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 […]
Community Development Authority announces additional financial assistance supporting over 1100 minor prior new academic year
Under the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Council, the Dubai Community Development Authority announced additional financial assistance supporting 1101 minors registered with the Authority before the start of the new academic year. The additional financial assistance is a part […]
Amlak Finance reports 35% higher profit in H1-22
The net earnings of Amlak Finance went up by 35% on a yearly basis by the end of the first half (H1) of 2022, standing at AED 266 million, from AED 197 million. Total income during the January-June period in 2022 dropped 9% year-on-year (YoY) to AED 319 million, compared with AED 351 million, according […]
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, […]
UAE insurer banned from issuing new policies for a year
A UAE-based insurer has been slapped with administrative sanctions by the country’s central bank for failure to meet regulatory obligations. The banking authority confirmed on Thursday that it has prohibited the insurance company from issuing additional policies to new customers for a period of one year from the date of the notification. It also ordered […]
UAE Central Bank imposes sanction on insurance firm
The Central Bank of the UAE (CBUAE) has imposed an administrative sanction on an Insurance Company operating in the UAE, pursuant to the Federal Law No.6 of 2007 on the Organisation of Insurance Operations, as amended. On 18th May 2022, the CBUAE imposed a prohibition on the insurance company from issuing additional policies […]
Dubai-based Qashio launches UAE’s first corporate card
UAE – Qashio, a UAE-based fintech company, has launched the first corporate expense management card and software for business transactions in the country. The platform will enable business owners and financing partners to have more control over their expenses, according to a press release on Wednesday. Through the software programme, entrepreneurs will be able to control […]
EFG Hermes plays key role in Borouge’s $2bln ADX listing
EFG Hermes, a leading investment bank franchise in Frontier Emerging Markets (FEM), has announced that its investment banking division successfully concluded its role as joint bookrunner on Borouge’s $2 billion initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The transaction marks the largest-ever listing in Abu Dhabi’s history since Adnoc Drilling’s $1.1 […]