Banking & Finance

The enduring appeal of physical payment cards in the UAE’s digital future

67 percent of country’s residents still carry two or more physical cards

Mastercard: Reshaping the financial landscape through AI and innovation

Company has notably teamed-up with major names like UAE Artificial Intelligence Office and FAB

aiBANK is now Bank NXT: What lies ahead for EFG Holding’s commercial banking unit?

Rebranding reflects bank’s dedication to advancing banking standards and delivering value to clients, stakeholders and communities

DEWA achieves record revenue of $6.4 billion, $3.2 billion in EBITDA during first nine months

The authority reported a consolidated revenue of AED9.9 billion for the third quarter of 2024, reflecting a 4.75 percent increase

DIFC successfully repays $700 million sukuk on schedule

The Sukuk was issued to fund the Centre’s expansion, including Gate Avenue

Sheikh Hamdan names new CEO of Central Accounts Sector at Dubai Finance Department

Ahmad Al Marzouqi has been appointed as the Chief Executive Officer of the Central Accounts Sector

Qatar Central Bank foreign reserves grow 4.36 percent to $69.31 billion in October

Central bank's gold holdings rose by around QAR12.563 billion at the end of October, bringing the total to QAR35.736 billion

Dubai’s Spinneys announces record $626.2 million revenue for nine months, pre-tax profit climbs to $55.3 million

Adjusted EBITDA up 8.8 percent YoY with an industry-leading EBITDA margin of 18.3 percent

ADNH Catering reports $326.7 million revenue for nine months, confirms $16.3 million dividend for FY 2024

The pro forma net profit reached AED110 million, showcasing a robust net profit margin of 9 percent

US Fed, UAE Central Bank lower interest rates

Labor market conditions have generally eased, and the unemployment rate has moved up but remains low, the Fed said

UAE’s banking sector net international reserves up 11 percent to $346.58 billion by end July 2024

CBUAE’s gold reserves grew by 23.5 percent YoY, reaching AED21.28 billion by the end of July

Abu Dhabi’s ADQ named headline partner for ADFW 2024 and 2025

ADFW 2024 is set to run from December 9 to 12, focusing on the various elements that solidify Abu Dhabi’s position as the 'Capital of Capital'

Abu Dhabi’s IHC revenues surge 49.4 percent to $17.4 billion, profits rise to $4.9 billion

The company's total assets reached AED382.9 billion, representing a 44.9 percent growth since December 2023

UAE’s debt capital markets grow 13.1 percent YoY to $294.4 billion by Q3 2024: Fitch

This growth highlights the country's evolving financial landscape and its strategic role within the sukuk market

Mastercard joins Buna to facilitate seamless cross-border payments into and out of MENA region

The move will allow global financial institutions to send fast, cost-efficient payments to Buna via Mastercard Move

UAE banking sector capital, reserves hit all-time high of $136.84 billion

Local banks took the lion's share, accounting for 86.3 percent of the total capital and reserves

Saudi Aramco achieves Q3 revenue of $111.1 billion, $27.6 billion in net profit

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” Eng. Nasser said

stc Group achieves highest 9-month revenues of $15 billion, $2.98 billion in net profit

Total revenues grew 3.92 percent compared to the same period last year 

ADIB becomes first UAE bank to safely test fractional sukuk

With fractional sukuk, retail investors can invest as little as $1,000 in the sukuk market rather than a minimum of $200,000

Dardasha’s Reem Madkour wins Visa and PublisHer’s ‘She’s Next’ program in UAE

Madkour won a $50,000 grant and a three-month online mentorship from PublisHer

IMF to review Egypt’s loan program as GDP growth projected at 4.2 percent for FY2025

Georgieva noted that Egypt's inflation reached 37 percent in 2023 but has decreased to between 25 percent and 26 percent