#finance

DIB reports profit of 2.7 bn in h1 2022

DIB raises $1bn for ESG projects with 3rd sustainable sukuk

The sukuk marks the lowest-ever credit spread achieved by DIB and the largest sustainable issuance by a regional financial institution in nearly a year

Qatar investment authority launches $1bn VC fund image courtesy- Qatar news agency

Qatar Investment Authority’s new $1bn VC fund to boost startup ecosystem

The fund aims to close the current funding gap that exists for local and regional entrepreneurs

UAE makes $35bn FDI investment in Egypt-GettyImages-520265584-e1703142282632

UAE’s mega $35bn deal marks largest FDI in Egypt’s history

The project is expected to create significant job opportunities, attract further foreign investment, and contribute to the North African country’s tourism and economic growth potential

Saudi Arabia posts 2023 budget deficit of $22bn

Saudi Arabia’s GDP has ‘nearly doubled’ since 2016

Saudi Arabia’s Minister of Investment, Khalid Al-Falih shared these milestones at the third Saudi Capital Market Forum in Riyadh on February 19

Emirates NBD introduces Dhs9-prize draw for customers -GettyImages-630846210

Emirates NBD’s Dhs9m prize draw encourages savings

Three customers depositing at least Dhs500,000 into their current or savings accounts have the opportunity to win Dhs1m each

For illustrative purposes

WGS 2024: New Buna system to ease cross-border payments in Arab region

The platform currently links 108 out of 120 Arab banks signed up, with a target of 160 by the end of 2024

BRICS: Dubai ranks 3rd among top 10 wealthiest cities, see full list here

Dubai lives up to its reputation as the ‘City of Gold’, hosting 72,500 millionaires, 212 of whom are centi-millionaires and 15 billionaires

Mashreq posts 130% rise in full-year profit

Mashreq’s annual profit surges to record on higher net income

The bank’s non-interest income reached Dhs3.1bn in 2023, up 13 per cent compared to the previous year

UAE green bonds, sukuk issuance hit Dhs15bn

Insights: Why bonds are becoming investors’ favourite words

Bond investors are presented with the opportunity to lock in one of the highest yields in more than ten years

Emirates NBD posts Dhs21.5bn in full-year profit

Dubai’s Emirates NBD posts 65% rise in 2023 earnings

The Dubai-based lender proposed a dividend of 120 fils per share for last year, doubling the amount paid to shareholders in 2022

Dubai Financial Services Authority registers 117 firms in 2023, reflects 25% YoY growth Image WAM

Dubai Financial Services Authority registered 117 firms in 2023, reflecting 25% growth

The regulator licenced and registered a record-breaking 117 firms during the 12 months. This reflected an increase of 25 per cent from the previous year.

Nasser Al Awadhi - group CEO adib

Power Letters 2024: Nasser Al Awadhi, group CEO of ADIB

Abu Dhabi Islamic Bank is actively working on prioritising substantial investments in renewable energy, clean technology, and eco-friendly projects

Oman unveils fund to boost investments

Oman sets up OMR2bn fund to oversee government investments

The fund offers funding and investment solutions to various investor categories including private sector organisations, SMEs, foreign investors, and startups

Brand Finance reveals list of most valuable and strong Middle East brands GettyImages-1704332489-e1700216889673

Revealed: Here are the Middle East’s most valuable brands

The ranking revealed that Saudi’s Aramco retained its status as the most ‘valuable’ Middle Eastern brand in global ranking, followed by ADNOC and stc

Moustafa Gad headof investment Banking at EFG Hermes

Power Letters 2024: Moustafa Gad, head of Investment Banking of EFG Hermes, an EFG Holding Company

Looking at the landscape, 2024 promises to sustain the momentum in the GCC region, with Saudi Arabia taking centre stage, says Gad

Saudi Arabia: Middle East Healthcare to issue SAR-denominated sukuk Image: Getty Images

Saudi Arabia: Middle East Healthcare to issue SAR-denominated sukuk

The company, which is listed on Riyadh’s Tadawul exchange and manages Saudi German Hospitals, will use the proceeds for general corporate purposes

Saudi inflation eases further in December to 1.5%

Saudi inflation continues to ease in December to 1.5%

The statistics authority said rental prices increased by 9 per cent in December 2023

Bal Krishen of Century Financial - Power Letters 2-24

Power Letters 2024: Bal Krishen, chairman and CEO, Century Financial

The year ahead brings with it opportunities but uncertainties, highlighting the significance of investors staying vigilant to these evolving market trends

Ahmed Abdelaal, group CEO, Mashreq

Power Letters 2024: Ahmed Abdelaal, group CEO, Mashreq

Mashreq is more committed than ever to lead the way in digital innovation, client experience, sustainability, and inclusive growth

BlackRock acquires GIP (Photo by Andrew Burton/Getty Images)

BlackRock to buy infrastructure firm Global Infrastructure Partners for $3bn

GIP is the world’s largest independent infrastructure manager with more than $100bn in AUM and a strong reputation for driving operational improvements in its portfolio companies

QNB Group’s full-year net profit jumps 8%

QNB Group posts QAR15.5bn in full-year profit

The banking group had QAR1.23tn in total assets at the end of December, a 4 per cent increase, driven by growth in loans and advances

FAB issues $800m sukuk, marks first for the year globally

UAE: FAB issues 5-year $800m sukuk, marks first for the year globally

The order book for First Abu Dhabi Bank’s sukuk, which was 1.9 times oversubscribed, represented leading investors, including international fund managers, banks and supranationals

e& enterprise signs partnership with fils image e&

Dubai: e& enterprise partners with Fils to introduce carbon offsets

This initiative aligns with e& enterprise’s commitment to promoting green business models

Saudi Exchange Tadawul launches new index to track top 50 listed companies Image tadawul

Saudi Exchange launches TASI50 Index to track top listed firms

The launch of the real-time index advances the Saudi Exchange’s goal to provide investors with enhanced benchmark opportunities to help support Saudi Vision 2030’s Financial Sector Development Program

ADX gets new chairman

Abu Dhabi: ADQ appoints new chairman of ADX, two board directors

Al Mazrouei also serves on the boards of Abu Dhabi Retirement Pensions & Benefit Fund and AafaQ Islamic Finance

Abu Dhabi’s non-oil growth surges 7.7% in Q3 2023

Abu Dhabi’s non-oil growth surges 7.7% in Q3 2023

The financial and insurance sector grew by 14.4 per cent YoY and the value-added by the industry surged to Dhs18.7bn

Dubai sets up fund to oversee government investments

Dubai sets up fund to oversee government investments

The newly established fund will hold stakes in entities including utility giant Dubai Electricity and Water Authority, toll operator Salik and Dubai Taxi Company

Archit Gupta, CEO of Cleartax with insights on tools to aid tax compliance KSA and GCC

Getting tax-ready: Navigating compliance in Saudi Arabia, GCC

Embracing tools such as VAT Filing Reconciliation and Assistance and Accounts Payable Automation becomes crucial to ensure efficient, accurate tax operations and compliance

Mashreq commits to facilitate Dhs110bn in sustainable finance by 2030

Mashreq to facilitate Dhs110bn in sustainable finance by 2030

The bank’s commitment to sustainable finance is part of its Climb2Change global initiative

DFM to launch carbon credits pilot programme at COP28 Image Dubai Media Office X

Dubai Financial Market to launch pilot carbon credits programme at COP28

DFM will commence the pilot programme for institutional investors starting from December 4-8, with the offsetting period ending on January 10, 2024