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David Parker - co-chief Investment officer for the Financial Services sector at EDB
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
Bengaluru's court set the next hearing on 8 June
20 May 01:00 PM NMC founder owes $253m to India's Bank of Baroda
UAE - Mubasher: The founder of the NMC Healthcare, BR Shetty, and his companies owe more than $250 million to India's Bank of Baroda, according to Reuters. Hence, an Indian court prevented Shetty and his wife from selling some properties while it …
The fund aims to support Indian and Southeast Asian startups
20 May 12:08 PM ADQ establishes AED 1.1bn venture fund to support startups
UAE - Mubasher: Abu Dhabi Developmental Holding (ADQ), one of the region's largest holding companies, launched an AED 1.1 billion Alpha Wave Incubation (AWI) Fund, according to the Emirates News Agency (WAM). Located at the Abu Dhabi Global Market …
Sheikh Saleh Abdullah Kamel
19 May 10:57 AM Saudi businessman Saleh Kamel passes away
Riyadh – Mubasher: Prominent Saudi businessman, the chairman and founder of Dallah Al Baraka Group, Sheikh Saleh Abdullah Kamel died on Monday, aged 79. Saleh Kamel was one of the region’s biggest investors in the media industry as the founder of …
FAB agreed with Bank Audi to stop the acquisition process
19 May 10:34 AM FAB halts Bank Audi-Egypt's acquisition process
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has agreed with Bank Audi to suspend the transaction process regarding its acquisition of the Lebanese bank's fully owned subsidiary in Egypt. This decision came amid the unprecedented circumstances …
The loan will be due after 60 months from the contract date
17 May 11:48 AM Metal and Recycling approves KWD 10m loan from Agility Investment
Mubasher: The board of Metal and Recycling Company has submitted its recommendation to the annual general meeting (AGM) for the approval of a credit facility agreement with Agility International Investment, a fully-owned subsidiary of Agility …
The earnings of the Islamic banks amounted to AED 1.1 billion
14 May 03:29 PM Abu Dhabi banks see AED 9.6bn income in Q1-20
Abu Dhabi – Mubasher: The net income of the commercial and Islamic banks operating in Abu Dhabi totalled AED 9.6 billion in the first quarter (Q1) of 2020, compared to AED 10.36 billion in the same period of 2019. The Islamic banks accounted for …
UAE banks have injected AED 500m in the agricultural sector
13 May 02:03 PM UAE banks provide AED 500m to agricultural sector in Q1
UAE – Mubasher: UAE banks have injected AED 500 million in the agricultural sector during the first quarter (Q1) of 2020, recording the highest credit facility provided to the sector in years, according to the Emirates News Agency (WAM). The …
Emirati banks denied their exposure to Phoenix Commodities Pvt
12 May 03:15 PM Emirates NBD, Mashreq Bank reveal exposure to Phoenix Commodities
Dubai – Mubasher: Emirates NBD and Mashreq Bank have exposure to Phoenix Global DMCC, a wholly-owned subsidiary of Phoenix Commodities Pvt, valued at $23.66 million and AED 43.064 million, respectively. Both banks confirmed that they do not have …
FAB will provide custody, issuer, and transfer agent service
12 May 12:04 PM FAB, Bahrain Clear ink custodian agreement
Mubasher: First Abu Dhabi Bank (FAB) has recently signed a depository agent agreement with Bahrain Clear to offer custody services to regional and international institutions in Bahrain Bourse. Under the agreement, FAB will provide custody, issuer, …
Ora Developers signed a EGP 1 billion loan agreement with Banque Misr
12 May 11:50 AM Ora Developers inks deals with Orascom, Banque Misr for ZED Phase I
Cairo – Mubasher: Orascom Construction PLC signed an agreement with Ora Developers to establish the first phase of ZED Sheikh Zayed in Egypt. In addition, Ora Developers also signed a EGP 1 billion loan agreement with Banque Misr to finance the …
Mubadala aims to raise between $3 billion and $4 billion
12 May 11:21 AM Mubadala plans to issue 3-tranche bonds
UAE - Mubasher: Mubadala Investment Company has hired a number of banks as it plans to issue three-tranche bonds, comprising of six-year and 10-year conventional bonds as well as 30-year dual-listed Formosa bonds, sources told Reuters. By issuing …
