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

UAE Israel

UAE delegation led by Obaid Humaid Al Tayer signs landmark agreements with Israel

The UAE, US and Israel also established a $3bn Abraham Fund to help stimulate private sector-led investments across the region

GCC payment revenue growth subdued by Covid-19: report

BCG predicts GCC’s payment revenue pool will expand by 1.1 per cent annually

UAE lender ADIB launches remote sales platform

Over half of ADIB card sales are taking place on the platform

Dubai DEWA

Dubai’s DEWA repays $1.5bn bond, turns debt-free

New projects worth over Dhs80bn are either ongoing or envisaged for completion over the next five years

The cross-functional role of CFOs in regional businesses

CFOs need to remain flexible and adapt quickly to a changing environment

UAE Central Bank withdraws Dhs10.9bn in excess liquidity during August

This move came after the central bank met the market needs for liquidity over the previous months

Key question: Is gold’s rally far from over?

Gold has had a solid run higher throughout 2020

Dubai’s DIFC becomes region’s first accredited member of Global Privacy Assembly

DIFC introduced a new data protection law, that aims to enhance its current regime around data, security and privacy best practices

Five factors to consider when choosing a life insurance plan

Choosing a life insurance product is a valuable investment for your future

OMAN-DAILY LIFE

Oman to introduce 5% VAT in April

Essential food items, medical care, education and financial services will be exempt from the planned levy

New $60m fund to invest in 120 MENA-based startups amid Covid-19 tech rally

The fund will invest in tech startups across sectors including fintech, healthtech and edutech

Dubai Financial Market

Dubai Financial Market announces launch partners for new equity futures platform

The new equity futures platform is slated to launch on October 18

Year’s biggest bank merger sealed as Saudi rivals agree on deal

The new bank will have total assets of more than $220bn, creating the Gulf region’s third-largest lender

Area 2071

Area 2071 in Dubai launches projects to support emerging tech companies

The three projects were selected from among over 150 projects participating in a special programme launched by District 2071

ECB takes major step toward introducing a digital Euro

A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly

Five reasons why entrepreneurs must aim to make money

Entrepreneurs must strive to earn money for the right reasons

Standard Chartered cutting more than 100 UAE jobs

The bank employs about 1,700 people in the UAE

UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG

Non-performing loan ratio increases from 3.8% in December 2019 to 4.1% in June 2020

Oman’s top banks see 34.2% decline in profits: KPMG

Increase in non-performing loans squeezed banks’ profits in the GCC country

Abu Dhabi

Abu Dhabi Investment Office signs bilateral trade agreement with Israel Export Institute

ADIO will help connect Israeli companies with strategic entities and grant them access to resources in Abu Dhabi

Dubai

Dubai repays 10-year $750m bonds certificates

The 10-year Euro Medium Term Note Programme reached maturity on October 5