arab monetary fund extends loan to Egypt

Egypt gets $616m loan from Arab Monetary Fund

The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt

UAE money laundering prosecution office

UAE approves proposal to establish money laundering prosecution offices

The offices will overlook corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks, and customs evasion crimes

UAE MoF announces penalties for Corporate tax violations -Photo-courtesy WAM

UAE announces penalties for corporate tax violations

Under Cabinet Decision No (75) of 2023, penalties will be imposed on taxable persons who do not comply with the UAE corporate tax law effective from August 1

Jio Blackrock

Mukesh Ambani, BlackRock to launch new Indian venture

Jio Financial Services and BlackRock signed an agreement to form Jio BlackRock, an equal joint venture

DFM’s H1 2023 profit jumps 77% to Dhs112.2m

Dubai Financial Market reports Dhs112.2m half-year profit, up 77%

The DFM General Index posted impressive growth of 14 per cent, closing at 3,972 points while market capitalisation soared to Dhs652bn

GCC stock markets are hitting record highs

GCC stock markets are hitting record highs. Here’s why

After a strong performance last year, the GCC region is set to see more activity in its capital markets in the medium term

DIFC innovation Hub launches FinTech Accelerator Programme 2023 Image Dubai Media Office DIFC

DIFC Innovation Hub kicks off FinTech Accelerator Programme 2023

A total of 20 startups will be onboarded during the ninth edition of the programmen

GCC central banks raise interest rates tracking US Fed move

GCC central banks raise interest rates in lockstep with the US Fed

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

DIB’s quarterly net profit jumps by 15% to $844m

DIB’s Q2 net profit surges to $844m on higher revenue

The Shariah-compliant bank’s total income reached Dhs9.3bn during the quarter, up 49 per cent from Dhs6.22bn the same period a year ago

SNB’s Q2 2023 net profit up 9% to $1.33bn

SNB’s Q2 net profit up 9% to $1.33bn

The bank’s net profit surged by 9 per cent to reach $1.33bn (SAR5bn) in the three months to June 30

Gautam adani

Bain to buy majority stake in Adani Capital, Adani Housing

The sale of Adani Capital will help Gautam Adani cut liabilities on his conglomerate’s balance sheet as it focuses on its infrastructure development businesses

Rawabi Energy concludes one of the Largest Private Sector Syndicated Financing Image Rawabi Energy

Saudi Arabia’s Rawabi Energy concludes SAR7.175bn syndicated financing

The lending group also included First Abu Dhabi Bank acting as lead arranger

US Treasuries - stocks

Here are the Asia bank earnings to watch after Wall Street results fuel optimism

Wall Street behemoths such as Bank of America, Morgan Stanley, JPMorgan Chase, and Citigroup beat analysts’ expectations in the second quarter, sparking anticipation about a similar upswing in Asia

FAB’s quarterly profit up 61% on higher rates

FAB’s quarterly profit up 61% on higher rates

The banking group’s operating income reached Dhs6.8bn in Q2 2023, a 37 per cent YoY increase from the same period a year earlier

ADCB

ADCB’s Q2 2023 net profit jumps 23% to Dhs1.93bn

The bank said its strong performance was driven by broad-based income growth and improved efficiency metrics

DFM

HSBC acts as custodian for debut DFM securities lending transaction

The execution of the first international securities lending and borrowing transaction is the latest step in the continued evolution of Dubai’s capital markets

Fluent Finance opens Abu Dhabi office

Fluent Finance opens Abu Dhabi office to advance trade finance

The blockchain firm said its new UAE entity will focus on deposit token infrastructure to promote cost-effective and borderless trade finance

dr sultan ahmed al jaber chairman masdar

UAE’s Masdar successfully issues first $750m 10-year green bond

Proceeds from the bond offerings will be deployed towards projects in the renewables sector, namely solar, wind, renewable power transmission and distribution infrastructure, and battery storage assets

AI in ESG

How can AI expose ‘very real’ ESG risks?

Artificial intelligence tools are gaining traction as demand to analyse huge amounts of data grows in the field of ESG risk analysis

5 tips to achieve financial stability- GettyImages-910730068

5 key tips for financial stability in uncertain times

Building an emergency fund, budgeting, reducing debt, diversifying income streams and planning for the future are all key steps toward achieving financial stability

GCC wealth funds are fueling growth and prosperity

How GCC wealth funds are fuelling growth and prosperity

Sovereign wealth funds in the GCC region continue to increase in number, size, variety and scope

Dubai Aviation City x Dubai South sign agreement with dubai insurance

Dubai South introduces new employee protection insurance programme

The programme covers unpaid salaries, gratuity, repatriation costs of return for its employees or their mortal remains and unreimbursed expenses

ADIB introduces Istikrar Image credit ADIB

ADIB launches Istikrar, UAE’s ‘first’ long-term, fixed-rate home finance product

According to the bank, the product’s fixed-rate tenor offers home buyers a worry-free experience, free from any large final payment or unexpected changes in installments

Global outstanding sukuk volume break the $800bn barrier

Global outstanding sukuk volume breaks $800bn barrier

Sukuk issuance is expected to plunge in Q3 2023 before picking up pace in the last quarter of the year

Investment perspective

Global investment perspective 2023: The way ahead

The IMF sees the global GDP slipping to the 2.8 per cent range for this year, below the 2022 advance estimates of 3.4 per cent

Open banking is a door to innovation

Open banking: A door to innovation and growth

Open banking is giving banks in the MENA region the opportunity to expand their ecosystems, reach and balance sheets

Sobha Realty raises $300m with debut sukuk

Sobha Realty raises $300m with debut sukuk

The sukuk issuance demonstrates the growing appetite for Islamic finance instruments in the GCC region

DIFC to host first edition of Future Sustainability Forum in Dubai image DIFC_WAM

DIFC to host first Future Sustainability Forum in Dubai

The inaugural forum will be held at the Ritz-Carlton DIFC on October 4-5