FinTech Abu Dhabi is largest event of its kind in the MENA region
11 May 03:27 PM CBUAE, ADGM to jointly organise FinTech Abu Dhabi 2020
UAE – Mubasher: The Central Bank of the UAE (CBUAE) will collaborate with the Abu Dhabi Global Market (ADGM) to hold the fourth edition of FinTech Abu Dhabi Festival (FinTech Abu Dhabi). Set to be held …
ADCB, DIB has exposure of AED 5.58 billion to NMC
11 May 02:53 PM NMC's CFO leaves UAE in repatriation flight to India
UAE – Mubasher: Former chief financial officer of NMC Healthcare, Suresh Krishnamoorthy, has reportedly left the UAE with his family on 7 May, through the repatriation flights to India, according to Gulf News. The move came after the Central Bank …
The ATM count was down to 4,937 in Q1-20
11 May 01:00 PM Number of ATMs in UAE down 6.5% in Q1-20
UAE - Mubasher: The number of automated teller machine (ATMs) operated by banks in the UAE fell by 6.5% or 342 machines in the first quarter (Q1) of 2020 amidst an increasing usage of contactless payment and electronic services due to concerns …
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
The total assets amounted to AED 2.537 billion
11 May 10:35 AM Emirates Investment records AED 6m losses in Q1-20
Dubai – Mubasher: Emirates Investment Bank incurred net losses of AED 6.07 million during the first quarter (Q1) of 2020, against net profits of AED 9.31 million in the year-ago period. The bank's operating income decreased by 48% …
Bank lending to the MSMEs totalled  AED 84.7 billion in 2019
6 May 11:57 AM MSMEs in UAE receive AED 84.7bn loans in 2019
UAE – Mubasher: Bank loans to the micro, small and medium-sized enterprises (MSMEs) totalled AED 84.7 billion in 2019, representing 5.3% of the total domestic credit in the UAE. The value of bank lending to MSMEs accounts for 10.6% of the credit …
The outward remittances amounted to AED 169.2 billion in 2018
5 May 12:04 PM Remittances from UAE hit AED 165.2bn in 2019
UAE – Mubasher: The outward remittances from those living in the UAE declined by 2.3% or AED 4 billion to reach AED 165.2 billion ($44.98 billion) in 2019. In 2018, the outward remittances amounted to AED 169.2 billion ($46.056 billion), according …
The total assets of the national banks increased by 1.5%
4 May 01:19 PM Emirati banks dominate 87% of sector's assets in Q1
UAE – Mubasher: The value of UAE banks' assets jumped to AED 2.729 trillion during the first quarter (Q1) of 2020, standing at 87.2% of the total banking system's assets. The total assets of the national banks increased by 1.5% to AED 41 billion …
The banks' investments in stocks were lowered to AED 9.1bn in March
3 May 12:32 PM UAE banks slash bond, stock investments in March
UAE – Mubasher: Banks operating in the UAE have cut their monthly investments in debt securities to around AED 228.2 billion ($62.14 billion) in March 2020, according to data issued by the Central Bank of the UAE (CBUAE).  In February 2020, the …
DIB reported net financing and Sukuk investments of AED 216bn
30 April 10:52 AM DIB's net profits drop to AED 1.1bn in Q1-20
Dubai – Mubasher: The net profits attributable to the owners of Dubai Islamic Bank (DIB) dropped by 17.1% to AED 1.111 billion during the first quarter of 2020, compared to AED 1.336 billion in the same period of 2019. The bank's total assets …
The fund will be in the form of buyers credit facilities
28 April 03:37 PM ADEX offers AED 550m support to export companies
UAE – Mubasher: Abu Dhabi Exports Office (ADEX) has allocated AED 550 million ($150 million) to support and recover the UAE national export companies amid the coronavirus (COVID-19) pandemic. The fund will be in the form of buyers credit …
The CBUAE blacklisted companies associated with BR Sheety
27 April 11:10 AM CBUAE orders freezing NMC founder's accounts
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has requested all banks operating in the UAE to freeze the accounts of BR Shetty, founder and chairman of NMC Healthcare, and his family. As part of the CBUAE's instructions, the accounts of the …
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …