New research shows the gap between the penetration of conventional and Islamic banking products in the UAE has narrowed to just 1%
banking and finance
banking and finance
How ESG concerns are being prioritised by Middle East investors
New report says 89% of regional investors expect companies to face increasing levels of litigation as a result of not delivering on ESG promises
Ajman Bank
Ajman Bank reports $24.5m profit for third quarter
Bank announced 61 percent increase in profits from Q3 2020, while net operating income was up 12 percent year-on-year
banking and finance
UAE’s Gargash announces acquisition of Deem Finance
Deal will deepen and expand Gargash Group’s financial services offerings within the market
banking and finance
Saudi Arabia’s net foreign assets rose in June from 10-year low
Stockpile at the central bank increased by $9.1bn last month, according to the central bank’s monthly report
banking
Fintech – competitors or complementary to banks?
The last decade has seen a surge in the number of fintech players like never before and the pandemic has caused an acceleration in the industry
ADCB
Abu Dhabi Commercial Bank investor exits with $300 million sale
The shares were offered at a 5.5 percent discount to the stock’s closing price of AED7.09. ADCB’s shares are up 14 percent for the year
banking and finance
Dubai Investments rebounds from loss to post AED123m net profit in Q1
CEO says he expects Q1 momentum to continue through the year as company aims to deliver on various projects
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banking
HSBC claims Middle East banking first with virtual debit cards for UAE businesses
Global giant says Virtual Debit Cards generate single-use card numbers, or ‘tokens’, for each transaction
banking and finance
UAE’s largest lender FAB names first female CEO
Hana Al Rostamani takes over from Andre Sayegh, who spent less than a year in the role at First Abu Dhabi Bank
Arab Banking Corporation Bahrain
Bahrain’s Bank ABC eyes $427m deal for Egyptian business of Lebanon’s Blom
Sale will help Blom Bank to comply with regulations to increase their equity by 20%
3G Capital
3G Capital joins bids for Thyssenkrupp elevators
A consortium involving Abu Dhabi Investment Authority is said to be among the bidders
Adam Neumann
Video: The spectacular rise and fall of WeWork
In less than one year, WeWork went from having a $47 billion valuation and being the darling of the venture capital world to needing an $8 billion infusion to avoid running out of money.
ABTV
AB Crossfire: Will cryptocurrency replace fiat in the near future?
Amidst concerns over volatility, regulations and the absence of a unified legislation, will cryptocurrency go mainstream and replace fiat in the near future?
banking and finance
Video: What would negative interest rates mean for consumers and the economy?
President Donald Trump is a big fan of low interest rates. In fact, he’s called on the US Federal Reserve to take rates into negative territory, just like Germany or Japan.
ABTV
AB Crossfire: are banks in the UAE supporting SMEs?
Debate discusses how small and medium sized companies in the UAE fare in relation to access to funding
banking and finance
Video: How the WeWork investor got in trouble – Softbank
The disappointing valuation of WeWork and the poor performance of Uber and Slack on the stock market are raising concerns that the world’s largest tech investor could be in trouble