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28 January 2025 11:21 AM ADCB logs AED 9.4bn profits in 2024, unveils plans to double earnings
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) achieved net profits worth AED 9.41 billion in 2024, up 15% year-on-year (YoY) from AED 8.20 billion. Total net interest and Islamic financing income grew by 7% to AED 13.22 billion as of 31 …
Financial Results
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28 January 2025 10:14 AM NEOM secures $3bn financing from Italy’s SACE
Riyadh – Mubasher: NEOM has secured $3 billion under a long-term multicurrency untied facility with Italy’s SACE, according to a press release. The export credit agency (ECA) financing transaction marks NEOM's first corporate ECA financing and the …
Global Economy
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26 January 2025 00:03 PM NBQ’s profits rise in 2024; total revenues cross AED 1bn
Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) logged profit after tax amounting to AED 506.03 million as of 31 December 2024, an annual rise from AED 502.60 million. Total revenue reached AED 1.09 billion in 2024, up from AED 954.87 …
Banking and Finance
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26 January 2025 09:52 AM RAKBANK surpasses AED 2bn profit milestone for 1st time; assets hike in 2024
Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) generated 16.40% higher net profits after tax at AED 2.07 billion in 2024, compared to AED 1.78 billion in 2023. The net profits were supported by the highest-ever income of AED …
Banking and Finance
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23 January 2025 04:53 PM UAE’s near-term growth expected to remain healthy at 4% in 2025 – IMF
UAE – Mubasher: Near-term growth of the UAE is strong and expected to remain healthy at around 4% in 2025, despite lower-than-expected oil production related to OPEC+ agreements, according to a statement by the International Monetary Fund (IMF). …
Macroeconomics
During the Board Meeting of Ajman Bank
22 January 2025 07:05 PM Ajman Bank records AED 440m as highest annual profit before tax in 2024, proposes dividends
Dubai – Mubasher: Ajman Bank generated a net profit before tax worth AED 439.77 million in 2024, shifting from a net loss of AED 390.35 million in 2023. The 2024’s positive results signalled the highest annual profit before tax in the bank’s …
General Assembly
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22 January 2025 03:55 PM ADIB unveils 1st personal finance management tool in region
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has launched the first personal finance management tool, the ADIB Money Management Tracker, in the region to offer more control and insight over the customers’ financial activities. The …
Banking and Finance
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21 January 2025 09:22 PM UAE’s Numou expands financial access through strategic partnerships
UAE – Mubasher: Numou, a subsidiary of Abu Dhabi Global Market (ADGM) the international financial centre of Abu Dhabi, has recently announced a significant expansion of its lending partner network to strengthen its position as a groundbreaking …
Banking and Finance
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20 January 2025 04:06 PM DIB ups stake in Turkey’s digital bank T.O.M. to drive financial inclusion
Dubai – Mubasher: Dubai Islamic Bank (DIB)has increased its shareholding in Turkish digital bank T.O.M. Group from 20% to 25%, according to a press release. This strategic move follows the initial acquisition in September 2023, anchoring the …
Companies Investments
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20 January 2025 09:53 AM Sharjah Islamic Bank’s net profits exceed AED 1bn in 2024
Abu Dhabi – Mubasher: Sharjah Islamic Bank logged net profits amounting to AED 1.04 billion in the 12-month period that ended on 31 December 2024, an annual rise of 24.50% from AED 841.54 million. Net operating income reached AED 1.40 billion last …
Financial Results
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15 January 2025 10:48 AM CBI’s pre-tax profits hike 30% in 2024
Abu Dhabi – Mubasher: Commercial Bank International (CBI) achieved a pre-tax profit of AED 222.70 million as of 31 December 2024, reflecting a 30% year-on-year (YoY) growth, according to a press release. Total revenues surged by 29% YoY to AED 703 …
Financial Results
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14 January 2025 05:49 PM IFZA partners with ADIB to advance digital banking services in UAE
Abu Dhabi – Mubasher: IFZA signed a memorandum of understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) to offer seamless support and advanced financial solutions to businesses within its ecosystem. The two parties will team up to provide quick …
Banking and Finance
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13 January 2025 04:11 PM PIF acquires 23% shareholding in MENA-focused Saudi Re
Riyadh – Mubasher: The Public Investment Fund (PIF) has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, according to a press release. PIF’s capital investment aims to …
