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09 December 05:50 AM

Banking & Insurance

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7 December 08:30 PM Union Insurance unveils accumulated losses as of end-September 2023
Abu Dhabi – Mubasher: The accumulated losses of Union Insurance Company have reached AED 166.62 million as of 30 September 2023, according to a bourse filing. The amount of Union Insurance’s accumulated losses represents 50.34% of its capital. The …
Banking and Finance
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7 December 12:36 PM Travellers through Kuwait International Airport now offered multi-currency ATM by KIB
Mubasher: The listed Kuwait International Bank (KIB) has installed a new multi-currency ATM at the Kuwait International Airport to offer a smoother and more integrated experience for its customers without the need to visit any of the KIB’s …
Banking and Finance
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6 December 03:53 PM UAE’s FAB commits AED 500bn as largest sustainable financing by MENA bank
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) announced plans to lend, invest, and facilitate more than AED 500 billion ($135 billion) in sustainable and transition financing by 2030. The target marks an 80% increase compared with FAB’s 2021 …
Companies Investments
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6 December 01:48 PM e& secures 1st green loan agreement at AED 366m
Abu Dhabi – Mubasher: e&, formerly known as Etisalat Group, has signed its first green loan agreement with a consortium of banks at a total value of AED 366 million (nearly $100 million). The financing aligns with the UAE group’s commitment to …
Companies Investments
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5 December 06:02 PM FAB joins forces with ENGIE at COP28 to enhance decarbonisation solutions
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has teamed up with French energy multinational ENGIE by signing a memorandum of understanding (MoU) agreement during the 28th UN Climate Change Conference of the Parties (COP28) to advance their …
Companies Investments
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5 December 05:04 PM DFM’s carbon credits pilot platform debuts at COP28 as trading commences; listed entities take part
Dubai – Mubasher: The carbon credits trading pilot programme by Dubai Financial Market (DFM) was launched on 5 December 2023, where institutional investors will be able to buy and sell until 11 December. Making its debut at the 28th UN Climate …
Event
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4 December 09:48 AM Moody’s affirms RAKBANK ‘Baa1/ P-2’ rating; outlook stable
Abu Dhabi – Mubasher: Moody's Investor Service has reaffirmed the ‘Baa1/ P-2’ rating to the National Bank of Ras Al Khaimah (RAKBANK), with a stable outlook. The obligations rated Baa are subject to moderate credit risk, according to a bourse …
Banking and Finance
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30 November 12:58 PM ADGM launches financing digital platform Numou; investments by 3 banks unveiled
UAE – Mubasher: Abu Dhabi Global Market (ADGM) has introduced Numou, a digital platform created to bridge the funding gap faced by small and midsize enterprises (SMEs). This digital platform marks a pivotal step in anchoring the SME ecosystem …
Companies Investments
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30 November 11:45 AM Ajman Bank, Mastercard partner to foster cross-border payment globally
Dubai – Mubasher: Ajman Bank has teamed up with Mastercard to launch cross-border payment services for person-to-person (P2P) fund transfers through the lender’s digital app. The listed bank will deploy its digital banking platform to offer …
Banking and Finance
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30 November 09:35 AM OPEC Fund backs SMEs in West Africa via EUR 50m loan
Mubasher: The OPEC Fund for International Development signed a EUR 50 million loan with the West African Development Bank (BOAD) to support small and medium-sized enterprises (SMEs). The investment will also endorse financial institutions and back …
Global Economy
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29 November 12:11 PM ADCB more than triples 2030 sustainable finance target to AED 125bn
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has joined the Net Zero Banking Alliance (NZBA) to back the UAE’s net zero by 2050 initiative, according to a press release. ADCB has more than tripled its sustainable finance commitment to …
Banking and Finance
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29 November 10:25 AM Emirates NBD anchors SMEs in region via Erguvan pilot launch
Dubai – Mubasher: Erguvan, a climate and fintech venture that Emirates NBD recently invested in, launched a pilot programme to deploy its carbon management solution Azalt among regional small and midsize enterprises (SMEs). The project was …
Companies Investments
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28 November 05:59 PM Aman swings to profits in Q3-23
