#finance

UAE Central Bank’s TESS liquidity scheme availed by 26 banks

More than 140,000 eligible customers have already benefited from the TESS liquidity facility

Amlak International announces intent to list on Saudi bourse

The offering will comprise of 27,180,000 ordinary shares

sheikh hamdan

Islamic Economy accounted for Dhs41.8bn of Dubai’s GDP in 2018

It contributed 9.9 per cent to Dubai’s GDP in 2018

Outward personal remittances from the UAE in Q1 2020 increased 7.8% y-on-y

The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US

How can UAE wealth managers stay relevant in the current economic situation?

Wealth managers need to adopt sophisticated tools such as robo-advisors to stay relevant and offer the best service to their clients, says IT firm Comarch

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Saudi moved $40bn in reserves to sovereign wealth fund PIF

The sovereign fund has spent billions of dollars this year buying equities, including stakes in BP, Boeing, Citigroup and Facebook

Millennials prefer robot bankers to humans – Nordic data

Banks are trying to find ways to accommodate growing investment demands from cash-rich clients

UAE Exchange starts issuing refunds – report

UAE Exchange, which operates more than 100 branches across the country, stopped all transactions in March

Saudi suspends two mortgage-support programmes amid crisis

An interest-free loan programme for military personnel which covers 20 per cent of a property will be suspended from May 31

Saudi wealth fund PIF buys Boeing, Citi, Facebook, Disney stakes

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, its governor said in April

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Virus may force Kuwait Finance and Bahrain’s AUB to reassess merger

Last year, Kuwait Finance House offered to buy Ahli United Bank in an all-share deal that was valued at about $8.8bn

Finablr uncovers $1bn in hidden debt as UAE’s NMC Health scandal widens

The London-listed company, Finablr, had a market value of GBP77m when it was halted from trading in March, down from a peak of GBP1.5bn in December

Webinar: Investing during the current Covid-19 crisis – Century Financial Dubai

While there remain pockets of opportunity, investors should ensure they have sufficient liquidity right now, stresses Vijay Valecha, chief investment officer at Century Financial  

Abu Dhabi’s Waha to invest bulk of $200m in US stocks

Waha Capital posted a loss of Dhs616m for 2019

Saudi banks act in unison to reassure investors on oil and virus

Lenders warned that it’s still too early “to determine the size and extent of the financial impact at this stage”

First Abu Dhabi Bank

First Abu Dhabi Bank reports 22% decrease in year-on-year Q1 2020 net profit

Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn

Dubai to raise bonds privately to bolster finances

The emirate raised Dhs1bn through a private placement of eight-year Islamic bonds at a rate of 4.71 per cent earlier this month

Dubai’s DIFC says employers can reduce pay during Covid-19 crisis without employee consent

The new directives will remain effective from April 21 – July 31, 2020

Saudi wealth fund seeking ‘any opportunity’ amid virus

The Public Investment Fund has stepped up deal-making in a bid to become the world’s biggest manager of sovereign capital

Expired Emirates IDs will be valid for banking transactions in the UAE

The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid

Abu Dhabi GDP hits Dhs620bn for first nine months of 2019

The emirate’s GDP grew 4.6 per cent, up from around Dhs592.9bn in the first nine months of 2018

Abu Dhabi’s ADIB looks to save Dhs500m by cutting jobs, shutting branches – report

Abu Dhabi Islamic Bank is reportedly planning to close local and international branches

Revealed: Top 10 companies in Kuwait in 2017

The biggest listed companies in Kuwait by market capitalisation

Revealed: Top 50 GCC banks

Gulf Business reveals the 50 biggest banks in the GCC as ranked by total assets

Revealed: Top 100 most powerful Arabs 2017

Prince Alwaleed Bin Talal Alsaud, founder and chairman of Saudi’s Kingdom Holding Company, topped the list

Top 50 GCC Banks 2015

The GCC banking sector had a good year in 2014 with higher profit growth and…

Egypt Requests $4.8bn IMF Loan

The country made a formal loan request to the International Monetary Fund during a visit to Cairo by IMF chief Christine Lagarde.