Banking & Finance

Dubai Chamber of Digital Economy supports 1210 startups in 2024, trains 1333 Emiratis in app development

21 events were held this year to support startups, nurture talent, and strengthen partnerships

Samer Abu-Ltaif appointed Microsoft president for Europe, Middle East and Africa

During his two-decade tenure at Microsoft, Samer Abu-Ltaif spearheaded several transformative initiatives

MENA startups raise $2.3 billion in 2024, UAE leads with $1.1 billion

The UAE led the MENA region's startup ecosystem with $1.1 billion raised across 207 startups

EDB becomes first local UAE bank to receive “Great Place to Work” certification

EDB has expanded its team from 135 to over 350 employees since April 2021, a remarkable 159 percent increase

Qatar Central Bank issues treasury bills worth $466.9 million

QAR500 million for 7 days (new issue), with an interest rate of 4.610 percent; QAR250 million for a duration of 28 days

Dubai’s Mashreq Bank reports 4 percent increase in net profit to $2.45 billion in 2024

The bank's net profit before tax reached $2.7 billion, marking a 12 percent rise

Powell says Fed does “not need to be in a hurry” following rate cut pause, Trump responds

After cutting the benchmark interest rate by a full percentage point last year, the Fed kept it in the current 4.25-4.50 percent range

US Federal Reserve, UAE central bank hold interest rates steady

After cutting the benchmark interest rate a full percentage point last year, the Fed kept it in the current 4.25-4.50 percent range

UAE central bank drives digital transformation, growth with key initiatives in 2024

CBUAE was among the first central banks globally to issue Islamic CDs, with outstanding balances reaching AED42 billion in 2024

Emirates Islamic posts record $844 million profit before tax in 2024, up 46 percent

Net profit reached a landmark high of $762.3 million, demonstrating a robust 32 percent growth

Emirates NBD posts record $7.38 billion profit before tax in 2024

The bank's branch expansion in Saudi Arabia enabled its loan book to grow by a very impressive 57 percent in 2024

ADIB reports record $1.66 billion net profit for 2024, up 16 percent

The Bank's Board recommended a cash dividend per share of 83 fils for 2024, amounting to AED3.030 billion

STC Bank to launch full banking operations in Saudi Arabia: SAMA

STC Bank will provide several financial products and solutions that will contribute to elevating banking services

EFG Hermes achieves top position in MENA Equity Capital Markets for 2024 through market-leading executions

EFG Hermes topped the MENA equity capital market in 2024 with 11 IPOs and 6 secondary offerings

Saudi Arabia’s PIF announces pricing of $4 billion bond offering

Offering was four times oversubscribed, with an order book of approximately $16 billion

UAE’s FTA urges natural persons to register for Corporate Tax before March 31

The FTA defines a 'natural person' as any living human being, regardless of age or residence

Oman, India sign tax protocol to boost economic relations

India-Oman trade grew to $12.388 billion in 2022-2023

Middle East families to see $1 trillion transfer of generational wealth by 2030: Report

Only 24 percent of High-Net-Worth Individuals currently have a full estate plan in place

NEOM secures $3 billion financing facility with Italy’s SACE to support key projects

Deal marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by SACE

Fed to hold interest rates steady as Trump calls for lowering borrowing costs

The market is pricing in the possibility that the U.S. central bank will lower borrowing costs twice by the end of this year

ADGM launches all-in-one mobile app to boost connectivity across financial district

The app offers residents and visitors access to lifestyle features, cultural activities, and exclusive services

UAE digital VAT refund system achieves 34,900 applications, $789.5 million in refunds

In 2024, UAE nationals received 7,520 VAT refund applications for new residences, totaling $191.8 million