#finance

Kuwait pension fund posts record first-quarter investment profit

The fund held $112bn in assets at the end of March last year

Shailesh Dash main

Phi Trends: The business implications of 5G

Investors must keep a lookout for stocks with game-changing potential, which inevitably will tap into 5G and enable future growth prospects, opines entrepreneur and investor Shailesh Dash

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Dubai Financial Market announces H1 2022 results, posts net profit of Dhs63.4mn

Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

The DFM attracted 1,718 new investors during the first half of the year

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

Saudi Arabia

Saudi Arabia refutes reports that it is mulling income tax

An official within the government added that the “issue is fundamentally not for discussion”

DP World

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

Shailesh Dash main

Phi Trends: Why it’s never too late to start investing

Investing requires a long-term approach to yield better results, opines entrepreneur and investor Shailesh Dash in his new series

Bahrain digitisation

Why digitalisation has helped Bahraini banks escape the brunt of Covid-19

As Covid-enforced social distancing measures became commonplace, Bahrainis turned increasingly online to conduct financial services

How can investors find the right asset allocation mix in the current situation?

The key for investors is to find the asset mix that not only improves their returns, but more-so their decision-making process

Abu Dhabi Fund for Development

Covid-19: Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies

It covers the payment of instalments and interests over the period from January 1 to December 31, 2020

Dubai’s Nomad Homes raises $4m in seeding funding

The company is building a managed marketplace for users to search, transact, and finance residential real estate

Abu dhabi uae capital flag

UAE provided financial facilities worth Dhs5.8bn to non-profit organisations in Q1 2020

The Central Bank of the UAE has said that the support provided to non-profit organisations is expected to increase in 2020

Dubai Financial Market

Dubai Financial Market to reopen trading floor on July 7

DFM had announced the temporary closure of the premises on March 16 in the wake of the Covid-19 pandemic

Dubai Islamic Bank lists $300m sukuk on Nasdaq Dubai

There is a total of $71.09bn sukuk now listed on the exchange

Dubai World pays $8.2bn two years early to complete debt revamp

The payment was made using funds from asset sales, dividend payments and the delisting of port operator DP World

Saudi’s Islamic Development Bank lists $1.5bn sustainability sukuk on Nasdaq Dubai

The AAA-rated sustainability sukuk is the first Covid-19 related sukuk in the global capital markets

Sharjah Islamic Bank lists $500m sukuk on Nasdaq Dubai

The latest listing raises the total value of sukuk listed in Dubai to $69.29bn

This UAE firm offers a letter of guarantee with no fees in less than 24 hours

UAE-based Finance House offers the Al Rabeh Guarantee service to support local businesses

UAE Central Bank’s TESS liquidity scheme availed by 26 banks

More than 140,000 eligible customers have already benefited from the TESS liquidity facility

Amlak International announces intent to list on Saudi bourse

The offering will comprise of 27,180,000 ordinary shares

sheikh hamdan

Islamic Economy accounted for Dhs41.8bn of Dubai’s GDP in 2018

It contributed 9.9 per cent to Dubai’s GDP in 2018

Outward personal remittances from the UAE in Q1 2020 increased 7.8% y-on-y

The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US

How can UAE wealth managers stay relevant in the current economic situation?

Wealth managers need to adopt sophisticated tools such as robo-advisors to stay relevant and offer the best service to their clients, says IT firm Comarch

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Saudi moved $40bn in reserves to sovereign wealth fund PIF

The sovereign fund has spent billions of dollars this year buying equities, including stakes in BP, Boeing, Citigroup and Facebook

Millennials prefer robot bankers to humans – Nordic data

Banks are trying to find ways to accommodate growing investment demands from cash-rich clients

UAE Exchange starts issuing refunds – report

UAE Exchange, which operates more than 100 branches across the country, stopped all transactions in March

Saudi suspends two mortgage-support programmes amid crisis

An interest-free loan programme for military personnel which covers 20 per cent of a property will be suspended from May 31

Saudi wealth fund PIF buys Boeing, Citi, Facebook, Disney stakes

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, its governor said in April