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

Dubai’s toll operator Salik boosts IPO size from 20% to 24.9%

The company’s starting market capitalisation is expected to be $4.1bn

ENOC, Emirates NBD collaborate for payment solutions

Emirates NBD enables H2H digital payment solutions for ENOC Group

The H2H implementation has facilitated the automation of treasury cycles and reconciliation processes through scheduled transmissions

Gold steadies after sinking to two-year low as rate hike looms

Bullion had been hovering above $1,700 an ounce for most of September

Citi Saudi Arabia CEO Wassim Al Khatib resigns just a year after joining bank

The bank appointed Al Khatib as its CEO in the kingdom in 2021

Ethereum

Ethereum completes long-awaited energy-saving ‘Merge’ upgrade

Ether surged more than fivefold in 2021, outperforming Bitcoin by a wide margin, in part on optimism over the Merge

UAE israel education

Sheikh Abdullah bin Zayed arrives in Tel Aviv on Abraham Accords’ second anniversary

Besides the UAE foreign minister’s latest visit, we take stock of the key developments and events since the signing of the historic accords

Digital Vat-refund scheme launched in UAE_ Photo courtesy WAM

UAE’s Federal Tax Authority, Planet Tax Free launch digital VAT-refund scheme for tourists

The 100 per cent paperless process is expected to save more than 16,800 trees per year and more than 4,000 tonnes of carbon dioxide emissions

Investopia SALT MoU

UAE’s Investopia and Salt announce new strategic partnership to stage event

Salt and Investopia will work together to organise a prestigious, invitation-only conference featuring the world’s leading investors, entrepreneurs and policy experts

Gold steady after US inflation spurs biggest drop in two months

Bullion ended 1.3 per cent lower on Tuesday after the consumer-price index figures were released

Bahrain's Al Waha Fund, Hambro Perks launch HP Spring Studios to support fintech startups

Bahrain’s Al Waha Fund, Hambro Perks launch HP Spring Studios to support fintech startups

The studio aims to create new highly skilled jobs in Bahrain for both local and international talent, on both its core team and at the startups it helps to launch

Abu Dhabi Global Market

ADGM Registration Authority enhances existing legislative insolvency practitioner framework

A key alignment of the framework with international best practices is the mandatory prerequisite for registered insolvency practitioners to obtain a security bond before any appointment

ADQ monetises minority stake in Taqa to Multiply Group, Abu Dhabi Pension Fund, other investors

Abu Dhabi-based Taqa has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations

Mubadala boosts takeover bid for Burger King Brazil operator

The Abu Dhabi sovereign wealth fund’s unit MC Brazil F&B Participações is now proposing a tender offer to acquire 45.15 per cent of the firm’s shares at $1.62 apiece

IMF sees Kuwait's GDP growth at above 8% for 2022

Kuwaiti conglomerate Alghanim Industries weighs $1bn IPO

Deliberations about a potential listing are in the early stages and no final decisions have been made

ADGM FSRA guiding principles

Abu Dhabi Global Market’s FSRA publishes guiding principles on virtual asset regulation and supervision

The principles aim to support FSRA’s collaboration with other regulators and inform the wider public of how it responds to underlying risks in the sector

UAE Treasury bonds

UAE’s five-year tranche treasury bonds receive bids worth Dhs8.6bn in fourth auction

The new five-year T-Bonds will contribute to strengthen the local debt capital market and build the UAE dirham-denominated yield curve

Emirates NBD launches Application Programming Interface (API) developer portal

Dubai’s Emirates NBD launches API developer portal to drive innovation

The portal grants developers access to a suite of Emirates NBD APIs across six key categories

Gold bars

Gold flat ahead of inflation with more big rate hikes looming

Bullion has mainly fluctuated between $1,700 an ounce and $1,720 in September after several months of declines

Saudi Arabia's $1.12 billion in development financing

Islamic Development Bank approves $1.12bn in development financing for nine member countries

The bank approved a $1.79m grant for projects in key sectors such as food security, health, transport, energy, urban development, education, water and sanitation

Gold

Gold edges up as expectations firm for super-sized rate hike

Elevated yields tend to weigh on non-interest bearing bullion

ADCB green bond

ADCB prices $500m Reg S green bond to support financing of low-carbon initiatives

The bank has adopted a ‘Green Bond Framework’ to provide a long-term platform to support further mobilisation of capital for green projects

Bitcoin mining revenue gauge declines to the lowest in two years

The largest cryptocurrency by market value has dropped almost 60 per cent this year to around $19,000

Emirates-NBD Securities launches onboarding platform

Emirates NBD Securities launches end-to-end digital onboarding platform

The improved onboarding process also provides access to other regional exchanges, advanced trading platforms and mobile app

Dubai’s DIFC records 11% increase in new company registrations in H1 2022

A total of 537 new companies joined the centre in the first half of the year