Sunday 1 November 2020

U20 sets up new urban resilience fund to tackle health crises

The Urban 20 (U20), an engagement group of the top 20 economic nations, has announced the establishment of a first-of-its-type fund in response to Covid-19 pandemic.    The Global Urban Resilience Fund, aimed at helping cities to respond with agil


Saudi Arabia's Q3 non-oil income up 63% to $32.8bn

Saudi Arabia's non-oil revenue increased by 63% y-o-y to SR123 billion ($32.8 billion) in the third quarter and growth in other revenues amounted to SR47.6 billion, an increase of SR22.2 billion y-o-y, a report said.   The growth was primarily led by governm


Etihad to issue sustainability-linked sukuk

Etihad Airways, the national airline of the UAE, has launched the world’s first Transition Sukuk and the first Sustainability-Linked financing in global aviation, under a Transition Finance Framework.    This follows the first aviation financing linke


ADCB reports Q3 net profit of $374m

Abu Dhabi Commercial Bank (ADCB) has posted a net profit of AED1.366 billion ($374 million) in Q3’20, up 11 per cent quarter on quarter and 3 per cent lower year on year, representing a return on average tangible equity of 12.0 per cent. The Bank reported 9M’20 net pr


ENBD launches customisable Visa credit card

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has launched the Visa Flexi Credit Card, enabling cardholders to customize their credit cards with benefits of their choice. Emirates NBD has partnered with global digital payments l


Global FDI falls 49% in H1, outlook negative

Global foreign direct investment (FDI) flows fell 49% in the first half of 2020 compared to 2019, due to the economic fallout from COVID-19, according to the latest Global Investment Trends Monitor released by UNCTAD. In the wake of the pandemic, lockdowns around the world slowed


Bahrain's robust banking sector 'a role model for region'

Banking sector has emerged as a role model in attracting major regional and international financial institutions to Bahrain, localising their experiences, utilising them in consolidating national economy and training Bahraini national cadres, said Mona Yousuf Khalil Almoayyed, Chairman of Ebd


Abu Dhabi's new FDI licence allows 100% ownership

The Abu Dhabi Department of Economic Development (ADDED) has announced the implementation of the Foreign Direct Investment (FDI) Law within the Emirate of Abu Dhabi by issuing the "Foreign Direct Investment Licence" which will enable licenced companies to hold 100 per cent ownership


CBB launches Bahrain Open Banking Framework

The Central Bank of Bahrain (CBB) has launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry.    This framework includes detailed operational guidelines, security standards and gu


Mena M&A hits $58bn in first 9 months of 2020

The value of announced M&A transactions with any Mena involvement reached $58 billion during the first nine months of 2020, said Refinitiv, a global provider of financial markets data. It marked the third highest year-to-date total of all-time, despite falling 52% in value fr

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