#finance

HSBC shares fall to 25-year low on China fears, banks report

Europe’s largest bank has been named as a possible candidate for China’s “unreliable entity list”

Abu-Dhabi

Abu Dhabi Investment Office to open first international branch in Tel Aviv

ADIO will subsequently open offices in Europe, North America and Asia

Emirates NBD

Dubai’s Emirates NBD signs MoU with Bank Leumi Le-Israel

Bank Leumi currently holds approximately 30 per cent market share in the Israeli banking system

Emirates NBD

Dubai’s Emirates NBD enters into MoU with Israel’s Bank Hapoalim

The agreement will allow Israeli clients to transact directly in the UAE

UAE spending

UAE federal budget records Dhs9.75bn surplus in H1 2020

The federal government’s total revenues were reported at Dhs34.7bn

Adeeb Ahamed New

LuLu Financial Holdings’ MD Adeeb Ahamed on the Covid crisis, remittances and plans ahead

UAE-based LuLu Exchange contributes to nearly 1.7 per cent of the global remittance inflows, reveals Ahamed

Mideast equity markets mixed with oil prices in focus

Kuwait’s main equity index led losses in the region

Sheikh-Mohammed Dubai

Sheikh Mohammed outlines new law for family-owned businesses in Dubai

The validity of a family ownership contract can extend up to 15 years, after which it must be renewed

Sheikh Mohammed Digital Economy

Sheikh Mohammed says digital economy is next priority for UAE

The digital economy’s contribution to the UAE’s local GDP in 2019 reached 4.3 per cent

Abu Dhabi insurance company Daman appoints new CEO

Al Mehyas has been leading the company following a major reorganisation last year

Dubai’s DIFC grants banking licence to Samba Financial Group

Samba Financial Group’s presence in DIFC will facilitate its access to regional markets

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank records 52% decrease in net profit for H1 2020

Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn

Kuwait pension fund plans to triple infrastructure investments

PIFSS had a record investment profit of $7.3bn in the three months through June

GEMS-school 2

Dubai school operator GEMS raises extra debt to bolster its cash

The “incremental” funding will be used to support working capital needs

Dubai attracted around Dhs12bn of FDI in H1 2020

There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives

Zainab Invesco

Video: Where are Middle East sovereigns investing?

Fixed income and gold have emerged as attractive asset classes for regional sovereigns, finds the Invesco Global Sovereign Asset Management study

Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

The first six months saw $72bn of bond issuance from the region

Saudi Arabia’s PIF abandons bid for Newcastle United

The consortium formally withdrew its interest because of the prolonged process and current challenges

Kuwait pension fund posts record first-quarter investment profit

The fund held $112bn in assets at the end of March last year

Shailesh Dash main

Phi Trends: The business implications of 5G

Investors must keep a lookout for stocks with game-changing potential, which inevitably will tap into 5G and enable future growth prospects, opines entrepreneur and investor Shailesh Dash

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

General Views of Dubai Financial Market

Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

The DFM attracted 1,718 new investors during the first half of the year

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

Saudi Arabia

Saudi Arabia refutes reports that it is mulling income tax

An official within the government added that the “issue is fundamentally not for discussion”

DP World

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

Shailesh Dash main

Phi Trends: Why it’s never too late to start investing

Investing requires a long-term approach to yield better results, opines entrepreneur and investor Shailesh Dash in his new series

Bahrain digitisation

Why digitalisation has helped Bahraini banks escape the brunt of Covid-19

As Covid-enforced social distancing measures became commonplace, Bahrainis turned increasingly online to conduct financial services

How can investors find the right asset allocation mix in the current situation?

The key for investors is to find the asset mix that not only improves their returns, but more-so their decision-making process

Abu Dhabi Fund for Development

Covid-19: Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies

It covers the payment of instalments and interests over the period from January 1 to December 31, 2020

Dubai’s Nomad Homes raises $4m in seeding funding

The company is building a managed marketplace for users to search, transact, and finance residential real estate