#finance

SNB invested SAR5.5bn for a 9.88 per cent stake in Credit Suisse

SNB to hold 0.5% stake in UBS Group after merger with Credit Suisse

The bank’s investment in Credit Suisse plunged by approximately 20 per cent by the end of 2022 and a further 70 per cent in Q1 2023

RAKBANK

RAKBANK more than doubles net profit to Dhs450m in Q1 2023

RAKBANK reported a record total income of Dhs1.07bn for the first quarter

Emirates NBD q1 2023 results

Emirates NBD profit more than doubles to Dhs6bn in Q1 2023

Emirates NBD also enjoyed a record quarter for income, which exceeded Dhs10bn for the first time ever

UAE’s First Abu Dhabi Bank branch

First Abu Dhabi Bank’s Q1 2023 net profit up 70%

The banking group’s operating income jumped 51 per cent YoY to reach Dhs6.7bn compared to Dhs4.5bn in the first quarter of 2022

Added Wio bank photo courtesy WAM

Wio Bank, Abu Dhabi Department of Economic Development partner to supports SMEs

This partnership will help fast-track the account opening process for SMEs and deliver seamless banking services through the Wio Business app

EDB, Emirates Islamic partnership

Emirates Development Bank, Emirates Islamic partner to support SMEs

The Islamic lender is the 11th commercial bank to join EDB’s credit guarantee scheme platform

Dubai Islamic Bank branch

Dubai Islamic Bank posts 12% surge in quarterly profit on higher revenue

The bank’s balance sheet expanded by 1.3 per cent YTD to Dhs292bn while customer deposits settled at Dhs198bn

TAQA power generation

Abu Dhabi’s TAQA sells $1.5bn in dual-tranche bonds

Proceeds from the five-year tranche will be used for general corporate purposes while the 10-year green bond will be used to finance projects as set out in the framework

ADCB Group Q1 2023 results

ADCB’s Q1 2023 profit surges to $509m on higher net interest

The bank’s net interest income rose by 33 per cent to Dhs2.85bn while non-interest income surged by 34 per cent to reach Dhs1.06bn

UAE central bank

UAE banks record Dhs245.5bn in saving deposits by January-end

The central bank said saving deposits in the banking system have increased in recent years, from Dhs152bn in 2018 to Dhs241.8bn in 2021

Mashreq & WorldGBC

Mashreq bolsters sustainability goals by joining World GBC

The collaboration with WorldGBC offers the bank a platform to strengthen its net zero commitments

TAQA Group CEO and managing director, Jasim Husain Thabet

UAE utility firm TAQA sets up green finance framework

The Abu Dhabi-listed firm said proceeds from the issuances will be used to finance eligible green projects including renewable energy

EFG Hermes exit Oman

EFG Hermes shuts Oman operations

The universal bank said the move comes in light of its efforts to drive shareholders’ value by optimising its operations and improving the return on equity metric

UAE corporate tax exemptions

UAE reveals list of entities exempted from corporate tax

The Ministry of Finance said government entities, government-controlled entities as well as extractive businesses are exempted from corporate tax

Salik approve $134m dividend

Salik shareholders approve $134m dividend

The company’s full-year revenue jumped 11.8 per cent to $517m, driven by an increase in revenue from toll usage fees

ADCB denies reports about NPLs

ADCB denies report of talks to sell $3.7bn of bad loans

The bank said it continuously explores opportunities to boost shareholder value but does not foresee any transaction of this nature materialising in 2023

New Dhs1000 banknote April 2023 photo WAM

UAE’s new Dhs1,000 banknote issued, highlights space ambitions, energy diversification

The new banknote will be available at banks and exchange houses starting from April 10

National Bonds_Group CEO

National Bonds sees 15% growth in 2022, investment portfolio rises to Dhs13.7bn

National Bonds attributed the strong growth to solutions such as the Golden Pension Plan, Global Savings Club and Sukuk Al Waqf

Dubai is centre for wealth creation

Why Dubai is the new wealth and asset management global hotspot

Dubai is home to more than 55,000 high net-worth individuals and over $3tn of private wealth is within an hour’s flight of the city

Opec fund Acwa Power loan agreement for wind farms

OPEC Fund, ACWA Power sign $40m loan deals to build wind farms in Uzbekistan

The loans will support the construction and operation of the 500MW Dzhankeldy wind farm and the 500MW Bash wind power plant in Uzbekistan

SABB rebrands as SAB – الأول

SABB rebrands as Saudi Awwal Bank after merger with Alawwal

The bank will operate as ‘Saudi Awwal Bank’ after obtaining the necessary regulatory and shareholders’ approvals

AD Ports Photo WAM

UAE’s AD Ports Group secures $2bn syndicated corporate facility

The multi-currency facility, equivalent to around $2bn, includes three tranches amounting to EUR600m, $620m, and Dhs2,863m with a tenure of up to 2.5 years

uae-FDI-ranking -adobe-stock

UAE ranks 18th globally in FDI confidence index

The GCC countries were high in the emerging markets ranking with Qatar ranking fourth and Saudi Arabia ranking sixth globally

IsDB - bank signs off on $403m

Islamic Development Bank approves three projects valued at $403m

The bank signed off on EUR318m ($344.5m) towards the financing of Phase I of the Electric Express Train Project in Egypt

Wio Bank new partnership

ADQ-backed Wio Bank, Paymentology partner to enhance SME banking

The digital bank offers SMEs seamless access to banking services while allowing them to move forward with innovative beyond-banking services

Central bank projection for GDP growth in 2024 GettyImages-1432592872-e1670484896463

UAE central bank projects GDP growth rising to 4.3% in 2024

In 2023, inflation is projected to decelerate to 3.2 per cent, on the back of softer price increases in all categories

Sheikh Zayed Housing Programme

Sheikh Zayed Housing Programme approves Dhs298.7m in aid

The MoEI issued the aid via 432 decisions on applications for house construction, completion, purchase, maintenance and upgrades

Arab Jordan Investment Bank & Standard Chartered agreement

Arab Jordan Investment Bank to acquire Standard Chartered’s business in Jordan

Standard Chartered’s corporate, commercial and institutional banking, and consumer, private and business banking businesses in Jordan will move to AJIB

interest rate

Gulf central banks raise interest rate based on US Federal Reserve hike

The central banks announced interest rate hikes by 25 basis points