DIB stated that this initiative aims to address immediate financial concerns and help affected customers manage their cash flow
Banking & Finance
China
China’s central bank announces major rate cuts, doubles EV subsidy
Lending rate for one-year medium term policy loans was cut by 20 basis points to 2.3%, the biggest rate cut since the world’s second-largest economy was slammed by the Covid-19 pandemic in 2020
astra tech
Astra Tech’s Quantix becomes first fintech to secure UAE central bank’s finance company license
The license empowers Quantix to offer an expansive suite of lending, credit, and microfinancing services
Abu Dhabi
Strong performance across business powers FAB’s H1 net profit to $2.29bn
Revenue for first six months at $4.28 billion, including 30% growth in international revenue; Sustainable finance reaches 41% of bank’s 2030 target
FDI in Sharjah
Sharjah FDI boom: Q1 sees 44% rise in projects, $140.6mn capital influx
Sharjah’s FDI skyrockets with 44% more projects in Q1 2024, following 2023’s record-breaking 2,064% surge in greenfield FDI, attracting $2.75bn and creating 1,500+ jobs.
Dubai
Dubai Islamic Bank’s H1 pre-tax profit surges past $1 billion mark
Total income up 21% to $3.08 billion; Pre-tax profit up 18% to $1.01 billion; Balance sheet rises 2.7% to $87.95 billion
banking services
Dubai Islamic Bank offers compensation to affected customers
Company says the new system has ‘stabilised’; Customers to be offered ‘Walaa Rewards’ and reversal of charges
Dubai
Dubai Islamic Bank leads $3.25bn financing for GEMS Education
The deal, described as the largest leveraged buy-out transaction in the region, was underwritten by a consortium of UAE banks
Green bonds
Masdar raises $1bn with green bond sale
Masdar advances UAE clean energy financing with Green Bond sale
Emirates NBD
Increased lending boosts Emirates NBD profit by 12% to $3.76bn
Loans surpass AED500bn milestone; Emirates NBD quarterly profit topped AED7bn for first time in the history of the bank
Dubai
Dubai’s Emirates Islamic posts record $450 million profit for H1 2024
In its 20th year of operation in the UAE, the bank’s total Assets crossed the AED100 billion mark for the first time
Dubai International Airport
UAE visa changes; Dubai floods; new tax introduced; outstanding schools revealed; real estate booming – 10 major stories so far this year
Floods, real estate, visas, tax, education and more top stories in Dubai, the UAE and across the region in the first half of 2024