Banking & Finance

Oman’s 8th Ijarah sukuk auction generates $849 million, oversubscribed by three times

The average acceptable return was set at 4.75 percent, with a maximum acceptable return of 4.85 percent and a minimum of 4.6 percent

Egypt approves $131 million agreement with AfDB for private sector development

This approval follows a EUR1 billion EU support initiative endorsement

Kuwait Central Bank issues $792 million bond, tawarruq

CBK said that the issuance period is three months with a return rate of 4.125 percent

OPEC Fund grants $20 million loan to support agricultural development in Malawi

This initiative will promote food security, reduce poverty, and improve livelihoods for 130,000 individuals

UAE, Italy partner to combat financial and economic crimes

Strong bilateral cooperation has led to the arrest and extradition of high-profile criminals

Dubai launches first-ever tax certification program in Arab world

This certification caters specifically to tax professionals employed by Dubai government entities

Middle East private medical insurance costs to rise 12 percent by 2025

64 percent of insurers expect higher medical trends worldwide over next three years

Sheikh Hamdan approves resolution on foreign bank operations in Dubai

The resolution specifies administrative violations and applicable fines for foreign banks

Banks in Egypt report $8.38 billion in net profits in 9M 2024

The top 10 banks in Egypt accounted for 79.73 percent of the sector’s total profits at EGP340.411 billion

Abu Dhabi Fund for Development boosts Maldives with $40 million loan for airport expansion

This loan follows a previous allocation of AED183.5 million ($50 million) granted in 2017 for the initial stages of the project

UAE Ministry of Finance announces key amendments to tax regulations effective January 2025

The modifications introduce various administrative reliefs and clarifications for businesses that establish Tax Groups.

Abu Dhabi’s Mubadala acquires 80 percent stake in Global Medical Supply Chain, Al Ittihad Drug

Strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors

Sharjah approves $11.4 billion budget for 2025, largest in emirate’s history

The budget empowers agencies to fund initiatives, provide housing for citizens, and upgrade tourism infrastructure

CBUAE forecasts real GDP growth: 4 percent in 2024, rising to 5.5 percent by 2026

Non-oil GDP growth is projected to remain robust at 4.9 percent in 2024 and 5.0 percent in 2025

Empowering the unbanked: How digital wallets and fintech are shaping the future of finance

The role of digital wallets and banks in expanding access to financial services

Nissan, Honda kick off merger discussions in new deal

The two companies expect the execution of a definitive agreement concerning the merger to take place in June 2025

450,000 businesses registered for corporate tax: UAE’s FTA

FTA director general stressed partner collaboration's importance for the authority's goals and the national economy

ADGM FSRA signs MoU with UAE Ministry of Interior to combat financial crimes

Agreement aims to facilitate the exchange of information and strengthen risk mitigation frameworks

ADFW 2024 draws over 20,000 participants, over 44 MoUs signed

Global financial firms, which collectively manage more than $42.5 trillion in assets, attended the event

DP World launches Middle East’s first $100 million blue bond to fund sustainable marine transport

Eligible initiatives include reducing maritime pollution, sustainable ports, and water quality

Global M&A deal value poised to hit $3.5 trillion in 2024: Report

This marks a 15 percent increase from the previous year and aligning with levels seen in the mid-2010s

OPEC Fund signs first loan agreement with Montenegro for $52 million to enhance climate initiatives

The loan is aimed at enhancing fiscal sustainability and facilitating the green transition in the southeastern European nation

GCC debt capital market hits $1 trillion with 40 percent as sukuk, says Fitch

ESG debt reached $48 billion outstanding, with 42 percent being sukuk

US Federal Reserve cuts interest rates by quarter point amid cooling inflation

Fed policymakers projected they will cut their benchmark rate by a quarter-point just twice in 2025