Banking & Finance

Qatar’s Ooredoo reports $4.85 billion revenue in first nine months of 2024

EBITDA rose by 4 percent to $2.11 billion, resulting in an EBITDA margin of 44 percent

stc Group’s tali ventures leads $10 million investment in Series B funding for NorthLadder

This funding round was spearheaded by tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures

S&P predict robust growth in UAE Islamic finance driven by non-oil economy, $6.1 billion sukuk surge 

The agency notes a rise in foreign currency sukuk issuance, particularly in real estate and finance, to attract foreign investment 

FII8: NBK’s Shaikha Al-Bahar spotlights role of AI, fintech in driving banking growth

The future of banking will be defined not by head-to-head competition with fintech companies, but by cooperation

Visa opens new innovation center in Saudi Arabia

The new facility will act as a hub for co-designing cutting-edge payment solutions for Kingdom and GCC

Abu Dhabi’s CYVN Holdings to acquire McLaren’s automotive business from Mumtalakat

CYVN Holdings investment would bring McLaren access to additional capital and expertise particularly in the field of electric vehicles

Dubai’s du profits rise 49.7 percent to $517.2 million in nine months

During Q3, net profit surged to AED719 million, representing the highest quarterly net profit in the past three years

Sheikh Mohammed approves Dubai’s largest ever budget for 2025-2027 with $82.2 billion expected revenue

For FY 2025, estimated expenditures are set at AED86.26 billion, with anticipated revenues of AED97.66 billion

Orange Middle East and Africa, Mastercard collaborate to digitize payments for millions across Africa by 2025

Partnership to empower millions of Orange Money wallets with digital payments by 2025, boosting financial inclusion in seven countries

Sheikh Mohammed and Vietnam PM discuss enhancing bilateral cooperation, sign CEPA

CEPA facilitates UAE service providers' access to various sectors in Vietnam, including business, finance, and tourism

UAE’s foresight, regulations make it a hub for fintech, blockchain

Maintaining a leadership position in a rapidly evolving market requires immense commitment and adaptability, says Amir Tabch

ADGM appoints Sir Nicholas Patten as Court of Appeal Judge to ADGM Courts

Sir Nicholas Patten replaces the Right Honourable Sir Peter Blanchard KNZM after he recently retired as an ADGM Court of Appeal Judge 

Abu Dhabi’s NMDC Group reports $598.96 million net profit in first nine months of 2024, driven by strong project pipeline

A remarkable 68 percent increase in revenues and a 45 percent rise in net profits compared to the same period last year

Dubai Finance launches Smart Installment System and Biometric Payment System

These agreements were revealed during the recent Gitex Global 2024 event in Dubai

Technology and trends defining GCC fintechs

Payments, blockchain and AI, among others, are shaping the region’s financial sector

e& completes acquisition of controlling stake in PPF Telecom, expanding global reach to 38 countries

This collaboration will drive growth and create opportunities for digital services, IoT solutions, and B2B offerings

Commercial Bank of Dubai reports 15.2 percent rise in net profit to $607 million

During the first nine months of 2024, CBD reported a 12.1 percent rise in operating income to AED4.164 billion

CBUAE reports banks extend $22.1 billion in financial support to SMEs by mid-2024

SME loans made up 9.5 percent of 232.9 billion in financial facilities for commercial and industrial sectors as of June 

Abu Dhabi Commercial Bank announces H1 2024 net profit after tax of $1.2 billion

Customer deposits in current and savings accounts totaled AED169 billion by the end of September 2024 

Islamic treasury bonds auction for October 2024 attracts $1.96 billion in bids

The auction attracted interest from eight primary dealers for both tranches maturing in May 2027 and September 2029

Dubai Islamic Bank lists $500 million AT1 sukuk on Nasdaq Dubai

Dubai Islamic Bank currently boasts an outstanding value of over $9 billion through 11 sukuk listings on Nasdaq Dubai

Seamless Saudi Arabia 2024: Mastercard’s new infrastructure aims to support a secure digital payments ecosystem in Kingdom

This infrastructure and tailored services will enable secure, efficient processing of local ecommerce transactions

Finance House to invest $81.67 million in Abu Dhabi capital market

This collaboration seeks to enhance market liquidity and financial stability, aligning with the ADX’s vision 

External funding outflows in GCC banks could reach $221 billion if Mideast war escalates: S&P

GCC banks have sufficient external liquidity to cover outflows in most cases