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Central Bank of the United Arab Emirates

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Central Bank of the United Arab Emirates News

UAE bank deposits rise 2.5% to $569bn in June 2022

Total deposits in UAE banks increased by 2.5 percent to AED2.09 trillion ($569 billion) at the end of June 2022 from AED2.04 trillion at the end of May 2022, according to the Central Bank of the United Arab Emirates. The growth in total bank deposits was due to a 2.6 percent rise in resident deposits […]

Dubai ranks 18th in new index of top digital cities

Dubai is the only Middle Eastern city to be highlighted in the Digital Cities Index (DCI) 2022 – a new ranking of 30 global cities across four key pillars: connectivity, services, culture and sustainability. Ranked 18th with an overall score of 63.8, the city’s position highlights its forward-thinking approach to the digitised economy, underpinned by […]

Mohamed Alabbar is best known as the founder of Emaar Properties, the developer of assets such as the Burj Khalifa and the Dubai Mall

Zand unveils big names as UAE’s digital banking rivalry hots up

Zand, the digital bank headed by Emaar boss Mohamed Alabbar, has named a number of business big hitters as part of its board of directors ahead of its launch. Adnan Abdulfattah Kazim Abdulfattah, Emirates chief commercial officer, and Yusuff Ali MA, chairman of retail giant Lulu Group, are part of the new venture as competition […]

UAE economy’s growth for 2022 upgraded to 5.4%

The UAE economy is set to grow by 5.4 percent this year, driven by the country’s success in containing the economic impacts of the coronavirus pandemic, according to the Central Bank of the UAE (CBUAE). The figure is higher than the 4.2 percent real gross domestic product (GDP) growth estimate made by the bank in April. […]

Why Pyypl power will accelerate MENA fintech growth

The founder and CEO of Pyypl tells AGBI about ambitious expansion plans for the UAE-based company Already one of the fastest-growing fintechs in the Middle East and Africa region, UAE-based Pyypl is planning to “inject more petrol into the tank” in a new phase of expansion. Antti Arponen, founder and CEO, told AGBI that the […]

Emirates NBD was the first bank merger to occur, in 2007

UAE needs bigger but fewer banks, says expert

The United Arab Emirates (UAE) has too many banks and the sector needs to see more consolidation, especially as profits are squeezed and costs continue to rise, an industry expert told AGBI today. “I think it would be helpful to have fewer banks [in the UAE]. I have been an advocate of that,” Asad Ahmed, […]

First dirham-denominated bond listed on Nasdaq Dubai

The UAE’s first dirham-denominated treasury bond was listed on Nasdaq Dubai yesterday. Mohamed Hadi Al Hussaini, minister of state for financial affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. […]

Wio appoints execs to drive digital banking push

Wio Bank, a new digital banking platform established in the UAE, today announced senior leadership appointments following its licence approval by the UAE Central Bank. Salem Al Nuaimi has been named chairman of the board and Jayesh Patel has been appointed as CEO. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […]