Abu Dhabi-listed telecom firm e& forays into NFTs
UAE telecommunications firm e&, formerly known as Etisalat Group, announced on Wednesday the launch of its first set of non-fungible tokens (NFTs), marking its foray into the digital assets space. A first by a technology and investment conglomerate in the Middle East, the NFTs will be distributed selectively, the company said, citing that it will […]
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. […]
UAE top banks’ profits, margin levels ‘take a hit’ in Q1
The profitability of the top ten UAE banks has deteriorated marginally by 0.3% in Q1 2022 and return on asset (RoA) remained flat at 1.4% during the quarter compared to Q1 2021 as the sector braces for a slowdown. The country’s 10 largest listed banks are First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), […]
Emirates Investment Bank turns to losses in Q1-22
Emirates Investment Bank has logged net losses attributable to the equity holders of AED 43.63 million in the first quarter (Q1) of 2022, versus net profits of AED 7 million in the same quarter of 2021, according to the bank’s unaudited consolidated financials. The bank’s net income amounted to AED 11.04 million in […]
UAE: New digital bank Wio gets Central Bank licence, appoints senior leadership
Wio Bank – an integrated digital banking platform – has announced the appointment of Salem Al Nuaimi as Chairman of the Board and Jayesh Patel as chief executive officer. The appointments come after the licence approval by the Central Bank of the UAE. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […]
Emirates NBD affirms position as regional leader in innovation
Emirates NBD, a leading banking group in the Menat (Middle East, North Africa and Turkey) region, has affirmed its position as a regional leader in global banking innovation. Emirates NBD Group revealed its pioneering vision for the future of global banking at Expo 2020 Dubai. through its on-site presence ‘Future Banking by Emirates NBD and […]
ADGM Academy, HRA, Banque Misr launch banking educational programme for Emiratis
Abu Dhabi Global Market Academy (ADGMA), the educational arm of Abu Dhabi Global Market, the Human Resources Authority (HRA) in Abu Dhabi, and Banque Misr have signed a Memorandum of Understanding (MoU) to establish a banking educational programme at Abu Dhabi Global Market (ADGM). The agreement furthers the parties’ strategic collaboration to facilitate knowledge exchange […]
Fitch Ratings affirms RAKBANK’s ‘BBB+’ rating; outlook stable
Fitch Ratings has affirmed the long-term issuer default rating (IDR) of the National Bank of Ras Al Khaimah (RAKBANK) at ‘BBB+’, with a stable outlook. Affirming the bank’s rating reflects low default risk and adequate capacity for payment of financial commitments, according to a bourse filing on Thursday. It is noteworthy to mention that in […]