#finance

Middle East IPOs raise $1.8bn Q2 2023

MENA stock markets maintain IPO momentum, raises $1.8bn in Q2 2023

Saudi Arabia dominated the region in terms of the number of listings, with four listings on the Tadawul’s main market raising $0.8bn

Yasser Nasr-Aldin, co-founder, chief strategy officer and head of investment at YaSchools Image YaSchools

Saudi edtech YaSchools raises $600,000 in seed round, plans for expansion to Jordan

Since the launch of its microlending services in early 2023, YaSchools has received financing requests worth more than $40m

Ajman Bank Dhs550m right issue oversubsribed Mohamed-Amiri Image courtesy Ajman Bank

Ajman Bank’s Dhs550m rights issue receives strong response

The rights issue was oversubscribed 7.4 times, with a total demand of Dhs4.1bn

UAE MoF announces strategic plan_Photo-courtesy WAM MoF

UAE: Ministry of Finance announces strategic plan for 2023-2026

The plan will develop financial policies to promote economic growth, create a competitive business environment and strengthen international economic relations

Saudi Fund for Development signs loan agreement for hospital project Image SFD

Saudi Fund for Development signs $75m loan agreement for hospital project in Saint Lucia

This agreement is part of SFD’s efforts to support sustainable development in developing countries and small island developing states

Fitch says sukuk pricing remains similar to bonds in H1 2023

Sukuk pricing remains similar to bonds in H1 2023

Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023

IHC’s half-year net profit surges to $2.8bn

Abu Dhabi’s IHC posts $2.8bn in half-year profit

The conglomerate said its revenues surged by 30.8 per cent year-on-year to Dhs28.7bn as the company sustains its growth trajectory

HSBC form JV with fintech Tradeshift image Getty Images

HSBC announces new JV with fintech Tradeshift

The deal will see HSBC make a $35m investment into Tradeshift in two stages and also join its board

UAE MoF announces penalties for Corporate tax violations -Photo-courtesy WAM

UAE announces penalties for corporate tax violations

Under Cabinet Decision No (75) of 2023, penalties will be imposed on taxable persons who do not comply with the UAE corporate tax law effective from August 1

5 tips to achieve financial stability- GettyImages-910730068

5 key tips for financial stability in uncertain times

Building an emergency fund, budgeting, reducing debt, diversifying income streams and planning for the future are all key steps toward achieving financial stability

Dubai Aviation City x Dubai South sign agreement with dubai insurance

Dubai South introduces new employee protection insurance programme

The programme covers unpaid salaries, gratuity, repatriation costs of return for its employees or their mortal remains and unreimbursed expenses

ADIB introduces Istikrar Image credit ADIB

ADIB launches Istikrar, UAE’s ‘first’ long-term, fixed-rate home finance product

According to the bank, the product’s fixed-rate tenor offers home buyers a worry-free experience, free from any large final payment or unexpected changes in installments

DIFC to host first edition of Future Sustainability Forum in Dubai image DIFC_WAM

DIFC to host first Future Sustainability Forum in Dubai

The inaugural forum will be held at the Ritz-Carlton DIFC on October 4-5

Emirates NBD to offer fractional bonds for individual investors -GettyImages-630846210

Emirates NBD to offer fractional bonds to individual investors

The product offering will enable accessibility for individual investors to bond markets with a minimum investment of $25,000

UAE’s ADIB raises $750m in AT1 perpetual Sukuk.

UAE’s ADIB raises $750m in AT1 perpetual Sukuk

The issuance was met with robust demand, attracting interest from over 240 global and regional investors with the final order exceeding $7bn

DIFC first in region to join forces with AIMA_DIFC

UAE’s DIFC partners with Alternative Investment Management Association

The association represents more than 2,100 corporate members with over $2.5tn hedge fund and private credit assets

EFG Holding’s aiBANK launches instant payments via InstaPay

EFG Holding’s aiBANK launches instant payments via InstaPay

The bank said access to InstaPay App will offer its customers a new level of convenience and flexibility in managing their finances

QNB Group’s H1 net profit jumps 8% to $2.1bn

QNB Group’s H1 2023 net profit jumps 8% to $2.1bn

The bank’s operating income jumped 14 per cent year-on-year to QAR18.5bn compared to the same period a year earlier

Emirates NBD to use generative AI across operations Image credit WAM

Emirates NBD to use generative AI to transform operations

The bank aims to boost software development, collaboration and customer engagement using tools such as GitHub Copilot X, ChatGPT and MS 365 Copilot

central bank outlines measures to alleviate burden of residential property loans for UAE nationals Image courtesy CBUAE

UAE issues measures to address impact of rising interest rates on property loans for citizens

The notice was issued following approval from the Central Bank of UAE’s board of directors, with the measures coming into effect from July 1

UAE national banks provide $201bn in financing by April

UAE national banks provide $201bn in financing by April

The banks increased their credit balance by Dhs2.1bn or 0.3 per cent in April 2023, up from Dhs735.2bn a month earlier

Astra Tech National Bonds Sign MOu to iffer investment solutions to Botim Image Astra Tech Botim

Botim users to benefit from Astra Tech, National Bonds saving, investment solutions

This partnership gives Astra Tech customers access to microfinance options specifically designed for individuals with low and medium incomes through Botim, supported by National Bonds’ Al Manassah Platform

CBUAE on UAE banks’ assets

Gross assets of UAE banks hit Dhs3.8tn in April

The central bank said banks’ gross credit increased by 0.1 per cent to Dhs1.89tn in April, driven by a 0.4 per cent growth in domestic credit

Ahmed Al Naqbi, CEO Emirates Development Bank Image Emirates Development Bank

Emirates Development Bank launches UAE’s first agritech loans programme

The programme is targetted at farmers, local producers, technology providers, equipment suppliers, and those involved in the agriculture support ecosystem

Qatar investor set for a spending boost

Qatar’s top dealmakers get ready for a spending power boost

The country’s wealth fund remains one of the biggest investors in Europe, with stakes in companies such as Glencore and automaker Volkswagen

economic substance

Insights: Economic substance regulations in the UAE

Economic substance refers to the tangible and real economic activity that a company carries out

DIB launches DIB alt image DIB

Dubai Islamic Bank launches DIB ‘alt’, consolidates digital offerings

DIB alt brings together more than 135 digital services via the DIB Mobile App, online banking, WhatsApp and ATMs

EDB partners with ADDED

Make it in the Emirates: EDB joins hands with ADDED

The development bank is playing a vital role in supporting the UAE’s industrial strategy by providing financial assistance and driving sustainable growth

FAB allots $1.3bn in financing

UAE’s FAB to provide $1.36bn in financing solutions to investors

The bank will offer competitive financing solutions to support the adoption of advanced technology in the industrial sector

UAE corporate tax_free zones

Corporate tax: UAE exempts free zones from business tax

The government said qualifying entities in the country’s economic free zones will be subject to a 0 per cent rate