UAE – Mubasher: The Central Bank of the UAE (CBUAE) has maintained the base rate for the overnight deposit facility (ODF) at 5.40%. The CBUAE has kept the interest rate for borrowing short-term liquidity at 0.50% above the base rate for all …
Mubasher: The US Federal Reserve (Fed) left interest rates unchanged, signalling it will not pull back until seeing sustained progress lowering inflation from multi-decade highs. The Federal Open Market Committee (FOMC) has maintained the target …
UAE- Mubasher: Emirates NBD has partnered with Citi to introduce a new USD cross-border clearing service in the Middle East. Emirates NBD will be the first bank to utilise Citi’s 24/7 USD Clearing service, offering round-the-clock cross-border …
UAE – Mubasher: UAE-based tech firm Polynome Group unveiled plans to raise a $100 million fund for AI startups, aiming to boost the country's AI ecosystem. The fund will invest in seed to growth-stage companies working on technologies, software, …
Abu Dhabi – Mubasher: Invest Bank’s CEO Ahmed Mohamed Fawzi Abu Eideh has resigned effective 11 June 2024. The bank’s board assigned the CEO role to a member of the senior management for an interim period, according to a bourse filing. The board …
Mubasher: Ithmaar Holding, which is listed on Bahrain Bourse as well, has selected Maysan Faisal Almaskati as CEO for the company and its two subsidiaries; Ithmaar Bank and IB Capital. Before assuming the new position, Almaskati served as Ithmaar …
Dubai – Mubasher: The board of Takaful Emarat – Insurance recommended a capital increase valued at AED 60 million to enhance the company’s financial position and ensure long-term business stability. The board called for the shareholders to approve …
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, penned a deal with Cayesh, the first supply chain finance company in Egypt. The two entities will join forces to leverage innovative …
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
Dubai – Mubasher: Nasdaq Dubai has welcomed Emirates Islamic Bank's debut $750 million sustainability sukuk issuance under its $2.50 billion programme. The five-year sukuk took the bank's total listings on Nasdaq to $2.02 billion across four …
Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA), Vision International Investment Company (Vision Invest), and Gulf Investment Corporation (GIC) closed the financing arrangements for the Juranah Independent Strategic Water Reservoir …
Dubai – Mubasher: The accumulated losses of Dubai Islamic Insurance and Reinsurance Company (Aman) reached AED 149.44 million in the first quarter (Q1) of 2024. The incurred accumulated losses represent 66.20% of the company’s paid-up capital, …
Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, achieved a 108% year-on-year (YoY) jump in net profit to EGP 9.90 billion during the first quarter (Q1) of 2024. FABMISR said it …
Mubasher: The Middle East ranked as the fastest-growing real-time payment market for the second consecutive year in 2023, according to the 2024 Prime Time for Real-Time report by ACI Worldwide and GlobalData. The region's real-time payment market …
UAE – Mubasher: Emirates Development Bank (EDB) unveiled plans to provide financing at a total value of AED 30 billion by 2026, according to Emirates News Agency (WAM). Shaker Zainal, Business Finance Director at EDB, highlighted that the …
UAE – Mubasher: Holo, a direct mortgage platform in the UAE, has completed a pre-Series A funding round with oversubscription. The round was led by Dubai Future District Fund (DFDF), UK’s Oryx fund, and Aditum Investment Management., according to …
Cairo – Mubasher: Egyptian logistics solution company OneOrder has raised $16 million in equity and debt in a Series A funding round. The funding is aimed at enabling the company to expand into the GCC region in autumn 2024, build up financing …
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) …
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% …
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 …
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 …
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 …
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 …
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 …
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 …
