#finance

YAP

Dubai-based fintech YAP launches region’s ‘first’ virtual card

YAP, which launched earlier this year, claims it is now “onboarding hundreds per day”

Abu Dhabi’s wealth funds weigh Turkey investments worth billions

Among funds eyeing Turkish investments are Abu Dhabi Investment Authority (ADIA) and ADQ

UAE Central Bank

UAE Central Bank gives in-principle approval for Wizz Financial to acquire UAE Exchange

Once finalised, UAE Exchange is expected to relaunch its branch network in the UAE

Sheikh Hamdan announces restructuring of Dubai Municipality

Dubai forecasts 3.1% economic growth in 2021, 3.4% in 2022

The total cost of the five stimulus packages announced by the emirate’s government since the start of the pandemic amounted to Dhs7.1bn, or 1.6 per cent of Dubai’s GDP

Emirates Development Bank

UAE’s Emirates Development Bank partners with YAP to launch business banking app for SMEs

The EDB Business Banking app is free to open and has no minimum balance criteria

National Bank of Fujairah

UAE’s National Bank of Fujairah launches electronic trading platform

The new platform is available for both conventional and Shariah-compliant banking customers

Saudi conglomerate Algosaibi’s $7.5bn default settled after decade

The plan involves Algosaibi contributing 90 per cent of its assets to paying off debts, with the rest restructured in order to carry on operating

Biggest Saudi IPO since Aramco draws strong investor interest

The $1.2bn IPO by ACWA Power International had initial demand amounting to several billion dollars

UAE Central Bank

UAE Central Bank issues new guidance on transaction monitoring and sanctions screening

The guidance came into effect on Monday, September 13, with licensed financial institutions being given a month to demonstrate compliance

Dubai Chamber

Dubai Chamber exports, re-exports grew 21.8% to Dhs147bn in January-August 2021

Chamber members’ exports and re-exports to the GCC countries during the first eight months of the year increased 16.4 per cent year-on-year to Dhs79.6bn

Resilience

This UAE accountancy and advisory firm provides services ranging from auditing to forensics

Khalid Farooq and Farhan Ali are at the helm of Resilience which provides a range of finance and IT services to several public and private sector businesses

Abu Dhabi’s Mubadala Capital closes private equity Fund III with commitments of $1.6bn

Fund III raised capital commitments from leading pension plans, endowments, insurance plans, government institutions, family offices and private equity firms

How technology can play a crucial role in mitigating financial crimes

While financial crimes may be complex and difficult to track, the Effiya Compliance suite ensures that risk assessment is conducted seamlessly, asserts Abhishek Gupta, managing director at Effiya Technologies

Abu Dhabi

Abu Dhabi reduces requirements for starting new commercial businesses

It follows the establishment of a task force led by the Abu Dhabi Department of Economic Development which coordinated its efforts with over 20 government entities

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank net profit at Dhs1.1bn in H1 2021, up 89% y-on-y

Its total revenue grew 3.4 per cent to Dhs2.644bn compared to Dhs2.557bn in H1 2020

Abu Dhabi

Abu Dhabi slashes private sector business setup fees by over 90%

Business setup and licence renewal fees have been reduced to Dhs1,000

Bitcoin

Bitcoin hovers around $32,000 after boost from Musk

Musk said Bitcoin mining is “shifting towards renewable energy” and his company will likely resume accepting it as payment for electric cars

Bitcoin slides below $30,000 for the first time in a month

Narratives that had propelled Bitcoin to a mid-April record of almost $65,000 are now being questioned

Mubadala seeks over $20bn value for EGA in IPO

EGA is the Middle East’s biggest aluminium producer and is equally owned by Mubadala and Investment Corporation of Dubai

Qatar wealth fund builds regional hub in Singapore to diversify

The fund has vowed to invest more in Asia and the US as it pursues growth and diversification after years of substantial investment in Europe

Dubai regulator DFSA hits ex-Abraaj finance chief with record $1.7m fine

Abraaj, which was headed by financier Arif Naqvi, went into liquidation in 2018

Mubadala satellite operator Yahsat jumps on debut, boosting Abu Dhabi IPO push

Mubadala sold 975.9 million Yahsat shares, representing a 40 per cent stake, for Dhs2.75 each

Saudi Aramco is said to pick JPMorgan, Goldman for gas pipeline deal

The state energy giant is preparing to gauge interest in the assets from potential investors

Arada gets Dhs250m funding from Dubai Islamic Bank for megaproject construction

The additional funding comes after an initial financing of Dhs300m was secured earlier this year from the bank

Commercial Bank of Qatar withdraws offer to raise stake in National Bank of Oman

The Qatari lender last month had offered $128m to raise its holding to 50.1 per cent from 34.9 per cent

Dubai’s Shuaa confirms talks to set up three SPACs

Shuaa has approached banks to set up three blank-check companies of around $200m each to pursue deals in the energy, finance, and technology sectors

Dubai’s Foundation Holdings boosts Saudi healthcare portfolio

The healthcare and education investment firm acquired 51 per cent of Shifa Al Munthaza Polyclinic

Mubadala’s satellite group Yahsat IPO raises $731m

The IPO gives Yahsat a market value of about Dhs6.7bn

Mashreq Bank Emirates Development Bank

Emirates Development Bank inks MoU with Mashreq for SME credit guarantee programmes

Mashreq will offer financing of up to Dhs10m to SME customers, of which 50 per cent will be guaranteed or co-lent by EDB

Emirates Development Bank

Emirates Development Bank lists $750m bond on Nasdaq Dubai

Dubai’s US-dollar denominated debt listings are now valued at $98.5bn