#finance

Remittances rise by 5%, reveals world bank report

Remittances see 5% rise in 2022, reveals World Bank report

Remittances to the developing countries of the MENA region are estimated to have grown 2.5 per cent in 2022 to $63bn, compared to a 10.5 per cent growth last year

New banknote pic WAM

CBUAE issues new Dhs1,000 banknote

The CBUAE is the first in the region to issue the largest multi-coloured Kinegram surface applied foil stripe in the new banknote issue

Emirates Pay _ Nandan Mer, Group CEO Network International and Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD

Emirates NBD, Network International launch Emirates NBD Pay

Emirates NBD Pay will offer card acceptance solutions to the bank’s existing and potential institutional banking clients in the UAE

Virtual assets Emmanuel Givanakis CEO of ADGM Financial Services Regulatory Authority

Insights: Decoding the virtual asset landscape

The establishment of digital asset and virtual asset regulatory frameworks has placed Abu Dhabi, on the map as a regional and global virtual assets trading centre

ACCA MoE sign partenership Fazeela Gopalani

Association of Chartered Certified Accountants, UAE Ministry of Economy sign strategic partnership

The new programme will support and encourage UAE citizens with various specialisations to enter into the financial and accounting sectors

Qashio

UAE-based fintech Qashio raises $10m in a seed round

The company’s virtual and physical cards combined with its software allow businesses to manage their spending in a more automated and transparent way

Dubai Financial market

Dubai Financial Market launches new general index

The developed indices provide various market participants with investable and tradeable benchmarks for the DFM equity market

ADGM partners with ADIB, Wio Bank and RAKBANK

Abu Dhabi Global Market partners with ADIB, Wio Bank, RAKBANK to support SMEs

The partnerships with ADIB and RAKBANK will focus on providing ADGM-registered and licensed businesses with preferential banking services

Martin Tricaud of first Abu Dhabi Bank

Insights: How banks can unlock the finance needed to get to net zero

First Abu Dhabi Bank has structured green financing for the development of renewable energy projects, the construction of energy efficient buildings and infrastructure development for sustainable water management

IHC announces profits for nine month period

Abu Dhabi-based IHC reports 236 per cent rise in profit for first nine months

Continued momentum in direct and indirect acquisitions were the main drivers behind the growth rate over the previous year’s quarter, with IHC’s total assets increasing to Dhs198.8bn

Finastra's Nour Sabri on baas in Saudi Arabia

Insights: How BaaS can transform consumer financing in Saudi Arabia

While securing a bank loan that suits individual needs can be time-consuming and often unsuccessful, banking as a service may be the solution

renewable energy stocks pexels-pixabay-356036-800x526-1

What you need to know about investing in renewable energy stocks

Investing in green stocks can be a great way to protect your portfolio from market volatility

Haider Khan, head of EMPG MENA

Dubai-based EMPG, which owns Bayut & dubizzle, raises $200m in funding

The funding round was led by US-based growth equity fund Affinity Partners, with new funding from KCK, Acacia Partners

Mastercard BitOasis crypto-linked card

Mastercard, BitOasis to launch crypto-linked cards in MENA region

BitOasis customers will be able to link their crypto wallet balances to physical or virtual cards and make fiat payments across 90 million global locations using their BitOasis Mastercard Crypto Card

Mubadala kkr tie-up

Mubadala, KKR partner to co-invest in private credit in Asia Pacific region

The partnership aims to deploy at least $1bn of long-term capital, providing bespoke credit solutions to companies and sponsors

ADX FADX 2022

Abu Dhabi Securities Exchange’s FADX 15 gains 16.9% at end of Q3

The market capitalisation of stocks listed on ADX increased 59.7 per cent to Dhs2.2tn at end of Q3 from Dhs1.38tn during the same period in 2021

Virtuzone - Wio partnership

Virtuzone, Wio Bank partner to help SMEs with their digital banking needs

Virtuzone, in collaboration with Wio Bank, will offer entrepreneurs access to banking services through Wio’s SME-focused digital banking application, Wio Business

MOI DIB to collaborate

Dubai Islamic Bank teams up with UAE MOI to implement digital KYC journey

The initiative will allow new customers to open a bank account with DIB remotely and digitally through face-matching verification

Patricia Keating and Dr Antoine Khadige

Writing the next chapter in the region’s fintech success story

Greater private sector involvement is imperative if fintech is to grow and become stronger

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

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

Zurich-YouGov survey

Children’s tuition fees a key concern for GCC professionals in pharma, telecom sector, reveals survey

According to the survey, 71 per cent of UAE parents across these industries don’t have an education savings plan, and spend a significant amount of their monthly income on tuition fees

CBUAE launches new website

UAE’s Central Bank launches new corporate website with interactive digital services

The website provides the latest financial and monetary news, research and statistics on the UAE and CBUAE regulations

Assets of local companies listed in financial markets rise by 10% in H1 2022

Assets of national companies listed on ADX, DFM show 10% rise in H1 2022

The banking sector was the leading contributor, with 17 banks accounting for 69 per cent of total assets

How to manage the demands of an evolving business environment

The importance of effective enterprise risk management has never been more crucial for senior finance executives, says Stephen McNally, CMA, CPA, chair of Institute of Management Accountants’ global board of directors for the 2021-2022 fiscal year

Standard Chartered closes transition trade facility

Standard Chartered closes transition trade finance facility for Holcim Group

The transition finance facility aims to support Lafarge Emirates Cement with their latest project, a waste heat recovery system that supports the company’s journey to net zero by 2050

EFG Hermes Holding announces Q2 2022 results Karim-Awad

EFG Hermes Holding reports 28% rise in Q2 revenues to EGP2.1bn

The group announced that net profit before tax rose by 8 per cent YoY in Q2 2022 to EGP623m.

Mohammed Bin Rashid Innovation Fund funds Bayzat

UAE’s MBRIF provides funding support to employee benefits platform Bayzat

Bayzat will use the fund, secured with Mohammed Bin Rashid Innovation Fund’s guarantee, to expand and strengthen its technical development team

Zainab Kufaishi of Invesco

Invesco, Secura International partner to provide model portfolio solutions

Secura International, headquartered in Abu Dhabi, offers investment and wealth solutions to high-net worth markets in the Middle East, Asia and Africa

Dubai Investments H1 2022

Dubai Investments announces net profit of Dhs364m for H1 2022

The growth in the profit was driven by the continued strong performance of the group’s manufacturing, contracting and services segment