#finance

DIFC-based Tarabut gateway

DIFC-based fintech Tarabut Gateway receives DFSA licence

This licence marks the first time the DFSA has authorised a firm to provide account information services and payment initiation services activities

uae central bank

UAE gross bank assets increase 0.8% to Dhs3,321.5bn at end of December 2021

Total bank deposits increased by 1.5 per cent, rising from Dhs1,966.8bn at the end of November 2021 to Dhs1,996.5bn at the end of December 2021

Investcorp sets up infrastructure investment platform in North America

Investcorp’s new platform will enable investments in critical infrastructure companies and projects across North America

UAE’s ADX rebrands ‘growth market’ to boost private sector listings

The growth market will enable companies to directly list their shares on ADX, without the need for an initial public offering

Interview: EFG Hermes’ Karim Awad shares the strategy driving the company’s success

The group CEO, chairman of the executive committee, and member of the board of EFG Hermes Holding, shares the company’s key milestones

Dubai’s Mashreq and noon.com launch VIP savings account

The account provides customers competitive interest rates on their savings, cashback on all spends and a free noon VIP membership among other features

Emirates Development Bank

Emirates Development Bank contributes Dhs1.91bn to UAE’s GDP

The bank’s strategy involved direct and indirect financing of 1,350 SMEs across priority sectors

UAE’s DEWA IPO subscription period opens today

The price range is set between Dhs2.25 and Dhs2.48 per share, implying a market capitalisation of between Dhs112.5bn and Dhs124bn

First Abu Dhabi Bank to open representative office in Iraq

The UAE is one of Iraq’s most important trading partners, with the value of exported goods totalling over $13.11bn in 2020

UAE’s First Abu Dhabi Bank and ADCB deny report of potential merger

The banks issued separate filings to the Abu Dhabi Securities Exchange (ADX) denying the report

Nasdaq Dubai

Jordan’s Capital Bank lists $100m bond on Nasdaq Dubai

The bond is the first issuance of its kind for a Jordanian bank on the exchange

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs

UAE Central Bank approves creation of 5,000 jobs for Emiratis by 2026

The Emiratisation plan will apply to managerial positions across the country’s banking and insurance sectors

NAsdaq New York

Dubai’s Shuaa Capital lists $100m SPAC on Nasdaq New York

It has priced its initial public offering of 10,000,000 units of Shuaa Partners Acquisition Corp I at $10 per unit

Here’s how UAE banks can protect real-time payments from fraud

Jeremy Wilmot, chief product officer at ACI Worldwide tells Gulf Business how the company is preparing to help UAE banks connect to the nation’s central real-time payments infrastructure

Dubai International Financial Centre achieves record company registrations in 2021

Last year, the financial centre also recorded its highest ever annual revenue and operating profit

Brazil

UAE’s Mubadala Capital raises $322m in first investment fund in Brazil

Mubadala Capital manages over $10bn of assets in third-party managed funds across its Brazil, private equity, public equities and venture capital businesses

Cover story: Investment is a level playing field, says Dubai’s AIX

The Covid-19 pandemic has effectively broadened the investment landscape, explains AIX Investment Group’s board advisor Fadi Dabbagh

ADNOC

UAE’s ADNOC mulls sale of green bonds as it seek ESG funds

The UAE became the first Gulf state to commit to neutralising planet-warming emissions within its borders, which it aims to do by 2050

Sharjah Islamic Bank

Sharjah Islamic Bank’s 2021 net profit up 27% to Dhs514.1m

Its general and administrative expenses at the end of last year stood at Dhs576.8m, compared to Dhs561.5m in 2020

Nasdaq Dubai

Nasdaq Dubai records $23.1bn sukuk and bond listings in 2021

The 30 listings undertaken in 2021 were 15.5 per cent higher than the number of listings the previous year

Warba Bank nasdaq dubai

Warba Bank lists $250m sukuk on Nasdaq Dubai

The total value of the Kuwaiti bank’s sukuk on the exchange stands at $898m

UAE’s new digital bank Zand set to launch ‘imminently’ after Dubai Bank acquisition

Dubai Bank, acquired from Emirates NBD, will be relaunched as Zand

UAE looks to attract Asian firms to bolster crypto sector

The UAE has intensified its push to adopt the use of blockchain in recent years

Dubai World Trade Centre to become regulator for virtual assets and crypto

DWTC will be designing a comprehensive ecosystem for this sector within Dubai

Saudi food delivery company Jahez prices IPO at top of range

The company plans to sell just over two million shares to raise about SAR1.8bn.

Bank of America, Societe Generale to follow new weekend in the UAE

From January, the UAE will adopt a Monday-Thursday work week with Friday being a half day

dirhams

UAE Central Bank extends economic support measures until June 30

Prudential relief measures regarding banks’ capital buffers and liquidity and stable funding requirements will be extended by six months

Voices from the top: Josette Rizk, director of institutional clients, MEA, Invesco

Invesco’s client-centric approach has enabled its EMEA business to grow in assets under management

RAKBank appoints new CEO

Raheel Ahmed succeeds Peter England, who will retire after leading the bank for over eight years

Reddit says it filed confidentially for US IPO

The number of shares and proposed price range for an IPO haven’t been determined