Mashreq Bank provides $15.5bln of sustainable finance and adaptation-related investments
Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said that since January 2021, Mashreq has facilitated $15.5 billion of sustainable finance and adaptation-related investments. In a statement to Emirates News Agency (WAM), Dusen said that ESG is related to cash flow in five important ways. It minimises regulatory […]
Asset growth in UAE’s banking sector likely to be sluggish in 2023
The UAE banking sector’s asset growth is expected to be sluggish in 2023 as the demand for credit may slow down due to further monetary tightening, professional services firm Alvarez & Marsal (A&M) said in a new report. Oil-sector may face production cuts as agreed upon by OPEC, but the non-oil sector is likely […]
Central Bank of UAE revokes licence of ‘Dollar Exchange’ house
The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities. The sanction is […]
Fawry, BOTIM cooperate to enable international money transfers for Egyptian expats in UAE
The leading Egypt-based e-payment company Fawry has signed a memorandum of understanding (MoU) with the Emirati calling app BOTIM to offer residents in the UAE and Gulf Cooperation Council (GCC) countries money transfer and invoice payment services via BOTIM app, according to an emailed press release on February 27th. As per the MoU, users in […]
Swiss bank Edmond de Rothschild sets up MENA hub in Dubai’s DIFC
Swiss-based private banking giant Edmond de Rothschild Group is opening its MENA hub in Dubai’s DIFC today as part of efforts to significantly grow its presence and client base in the region. Dubai joins Switzerland, Monaco and Luxembourg in Edmond de Rothschild’s network of international private wealth hubs. The bank, founded in 1953, has been […]
India’s Bank of Baroda to shut down Al Ain branch in March
India’s Bank of Baroda (BoB) will close its Al Ain branch on March 22, 2023, following approval from the Central Bank of the UAE. The commercial decision was taken a year ago, the bank said in a tweet. All accounts are being transferred to BoB’s Abu Dhabi branch to ensure smooth service continuation. The statement […]
Dubai DIFC’s 2022 revenue tops $272mln for first time
Dubai International Financial Centre (DIFC) added new companies to its register and grew revenue to over 1 billion dirhams ($272 million) for the first time. The number of active companies in the financial freezone is now 4,377, up 20% year-on-year, a Dubai Media Office statement said on Monday. In 2022, DIFC’s combined revenue grew 18% […]
UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds
UAE’s Abu Dhabi Commercial Bank PJSC (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]
Mashreq’s 2022 net profit climbs to $1bln as customer deposits rise
Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year. The bank reported a 12.1 per cent increase in customer deposits to Dh 113.8 billion as its liquid assets ratio stood at 33.2 per cent […]
Dubai Financial Services Authority unveils business plan for 2023-24
Dubai Financial Services Authority (DFSA) has unveiled its Business Plan for 2023-24, encapsulated within four strategic themes developed to foster an enabling environment for firms as Dubai and the UAE continue to grow. The new two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Centre (DIFC) including […]