Kuwait’s $124bn pension fund had record first-half profit

A new management team was brought into the fund in 2017 to transform the state-owned institution

Abu Dhabi’s wealth fund invests in SoftBank-backed tech startup

It invested in Reef Technology, a startup that manages hubs in parking lots used for food delivery and other services

gavel

Financial tribunal delivers verdict against Al Masah; issues statement regarding Shailesh Dash

The tribunal noted that Shailesh Dash exhibited “a formidable mastery of the arguments”

Why financial institutions must leverage technology to align with the ‘new normal’

Organisations that accelerate their digital strategies are likely to be the businesses that will see an effective economic ‘bounceback’

Sharjah

Sharjah announces new Dhs512m economic stimulus package

The package was approved by the Crown Prince of Sharjah, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, on Tuesday

USA flag and contemporary glass skyscrapers in New York

How the outcome of the US elections could affect the global stock market

The 2020 elections will show what matters the most to American voters: the stock market performance, or the real economy

Banking Tech

Here’s how regional banks can create a loyal customer base

Lenders should leverage the use of technology to understand customers’ needs and create a personalised journey for them, says IT firm Comarch

Peter Maerevoet

Why SMEs should consider export factoring when seeking funding

Export factoring provides a full suite of trade finance benefits including cash advances, credit protection, and collections and reconciliation services

Nasdaq Dubai

Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

The five-year sukuk was oversubscribed nearly three times

Key mandates financial services firms must deliver on

These three requirements are a must for the ‘new tomorrow’ in financial services

Saeed Hamad Obaid Al Dhaheri

Abu Dhabi Securities Exchange appoints new CEO

He was formerly appointed as CEO of Abu Dhabi National Energy (TAQA)

Patrik Lang Bank Julius Baer

Why the head of Equity Research at Bank Julius Baer remains bullish on the markets

Swiss wealth manager Bank Julius Baer’s head of Equity Research, Patrik Lang, provides an overview of the current investment landscape

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

Etihad

UAE’s Etihad issues $600m sustainability-linked sukuk

The airline has committed to net zero carbon emissions by 2050 and a 50 per cent reduction in net emissions by 2035

Dubai’s NBF posts 87% dip in net profit for first nine months of 2020

Its operating profit of Dhs707.3m for Q1-Q3 2020 plummeted from Dhs862.3m during the same period last year

Saudi exchange triples daily trading limits for new listings

Starting November 8, newly listed stocks will be allowed to rise or fall 30 per cent on their first three days of trading

LLB_Headquarters_Vaduz

Here’s how European private bank LLB is looking to grow in the GCC

Gulf Business speaks to Ludovic Pernot, head of Private Banking Middle East at LLB, on the Covid crisis and plans ahead

Nasdaq Dubai Growth Market

Dubai launches new stock market for SMEs

The Nasdaq Dubai Growth Market will be operational by early 2021

MENA’s open banking platform, Tarabut Gateway, launches in UAE

The company has opened an office in Abu Dhabi’s Hub71 and Dubai’s DIFC FinTech Hive

First Abu Dhabi Bank

FAB reports 19.3% dip in net profit for Q3 2020

Third quarter net profit rose 4 per cent sequentially

Elias Aad mastercard

How payment digitisation can stimulate economic growth in the Middle East

Investing in payment digitisation will drive financial inclusion, economic growth and wellbeing in today’s new reality

Egypt’s biggest listed bank slumps after chairman steps down

The stock fell as much as 10 per cent to trade at EGP60.10 pounds before paring the decline to 7.2 per cent at close

Abu Dhabi Securities Exchange announces listing of Sawaeed Holding

Sawaeed Holding is the fourth ADX listing in 2020

Saudi Arabia issues new SAR20 note to mark G20 Presidency

The new banknote will be put into circulation on October 25, 2020, as an official legal banknote

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Dubai

Sheikh Hamdan unveils new Dhs500m stimulus package for Dubai

The overall value of economic support provided by the emirate in 2020 has risen to Dhs6.8bn

Central Banks want digital currencies that don’t nudge out cash

Digital money will have to co-exist with cash and other forms of tender

Tabreed

UAE’s Tabreed issues new $500m 7-year bond

The bond has been rated Baa3 by Moody’s and BBB by Fitch

Finastra annual hackathon now open to MENA developers

Prizes include access to Finastra’s FusionStore app marketplace

Emirates NBD

Dubai’s Emirates NBD records 55% net profit dip for first nine months of 2020

Total income for the first nine months of 2020 amounted to Dhs18.27bn

Abu Dhabi investment firm to form digital bank with $545m capital

First Abu Dhabi Bank will own 10 per cent of the digital bank