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Mashreq

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Mashreq News

Mashreq has injected over $125 million so far into India, signalling its readiness to invest further

Mashreq explores presence in India’s new economic zone

UAE lender Mashreq is exploring setting up an office in India’s special economic zone, according to a media report. The bank is exploring opportunities beyond its current footprint, Tarek El Nahas, group head of international banking at Mashreq told Moneycontrol, an Indian financial news portal. The prospect of setting up a presence in the Gujarat […]

Aldar Properties HQ. The developer's new bonds will be managed by HSBC and Standard Chartered

Aldar prepares for new 10-year green Islamic bonds

Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report. HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First […]

Mortgage holders in Dubai are facing rates increasing by more than 4 percentage points, sending monthly payments soaring

Dubai mortgage holders squeezed by end of low fixed rates

Purchasing a home in Dubai for AED2 million ($544,600) in 2021 meant manageable monthly mortgage payments of about AED7,600, at a 2 percent interest rate secured for three years.  With these fixed-rate contracts now expiring, home owners have told AGBI that banks are rolling over to rates as high as 7 percent, resulting in monthly […]

MIITE SME UAE Make It In The Emirates

Make it in the Emirates ‘needs more SMEs’

More than AED120 billion ($33 billion) has been invested by UAE-based companies to develop hundreds of new product lines under the country’s “Make it in the Emirates” (MIITE) campaign. As the Ministry of Industry and Advanced Technology prepares to host its third forum on local manufacturing, latest statistics show that the number of MIITE products […]

Dubai's Mashreq is among the GCC banks looking for growth in the US and Europe

GCC banks look to US and Europe

GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […]

Cheques are 'still a fundamental thing for people' in the UAE but their use is diminishing

Not yet time to write off UAE cheque payments

Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […]

Cenomi Said retail

Cenomi Centers gets $1.4bn to support growth plans

Cenomi Centers, Saudi Arabia’s largest shopping mall operator, has secured sustainability-linked financings worth SAR5.3 billion ($1.4 billion) from a consortium of regional banks. HSBC Saudi Arabia led the syndication, with participation from Saudi National Bank, Saudi Awwal Bank, Arab National Bank, Commercial Bank of Dubai, Mashreq Bank, and Qatar National Bank. The new facilities consist […]

Mashreq's operating profit surged 70% year on year to AED4.4 billion in 2023

Mashreq’s net profit surges 130% to $2.3bn in 2023

Dubai-listed Mashreq reported a net profit increase of 130 percent year on year to AED8.6 billion ($2.34 billion) in 2023, as net interest income grew 69 percent year on year. Earnings growth was driven by robust client margins, a continued high-interest rate environment, and positive one-off impacts related to loan loss provisioning. The lender’s non-interest […]

Industrial and Commercial Bank of China (ICBC) was the primary lender in the Saudi syndicated loan

Saudi Arabia seals $11bn syndicated bank loan

Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year. The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and […]