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Banking & Finance

Banking & finance news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Occupancy levels in Dubai's commercial and industrial segment reached an all-time high of 91% in the first quarter of 2024

Profit up 15% at Dubai’s free zone operator Tecom

Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […]

Core countries account for the majority of Islamic finance – the GCC accounted for 86 percent of growth in 2023

Growth doubts over Islamic finance despite trillions in assets

Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond.  S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year.  The agency expects the […]

A man moves his belongings from a flooded residential complex in Dubai. It has been reported that only 15% of UAE residents have flood insurance

Flood insurance in Dubai under threat says expert

Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […]

Hana Al Rostamani, CEO of First Abu Dhabi, pointed to the 'dynamism' of its international operations

International business drives Q1 growth at First Abu Dhabi

First Abu Dhabi, the UAE’s largest bank by assets, has reported revenue of AED8 billion ($2.2 billion) for the first quarter of 2024 after its international operations grew by a third. FAB announced on Wednesday that revenue from outside its home market grew by 33 percent to AED2 billion. It makes up about a quarter […]

BlackRock chairman and CEO Larry Fink and PIF governor Yasir Al-Rumayyan shake hands at the MOU signing ceremony

PIF and BlackRock launch $5bn Saudi capital markets platform

Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are to launch a new investment platform to accelerate growth of the kingdom’s capital markets. The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from PIF. The investment is subject […]

Ooredoo added two million customers in Q1 2024, up four percent year on year, bringing its total customer base to 58.5 million

Qatar’s Ooredoo profit falls despite 4% rise in revenue

Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024  The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. However, revenue […]

Workers stacking hay on a farm in Al Ain, Abu Dhabi. Agriculture contributed AED3.5 billion to the UAE's GDP in 2023

Emirates Development Bank to focus on farmers, says CEO

Emirates Development Bank is prioritising food security this year, its CEO has told AGBI, and has billions of dirhams ready to lend to the UAE’s farmers. Food security is one of the five funding pillars of the state-owned EDB, which provides loans and resources to large corporations, SMEs and startups. The bank has a mandate […]

Turkey's treasury and finance minister Mehmet Şimşek and IsDB president Muhammad Al Jasser at the IsDB annual general meeting in Riyadh

Turkey secures $6bn from Islamic Development Bank

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development.  The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek. The total amount consists of $2 billion […]

The National Stock Exchange in Mumbai, India. Bahrain's Investcorp is investing in technology and IT services companies worldwide

Investcorp buys Indian tech company for $120m  

Bahrain’s alternative asset manager, Investcorp, is to acquire the digital technology business of India’s National Stock Exchange (NSE) for $120 million. NSEIT provides advanced digital transformation and cybersecurity services to global customers in capital markets, insurance and banking in India, North America and the Middle East. The services include digital engineering, data and analytics, artificial intelligence, cloud services […]

Neom credit Video length: 07:03

Neom secures $2.7bn as minister admits ‘adjustments’

Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […]

Al Rajhi Bank’s total operating income increased 6.6 percent annually

Al Rajhi Bank Q1 profit up 6% as operating income rises

The net profit of Al Rajhi Bank, the second-largest lender by assets in Saudi Arabia, rose 6 percent year on year to SAR4.4 billion ($1.2 billion) in the first quarter of 2024, driven by higher operating income. Total operating income increased 6.6 percent annually due to a rise in net financing and investment income.  Total operating expenses, […]

GCC economic data

GCC economic data

The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain

A young Cristiano Ronaldo fan pictured at an Al Nassr Saudi Pro League match. The star has approximately 849 million social media followers

Binance to launch new Ronaldo NFTs ‘soon’ amid legal case

Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […]

emirates-nbd

Emirates NBD Q1 profit rises 12% on global income growth

Emirates NBD, Dubai’s largest bank by assets, said net profit rose 12 percent in the first quarter of 2024, thanks to income growth from its international network. Net profit for the first three months ended March 31 reached AED6.7 billion ($1.8 billion), up from AED6 billion a year ago. Total assets jumped to AED902 billion […]

The IMF said its Riyadh office will 'promote stability, growth and regional integration'

IMF opens office in Riyadh to bolster Middle East presence 

The International Monetary Fund (IMF) will open a new regional office in Riyadh to bolster collaboration with nations in the Middle East and beyond.  The new office will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration, the Washington-headquartered fund said in a statement.  The office will be pivotal […]

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]