Tether to launch stablecoin pegged to UAE’s dirham

Phoenix Group, Tether to launch UAE dirham-pegged stablecoin

The dirham stable coin will be accessible globally and “fully backed” by liquid UAE-based reserves

A rescue boat of the Vigili del Fuoco, the Italian Corps. of Firefighters operates off Porticello near Palermo, on August 20, 2024 a day after the British-flagged luxury yacht Bayesian sank. Specialist divers launched a fresh search for six people, including UK tech tycoon Mike Lynch and the chairman of Morgan Stanley International, missing since their yacht capsized off the Italian island of Sicily. The Bayesian, which had 22 people aboard including 10 crew, was anchored some 700 metres from port before dawn when it was struck by a waterspout, a sort of mini tornado. Fifteen people aboard, including a mother with a one-year-old baby, were plucked to safety; one man has been found dead; and six people remain missing. (Photo by Alberto PIZZOLI / AFP) (Photo by ALBERTO PIZZOLI/AFP via Getty Images)

Five bodies recovered from Mike Lynch’s sunken superyacht in Sicily

The Bayesian, a 56-metre yacht flying the British flag, was carrying 10 crew members and 12 passengers when it sank off the coast of Sicily

Gold - Renewed strength in the greenback has now seen bullion tumble more than 20 per cent since a March peak.

Gold tracks down after hitting record high

Gold has gained nearly 22 per cent so far this year with geopolitical tensions and uncertainty created by the upcoming US elections

KFH offloads entire stake in Sharjah Islamic Bank for Dhs1.3bn

Kuwait’s KFH offloads entire stake in Sharjah Islamic Bank for Dhs1.3bn

The shares were sold to the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank

Oman’s wealth fund boosts assets to OMR19.6bn in 2023

Oman Investment Authority boosts assets to OMR19.6bn in 2023

The sovereign wealth fund said it recorded more than OMR1.7bn in profit and contributed OMR800m to the state’s general budget

Al Majed for Oud to list 30% stake in Riyadh

Saudi Arabia’s Al Majed for Oud to sell 30% stake in Riyadh IPO

The perfume retailer is offering 7,500,000 shares to investors—equivalent to 30 per cent of the company’s paid-up capital

Emirates NBD, BeZero Carbon tie-up to support carbon market trading

Emirates NBD, BeZero Carbon partner to support carbon market trading

This collaboration marks Emirates NBD as the first bank in the UAE to integrate an independent ratings agency into its voluntary carbon market trading operations

Gold Price, Commodities Investment

Gold trades near historic $2,500 mark on US Fed rate-cut optimism

Enthusiasm over a likely interest rate cut by the US Federal Reserve in September propelled bullion to an all-time high of $2,509.65 on August 16

Saudi's SEDCO Capital to launch public IPO fund

Saudi’s SEDCO Capital launches IPO investment fund

SEDCO Capital’s new fund is expected to attract both local and international investors, offering them a vehicle to tap into the growing Saudi market

Make digital payments safely with these tips from Kaspersky GettyImages-1368868043-1

6 essential tips for more secure online transactions

These tips from cybersecurity experts at Kaspersky will help you navigate the digital landscape securely

Saudi Arabia posts 2023 budget deficit of $22bn - capex

Saudi Arabia’s ‘capex super-cycle’ pivot to non-oil sectors: Goldman Sachs

Sectors such as clean energy, metals and minerals, transport and logistics, and digitalisation are expected to see significant funding as part of the kingdom’s economic diversification efforts

Dubai’s DFM signs MoU with Shenzhen Stock Exchange

Dubai bourse signs MoU with Shenzhen Stock Exchange

Both exchanges will explore cooperation on dual-listing, ETFs, mutual display of indices, and fixed-income products

Egypt

Egypt’s sovereign wealth fund CEO resigns: Reports

Soliman’s resignation had been anticipated, with one government source saying Egypt’s political leadership wanted to introduce fresh faces into key positions, as part of a broader reshuffle

ADNOC Driling Rig at Upper Zakum - MSCI Index listing

ADNOC Drillling to join MSCI Index this month

ADNOC Drilling is the largest drilling and integrated services company in the Middle East

