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24 May 02:02 AM

Banking & Insurance

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23 May 04:56 PM Goldman Sachs reportedly becomes 1st Wall Street bank with Saudi HQ licence
Riyadh – Mubasher: Goldman Sachs Group Incorporation became the first Wall Street bank to establish a Middle Eastern headquarters (HQ) in Saudi Arabia, according to Bloomberg. Goldman obtained a licence from the Saudi Ministry of Investment (MISA) …
Global Economy
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23 May 02:20 PM ECI’s gross exposure hits AED 9.6bn in 2023
UAE - Mubasher: The gross exposure of Etihad Credit Insurance (ECI) reached AED 9.60 billion by the end of 2023, as the company experienced a 21-fold increase compared to 2019. ECI boosted the expansion of the UAE’s non-oil exports, covering 3.10% …
Financial Results
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22 May 04:55 PM Emirates Islamic issues $750m sustainability sukuk
Dubai – Mubasher: Emirates Islamic Bank has issued a $750 million five-year senior unsecured sustainability sukuk. The sukuk issuance received great demand from investors across different regions and was oversubscribed 2.80 times, according to a …
Banking and Finance
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20 May 10:12 AM Shuaa Capital plans to issue AD 367m bonds; CEO appointed
Dubai - Mubasher: The board member of Shuaa Capital recommended issuing private placement and mandatory convertible bonds (MCBs) of up to AED 367 million, according to a bourse disclosure. The transaction is still subject to regulatory approvals …
Bonds
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16 May 04:35 PM Salama’s net profits jump 118% in Q1-24
    Dubai – Mubasher: Islamic Arab Insurance Company (Salama) recorded net profits valued at AED 17.58 million in its first quarter (Q1) of 2024, up by 118% from AED 8.04 million in Q1-23. Takaful revenue amounted to AED 271.47 million as of 31 …
Financial Results
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14 May 01:17 PM ADIB launches expansion plan to improve business banking for SMEs
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has announced an expansion plan aiming at improving business banking services across the UAE. The plan includes strategic collaborations with key partners specialising in serving the small-, and …
Banking and Finance
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14 May 10:12 AM Emirates NBD-Egypt’s profits hit EGP 1.1bn in Q1-24
Cairo – Mubasher: Emirates NBD-Egypt, a subsidiary of UAE-based Emirates NBD, generated EGP 1.10 billion in net profit during the first quarter (Q1) of 2024. The registered net profits were higher by EGP 128.70 million (13.30%) than EGP 964.70 …
Financial Results
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12 May 04:57 PM ADNIC registers strong financial performance in Q1-24
Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) delivered a strong net profit before tax valued at AED 111.80 million in the first quarter (Q1)of 2024, according to a press release. Net insurance service result stood at AED …
Financial Results
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12 May 11:37 AM UAE, Indonesia ink MoU to use local currencies in trade
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has signed a memorandum of understanding (MoU) with Bank Indonesia to boost trade relations. Under the agreement, the two central banks will establish a framework to use local currencies in …
Central Banks
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12 May 09:41 AM Ajman Bank unveils leap in Q1-24 financials, key appointments
Dubai – Mubasher: Ajman Bank registered net profits amounting to AED 107.42 million in the first quarter (Q1) of 2024, marking a year-on-year (YoY) hike from AED 49.15 million. Total operating income before depositors’ share of profits reached AED …
Board of Directors
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8 May 04:57 PM Amlak Finance’s net profit hits AED 27m in Q1-24
Dubai – Mubasher: Amlak Finance posted a net profit of AED 27 million during the first quarter (Q1) of 2024, up from AED 14 million in the same quarter a year earlier. The company’s total revenues declined to AED 68 million in Q1-24 from AED 74 …
Financial Results
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8 May 03:11 PM Mastercard restructures leadership roles in MENA
Riyadh - Mubasher: Payments giant Mastercard announced restructuring its regional operations, appointing new division leaders as it aims to step up growth across the Middle East and North Africa (MENA). This initiative forms part of the company's …
Companies Investments
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8 May 12:21 PM Beltone, UAE’s Comera partner to boost digitalisation in Egypt
