The move follows the successful acquisition of a retail payment services license – category II from the Central Bank of the UAE
Banking & Finance
BNPL
Tabby says no ‘new minimum’ as some online UAE stores set AED300 order threshold
New threshold targets larger transactions over smaller purchases
Capital Market Authority
Saudi Arabia now allows foreign investment in listed real estate companies in Makkah and Madinah
Saudi Arabia announces plans to allow foreigners to invest in real estate companies listed in the country
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank outlines plan to double profit to $5.4bn in 5 years
Abu Dhabi Commercial Bank unveils major expansion and dividend growth plans for next five years
Bahrain likely to issue $2-3bn international bonds, sukuk in 2025
It could reduce its issuance if it receives more support from other GCC states versus expectations, or, if oil prices end up at much higher levels
IPO in Saudi Arabia
Derayah announces IPO, set to list on Saudi Exchange with 20% share offering
The company said the offer price for the share sale will be determined at the end of the book-building period
financial institutions
RAKBANK posts record over AED 2bn profits in 2024
For Q4’24, the profit after tax was AED 386M, and the profit before tax was AED 424M, representing declines of 10.4% and 4.6%, respectively
DP World
DP World announces multi-currency stablecoin to support global trade transactions
DP World stablecoins will solve many issues for cross-border payment solutions with introduction of stablecoin system
crypto investment
UAE secures over $30bn in crypto investments in just one year: Report
With a proactive regulatory framework, the UAE presents investors with a balance between innovation and security
DIFC
DIFC partners with Lloyd’s to boost future talent in insurance sector
The agreement, which envisages a longstanding partnership, will help support development of a talent pipeline into the fast-growing Middle East region
CBUAE
Paymob secures UAE central bank license for retail payment services
The regulatory nod also enables the company to provide merchants with its full suite of omni-channel solutions
digital banking
Open banking fuels GCC fintech boom as UAE, Saudi lead regional growth surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in 2023 amidst all the member countries running real-time payment programmes
Saudi venture capital
Saudi Arabia leads region with 178 venture capital deals last year
Saudi venture capital funding is supporting business startups in the Kingdom
CBUAE
UAE gold reserves reach $6.7bn
CBUAE gold reserves surged by 34.8 per cent in the first 10 months of 2024
CBUAE
UAE issues limited edition silver coin to mark Central Bank’s 50th anniversary
CBUAE issues limited edition 50th anniversary Golden Jubilee coin
digital payments
Mastercard, ruya collaborate to bring innovative digital products to UAE’s Islamic banking landscape
The bank will benefit from the services of Mastercard Advisors, which employs more than 3,000 consultants in 53 countries
Capital Markets
Saudi banks eye global capital markets for Vision 2030 growth funding: S&P
Banks are also poised for stable profitability in 2025 on stronger credit growth
