First Abu Dhabi Bank raises $500m through Islamic bond
First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]
First Abu Dhabi explored offer for Standard Chartered
First Abu Dhabi Bank, the UAE’s largest lender, said it had considered making an offer for the emerging markets-focused Standard Chartered listed in London. “First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, […]
Dubai regulator upholds $135.6mln fine on Abraaj founder and former CEO
Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors […]
KPMG delivers $35bln global revenues, 14% growth in FY22
KPMG International has announced strong annual aggregated revenues for its firms globally of $35 billion for the fiscal year ending September 30, 2022 (FY22), an increase of 14%. The aggregate revenue of KPMG member firms in the Middle East, South Asia, and Caspian (Mesac) grew by 18.3% in local currency terms for FY22, more than […]
Abu Dhabi’s ADNOC invites banks to pitch for gas business IPO -sources
Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for […]
Dubai’s Emirates NBD announces leadership shake-up
Dubai’s top lender Emirates NBD has announced a shake-up of its senior management, as it positions itself to grow opportunities in wealth, mergers and acquisitions, and venture capital. Marwan Hadi, who is head of retail banking, takes over as group head of retail banking and wealth management from Suvo Sarkar, who will retire after a […]
Dubai’s Majid Al Futtaim closes $1.25bln loan to back ESG ambitions
Shopping malls operator Majid Al Futtaim (MAF) has secured a $1.25 billion sustainability-linked loan (SLL) to support its environmental, social and governance (ESG) ambitions. The second SLL in many years has already been successfully closed with First Abu Dhabi Bank (FAB) leading the transaction as coordinator and agent, the company said in a statement on […]
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 […]
Memphis Pharmaceutical’s approves loan from ADIB to settle $15.83mln debt
The board of directors of Memphis Pharmaceutical (MPCI) approved the financing package provided from Abu Dhabi Islamic Bank (ADIB) to settle the EGP 300 million debts of El-Gomhouria Company for Drugs, according to a statement published on September 14th. El-Gomhouria for Drugs’ debts have reached EGP 294.29 million so far. Memphis is one of […]
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 […]