Abu Dhabi’s ADX signs MoU with Armenia Securities Exchange

Abu Dhabi’s ADX signs MoU with Armenia Securities Exchange

The agreement is expected to strengthen cross-border market activity between the two markets

ADGM says company registrations up 31% in H1 2024

ADGM says company registrations up 31% in H1 2024

The financial hub issued 1,271 new licences in H1 2024, a 20.5 per cent increase compared to the corresponding period a year ago

Abu Dhabi’s ADQ reportedly eyes Bank Audi’s Turkish unit

Abu Dhabi’s ADQ reportedly plans to acquire Bank Audi’s Turkish unit

Deliberations between ADQ and Bank Audi are reportedly ongoing, and no final decisions have been made

MENA IPOs in Q2 2024 GettyImages-1317703626

MENA region sees 14 IPOs valued at $2.64bn in Q2 2024

Eight out of the 14 MENA IPOs in Q2 2024 delivered positive returns by the end of June, with Miahona Company achieving the highest gain of 90.4 per cent

Adani Enterprise Ltd Image IHC X

Adani shares in freefall after fresh Hindenburg allegations against Indian regulator

Adani Enterprises is looking to launch a $1bn share sale by mid-September, having shelved a record $2.5bn offer in the wake of Hindenburg’s first set of allegations

Hargreaves Lansdown

ADIA, CVC to buy out UK’s largest investment platform Hargreaves Lansdown in $6.9bn deal

The takeover of the platform has the backing of co-founders and top shareholders Peter Hargreaves and Stephen Lansdown

UAE issues new decree to bolster AML CFT regulatory framework GettyImages

UAE issues new decree-law to bolster AML, CFT regulations

This move is part of the UAE’s ongoing efforts to enhance its legal and regulatory framework in the fight against financial crimes

UAE suspends 32 gold refineries for AML/CTF lapses

UAE temporarily suspends 32 gold refineries for AML/CTF lapses

The ministry of finance said its inspections of the refineries uncovered 256 violations, eight for each refinery

How blockchain lift barriers, unlock growth in Islamic finance

How blockchain can overcome barriers, unlock growth in Islamic finance

The UAE is leading the charge in technological innovation and embracing the digital economy through forward-thinking digital asset regulation

Arab exchanges' market cap crosses $4.17tn in H1, reveals AMF report

Arab exchanges’ market cap crosses $4.17tn in H1, reveals AMF report

Leading the pack is the Saudi Exchange (Tadawul), with a market value of $2.68tn, solidifying its position as the largest in the region

Dr. Thani bin Ahmed Al Zeyoudi named chairman of rorix holdings image: Supplied

Dr Thani bin Ahmed Al Zeyoudi to chair IHC’s Rorix Holdings

The newly formed global trading and trade facilitation company will cover trade finance, consulting, commodities exchange and trade insurance

GCC markets Image: Getty Images - ipo

Most GCC markets extend gains as US recession fear fades

Market watchers called worries of a recession in the US economy “not in line with economic fundamentals”

Abu Dhabi’s ADX, KASE partner to boost cooperation

ADX, Kazakhstan Stock Exchange join forces to boost cooperation

The partnership seeks to advance cross-border trading between the exchanges and expand investment opportunities

EFG Hermes ONE rebrands, unveils new trading platform

EFG Hermes ONE rebrands, unveils new trading platform

Currently available in Egypt and Kuwait, and soon to be launched in the UAE, EFG Hermes ONE grants users access to 35 global markets through OLT

Finastra's Siobhan Byron on addressing financial inclusion, agility

Finastra’s Siobhan Byron on addressing financial inclusion, agility

Siobhan Byron, EVP Universal Banking at Finastra, highlights the role of open ecosystems, cloud, SaaS, and AI in accelerating innovation

Abu Dhabi’s IHC reports 18% jump in first half profit

Abu Dhabi’s IHC reports 18% jump in first half profit

The holding firm’s financial position is backed by its total assets of Dhs362.9bn as of June 30