How can UAE businesses ensure compliance with ESR and UBO regulations?

Employing the services of certified audit firms can help companies in the country meet regulatory requirements and avoid penalties

How you can make your wealth work for you

From creating a diversified portfolio to making well-informed asset choices, it is critical to have the right kind of advice in order to protect your investments

Abu Dhabi’s ADCB sees creditors approval for NMC restructuring in first half

The bank recorded $450m in provisions and interest in suspense toward NMC, Finablr and associated companies last year

Saudi chemical giant SABIC sees vaccinations boosting income

SABIC earned net income of SAR40m in 2020, down sharply from SAR5.2bn in 2019

UAE Central Bank imposes fines worth Dhs45.75m on 11 banks

The financial sanctions were imposed on January 24, 2021

National Bank of Fujairah posts net loss of Dhs475m for 2020

The decline was attributed to a substantial increase in impairment provisions and lower operating profit

Saudi arrests businessmen, bank employees in $3.1bn corruption scheme

Those arrested were allegedly involved in a scheme that transferred more than SAR11.5bn outside the country

Saudi Arabia won’t erase budget deficit by 2024, says Goldman

Saudi Arabia said it would cut spending 7.3 per cent in 2021 to SAR990bn

Investcorp buys apartments in $330m bet on suburbs

Investcorp confirmed the purchase in a stock market filing

AIX Dubai

Biggest investment trends to watch out for in 2021

With the pandemic upending the business landscape, what are the trends that we should look out for?

Emirates NBD

Dubai’s Emirates NBD reports a 52% slide in net profit for 2020

Total income of Dhs23.2bn improved 4 per cent year-on-year

Abu Dhabi lender FAB names Hana Al Rostamani as first female CEO

Al Rostamani will takes over from Andre Sayegh

Saudi Arabia returns to dollar-debt market to boost finances

The price of Brent crude is still below what most of the region’s economies need to balance their budgets

Bahrain’s Investcorp launches fintech investment platform

Customers can browse, assess and invest in Investcorp’s investment offerings

Abraham Accords: Impact on talent synergies between the UAE and Israel

The relations between Israel and the UAE will have omnipresent long-term benefits through their similarities

Saudi Arabia replaces central bank governor

Ahmed Alkholifey is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016

Power Letters 2021: Adeeb Ahamed, managing director, LuLu Financial Group

Amidst the many challenges of 2020, Lulu Financial Group is determined to advance its objective of financial inclusion through technology and collaborative partnerships

Saudi’s Public Investment Fund launches 5-year strategy; assets treble to $400bn

PIF aims to grow its assets under management to over $1.07 trillion by the end of 2025

Investment bank Moelis & Company appointed for restructuring of UAE’s Finablr

In December 2020, Finablr agreed to sell off its business to an Israeli-UAE consortium for $1

cryptocurrency

Central Bank of Bahrain licences Sharia-compliant cryptocurrency exchange CoinMENA

At launch, CoinMENA’s platform will be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait and Oman

Kuwait Central Bank allows lenders to distribute 2020 dividends

The Kuwait Banking Association said in June that there would be no distribution of dividends to shareholders for 2020

How Open Banking can foster innovation in the financial landscape

Open banking offers potential for better customer experience and additional revenue streams

First Abu Dhabi Bank acquires 100% of Bank Audi Egypt’s share capital

The proceeds will help strengthen Bank Audi group’s capitalisation and financial resilience

Bahrain plans to sell dollar bonds to plug budget deficit

The Gulf Arab kingdom is selling benchmark-size seven-year debt, 12-year securities and/or notes maturing in 30 years

Qatar wealth fund plans Asia push to diversify from Europe, US

The wealth fund holds stakes in some of the world’s top companies

Citi UAE expects to triple assets under management to $15bn by 2025

Bank plans to quadruple wealth clients in five years

Over $1bn piled into MENA-based startups in 2020

The UAE, Egypt and Saudi Arabia accounted for 68 per cent of the total deals disclosed in 2020

Digital transformation: What are the key challenges that regional banks continue to face?

Digitisation is underway and accelerating in the Middle East – but what are the key technologies being deployed?

Abu Dhabi’s $232bn Mubadala wants to take crack at Top 10

The fund is reshaping its structure to focus on four business platforms: UAE investments, disruptive investments, direct investments and real estate and infrastructure

First Abu Dhabi Bank

Abu Dhabi bank follows Dubai peer to dollar bond market

First Abu Dhabi Bank opened books on a $500m five-year sukuk