Banking & Insurance

Riyadh – Mubasher: The Saudi Central Bank (SAMA) penned an agreement with Samsung to provide access to Samsung Pay service in the Kingdom during the fourth quarter (Q4) of 2024. The announcement was unveiled on the sidelines of the 24 Fintech …

Riyadh – Mubasher: STC Bank, formally known as stc pay and one of the leading digital innovators in the listed Saudi Telecom Company (stc) portfolio, is joining the 24 Fintech three-day event in Saudi Arabia as a Founding Partner. Being the newest …

Riyadh – Mubasher: The flagship fintech event in Saudi Arabia 24 Fintech 2024 will kick off at the Riyadh Front Exhibition & Conference Center (RFECC) from 3 to 5 September this year, co-organised by Fintech Saudi and Tahaluf. This annual event is …

Riyadh – Mubasher: Saudi Electricity Company (SEC) obtained $4 billion (SAR 15 billion) in international syndicated revolving credit facilities on 25 August 2024, according to a bourse filing. A number of regional and international lenders …

Abu Dhabi – Mubasher: Network International joined forces with Invest Bank to boost Network’s digital payment services to the bank’s corporate customers, according to a press release. The collaboration will enable Invest Bank to expand the …

Riyadh – Mubasher: Liva Group announced a potential merger between Liva Insurance Company (Liva KSA) and Malath Cooperative Insurance Company (Malath Insurance) The GCC's leading multi-line insurer highlighted that the transaction aligns with its …

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, unveiled its financial results for the first half (H1) 2024, logging net profits of EGP 15.80 billion. The lender highlighted robust …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK)  joined forces with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to secure a platform that will enable UAE residents to smoothly manage digital …

UAE – Mubasher: Dubai Chambers has signed a memorandum of understanding (MoU) with China Construction Bank (CCB) to reinforce investment cooperation. The two entities plan to join forces to support Chinese companies planning to expand in the Dubai …

Abu Dhabi – Mubasher: Waha Capital has successfully refinanced its $400 million revolving credit facility with the support of four local and regional banks, according to a press release. The new facility, which holds a three-year tenor, can be …

Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) witnessed 10% year-on-year (YoY) higher net profits before tax at AED 224.30 million in the first half (H1) of 2024. As at 30 June 2024, the consolidated total assets hiked by 41% …

Abu Dhabi – Mubasher: ADIB Securities, a wholly owned subsidiary of Abu Dhabi Islamic Bank (ADIB), allowed trading in the US market as the first UAE Sharia-compliant broker. The newly updated trading platform, ADIBS Global, provides investors with …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) posted a 21% rise in net profit after tax to AED 1.08 billion during the first half (H1) of 2024, compared to AED 900.80 million in H1-23. Operating income hiked by 8.70% …

Abu Dhabi – Mubasher: Bank of Sharjah turned to net profits amounting to AED 170.97 million in the first half (H1) of 2024, compared to net losses valued at AED 143.87 million in H1-23. Net operating income hiked to AED 303.75 million as of 30 …

Abu Dhabi – Mubasher: Commercial Bank International (CBI) recorded an annual rise in net profit to AED 81.45 million during the first half (H1) of 2024, compared to AED 78.88 million. Net operating income jumped year-on-year (YoY) to AED 250.13 …

Dubai – Mubasher: Mashreq Bank generated a 14% rise in net profit after tax to AED 4.05 billion during the first half (H1) of 2024, compared to AED 3.56 billion in H1-23. Total operating income hiked by 20% year-on-year (YoY) to AED 6.12 billion …

Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) generated net profits after tax valued at AED 441.15 million in the first half (H1) of 2024, compared to AED 332.14 million in H1-23. Operating income climbed by 8.20% year-on-year (YoY) to …

Abu Dhabi – Mubasher: The United Arab Bank (UAB) posted a net profit after tax amounting to AED 139 million in the first half (H1) of 2024, up 15% from AED 121 million in H1-23. Total income was higher by 10% year-on-year (YoY) at AED 300 million …

Dubai – Mubasher: Mashreq Bank has arranged a $3.25 billion leverage buyout sustainability-linked financing round for GEMS Education. The banks served as lead sustainability coordinator, initial mandated lead arranger and bookrunner, account bank, …

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) generated 3% higher net profits after tax at AED 8.40 billion during the first half (H1) of 2024, compared to AED 8.14 billion in H1-23. Operating income climbed by 16% year-on-year (YoY) to AED …

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank’s (ADIB) posted a 30% year-on-year (YoY) surge in consolidated net profit after tax and zakat of AED 3.02 billion during the first half (H1) of 2024 from AED 2.32 billion. Total operating income soared …

Abu Dhabi – Mubasher: Visa teamed up with First Abu Dhabi Bank (FAB) to expand the Visa B2B Connect network in the region, according to a press release. The collaboration aims to boost corporate cross-border payments, allowing businesses in the …

Dubai – Mubasher: The Commercial Bank of Dubai (CBD) witnessed an 18.50% surge in net profit after tax to AED 1.45 billion during the first half (H1) of 2024, compared to AED 1.22 billion in H1-23. Total operating income climbed by 10.10% …