#finance

QNB Group’s H1 net profit jumps 8% to $2.1bn

QNB Group’s H1 2023 net profit jumps 8% to $2.1bn

The bank’s operating income jumped 14 per cent year-on-year to QAR18.5bn compared to the same period a year earlier

Emirates NBD to use generative AI across operations Image credit WAM

Emirates NBD to use generative AI to transform operations

The bank aims to boost software development, collaboration and customer engagement using tools such as GitHub Copilot X, ChatGPT and MS 365 Copilot

central bank outlines measures to alleviate burden of residential property loans for UAE nationals Image courtesy CBUAE

UAE issues measures to address impact of rising interest rates on property loans for citizens

The notice was issued following approval from the Central Bank of UAE’s board of directors, with the measures coming into effect from July 1

UAE national banks provide $201bn in financing by April

UAE national banks provide $201bn in financing by April

The banks increased their credit balance by Dhs2.1bn or 0.3 per cent in April 2023, up from Dhs735.2bn a month earlier

Astra Tech National Bonds Sign MOu to iffer investment solutions to Botim Image Astra Tech Botim

Botim users to benefit from Astra Tech, National Bonds saving, investment solutions

This partnership gives Astra Tech customers access to microfinance options specifically designed for individuals with low and medium incomes through Botim, supported by National Bonds’ Al Manassah Platform

CBUAE on UAE banks’ assets

Gross assets of UAE banks hit Dhs3.8tn in April

The central bank said banks’ gross credit increased by 0.1 per cent to Dhs1.89tn in April, driven by a 0.4 per cent growth in domestic credit

Ahmed Al Naqbi, CEO Emirates Development Bank Image Emirates Development Bank

Emirates Development Bank launches UAE’s first agritech loans programme

The programme is targetted at farmers, local producers, technology providers, equipment suppliers, and those involved in the agriculture support ecosystem

Qatar investor set for a spending boost

Qatar’s top dealmakers get ready for a spending power boost

The country’s wealth fund remains one of the biggest investors in Europe, with stakes in companies such as Glencore and automaker Volkswagen

economic substance

Insights: Economic substance regulations in the UAE

Economic substance refers to the tangible and real economic activity that a company carries out

DIB launches DIB alt image DIB

Dubai Islamic Bank launches DIB ‘alt’, consolidates digital offerings

DIB alt brings together more than 135 digital services via the DIB Mobile App, online banking, WhatsApp and ATMs

EDB partners with ADDED

Make it in the Emirates: EDB joins hands with ADDED

The development bank is playing a vital role in supporting the UAE’s industrial strategy by providing financial assistance and driving sustainable growth

FAB allots $1.3bn in financing

UAE’s FAB to provide $1.36bn in financing solutions to investors

The bank will offer competitive financing solutions to support the adoption of advanced technology in the industrial sector

UAE corporate tax_free zones

Corporate tax: UAE exempts free zones from business tax

The government said qualifying entities in the country’s economic free zones will be subject to a 0 per cent rate

EDB finance deals

Make it in the Emirates Forum: EDB unveils Dhs424m in financing deals

The deals come as part of the bank’s mandate to approve Dhs30bn in funding support to companies in the UAE within five key focus sectors

orporate tax Image-by-WAM

Corporate Tax: MoF issues 3 new decisions, includes rules for determining taxable income

The new decisions will help determine taxable income in addition to providing tax relief for intra-group transfer of assets or liabilities between members of the same qualifying group

CBUAE, HKMA partnership

CBUAE issues new AML guidance for financial institutions

The central bank’s guidance highlights the risks of dealing with virtual assets and virtual asset service providers and their business models

Abdulla Almoayed of Tarabut Gateway image Tarabut Gateway

Tarabut Gateway completes Saudi open banking certification

These developments follow the $32m Series A fundraise and partnership with Visa aimed at strengthening its presence in the Saudi market

SRC CEO Fabrice Susini image credit SRC twitter

PIF’s Saudi Real Estate Refinance Company completes latest sukuk issuance of SAR3.5bn

This is the sixth tranche under SRC’s upsized SAR20bn sukuk programme

UAE and Poland seeks to bolster ties

UAE, Poland seek to strengthen financial and economic ties

The two countries agreed to strengthen their cooperation and exchange knowledge, experiences and best practices in the field of tax policy

Karim Awad Group CEO EFG Holding

EFG Hermes Holding rebrands as EFG Holding

The change in the brand name will not impact the current management structure and reporting lines, day-to-day operations, or the level of support and cross-selling that will continue between the group’s three verticals

EFG Hermes group CEO Karim Awad Image courtesy EFG Hermes Holding

EFG Hermes reports 157% rise in net profit to EGP885m in Q1 2023

The group recorded a 129 per cent year-on-year rise in revenue to EGP4.5bn in Q1 2023

Mubadala Manipal Hospitals talks

Fortress Management, Mubadala to acquire Fortress Investment Group

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals

M&A and Corporate Tax insights

Navigating M&A transactions, restructurings in the face of UAE’s corporate tax 

Buyers will need to evaluate the tax status of the target company or target assets and consider whether any restructuring is required to optimise tax efficiency

UBF

UAE Banks Federation confirms 100% spike in use of digital banking channels

According to a survey conducted by UAE Banks Federation, the county ranked second globally in terms of customer confidence in banks at 84 per cent in 2022

Corporate tax prep for SMEs Lorenzo Jooris Image credit Creative Zone

Is your SME ready for the corporate tax regime?

Here’s how to ensure your SME is set to deal with the advent of UAE’s corporate tax from June

Mubadala has invested in clean energy FY 2022 financial highlights

Abu Dhabi’s Mubadala outperforms global benchmarks in 2022

The company deployed Dhs107bn in industries such as life sciences, renewable energy and digital infrastructure

CBUAE revokes licence of an exchange firm

UAE bank investments hit record high of Dhs541bn in February

The CBUAE update showed a year-on-year growth of 15.2 per cent over the same period last year

Aldar Square photo Aldar Properties PR

Aldar Investment Properties raises $500m from inaugural green sukuk

Proceeds of the sukuk will be used in accordance with Aldar’s Green Finance Framework to finance green initiatives and acquisitions

QATAR GettyImages-1232572487-800x533-1

Qatar stocks could attract up to $3.5bn on free float plan

The Gulf state is considering the plan on the hopes that more trading would raise investment returns, reduce costs and help with diversification

Central bank on gross bank assets

CBUAE says gross banks’ assets reached Dhs3.74tn in February

Latest data from the central bank shows that gross credit surged by 1.2 per cent to Dhs1.89tn in February from 1.87tn a month earlier, driven by a 1.6 per cent increase in domestic credit