Company Insights Mashreq Banking & Finance Mashreq News Banking & Finance Dubai lender Mashreq’s 2024 profit rises 4% to $2.5bn Net profit at Dubai-listed lender Mashreq reached AED9 billion ($2.5 billion) in 2024, a 4 percent year-on-year increase, as revenue and margins remained strong. Revenue stood at AED13.4 billion, rising 24 percent annually and maintaining a three-year compound annual growth rate of 32 percent. Net interest income grew by 9 percent year on year despite […] January 31, 2025 Banking & Finance Dubai’s Mashreq enters Oman’s growing banking sector Mashreq, the UAE’s fifth largest bank by assets, has launched operations in Oman in what it says is a strategic move to support the sultanate’s economic diversification plans. Oman’s banking industry has more than doubled in size since 2013 but may lack the scale to meet state financing needs, experts told AGBI last October, with […] January 21, 2025 Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025 Finance Order book for Aldar hybrid notes hits nearly $5bn Aldar Properties, which trades on the Abu Dhabi Securities Exchange (ADX), said the order book for its inaugural $1 billion hybrid capital issuance exceeded $4.9 billion from global institutional investors. The issuance, oversubscribed by 3.8 times, will provide the developer with financial stability and resilience. The proceeds will support the transformational growth plan and strategic […] January 10, 2025 Banking & Finance Mashreq sells majority stake in NeoBank in $385m deal Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. NewsletterGet the Best of AGBI […] September 13, 2024 Banking & Finance Qatar Islamic Bank sukuk three times oversubscribed Qatar Islamic Bank, the Gulf state’s largest Islamic lender, has raised $750 million through a new sukuk (Islamic bond) issue. The five-year unsecured sukuk was priced at 100 basis points over US Treasuries at 4.485 percent, the lowest rate achieved by a lender in the GCC, the lender said in a statement. The sukuk order […] September 11, 2024 Finance Bank of Sharjah readies for new dollar bond sale Bank of Sharjah is preparing to issue potential five-year USD-denominated bonds, with investor meetings starting from August 30, a news report said. The Abu Dhabi-listed lender has appointed 11 banks as joint lead managers and bookrunners, Reuters reported. These include Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Bank ABC, Citi, Doha […] September 1, 2024 Banking & Finance Bad loan provisions drop markedly at UAE banks Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […] August 22, 2024 Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024 EXCLUSIVE Artificial Intelligence AI regulations double investment costs, says Mashreq Bank Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […] July 11, 2024 Posts navigation Previous 1 2 3 … 7 Next
Banking & Finance Dubai lender Mashreq’s 2024 profit rises 4% to $2.5bn Net profit at Dubai-listed lender Mashreq reached AED9 billion ($2.5 billion) in 2024, a 4 percent year-on-year increase, as revenue and margins remained strong. Revenue stood at AED13.4 billion, rising 24 percent annually and maintaining a three-year compound annual growth rate of 32 percent. Net interest income grew by 9 percent year on year despite […] January 31, 2025
Banking & Finance Dubai’s Mashreq enters Oman’s growing banking sector Mashreq, the UAE’s fifth largest bank by assets, has launched operations in Oman in what it says is a strategic move to support the sultanate’s economic diversification plans. Oman’s banking industry has more than doubled in size since 2013 but may lack the scale to meet state financing needs, experts told AGBI last October, with […] January 21, 2025
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025
Finance Order book for Aldar hybrid notes hits nearly $5bn Aldar Properties, which trades on the Abu Dhabi Securities Exchange (ADX), said the order book for its inaugural $1 billion hybrid capital issuance exceeded $4.9 billion from global institutional investors. The issuance, oversubscribed by 3.8 times, will provide the developer with financial stability and resilience. The proceeds will support the transformational growth plan and strategic […] January 10, 2025
Banking & Finance Mashreq sells majority stake in NeoBank in $385m deal Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. NewsletterGet the Best of AGBI […] September 13, 2024
Banking & Finance Qatar Islamic Bank sukuk three times oversubscribed Qatar Islamic Bank, the Gulf state’s largest Islamic lender, has raised $750 million through a new sukuk (Islamic bond) issue. The five-year unsecured sukuk was priced at 100 basis points over US Treasuries at 4.485 percent, the lowest rate achieved by a lender in the GCC, the lender said in a statement. The sukuk order […] September 11, 2024
Finance Bank of Sharjah readies for new dollar bond sale Bank of Sharjah is preparing to issue potential five-year USD-denominated bonds, with investor meetings starting from August 30, a news report said. The Abu Dhabi-listed lender has appointed 11 banks as joint lead managers and bookrunners, Reuters reported. These include Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Bank ABC, Citi, Doha […] September 1, 2024
Banking & Finance Bad loan provisions drop markedly at UAE banks Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […] August 22, 2024
Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
EXCLUSIVE Artificial Intelligence AI regulations double investment costs, says Mashreq Bank Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […] July 11, 2024
