Banking & Finance

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

Bank of Japan raises policy interest rate to 0.5 percent, highest in 17 years

Markets are pricing in one more 25-basis-point interest rate hike for Japan by the end of this year

Saudi Arabia achieves record 178 venture capital deals in 2024, retains top rank in MENA region

E-commerce dominated with 33 percent of total funding with a value of $247 million

OPEC Fund provides $50 million loan to improve connectivity in Paraguay

Infrastructure boost will support growth in economic activity, strengthen regional trade and foster economic integration

Reem Finance joins Etihad Credit Insurance’s “Xport Xponential” Program

Partnership will provide UAE businesses with enhanced financial solutions to fuel their international trade ambitions

UAE Central Bank reports gold reserves over $6.6 billion by end of October 2024

This represents a month-on-month increase of 5.5 percent, or $348.5 million

UAE unveils limited edition silver coin to celebrate Central Bank’s 50th anniversary

The CBUAE has issued 3,000 of these commemorative coins, each weighing 60 grams