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Banking & Finance

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, […]

Ruler dissolves Dubai World financial disputes tribunal

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said today he had issued a decree dissolving a tribunal hearing disputes related to Dubai World,the state conglomerate that was at the centre of Dubai’s debt crisis more than a decade ago. Dubai World, which restructured $23.5 billion in debt after the global financial crisis, said in […]

Abu Dhabi, Bahrain stock markets in talks for ‘strategic partnership’

Officials from Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) this week held meetings to discuss developing a strategic partnership to enhance greater cross-border cooperation between the two stock market exchanges. The discussions build on a cooperation agreement signed in November 2021, which aims to achieve synergies, enhance market liquidity and promote innovative products […]

Alpha Dhabi puts $2.51bn into ‘disruptive tech’

Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, has made a AED9.2 billion ($2.51 billion) commitment to invest in UAE asset management company Chimera Capital and Chimera’s Alpha Wave Ventures II fund. The move is part of its strategy to target fast-growing technology companies. The total commitment comprises a capital contribution […]

BR Shetty, founder of NMC Healthcare, denies wrongdoing and sues colleagues as the collapse of his company

NMC scandal is watershed moment for UAE businesses

Revelations about the scale of hidden debts spark debate in the UAE about the need for more rigorous bank loan checks and company auditing The ongoing legal battles surrounding the NMC Healthcare, the largest private healthcare provider in the United Arab Emirates (UAE), has been a big learning curve for how businesses manage their financial […]

Tie, Accessories, Accessory

Turkey’s planned inflation-linked bonds could sap deposits

Some banks are concerned that Turkey’s deposit base could decline as investors, eager to protect savings from price rises, snap up the government’s expected inflation-protected bond issuance, officials and bankers say. Given that inflation has soared to 70 percent, the bonds could pull considerable savings from lira and hard currency deposits and even sap the […]

Mobile Phone, Cell Phone, Phone

Open all hours: inside the Gulf’s banking revolution

The UAE’s first open banking platform is helping fintech and banks bring personalised services to customers, and is accelerating the regional growth of this progressive sector The Gulf has the potential to leapfrog other regions of the world, including Europe, with its adoption of open banking as bricks and mortar branches “slowly disappear”, according to […]

Shelter, Countryside, Rural

Saudi extends deposit for Yemen and pays $2bn instalment

Saudi Arabia has extended a deposit it gave the central bank of Yemen’s internationally recognised government in 2018, and agreed to pay the final instalment of the $2 billion support package it promised. The Saudi finance ministry said the 2018 deposit would be extended to support Yemen’s currency and economic situation. The Yemeni central bank […]

Etisalat launched its e& identity in February

$4.4bn sounds a lot but e& has made the right call on Vodafone

Vodafone and e&, formerly known as Etisalat, will look to launch new products globally while working together to make greater efficiencies following the UAE telco’s deal to buy a $4.4 billion stake. Following the announcement that the UAE’s biggest telecoms operator has acquired a 9.8 percent stake in British mobile operator Vodafone Group, AGBI spoke […]

Person, Human, Hat

Mexico suspends duties on food staples to tackle inflation

Mexico will waive import duties for one year on a range of household staples, most of them foodstuffs, in a bid to curb inflation, the government said in its official gazette today. The products on the government list included corn oil, rice, tuna, pork, chicken, beef, onions, jalapeño peppers, beans, corn flour, wheat flour, eggs, […]

Optibus develop software to prepare transit systems for smart cities

Mobility tech firm Optibus valued at $1.3bn after raising $100m

US-Israeli mobility technology company Optibus has raised $100 million in a private funding round that values the company at $1.3 billion. The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to […]

Cryptocurrencies have their ‘Lehman brothers moment’

Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […]

Strong oil prices lift Saudi Aramco profits by 82%

State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […]

Egypt’s net foreign assets retreat further into the red

Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […]

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. […]

Business partnerships between India and the UAE are strengthened by the new deal

New deal gives India and UAE plenty to smile about

As the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates comes into force, AGBI looks at a highly lucrative co-regional relationship Of the many alliances that have sprouted out of the Middle East, the one between India and the United Arab Emirates (UAE) stands out – seemingly weathering all global political and […]

High Rise, City, Urban

UAE’s first SPAC on launch pad as alternative to IPO

Abu Dhabi’s ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), on Tuesday announced its initial public offering (IPO) subscription period will start on Thursday. Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX).  […]

Train Station, Terminal, Train

Revealed: The countries leading the FDI surge into Dubai

The UK is driving a surge in foreign direct investment (FDI) into Dubai as the UAE continues to launch incentives to attract money and talent from overseas. According to new data from Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET), the UK was behind more than a […]