Banking & Finance

Dubai introduces new mortgage fee, extends off-plan property registration period to 60 days in updated laws

The Dubai International Financial Court also made amendments to its Application Law

Future Fund Oman launches investment projects worth over $2 billion

The projects span 10 key sectors, including technology, manufacturing, tourism, renewable energy and electric vehicles

UAE sukuk auction: Bids exceed $1.48 billion with 4.9 times oversubscription

This issuance is part of the UAE's Islamic Treasury sukuk issuance program for the fourth quarter of 2024

ADGM FSRA publishes IT Risk Management Guidance

The Guidance provides a comprehensive framework for managing technology risks in ADGM's financial services sector

UAE’s digital banking sector on track to reach $175.7 billion by 2029

In 2024, 80 percent of UAE banks have prioritized digital transformation, placing the nation at the center of the tech-driven banking evolution

Global spending on AI reaches over $120 billion in 2023: SDAIA

SDAIA Director of National Information Center noted that over 72 percent of organizations use AI for operational excellence

Bitcoin: A divisive asset the world can’t ignore

The crypto is now within striking distance of surpassing Alphabet's $2.2 trillion valuation

Etihad Airways reports $381 million profit after tax for first nine months of 2024

The carrier achieved 21 percent revenue growth, surpassing $5 billion in the first three quarters

World Bank partners with ADGM Academy to boost financial literacy, economic knowledge

The collaboration will create an environment that equips individuals, businesses, and governments with the skills to thrive in the evolving financial landscape

MENA region sees 522 M&A deals valued at $71 billion in 9M 2024: Report

MENA M&A market is extremely buoyant and is expected to end the year with more than 700 deals, close to the historic five-year high of 750 deals

EFG Hermes launches $300 million Saudi Education Fund, acquires Britus Education portfolio of 7 schools

After having created the leading K-12 operator in Egypt, EFG Hermes aims to replicate its success story in the Saudi market

COP29: Investor groups with over $10 trillion in assets commit to accelerating climate financing

Sweden announced a contribution of $730 million to the UN Green Climate Fund (GCF), bringing overall contribution to $749 million

Etihad Airways profit surges 66 percent to $368 million in first 9 months of 2024

Etihad Airways carried almost 14 million passengers during the first nine months of the year, a 35 percent increase year-on-year

Abu Dhabi’s TAQA reports $1.7 billion net income during first nine months of 2024

The Group posted revenues of $11.3 billion, reflecting a 6 percent increase from the same period in 2023

ADNOC L&S Q3 net profit up 18 percent YoY to $175 million

The company reported revenues of $2.66 billion, representing a 38 percent increase compared to the same period in 2023

Profitability, asset quality to boost GCC banking sector resilience in 2025: S&P

Brent oil price will average $75 per barrel in the fourth quarter of 2024 and over 2025-2027, which will be helpful for most GCC countries

COP29: Multilateral development banks’ climate financing to reach $120 billion by 2030

At COP29, Sweden also pledged approximately $19 million to the fund for responding to loss and damage

Salik reports 6.2 percent rise in revenue to $446.75 million in first 9 months of 2024

The company expects total revenue and revenue-generating trips to rise by 7-8 percent in 2024

Global South presents sustainable investment opportunities for Middle East sovereign wealth funds: Report

In the Global South, critical areas like water and sanitation, food security, education, forestry, and biodiversity conservation, remain largely untapped

Parkin revenues surge 25 percent to $65.12 million in Q3 2024

Parkin's net profit rose 5 percent to AED104.7 million compared to AED99.8 million in Q3 2023

Sheikh Maktoum, Visa’s Oliver Jenkyn meet to advance innovation in fintech and digital financial services

This meeting underscores the UAE's commitment to collaborating with global fintech leaders to foster innovation 

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