#finance

Dubai sets up fund to oversee government investments

Dubai sets up fund to oversee government investments

The newly established fund will hold stakes in entities including utility giant Dubai Electricity and Water Authority, toll operator Salik and Dubai Taxi Company

Archit Gupta, CEO of Cleartax with insights on tools to aid tax compliance KSA and GCC

Getting tax-ready: Navigating compliance in Saudi Arabia, GCC

Embracing tools such as VAT Filing Reconciliation and Assistance and Accounts Payable Automation becomes crucial to ensure efficient, accurate tax operations and compliance

Mashreq commits to facilitate Dhs110bn in sustainable finance by 2030

Mashreq to facilitate Dhs110bn in sustainable finance by 2030

The bank’s commitment to sustainable finance is part of its Climb2Change global initiative

DFM to launch carbon credits pilot programme at COP28 Image Dubai Media Office X

Dubai Financial Market to launch pilot carbon credits programme at COP28

DFM will commence the pilot programme for institutional investors starting from December 4-8, with the offsetting period ending on January 10, 2024

PIF-owned SRC successfully wraps up SAR3.5bn sukuk GettyImages

Saudi Real Estate Refinance Company wraps up SAR3.5bn sukuk issuance

The issuance was offered in five and seven-year dual tenors, marking the final two tranches under its SAR20bn government-guaranteed sukuk programme

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

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

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

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

APICORP relocates to new office in Riyadh

APICORP relocates HQ to Riyadh, move aligns with new 2023-28 business strategy

The move to the new headquarters follows the approval of APICORP’s 2023-2028 business strategy, which includes a new brand identity

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

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

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

Mashreq sees 122% rise in net profit in first nine months of 2023 Image WAM

Mashreq bank’s net profit rises 122% in first 9 months of 2023

The increase in operating income and net profit was primarily attributed to a significant 82 per cent increase in net interest income

Democrance Expands Presence in Saudi Arabia Image Supplied

Global insurtech firm Democrance expands footprint in Saudi Arabia

Democrance helps insurers increase their digital sales and access new customer segments

Invest AD and Blackstone launch Private debt fund Image -courtesy-WAM

Mubadala-owned Invest AD, Blackstone launch private debt fund

The SCA-regulated fund will offer local feeder access to Blackstone’s US and European private credit strategies

Visa unveils visa installament payment solution in GCC Image Getty Images

Visa unveils new payment installment solution for cardholders

Participating card issuers and acquirers in UAE, Saudi Arabia and Qatar will be able to offer cardholders flexible and transparent payment plans at merchant checkouts, both in-store and online

World Investment Forum 2023 begins in Abu Dhabi Image Supplied

Global leaders gather for World Investment Forum 2023 in Abu Dhabi

UN Secretary-General António Guterres, in a statement, urged forum participants to put the SDGs Stimulus Package into effect

Fluent Finance to develop stablecoin technologies in the UAE

Fluent Finance to develop stablecoin technologies in the UAE

The web3 company is piloting the Fluent Economic Bridge platform in Kenya and plans to develop a digital trade corridor with the UAE

QNB Group’s nine-month net profit surges by 8%

QNB Group’s nine-month net profit surges by 8%

The bank’s deposit base rose by 4 per cent between January and September to reach $226bn

Saudi PIF and Saudi ELectricity Company set up electric vehicle infrastructure company GettyImages-1464744716-1

PIF, Saudi Electricity Company launch Electric Vehicle Infrastructure Company

The Public Investment Fund (PIF) of Saudi Arabia and Saudi Electricity Company (SEC) have launched…

Abu Dhabi’s non-oil economy grew 12.3% in Q2 2023

Abu Dhabi’s non-oil economy grew 12.3% in Q2 2023

The financial sector grew nearly 30 per cent year-on-year, with the value-added by the industry surging more than Dhs18bn

China’s AIIB expands global reach with Abu Dhabi office

China’s AIIB expands global reach with Abu Dhabi office

The overseas office brings the bank closer to the front lines of its sustainable development work in the Middle East and Africa

ADES Holding announces share price on IPO Image courtesy Ades Group

PIF-backed ADES Holding gets $76.5bn in orders for Riyadh IPO

ADES set the final offer price for the offering at SAR13.50 per share, implying a market capitalisation of SAR15.2bn at listing

EFG Hermes advises EMRC on EGP472m securitised bond issuance

EFG Hermes advises EMRC on EGP472m securitised bond issuance

The landmark securitisation programme makes EMRC the first refinance mortgage company to securitise portfolios for mortgage companies in the Egyptian market.

Astra Tech ant group to collaborate on one of a kind digital payments solution Image Supplied

UAE: Astra Tech, Ant Group to launch digital payments solution aimed at tourists, visitors

The solution will help 1.4 billion wallet users conduct transactions seamlessly, directly from their home e-wallets while visiting the UAE without currency conversions

Emirates NBD makes strategic investment in Komgo Image Dubai Media Office

Emirates NBD makes equity investment in trade finance platform Komgo

The strategic investment in Komgo was made through Emirates NBD’s Innovation Fund, which was set up earlier this year

corporate cards

How democratising corporate cards enables business to tap into a host of benefits

Corporate cards that are defined and operated in the right way will deliver a new level of control to the finance team and each employee

These 4 Emirati women lead UAE’s powerful financial institutions

These 4 Emirati women lead UAE’s powerful financial institutions

Emirati Women’s Day celebrations are being held under the theme “We Collaborate for Tomorrow” this year