Dubai – Mubasher: Dubai Islamic Insurance and Reinsurance Company (Aman) shifted to a net profit of AED 10.70 million during the third quarter (Q3) of 2023. The positive turn in Q2-23 was against net losses of AED 6.30 million in the same period …
Financial Results
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28 November 05:05 PM Al Sagr Insurance turns profitable in 9M-23; accumulated losses hit 42% of capital
Dubai – Mubasher: Al Sagr National Insurance Company shifted to net profits worth AED 2.76 million in the first nine months (9M) of 2023 from net losses of AED 51.34 million in 9M-22. The basic and diluted earnings per share (EPS) amounted to AED …
Banking and Finance
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28 November 12:39 PM Global fintech firm Wahed launches business in UAE
UAE – Mubasher: Wahed Invest Limited, the UAE robo-advisory subsidiary of global Shariah-compliant fintech company Wahed, launched the business in the Gulf country. The unit obtained financial services permission (FSP) from the Financial Services …
Banking and Finance
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28 November 10:01 AM Union Insurance appoints Abu Zeid as Acting CEO
Abu Dhabi – Mubasher: Union Insurance Company has named Ramez Abu Zeid as Acting CEO, effective from 1 December 2023. The appointment is still subject to the approval of the Central Bank of the UAE (CBUAE), according to a bourse filing. In the …
Banking and Finance
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26 November 01:17 PM Bank of Sharjah leads $350m Sukuk issuance for Ittihad
Abu Dhabi – Mubasher: Bank of Sharjah acted as a joint lead manager and bookrunner in a $350 million Sukuk issuance for UAE-based Ittihad International Investment LLC, according to a press release. The listed lender participated in the 144A/Reg S …
Banking and Finance
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23 November 01:28 PM ADCB backs growth plans via $750m additional Tier 1 bond
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has successfully priced an Additional Tier 1 (AT1) bond with an amount of $750 million. The issuance will boost the lender's capital base to support further growth in line with its new credit …
Companies Investments
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23 November 12:07 PM Mashreq, Visa, Ecolytiq launch MENA’s 1st climate banking platform
Mubasher: Mashreq partners with Visa and Ecolytiq to roll out a MENA-first personal banking platform that offers carbon emissions insights, according to a press release. Mashreq clients will be able to access valued features that will help them …
Companies Investments
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22 November 09:49 AM EIB expands footprint in MENA with new regional hub in Egypt
Cairo – Mubasher: The European Investment Bank (EIB) inaugurated a new regional hub in Egypt to boost cooperation with private and public partners across the MENA region. The new regional hub is located alongside the European Union (EU) delegation …
Banking and Finance
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21 November 01:52 PM ADIB teams up with Visa to reinforce payment solutions in UAE
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has joined forces with Visa to secure the new Visa Installments Solution (VIS) for its cardholders across the UAE. The option will enable customers to divide their spending into smaller, equal …
Companies Investments
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15 November 09:17 AM ADNIC’s profits jump 16% in 9M-23 consolidated results
Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) posted an annual rise of 16.20% in net profit to AED 301.87 million during the first nine months (9M) of 2023, versus AED 259.82 million. Revenues declined to AED 3.33 billion in …
Financial Results
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12 November 03:16 PM Ajman Bank turns to losses in 9M-23; operating income hike 39%
Dubai – Mubasher: Ajman Bank shifted to net losses amounting to AED 87.31 million in the first nine months (9M) of 2023, compared to net profits worth AED 112.61 million in 9M-22. Net operating income climbed by 39% year-on-year (YoY) to AED …
Financial Results
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12 November 01:53 PM Bank of Sharjah incurs lower losses in 9M-23 at AED 122.5m
Abu Dhabi – Mubasher: The net losses after tax of Bank of Sharjah hit AED 122.42 million in the first nine months (9M) of 2023, an annual drop from AED 281.65 million. Basic and diluted loss per share retreated to AED 0.04 in 9M-23 from AED 0.12 a …
Financial Results
Photo Archive
1 November 11:28 AM DIB posts 18% surge in 9M-23 net profits
Dubai – Mubasher: Dubai Islamic Bank (DIB) recorded an 18% leap in net profit to AED 4.82 billion during the first nine months (9M) of 2023, compared to AED 4.10 billion in the year-ago period. The lender registered total income valued at AED …
Financial Results