Dubai Islamic Bank

Dubai Islamic Bank posts 34% rise in group net profit for Q1-Q3 2022

The bank reported total income of Dhs9.873bn, rising 10 per cent year-on-year, compared to Dhs8.94bn last year

Abu Dhabi's ADCB reports 22% rise in net profit for first nine months of 2022

Abu Dhabi’s ADCB reports 22% rise in net profit for first nine months of 2022

The bank posted a 10 per cent rise in net interest income, totalling Dhs7.275bn

DIFC GEFI

DIFC, Global Ethical Finance Initiative join hands to support COP28 agenda

As the host financial centre for GEFI’s Path to COP28 programme, DIFC will support a series of report launches, roundtables and community engagements during the next 12 months

Abu Dhabi Global Market

Aliph Capital secures $125m investment from Abu Dhabi’s ADQ

Aliph Capital will seek to acquire sizeable positions in privately owned mid-market companies across the GCC

JPMorgan set to hire 20 more bankers in Saudi Arabia expansion

JPMorgan set to hire 20 more bankers in Saudi Arabia expansion

The US bank will have doubled the size of its Saudi operations by the end of the year, compared to 2016

European investor M7 opens first Middle East office in Dubai

European investor M7 opens first Middle East office in Dubai

The company currently manages around €1bn of European real estate on behalf of Middle Eastern investors

Mubadala kkr tie-up

Mubadala, KKR partner to co-invest in private credit in Asia Pacific region

The partnership aims to deploy at least $1bn of long-term capital, providing bespoke credit solutions to companies and sponsors

Arada photo courtesy WAM

Real estate developer Arada successfully closes $100m tap of sukuk issuance

Arada will use the proceeds from the tap for general corporate purposes and to support the development of its existing projects

ADGM turns 7

Abu Dhabi Global Market celebrates seventh anniversary

To mark the event, ADGM chairman Ahmed Jasim Al Zaabi took a special tour to meet the international and local entities located at the financial centre

ADX FADX 2022

Abu Dhabi Securities Exchange’s FADX 15 gains 16.9% at end of Q3

The market capitalisation of stocks listed on ADX increased 59.7 per cent to Dhs2.2tn at end of Q3 from Dhs1.38tn during the same period in 2021

Saudi British Bank reports 26% rise in net profit for Q3 2022

The bank’s loan portfolio grew to SAR189bn, marking an increase of 4 per cent during the third quarter

Virtuzone - Wio partnership

Virtuzone, Wio Bank partner to help SMEs with their digital banking needs

Virtuzone, in collaboration with Wio Bank, will offer entrepreneurs access to banking services through Wio’s SME-focused digital banking application, Wio Business

Dubai's DFSA partners with Thai Securities and Exchange Commission

Dubai’s DFSA partners with Thai Securities and Exchange Commission

The agreement provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets

HSBC expands private banking in UAE to tap growing millionaire base

The new private bank will cater to the needs of clients with investable assets of over $2m

National Bank of Kuwait reports $1.2bn in net profit

National Bank of Kuwait reports $1.2bn in net profit for first nine months of 2022

Net profit increased 46.9 per cent year-on-year from $819.9m recorded during the same period last year

Gold

Gold struggles for direction as traders await fresh catalyst

Gold was flat at $1,651.49 an ounce by 10.34am Shanghai time

Emirates Development Bank Dr Sultan Al Jaber

Emirates Development Bank approves Dhs4.4bn in loans in first nine months of 2022

Emirates Development Bank approved Dhs1.3bn towards financing mSMEs and Dhs3.1bn to fund industrial development and infrastructure projects

MOI DIB to collaborate

Dubai Islamic Bank teams up with UAE MOI to implement digital KYC journey

The initiative will allow new customers to open a bank account with DIB remotely and digitally through face-matching verification

DIFC Gate Building

Dubai’s DIFC, US-based GSSN to develop venture studio models globally

The agreement will see DIFC and Global Start-up Studio Network organise in-person and virtual events for venture studios, and foster collaboration to develop purpose-built frameworks and tools for their use

Gold holds gains as UK policy changes bolster investor sentiment

Bullion is still trading near its lowest level in the month

Bayanat announces intent to list on ADX

Abu Dhabi G42-owned Bayanat announces intent to list on ADX

The subscription period for the listing will open on October 21 and close on October 25

Crypto altcoins lead declines

Crypto altcoins lead declines; Bitcoin drops back below $19,000

Bitcoin, the largest cryptocurrency by market value, fell as much as 3 per cent on Thursday in New York to $18,585

STC Alibaba

Arabian Drilling draws $43bn in orders for Riyadh IPO

The company set the final offer price at $26.6 a share, raising $710m after a book-building process for institutional investors

google

Coinbase stock rises after adding Google partnership on payment, cloud

Google will use Coinbase Prime for institutional crypto services, such as custody and reporting

Credit Suisse

Credit Suisse facing $8bn capital shortfall, Goldman says

Speculation about the Swiss lender’s health has rocked its shares this year

CEO of UAE’s digital bank Zand steps down

The bank’s board is expected to announce a new CEO shortly

UAE Federal Tax Authority to launch new integrated platform ‘EmaraTax’

UAE Federal Tax Authority to launch new integrated platform ‘EmaraTax’

EmaraTax will enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refunds

DIFC Courts launches tejouri

Gitex Global 2022: DIFC Courts launches global digital vault ‘tejouri’

The new digital vault will enable the upload and secure storing of insurance contracts, title deeds, wills and financial certificates

Abu Dhabi Islamic Bank launches ‘small business finance’ to support SMEs

The lender aims to offer a financing solution up to Dhs1.5m to support developing needs of businesses

UAE Cabinet approves federal budget 2023-26 courtesy WAM

UAE Cabinet approves 2023-2026 federal budget, with total expenditure of Dhs252.3bn

Social development and benefits represent the largest proportion of the country’s federal budget 2023 at 39.3 per cent