Gold set for largest weekly gain since March amid mixed US data

The precious metal crossed the $1,700 mark this week

ADIB UTC partnership

ADIB joins e& enterprise blockchain platform UAE Trade Connect

ADIB will use the UAE Trade Connect platform to detect fraud and dubious transactions in the trade finance area

Binance growth rate in MENA

Binance sees 49% YTD rise in new users in MENA region 

Binance recently obtained a minimal viable product license from Dubai’s Virtual Asset Regulatory Authority to offer approved virtual asset-related services

Abu Dhabi Securities Exchange adds stock futures to derivatives market

Abu Dhabi Securities Exchange adds five single stock futures to derivatives market

From October 6, stock futures on Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Fertiglobe, Borouge and AD Ports will be available for trading on the derivatives market

Bitcoin rally loses momentum as expectations for Fed shift eases

Bitcoin, the largest digital coin by market value, dipped as much as 2.9 per cent on Wednesday

Mashreq, Anghami sign strategic partnership

Mashreq, Anghami announce regional strategic partnership

The partnership will see Anghami produce an exclusive podcast for Mashreq’s Brand Campaign “Rise Everyday” and offer the bank’s customers access to its content catalogue

Saudi Arabia - FDI

IMF to establish regional office in Riyadh

The fund’s managing director said that the office will ‘spearhead engagement with regional institutions and strengthen relationships with country authorities’.

ADGM launches Abu Dhabi Finance Week

Abu Dhabi Global Market, ADDED announce inaugural edition of Abu Dhabi Finance Week 2022

Abu Dhabi Finance Week, which is set to run between November 14-18, will bring together global market leaders in financial technology, asset management and capital markets

Gold extends last week’s advance with dollar surge cooling

Spot gold advanced 0.2 per cent to $1,664.09 an ounce as of 8.03am in Singapore

stock markets

IHC subsidiary International Securities launches global trading platform

Through the launch of this new trading platform, International Securities is expected to double its customer base over the next 18 months

Salik

Dubai’s Salik soars in trading debut after huge IPO order book

The Middle East has been one of the most active IPO markets in 2022

Oman

Oman seeks to deepen capital markets with eye on Gulf IPO boom

Oman and Bahrain are the only countries in the GCC not classified as emerging markets by MSCI

ADX-MSX MoU_oman

UAE’s ADX, Muscat Securities Market sign MoU to enhance cooperation

The agreement aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, and training and development of systems

Tabby, Paymob partner

Tabby, Paymob collaborate to boost growth among retailers in Egypt

Businesses across Paymob’s network will benefit from Tabby’s ‘split into four’ interest and fee-free payment solution via Paymob’s gateway

Further Ventures to support startups

Further Ventures launches $200m fund, backed by Abu Dhabi’s ADQ  

Further will partner with entrepreneurs, as an institutional co-founder, to launch and grow new ventures from ideation to exit

ADGM's FSRA amends capital markets framework

ADGM’s FSRA amends capital markets framework to bolster investment activities

The changes, first proposed in March, received a significant and supportive response from the industry and wider stakeholders

amana_CEO_Muhammad Rasoul

Neo broker amana launches trading app, offers access to regional and global markets

The platform offers stocks, commodities, ETFs, currencies and crypto among other assets through the app

HSBC Saudi Arabia promotes Faris Alghannam to CEO role

Alghannam has been with HSBC Saudi Arabia since 2011

Global bonds tumble as UK tax cuts deliver fresh headwinds

Equities and other risk assets also dropped and the pound sank to a record low

burjeel hospital

UAE healthcare provider Burjeel Holdings to sell 11% stake in IPO

The subscription period for institutional and retail investors will open on September 30 and close on October 4

Salik

Dubai toll operator Salik raises over $1bn from IPO

Salik is expected to commence trading on the Dubai Financial Market on September 29

stocks

Tech stocks brace for more bleeding as Fed ratchets up rates

Technology and other growth stocks have been battered this year amid slowing economic growth and soaring interest rates

CBUAE raises interest rate as of September 22

CBUAE, Gulf central banks raise interest rates following US Fed rate hike

The US Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point to a range of 3 to 3.25 per cent on Wednesday

Changpeng Zhao, founder and CEO of Binance,

Binance secures MVP licence from Dubai’s Virtual Assets Regulatory Authority

The licence is an important milestone that follows a number of registrations for Binance’s local entities in the MENA region and across Europe in Italy, France and Spain

Gold shows ‘resilience’ as eyes turn to size of Fed’s rate hike

Bullion, which hovered above $1,700 an ounce for the first half of September, plunged below that mark last week

EFG Hermes Holding hosts 16th annual conference in Dubai

EFG Hermes Holding hosts 16th annual conference in Dubai

Around 205 companies from 33 countries are participating in the conference, which is themed ‘Weathering Inflation – Finding Focus in Frontier Emerging Markets (FEM)’

HSBC executes first blockchain transaction for Middle East’s automotive sector

The Contour platform deploys decentralised technology to integrate digital networks for transfer of data across trade routes

Lazard names a woman as Saudi chair to grow Mideast advisory unit

Sarah Al-Suhaimi was named chair of the Saudi stock exchange in 2017

Crypto

Bitcoin, Ether extend crypto selloff as big Fed rate hike looms

An Ether jump since mid-June that was spurred by hype around an upgrade of the Ethereum blockchain is rapidly unwinding

The current state of the Middle East’s wealth management industry

Digitalisation and new technologies also continue to emerge and sweep across many sectors, and the wealth management industry is no exception