#finance

Different Arab money

Revealed: Impact of Covid-19 on GCC retail banks revenues

BCG says earnings could shrink by -2.1% annually between 2019 and 2024

Saudi to only award government contracts to firms that have an HQ in the kingdom

The new decision, which does not apply to private sector firms, will take effect from January 1, 2024

NMC Health expects UAE, Oman operations to continue in 2021, after sale of non-core assets

NMC is undertaking a complete restructuring of its balance sheet following the discovery of significant fraud and debt

Exchange house in UAE fined Dhs504,000 by Central Bank

The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange slashes trading fees by 22%

The value of securities traded on the exchange increased 28 per cent to Dhs72.8bn in 2020 from Dhs56.8bn in 2019

Abu Dhabi Criminal Court

Two Abu Dhabi execs fined Dhs8bn, jailed for 15 years in money laundering case

The two men, who have not been named, reportedly took advantage of their position in the company and misused public funds

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

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

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?

Shailesh Dash

Phi Trends: Cleantech – ideology or opportunity?

The focus on sustainability means that cleantech offers strong potential for growth, states entrepreneur and investor Shailesh Dash, who shares his market perspective in this monthly column

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

Saudi Arabia replaces central bank governor

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

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank launches one-year healthcare equities note for investors

The structured note which matures in 12 months provides 95 per cent capital protection

Kuwait MPs submit proposal to impose fee on money transfers out of country

Lawmakers have called for a 2.5 per cent fee on all money transfers out of the country

From left, Jayafar Moidu, founder and CEO of JMR Infotech and Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum

JMR Infotech signs JV with UAE’s Seed Group to enhance digital transformation within the financial sector

JMR’s Genie de Banca digital platform will enable banks and financial institutions to automate and digitise their lending departments, develop new revenue channels, and present their customers with new products and services

Stocks set to end 2020 at record high

Investors have pushed risk assets including stocks to sky-high valuations on expectations that widespread vaccine distribution in 2021 will reignite economic growth

How fintech innovations are helping the unbanked across the GCC

As societies adopt more digital payment tools, it is important to bring along the 25 million locally who are still living in cash mode

Bahrain-Manama

Bahrain central bank extends loan repayment deferrals on Covid crisis

The option to postpone installments is to be offered to all customers residing in the kingdom, whether individuals or companies

Oman banks get more flexibility in financing stock investments

Oman’s central bank also said banking sector in the sultanate was “comfortably placed”

Saudi’s $360bn sovereign wealth fund PIF rejigs top leadership

The reshuffle comes as the PIF and its subsidiaries prepare to significantly increase domestic spending

Emaar Development announces new chairman, Alabbar to remain in executive role

Adnan Kazim has been named as its new chairman in line with regulatory requirements

Why Middle East investors should consider Northern Ireland’s fintech sector

The fintech sector is booming – supported in part by the Covid-19 pandemic – and Northern Ireland offers regional businesses a great platform for growth

Natixis replaces Saudi Arabian CEO after six months in the role

International banks have been expanding in Saudi as the country embarks on a plan to diversify its economy beyond oil

Nasdaq Dubai Dubai Islamic Bank

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank is now the largest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn listed on the exchange

Foreign nationals permitted 100% business ownership in the UAE

The rule will be applicable from December 1, 2020, with businesses no longer requiring an Emirati sponsor

DIFC Dubai

Israel’s Bank Hapoalim signs agreement with DIFC, AGDM

The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform

Abu Dhabi Israel

Abu Dhabi Global Market signs fintech agreement with Israel Securities Authority

The agreement provides a framework for information sharing, and will facilitate the movement of startups and transfer of knowledge and talent