dhs14.2bn

The group’s assets edged up by 3.3 per cent to reach Dhs235.6bn, compared to Dhs228bn a year earlier

Dubai Investments buys additional stake in Monument Bank

Dubai Investments hikes stake in UK’s Monument Bank to nearly 17%

The investment group acquired a 9 per cent equity stake in the digital bank earlier this year

New end-of-service benefits scheme now in force

UAE: New end-of-service gratuity scheme now in force; here’s what it offers

Employees who sign up can either receive financial benefits after the end of their employment contract or continue investing in the end-of-service scheme

ADQ-backed publishing firm completes SPAC merger with ADC

Abu Dhabi publishing firm completes Dhs623m SPAC merger with ADC

The SPAC raised Dhs1.1bn of growth capital, including Dhs734m from the previously announced PIPE transaction

MENA IPOs market to gain momentum in 2024

Positive outlook for MENA IPOs going into 2024, reveals EY report

The IPO pipeline will be driven by Saudi Arabia, where 27 companies have announced their intention to list on the Tadawul

GCC neobanks and the next banking revolution

How GCC neobanks are shaping the next banking revolution

Neobanks have reset the paradigm for the traditional banking industry in terms of customer experience, product innovation and pricing

Arabian Drilling posts SAR920m on higher rig activity

Arabian Drilling’s Q3 revenue surges by 16% on higher rig activity

The company’s Q3 2023 net income remained flat QoQ, with the increase in operating profit mostly offset by higher finance costs

COP 28 meet to discuss loss and damage fund concludes successfully GettyImages-1340683804-e1644584765829

COP28: Meet to discuss implementation of Loss and Damage Fund concludes successfully

The agreed recommendations will now be socialised with national governments ahead of COP28, so the fund can be activated and capitalised

New UAE corporate tax decisions issued by MoF for free zones - for illustrative-purposes-GettyImages-124638324

UAE corporate tax: MoF issues new decisions related to free zones

The new decisions reflect the significant role of free zones in the UAE’s economic diversification strategies

ADGM to host Abu Dhabi Sustainable Finance Forum during COp28 Image ADGM

UAE: ADGM to host Abu Dhabi Sustainable Finance Forum during COP28

Masdar will partner with ADGM to host the forum as part of the special edition of Abu Dhabi Sustainability Week at COP28

DFSA fines FFA Private Bank $370,000 over system failures

DFSA hits FFA Private Bank with $370,000 fine over system failures

The financial watchdog said the fine follows and is connected to the prohibition that was imposed on the lender in May 2021

Marriott launches its first co-branded credit card in Qatar (Image: Supplied by Marriott International)

Marriott launches its first co-branded credit card in Qatar

Cardholders can earn Marriott Bonvoy points on local and international spends as well as on their stays at more than 8,000 hotels around the world

Alpha Dhabi CEO - Hamad Al Ameri

Alpha Dhabi posts double digit growth for Q3 results

Alpha Dhabi said its diversified portfolio has been a major driver behind the growth in revenue

Middle East alternative asset manager Investcorp sets IPO price range for vehicle

Middle East alternative asset manager Investcorp sets IPO price range for vehicle

The vehicle plans to offer 643 million ordinary shares and wants to list on the Abu Dhabi Securities Exchange

UAE corporate tax

UAE: FTA notifies of new tax criteria for non-residents

The FTA’s new guidelines offer clarity for non-resident persons, who derive income in the UAE, or those who conduct business or part of their business in the UAE

Samah Ahmed of AIX Consultancy on how AIX is helping investors tap Dubai's vast opportunities

How AIX Consultancy is helping investors tap Dubai’s vast opportunities

From visa applications to licence renewals, AIX Consultancy offers a comprehensive suite of services that allow clients to focus on their core operations

DIEZ unveils Dhs500m venture fund to finance tech startups

DIEZ launches Dhs500m venture fund to finance tech startups

The fund will play a pivotal role in supporting startups, starting from the pre-seed stage, and extending to the Series B investment stage

Most GCC central banks hold interest rates unchanged

UAE, Qatar central banks hold interest rates, tracking US Fed move

GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf states’ currencies are pegged to the dollar

Türkiye may exclude banks from inflation-adjusted accounting

Türkiye may exclude banks from inflation-adjusted accounting, says minister

Türkish companies’ end-2023 balance sheets will be inflation-adjusted, with the practice expected to continue until 2026

CBUAE reveals new Dhs500 banknote

UAE central bank issues new Dhs500 polymer ‘eco-friendly’ banknote

The new Dhs500 note highlights the UAE’s cultural and tourism landmarks and ‘models’ of sustainability

israel crisis puts investors on edge

Israel crisis: Global investors on edge

Some investors also expect a widening crisis could prompt safe-haven buying of Treasuries

Emirates NBD to offer fractional bonds for individual investors -GettyImages-630846210

Dubai’s Emirates NBD third quarter profit rises 38%

Profit for the quarter was Dhs5.2bn, roughly in line with analysts’ median estimate of Dhs5.18bn

economy

Global business cycle transition and its impact on global economy

The US and China showed signs of growing somewhat faster in the third quarter after a pronounced slowdown in the first half of 2023

commercial bank of dubai

Commercial Bank of Dubai reports record net profit in third quarter results

The Commercial Bank delivered a record net profit of Dhs1.9bn for the first nine months of 2023

Carbon exchange ACX at ADGM goes live Image ADGM

Abu Dhabi: World’s first regulated carbon exchange, clearing house goes live

ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem

BlackRock

Abu Dhabi Crown Prince and BlackRock CEO discuss investment opportunities

The meeting discussed the array of opportunities available for global investors and international companies within the UAE