Bahrain seizes on oil windfall to rebuild funds hit by pandemic

The country will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80

HSBC becomes first international general clearing member on Dubai Financial Market

The bank will be able to provide clearing and settlement services to its customers worldwide and to other DFM trading members

Bitcoin falls to lowest in a month as risk aversion takes oll

Bitcoin has been struggling along with risk assets in recent months

Gold rises to five-week high with growing risks boosting havens

The precious metal climbed as much as 0.5 per cent in early Asian trading after capping a second weekly gain

Standard Chartered closes transition trade facility

StanChart plans to exit seven markets in Africa, Middle East

The markets it plans to exit made up about 1 per cent of total group income in 2021

Binance

IN4X Global introduces cryptocurrency payment solution in the Middle East

IN4X’s platform, a quick, secure and easy-to-use payment processor and crypto payment gateway, will enable businesses to accept cryptocurrencies as payment

UAE’s FTA launches whistleblower programme for tax violations

Effective from April 15, Raqeeb grants the informants with monetary rewards if the report leads the FTA to collect tax worth more than Dhs50,000

Investcorp sets up infrastructure investment platform in North America

Investcorp’s new platform will enable investments in critical infrastructure companies and projects across North America

UAE’s ADX rebrands ‘growth market’ to boost private sector listings

The growth market will enable companies to directly list their shares on ADX, without the need for an initial public offering

First Abu Dhabi Bank

UAE lender First Abu Dhabi Bank pulls bid for Egypt’s EFG-Hermes

FAB had offered to buy a majority stake in EFG-Hermes in February

Bitcoin surpasses $41,000 as technical analysts predict bounce

Bitcoin has been largely stuck in a range of about $35,000 to $45,000 this year

IEA cuts oil demand forecast as China reimposes lockdowns

IEA members announced last week that they will deploy 240 million barrels from emergency reserves

Abu Dhabi invests in Egyptian firms to help shore up economy

Egypt’s central bank held a special policy meeting in March and hiked interest rates for the first time since 2017

Interview: EFG Hermes’ Karim Awad shares the strategy driving the company’s success

The group CEO, chairman of the executive committee, and member of the board of EFG Hermes Holding, shares the company’s key milestones

ADQ and Chimera Investments to launch UAE’s first SPAC on ADX

With the launch and listing of ADC, ADQ and Chimera aim to capitalise on ADX’s newly-issued SPAC regulations

UAE’s National Bonds’ investments rise by 36% to Dhs11.89bn in 2021

National Bonds reported an increase of 17 per cent and 9 per cent, respectively, in its women and junior saver segments’ investments in 2021

EFG Hermes completes advisory on $6.1 bn DEWA IPO

EFG Hermes has advised on other landmark listings such as ACWA Power’s offering on Tadawul and ADNOC Drilling’s milestone IPO on ADX

Dubai utility surges after pulling off year’s second-biggest IPO

The IPO valued DEWA at $33.8bn

Mideast asset manager Investcorp seeks cash for blockchain fund

The eLydian Lion fund will be based in Abu Dhabi

Binance receives in-principle approval from Abu Dhabi Global Market

Upon completion of the application, Binance will be able to offer services regarding virtual asset offerings to customers across the MENA region

Adani Group

Abu Dhabi’s IHC to invest Dhs7.3bn in India’s Adani Group

The three companies – AGEL, ATL and AEL – are part of the Adani Group’s green portfolio, and have core aspects of ESG woven into their operations

DIFC’s new Studio Launchpad to support SMEs, financial ecosystem

Part of its Strategy 2030, DIFC’s Studio Launchpad is designed to attract and engage a consortium of leading startup and corporate venture studios

UAE’s DFSA introduces ‘whistleblowing’ regulatory regime

DFSA’s regime aims to improve the whistleblowing culture among its regulated entities by increasing transparency around how they handle regulatory concerns

Dubai’s Mashreq and noon.com launch VIP savings account

The account provides customers competitive interest rates on their savings, cashback on all spends and a free noon VIP membership among other features

Venture capital giant Sequoia Capital names new leader

Sequoia has backed many of the world’s leading companies, ranging from Apple to Airbnb to Zoom Video Communications

Citi to sell its consumer unit in Bahrain to Ahli United Bank

The transaction includes Citigroup’s retail-banking, credit-card and unsecured-lending businesses

Dubai Financial Services Authority

Dubai Financial Services Authority signs MoU with Central Bank of Mauritius

The agreement will facilitate knowledge exchange on technologically enabled financial innovation

Saudi’s PIF, stc Group sign agreement to establish new IoT company

The JV agreement is part of PIF’s and stc’s efforts to drive rapid growth of Internet of Things across Saudi Arabia