ADIB enhances Emiratisation drive at Tawdheef 2022
Abu Dhabi Islamic Bank (ADIB) today participated in the Tawdheef 2022 career fair. As the platinum sponsor of the event, ADIB has taken an active role in the development and recruitment of local Emirati talent. Tawdheef is the UAE’s leading event for employment for Emirati professionals. The platform is designed to help nationals […]
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 […]
Mashreq announces pricing of its $300mln debut offering
Mashreqbank, one of the leading financial institutions in the UAE, today (July 2) announced the pricing of an aggregate principal amount of $300 million of its 8.5% Perpetual Non-callable 5-year Additional Tier 1 Notes. The offering is expected to close on July 7, subject to customary closing conditions. Following a strong first quarter trading update, […]
Emirates NBD REIT’s 2021 net income drops 18% to $9.5mln
The net rental income of ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Ltd., fell by nearly 18 percent to $9.5 million for the full year of 2021. The company attributed the drop in net income to a 15 percent drop in gross income due mainly to the renegotiation of […]
Fitch affirms Bank of Sharjah’s ‘BBB+’ rating; outlook stable
Fitch Ratings has affirmed Bank of Sharjah’s long-term issuer default rating (IDR) at ‘BBB+’ for the second year in a row, with a stable outlook. Affirming Bank of Sharjah’s rating reflects the bank’s strong market position and franchise that is supported by access to Sharjah-government businesses and projects, according to a press release on Sunday. […]