UAE’s ADIB buys additional stake of 2.4% in Egyptian unit
UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd. Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%. ADIB Egypt […]
Dubai lender Emirates NBD to issue 3-yr dirham-denominated bond
Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium term notes programme, will be issued subject to market conditions following a series of investor calls scheduled to begin […]
UAE Central Bank issues new banknote for National Day
The Central Bank of the UAE (CBUAE) has launched a new banknote of Dh1,000 denomination to mark the 51st UAE National Day. The note is made of polymer and uses new designs and advanced security features. The front depicts former president and founder of the UAE, Sheikh Zayed bin Sultan Al Nahyan. The image is […]
Commercial Bank International first UAE bank to launch Metaverse location
Commercial Bank International (CBI, a corporate and retail bank headquartered in Dubai, has announced the official launch of its Metaverse location. CBI is the first UAE bank to have presence in the Metaverse and among the few early adapting banks in the Middle East and the world as well. CBI’s virtual location is now […]
UAE: Collaboration, not competition, creates wins for neobanks, say CEOs
Digital banking apps are shaking things up and introducing a seamless, cost-effective, and flexible way of accessing financial services to customers in the UAE. Although some of the worst pandemic forecasts have not yet materialised, banks continue to face long-term revenue pressure and tighter competition. The opportunity to fast-track banking transformation has never been […]
FAB to finance Middle East sustainable projects with $75bln by 2030
First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that FAB already financed projects worth $30 billion that serve sustainable development in the fields of solar energy, aviation, transportation, […]
UAE central bank sanctions exchange house for renting out licence
The Central Bank of the UAE (CBUAE) has sanctioned an exchange house operating in the country for allegedly renting out its licence. The administrative sanctions have been imposed on the company’s owner and general manager, pursuant to Articles 87 and 137 of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and […]
GCC banks’ profits, assets get a major boost from high oil prices
The GCC banks showed strong performance in their bottom lines in the second quarter of this year with net profits and assets reaching record levels, thanks to high oil prices. According to Kamco Invest’s latest quarterly report released on Sunday, GCC banking sector net profits reached another record level of $11.1 billion (Dh40.7 billion) in […]