Cairo – Mubasher: Beltone Holding has signed a strategic partnership agreement with Abu Dhabi-based Comera Financial Holding to bolster digital transformation and customer experience in Egypt. Under the agreement, the two companies will join …
Banking and Finance
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7 May 04:54 PM UAE card payments market to exceed $200bn in 2028 – GlobalData
UAE - Mubasher: The card payments market in the UAE is expected to grow at a compound annual growth rate (CAGR) of 10.60% between 2024 and 2028, according to a report by GlobalData. The report forecast the market to reach a value of AED 764.10 …
Macroeconomics
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7 May 04:15 PM FABMISR opens 2 new branches in Giza, Cairo
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has inaugurated two new branches in Egypt. The new branches, the bank’s 66th and 67th in the country, are located on El-Haram Street in Giza …
Companies Investments
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7 May 03:00 PM Fitch Ratings affirms Bank of Sharjah’s IDR at 'BBB+'; outlook stable
Abu Dhabi – Mubasher: Fitch Ratings has affirmed Bank of Sharjah’s long-term issuer default rating (IDR) at 'BBB+' with a stable outlook. The rating agency upgraded the bank’s viability rating (VR) to ‘b-‘ from 'ccc+', according to a press …
Banking and Finance
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5 May 04:13 PM CBI records higher profits in Q1-24 on customer-centric business strategy, corporate culture
Abu Dhabi – Mubasher: Commercial Bank International (CBI) registered a 19% increase in net profit before tax to AED 40.42 million during the first quarter (Q1) of 2024 from AED 34.03 million in Q1-23. CBI also posted AED 36.91 million worth of net …
Banking and Finance
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2 May 01:33 PM Bank of Sharjah records over AED 80m net profits in Q1-24
Abu Dhabi – Mubasher: Bank of Sharjah logged net profits attributable to the owners valued at AED 80.67 million in the first quarter (Q1) of 2024. Net operating income hit AED 142.80 million in Q1-24, while the basic and diluted earnings per share …
Banking and Finance
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2 May 10:41 AM CBUAE holds interest rates steady
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has opted to keep interest rates unchanged, following a similar decision by the US Federal Reserve. The CBUAE has also retained the Base Rate for the Overnight Deposit Facility (ODF) at 5.40%, …
Banking and Finance
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1 May 01:24 PM Cash deposits at UAE banks jump 11% YoY in February 2024
UAE – Mubasher: Cash deposits at Emirati banks rose by 11% year-on-year (YoY) to AED 725.8 billion in February 2024 from AED 654.6 billion. Month-on-month (MoM), cash deposits in the UAE’s banks grew 1.92% in February from AED 712.1 billion in …
Banking and Finance
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1 May 11:24 AM FAB registers higher profits at AED 4.1bn in Q1-24
Abu Dhabi – Mubasher: The net profits after tax of First Abu Dhabi Bank (FAB) surged by 6% year-on-year (YoY) to AED 4.15 billion in the first quarter (Q1) of 2024 from AED 3.92 billion. Total income stood at AED 7.97 billion in Q1-24, higher by …
Banking and Finance
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30 April 12:35 PM NBF records higher net profits in Q1-24; assets cross AED 53bn
Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) witnessed an annual leap in net profits to AED 251.05 million during the first quarter (Q1) of 2024, compared to AED 152 million. The operating income amounted to AED 614 million as of 31 …
Financial Results
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28 April 02:07 PM Dubai National Insurance’s shareholders greenlight 10% dividends
Dubai – Mubasher: The annual general assembly of Dubai National Insurance (DNI) approved a 10% cash dividend to shareholders amounting to AED 11.55 million. The insurance firm delivered a strong financial performance in 2023, achieving a full-year …
Banking and Finance
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28 April 01:15 PM RAKBANK logs AED 574m profits in Q1-24
Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) witnessed an annual leap in net profits to AED 574.19 million during the first quarter (Q1) of 2024, compared to AED 450.32 million. The ADX-listed lender registered operating …
Banking and Finance
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28 April 11:40 AM UAB sees higher net profits in Q1-24; total income up 33%
Abu Dhabi – Mubasher: The United Arab Bank (UAB) logged net profits after tax worth AED 68.24 million during the first quarter (Q1) of 2024, marking an annual rise of 25% from AED 54.75 million. Earnings per share rose to AED 0.03 per share as of …
Financial Results