The programme invites founders worldwide to apply for funding, mentorship, and access to Web3 infrastructure
Banking & Finance
Latest in Banking & Finance
Alpha Dhabi sells 8.5% Modon stake to Abu Dhabi government’s L’imad Holding
The wholly owned entity of the Abu Dhabi Government now owns majority share in Modon after buying IHC and ADQ stakes as well
ADNOC Distribution delivers its strongest EBITDA since IPO for Q3
Quarterly EBITDA of $319mn is the highest ever, up 15.9%; Net profit surged to $221mn, up 21.5%; Record 9M fuel volumes at 11.7 billion litres
PIF spending shift to spur Greenfield FDI in Saudi as private equity expands
Bain’s Gregory Garnier says Saudi’s sovereign wealth fund is entering a more disciplined phase, redirecting capital from real estate to strategic sectors as private and foreign investors step up Greenfield activity across the kingdom
Future Investment Initiative
EXCLUSIVE: SEDCO Capital listing possible within 3 years, CEO says amid Saudi IPO boom
CEO Rayyan Nagadi says the group’s investment arm could go public within 3 years, as Saudi Arabia’s buoyant IPO market continues to attract record listings and investor inflows
Buy now Pay later
Tabby completes secondary share sale at $4.5 billion valuation
The transaction involved HSG, Boyu Capital and other investors acquiring shares from existing shareholders
Abu Dhabi
Germany’s DWS secures Financial Services Permission to open office in Abu Dhabi
The group will establish a regional presence under ADGM’s regulatory framework, with end-to-end set-up support from ADIO
Barclays
Barclays looking to re-enter Saudi Arabia with office in Riyadh
The British bank had exited the country in 2014; “Investment flows used to head out of the region, and now there’s a lot coming back” says the CEO
Islamic Sukuk
UAE launches Retail Sukuk for citizens and residents to invest in Shariah-compliant bonds
UAE Ministry of Finance launches ‘Retail Sukuk’, enabling citizens and residents to invest in Shariah-compliant Treasury Sukuk
Abu Dhabi
Abu Dhabi’s ADQ to partner US government in $1.8bn critical minerals project
As China tightens control, Orion Critical Mineral Consortium to focus on bolstering access to lithium, rare earths and other critical minerals
binance
Binance boss CZ ‘grateful’ to Trump after receiving Presidential pardon
Zhao was “prosecuted by the Biden administration in their war on cryptocurrency”, says Karoline Leavitt, the White House press secretary
saudi tax
Saudi VAT: ZATCA calls for businesses to file returns or face fines
Saudi Arabia’s ZATCA reminds VAT-registered firms to submit returns by October 31 via website or app, or face fines of up to 25 per cent
Private Credit
Saudi Venture Capital to increase allocation to private credit funds
Saudi Venture Capital will allocate half of its investments to private credit and equity, up from about a third last year
Financial Services
Goldman scales regional offering with onshore private banking services in KSA
The firm will work in partnership with its Asset Management and Global Banking and Markets businesses in the region
Abu Dhabi
IHC acquires majority stake in Pakistan’s First Women Bank Limited
It’s the first privatisation of a bank in the country under a G2G framework and strengthens the UAE–Pakistan economic partnership
ombudsman
UAE ombudsman Sanadak slashes financial complaint resolution time to 15 working days
Sanadak, the UAE financial ombudsman, cuts complaint resolution time from 30 to 15 working days to boost consumer trust
DIFC
Dubai’s DIFC surpasses 8,000 companies as banking assets triple to $240 billion
Dubai’s financial free zone becomes Middle East’s top financial hub, with $240 billion in banking assets and AED 17.5 billion in court claims
