Monday 30 January 2023

Rapid credit growth hits liquidity of Saudi banks: S&P

Rapid credit growth has reduced the availability of liquidity in the Saudi banking sector, said S&P Global Ratings in a new report titled “Saudi Banking Sector 2023 Outlook”. “The government has large deposits with the Saudi Central Bank (SAMA) but is not de


‘Funding Possibilities’ launched to get funds for new businesses

A group of six entrepreneurs across the UAE and India, who have invested in more than 75 start-ups and helped businesses raise $500 million worth of capital, have joined hands to launch a Fintech Platform called Funding Possibilities.    It will connect sta


Venture Capitals and Incubators Workshop tackles policy, funding

With the start-up culture expanding in UAE, business incubators play a significant role in supporting small businesses and start-ups including creating an ideal environment for them, Venture Capitals (VC) and Incubators Workshop, heard.    VCs and incubator


UAE banks garner $67.14bn in deposits by November end

Savings deposits in the UAE banking system, excluding interbank deposits, rose to AED246.61 billion ($67.14 billion) by November end 2022, a growth of approximately AED7.21 billion, or 3%, from about AED239.4 billion in 2021.   Statistics by the Central Bank of


Arab Bank Group's net income for 2022 surges to $544m

Jordan-based Arab Bank Group achieved solid results for the period ending December 31, 2022, with a net income of $544.3 million compared to the previous year's figures of $314.5 million.    Announcing the 2022 results, Arab Bank said its performance wa


Dubai Investments buys 9% stake in UK-based digital bank

Dubai Investments (DIC) has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK).    Monument Bank is focused on the 'mass affluent


Emirates NBD 2022 profit rises 40% to top $3.5bn

Emirates NBD, a leading bank in the UAE, has posted net profit of AED13 billion ($3.53 billion) in 2022, marking an increase of 40% over the previous year, demonstrating strong regional economic growth. The fourth quarter (Q4) profit was exceptionally strong at AED3.9 billion, up


Payment gateway solutions provider ‘Telr’ opens HQ in DSO

Telr, the provider of smart payment gateway solutions for SMEs, government bodies and large corporates, has inaugurated its new regional headquarters at Dubai Silicon Oasis (DSO).   Established in 2014, and through its new headquarters in DSO, Telr will enable b


SIB posts record net profit of $177m in 2022, a 26.6pc jump

Sharjah Islamic Bank (SIB) has seen its net profit jump 26.6% to record AED650.9 million ($177 million) for the year ending December 31, 2022, compared to AED514.1 million in the same period of 2021.   SIB’s board of directors has proposed a cash dividend


Emirates Islamic profit soars 51% in 2022 to record $340m

Emirates Islamic’s net profit has soared 51% to a record AED1.24 billion ($340 million) for 2022 on higher funded income and non-funded income with a significant reduction in cost of risk reflecting the strong economic recovery.   Total in

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