Abu Dhabi Investment Office looks to boost Health, Endurance, Longevity and Medicine cluster with San Francisco investment and research
Banking & Finance
insurance
Saudi insurance sector records $960m profit in 2024
Saudi insurance market records growth as regulations support market
Abu Dhabi
Middle East’s first digital asset multi-strategy fund launches via AltNovel and 3iQ partnership
The fund seeks to deliver high absolute returns with a reduced correlation to traditional assets and hedge funds
infrastructure investment
US infrastructure giant Stonepeak expands Middle East footprint with Saudi Arabia office
Stonepeak also named senior investment professionals Steven Ciobo and Fadi Kerbaj to lead the company’s engagement on the ground in Riyadh
Abu Dhabi
Abu Dhabi’s ADQ raises $2bn in oversubscribed bond sale
The issuance marked ADQ’s third offering in international debt capital markets and will support the diversification of its funding sources
bank account
UAE reports 94% surge in bank account ownership
New independent survey data from YouGov and Daleel highlights growing financial inclusion, but also reveals gaps in consumer confidence and engagement
Dubai economy
Dubai on track to become top 4 global financial hub
HSBC report highlights how Dubai is cementing a reputation as a financial powerhouse and has aspirations as a global commerce hub
Federal Tax Authority
UAE announces tax fine waiver
UAE begins implementation of a waiver of fines for late tax registrations
Abu Dhabi
Real estate outperforms for IHC as Q1 revenue jumps 41.1% to $7.41bn
UAE’s most valuable publicly listed company reports profit after tax of $1.12bn, with a net profit margin of 15.2%
Abu Dhabi Global Market
Brown Advisory opens Abu Dhabi office, expands $162bn global portfolio to Middle East
Global investment firm Brown Advisory establishes ADGM presence, responding to regional demand for US equity and fixed income investment strategies.
Bitcoin
UAE, regional firms switch to blockchain-based cross-border payments as global trade tensions mount
Regulatory initiatives such as the UAE Central Bank’s move to give legal clarity to payment token issuers through its Payment Token Services Regulation are accelerating the shift
banking industry
Ahmed Abdelaal: How Mashreq’s CEO is redefining digital banking in the Middle East
Ahmed Abdelaal, Group CEO of Mashreq, on humanising digital transformation, building a bank that listens, and reshaping the role of financial institutions in a changing world
halal
UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal
UAE Cabinet meeting reviews Islamic finance, tourism and Hajj strategies
Federal Tax Authority
UAE clarifies tax rules for real estate investors
UAE tax authorities issue public clarification over Corporate Tax rules for investors in Real Estate Investment Trust
Abu Dhabi
Key verticals deliver as Alpha Dhabi’s Q1 revenue surge 23% to $4.74bn
Adjusted EBITDA rises 33% to $1.2bn; Real estate and industrial revenues at $1.74bn and $1.69bn respectively
Arcapita
Arcapita expands US private equity portfolio with the acquisition of Trustpoint
A leading legal services provider that serves top 100 law firms and a variety of Fortune 500 companies
Artificial intelligence
NEOM to invest in MemryX’s energy-efficient semiconductors business
NEOM Investment Fund adds the Michigan startup to its portfolio; NEOM will deploy the next-generation, energy-efficient edge AI accelerators