Banking

UAE net wealth hit $2.9tn last year

the financial - 4 December, 2024

The UAE is well-established as a hub for the super-rich and the introduction of generative AI could create further wealth boomThe UAE’s net wealth...

Dubai real estate sector recorded $3.7bn of transactions last week, including Palm Jumeirah apartment sold for $21.4m

the financial - 4 December, 2024

The Dubai real estate sector saw $3.7bn of transactions last week The Dubai real estate sector recorded AED13.55bn ($3.7bn) of transactions last week, according to data from...

Dubai: Gold prices drop in early trade

the financial - 4 December, 2024

Gold prices fell in Dubai at the opening of the markets on Tuesday after yesterday’s roller-coaster ride. The Dubai Jewellery Group data showed a 24K...

Banking

Dubai: Traditional banking ‘no longer valid’ as customers now want seamless transactions, says expert

the financial - 15 November, 2024

It is not the era of competition but cooperation among banks, fintech and other industry players, a senior industry executive said on Wednesday. Speaking at...

Banking

Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

the financial - 11 November, 2024

RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent. This...

Banking

Saudi bank loans reach highest growth rate in 19 months, surpassing $761bn

the financial - 11 November, 2024

RIYADH: Saudi bank loans reached SR2.85 trillion ($760.84 billion) in September, representing an annual growth rate of 12.16 percent — the highest in 19...

Banking

UAE Central Bank reduces interest rates following US Fed cut

the financial - 8 November, 2024

The Central Bank of the UAE on Thursday decided to cut the base rate applicable to the overnight deposit facility (ODF) by 25 basis...

Banking

National Bank of Fujairah posts a strong 39.3% net profit before tax growth to Dh715 million in the first nine months of 2024

the financial - 3 November, 2024

National Bank of Fujairah (NBF) on Tuesday announced a year-on-year growth of 39.3 per cent to close the nine-month period at a net profit...

Banking

Abu Dhabi Islamic Bank net profit after tax rises 24%

the financial - 2 November, 2024

Abu Dhabi Islamic Bank on Wednesday reported a growth in net profit after tax of 24 per cent for the first nine months of...

Banking

CBI’s net profit before tax of Dh278.5 million, up 90% for Q3

the financial - 25 October, 2024

Commercial Bank International PJSC (CBI), a leading UAE bank, on Thursday announced a net operating income of Dh278.5 million for Q3 2024, an increase...

Banking

Ajman Bank nine-month profit before tax spikes 458%

the financial - 24 October, 2024

Ajman Bank on Monday announced that it recorded its highest-ever profit before tax of Dh313 million for the first nine months of 2024, a...

Banking

Saudi’s ProMexEx secures $20mln loan from Riyad Bank

the financial - 14 October, 2024

Saudi Arabian medical devices company ProMedEx has obtained a one-year Islamic credit facility of SAR 74.5 million ($20 million) from Riyad Bank. The facility will...

Banking

Dubai banks lead Middle East and Africa lenders in Q3 market cap growth

the financial - 4 October, 2024

Led by Emirates NBD, most banks in the Middle East and Africa (MEA) posted increases in their market capitalisation in the third quarter, according...

Banking

UAE holds largest share of Arab banking sector assets

the financial - 2 October, 2024

Banks in the UAE hold the largest share of the Arab banking sector’s assets at 24.3 per cent, the Arab Monetary Fund (AMF) revealed...

Banking

Indian rupee faces resistance on dollar buying by state-run banks

the financial - 18 September, 2024

The Indian rupee faced resistance on Tuesday following a rise driven by the U.S. dollar's struggles a day ahead of the Federal Reserve's highly...

Banking

Emirates NBD launches new initiative to boost investment in the UAE equity markets, supporting the growth of the UAE economy

the financial - 16 September, 2024

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has introduced a new initiative enabling customers to...

Banking

SAMA Announces Issuance of Second Release of Open Banking Framework

the financial - 3 September, 2024

The Saudi Central Bank (SAMA), as per a press release, has announced the issuance of the second release under the Open Banking Framework, focused...

Banking

SAMA Permits New FinTech Companies to Launch Open Banking and Peer-to-Peer Lending Platforms

the financial - 3 September, 2024

The Saudi Central Bank (SAMA), as per a press release, permitted three new FinTech startups to test their innovative solutions in SAMA's regulatory sandbox....

Banking

Goldman Sachs removes bankers’ bonus limit

the financial - 3 May, 2024

The investment bank Goldman Sachs has become the first to remove its cap on bankers' bonuses following changes to UK laws introduced last year. The...

Banking

Gross banks’ assets increased to over Dh4.1 trillion at end of January 2024: CBUAE

the financial - 3 April, 2024

The gross banks’ assets, including bankers’ acceptances, increased by 0.8 per cent, from Dh4.075 trillion at the end of December 2023 to Dh4.109 trillion...

Banking

UAE lenders’ total assets hit Dh4.1 trillion

the financial - 21 March, 2024

The UAE banking sector is set for further vibrant growth in 2024 despite global headwinds with the total assets of banks operating in the...

Banking

CBUAE maintains Base Rate at 5.40%

the financial - 21 March, 2024

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at...

Banking

Dubai: Will customers pay more after 20% new tax on foreign banks?

the financial - 20 March, 2024

Analysts hold differing opinions when assessing the impact of the recent announcement of a 20 per cent tax on foreign banks' income in Dubai. Some argue...