ICICI Home Finance is planning to raise ₹5 billion (approximately $59 million) through the issuance of five-year bonds with an interest rate of 7.36%, as reported by market sources. The non-banking financial company is targeting ₹3.75 billion with an additional greenshoe option of ₹1.25 billion. Bids for these bonds will be accepted on the Bombay...
The Saudi Central Bank (SAMA) has granted a license to “Tamawal” to offer finance aggregation services, marking a significant step in enhancing the financial sector in the country. With this latest addition, there are now six licensed companies providing finance aggregation services in Saudi Arabia. This decision reflects SAMA’s commitment to support the financial sector,...
Dubai International Financial Centre (DIFC) Authority announced a significant 35 percent increase in gross written premiums, rising from USD 2.6 billion to USD 3.5 billion in 2024. This announcement was made by Alya AlZarouni, the Chief Operating Officer at DIFC, during the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance...
Card transactions in the United Arab Emirates are projected to reach AED565.5 billion, equivalent to $154 billion, in 2025, according to research conducted by GlobalData. This projection reflects a significant growth trend, with card payment values having risen by 13 percent year-on-year to AED511 billion last year. The increasing preference among consumers for digital transactions,...
Mubadala Investment Company has announced a significant strategic partnership with Fortress Investment Group, involving a $1 billion investment aimed at credit and special situations co-investment opportunities. This partnership intends to deploy the full $1 billion from Mubadala into various private credit, asset-based lending, and real estate strategies offered by Fortress, enhancing their existing pool of...
Islamic banks in the Gulf Cooperation Council (GCC) are expected to see a rise in mergers and acquisitions (M&A) in the coming years. This trend is largely driven by the need for competitive advantage and to access growth opportunities, according to Fitch Ratings. The firm’s Head of Middle East Bank Ratings and Islamic Banking, Redmond...
Emirates NBD, recognized as Dubai’s largest bank by assets, surpassed profit expectations for the first quarter, largely due to significant growth in loans and interest income. The bank reported a net profit of 6.2 billion dirhams ($1.69 billion) for the three months ending March 31, compared to 6.7 billion dirhams during the same period last...
Bahrain’s Arab Financial Services (AFS) has recently made its entry into the UAE’s competitive payments processing market, following the acquisition of a ‘Retail Payment Services License – Category 2’ from the UAE Central Bank. This license allows AFS to offer a range of payment solutions in a landscape already populated by established players like Magnati...
Bahrain’s Khaleeji Bank has introduced Visa+, a new service that allows users to send money to Visa cardholders in the Gulf Cooperation Council (GCC) using only the recipient’s mobile number. This initiative positions Khaleeji Bank among the first financial institutions to offer such a service, showcasing the market’s readiness for advanced financial solutions. With Visa+,...
Bahrain’s Solidarity Group has announced the successful acquisition of 100 percent shares in both Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL). This transaction marks a significant expansion for Solidarity, enhancing its market presence in the insurance sector. The completion of this acquisition means that Solidarity has directly acquired 100 percent of...