The International Free Zone Authority (IFZA) has officially announced a strategic partnership with RAKBANK, aimed at empowering businesses with tailored banking solutions. This collaboration is designed to support the ongoing mission of IFZA to provide seamless business services for companies operating within its free zone. Under this partnership, both organizations will work together to create...
Dubai’s Emirates Islamic Bank (EIB) will no longer be traded on the Dubai Financial Market (DFM) starting June 10, 2025. This decision follows Emirates NBD’s move to purchase all shares in EIB that it does not already own. A statement from EIB confirmed that it will instruct the DFM to suspend trading of its shares...
The Central Bank of the United Arab Emirates (CBUAE) has released comprehensive guidelines for residents seeking compensation for damaged, torn, or incomplete banknotes. As the regulatory authority overseeing the banking and insurance sectors, the CBUAE aims to promote financial stability and consumer protection. The guidelines ensure that compensation is distributed fairly, adhering to strict verification...
Transamerica Life Bermuda, a global high-net-worth life insurer, has officially launched its business in the Dubai International Financial Centre (DIFC) following the approval of its operating license by the Dubai Financial Services Authority (DFSA). This move is part of the company’s strategy to expand its global reach. Adnan Ladki has been appointed as the Head...
Bank of Sharjah has announced its role as the Mandated Lead Arranger and Bookrunner for a significant US$155 million Club Loan aimed at supporting Daewoo Engineering. This financial arrangement highlights the bank’s commitment to facilitating major projects within the region. Credit: WAM The loan agreement was finalized recently, with participation from various financial institutions, showcasing...
CODE81, a prominent regional technology innovator, has signed a strategic Memorandum of Understanding (MoU) with the Commercial Bank of Dubai (CBD). This partnership aims to enhance CBD’s data and analytics capabilities, enabling smarter decision-making and propelling the bank’s digital transformation journey. The collaboration addresses a significant challenge faced by large financial institutions: effectively managing and...
The United Arab Emirates (UAE) aims to transition into a nearly cashless economy; however, the reliance on traditional rent payment methods is hindering this effort. Rent, which is one of the largest personal expenses in the country, remains predominantly tied to paper transactions and cheques. Recent research from Visa indicates that the percentage of rent...
United Arab Emirates-based companies have approached Italy’s government with intentions to potentially bid for the Russia unit of the Italian lender UniCredit SpA. According to a document reviewed by Bloomberg, Mada Capital and Asas Capital plan to form a special purpose vehicle to facilitate the purchase of the asset. The project will receive support from...
Abu Dhabi Commercial Bank (ADCB) successfully issued a five-year Formosa bond worth $600 million, priced at SOFR plus 100 basis points. This pricing aligns with the final guidance provided to investors. A banker involved in the deal noted that floating-rate tranches are particularly appealing to investors, especially bank treasuries. The five-year tenor is seen as...
The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have formalized a memorandum of understanding (MoU) aimed at enhancing cooperation in the financial sector. This agreement marks a significant step in fostering bilateral ties between the two nations. The MoU was established following a visit to the...