Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with AAOIFI standards as well
Banking & Finance
Artificial intelligence
Google-backed AI firm NeurochainAI teams up with W Chain for smart payment solutions
W Chain and NeurochainAI will combine forces to offer smart global payment tools, with real-time fee adjustment and fraud detection features
Al Ansari Exchange
Al Ansari Exchange renews strategic partnership with Visa
Promises to unlock new opportunities and deliver significant value across the financial services ecosystem and accelerate the future of digital payments
ACWA Power
ACWA Power secures $200mn loan for its new HQ in Riyadh
The new sustainable building will meet the highest standards of green building and incorporate various Net Zero requirements
fintech
UAE fintech market to reach $6.43bn by 2030
UAE fintech sector to hit $3.56bn this year and set for significant growth over five years
insurance
Saudi Insurance Authority proposes expanded coverage for vehicle lessees, drivers in draft law amendments: Report
The proposed draft aims to protect the rights of the insured and further improve the vehicle insurance sector
Emirates NBD
Emirates NBD’s balance sheet crosses AED1 trillion after strong Q1 numbers
Profit before tax rises 56% to $2.12 billion on strong loan growth and improving deposit mix; Deposits grew by 5%; Income up 11%
E-commerce
Qatar point-of-sale and e-commerce transactions hit $3.8bn in March
Qatar Central Bank highlights value and volume of point-of-sale and e-commerce transactions last month
Central Bank of the UAE (CBUAE)
Fuze secures retail payment and card schemes license from UAE Central Bank
The Abu Dhabi company, already a fully licensed operator for digital assets infrastructure, will soon launch a digital payment infrastructure platform
CBUAE
UAE Central Bank imposes financial sanction on a bank
The UAE bank failed to comply with the Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies and procedures
Ajman Bank
Ajman Bank reports over $36mn net profit in Q1 2025
The bank’s operating income, however, recorded a marginal rise of two percent to AED 198.91 million as of 31 March 2025
Asset Management
Saudi asset management industry passed SR1tn for first time
Saudi Arabia assets under management sector tipped to pass $350bn next year
Abu Dhabi
Global financial firm Lazard bets on UAE growth with Abu Dhabi office launch
The move is seen as Lazard’s commitment to deepening its presence in MENA, serving as a trusted advisor to clients across the region
cross-border payments
PayPal, TerraPay partner to boost real-time digital transfers across Middle East and Africa
The MENA digital payments market, estimated at $251.34 billion in 2025, is expected to reach $422.56 billion by 2030
acquisition
Goldman Sachs Alternatives acquires majority stake in UAE HR firm PeopleStrong
The acquisition underscores the company’s ambitious growth strategy in the GCC region
Al Salam Bank-Bahrain
Al Salam Bank announces details of its 2025 Danat Savings Scheme
The biggest reward programme in Bahrain to offer prizes worth $10.6 million, including three grand prizes of $2.65 million each
cashless economy
Saudi Arabia sees surge in cashless payments as it adopts digital transactions
Saudi Arabia uses digital technology for 79 per cent of retail payments