Mergers and Acquisitions
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13 January 2025 01:00 PM Aldar secures largest sustainability-linked facility by property company in Middle East
Abu Dhabi – Mubasher: Aldar Properties has closed an AED 9 billion ($2.45 billion) sustainability-linked syndicated senior unsecured committed multi-tranche revolving credit facility (RCF). The facility marks the largest sustainability-linked, …
Companies Investments
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13 January 2025 08:08 AM MAFI’s new industrial complex targets global markets; major banking alliance leads financing
Cairo - Mubasher: MAFI Agricultural Produce Industries secured long-term joint financing of $108 million from an alliance led by Banque Misr, Suez Canal Bank and Al Baraka Bank-Egypt. MAFI also obtained $72 million through equity investments from …
Banking and Finance
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9 January 2025 08:18 PM MENA-focused HyperPay licensed from SAMA to expand digital payment services
Riyadh – Mubasher: HyperPay, the Saudi payments services provider in the MENA region, obtained a license from the Saudi Central Bank (SAMA) to boost the diversification and development of the financial sector in Saudi Arabia. In line with its …
Global Economy
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9 January 2025 03:22 PM Aldar issues $1bn hybrid notes; regional, international investors partake in issuance
Abu Dhabi – Mubasher: Aldar Properties has priced its inaugural $1 billion hybrid capital issuance, attracting robust demand from a wide range of regional and international investors, according to a press release. The issuance by Aldar at a public …
Banking and Finance
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9 January 2025 00:51 PM CBI invests in Boomitra to enhance regenerative agriculture in Middle East, beyond
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has injected an investment in carbon project developer Boomitra to advance regenerative agriculture initiatives across the Middle East, Africa, and Asia. The investment aims to utilise …
Companies Investments
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8 January 2025 07:50 PM ACWA Power unveils update on Middle East’s largest single-contracted wind farm in Egypt
Riyadh – Mubasher: Private water desalination company ACWA Power together with consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, have achieved the financial close for the 1.1-gigawatt GW Suez Wind Farm in Egypt. The renewables …
Global Economy
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8 January 2025 06:45 PM Banque Misr unveils expansion plan in Middle East, Africa
Cairo – Mubasher: Egyptian state-owned Banque Misr intends to broaden its presence in the Middle East and Africa over the coming period, according to an official statement. The expansion plan will be implemented by establishing different …
Global Economy
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6 January 2025 10:11 AM Arcapita, DgPays close stake acquisition deal for Mashreq's NEOPAY
Dubai – Mubasher: Mashreq, one of the MENA leading financial institutions, has completed the sale of a majority stake in NEOPAY, the UAE’s fast-growing digital payments leader. Under the agreement that was announced in September 2024, DgPays and …
Mergers and Acquisitions
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2 January 2025 07:34 PM NBF anchors operational strategy by converting $275m AT1 capital
Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) completed its conversion of the additional tier 1 capital securities (AT1 capital), amounting to $275 million (AED 1.01 billion), into ordinary paid-up share capital. The lender obtained …
Corporate Actions
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30 December 2024 02:16 PM Al Ansari Financial Services, Halan to drive financial inclusion in UAE
Dubai – Mubasher: Al Ansari Financial Services has entered into a strategic partnership with Halan to empower the underbanked and unbanked populations in the UAE through advanced financial solutions. The two entities will introduce Salary Advance …
Banking and Finance
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30 December 2024 00:42 PM Shuaa Capital reinforces position in MENA’s financial market via capital optimisation plan
Dubai – Mubasher: Shuaa Capital approved Mandatory Convertible Bond (MCB) tranches with a total value of up to AED 425.50 million, according to a press release. This step boosts the DFM-listed company’s capital optimisation journey, reinforcing …
Banking and Finance
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26 December 2024 05:54 PM Two GCC banks witness 100% acquisition transaction
Mubasher: Burgan Bank has recently received the final approval from the Central Bank of Kuwait (CBK) to acquire 100% stake in United Gulf Bank (UGB), a licensed conventional wholesale bank headquartered in Bahrain. The execution of this …
Banking and Finance