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Commercial Bank of Dubai

Commercial Bank of Dubai News

Woman chef arrsanging food at dnata

Dubai’s investment arm almost doubles profits

Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year. Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged. ICD, which is the Dubai government’s main investment unit, […]

Dubai's ruler Mohammed bin Rashid Al Maktoum launched the Economic Agenda to double the size of the emirate's economy. Oreseya Capital will contribute to this aim

Dubai launches $136 million venture capital fund

Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive […]

DP World has announced a critical expansion plan that will take its total gross capacity to 93.6 million TEUs

DP World to hire banks for 10-year debut green sukuk

DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […]

The overall loan-to-deposit ratio has increased for the first time in a year, according to the top 10 UAE banks

UAE consumers save less, borrow more in second quarter

UAE consumers saved less and borrowed more in the second quarter of the year, data from the country’s top 10 banks revealed. The overall loan-to-deposit ratio (LDR) rose from 74.9 percent in Q1 2023 to 76.3 percent in Q2, recording the first increase after four successive quarterly declines, according to the latest quarterly UAE Banking […]

ICD profit

Dubai sovereign wealth fund sees profits rise five-fold

Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues. Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai.  It also holds major stakes in […]

'We’re already working on a product paper looking at how to work with crypto and digital assets,' says Srinivasan Sampath, chief technology officer at FAB

First Abu Dhabi Bank to launch crypto services

First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […]

ICD's investment portfolio includes some of Dubai’s biggest companies, including Emirates National Oil Company (Enoc), Emirates airlines and the Commercial Bank of Dubai

Dubai’s wealth fund hunts for opportunities after H1 profit

The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022.  Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […]

Dubai International Financial Centre hosted this year's Fintech Week

Crypto is ‘more like a Rolex than currency’

Crypto assets will not become currencies and global regulators should be concerned about the trillions of dollars lost in the cryptocurrency market, a senior investment executive at one of the UAE’s top financial institutions said yesterday. A major sell-off in cryptocurrencies last month wiped over $200 billion of investor wealth from the market in a […]