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...
Kuwait’s Warba Bank and Gulf Bank have begun discussions to explore a potential merger aimed at boosting long-term growth and competitiveness in the local Islamic banking sector. The announcement came in separate disclosures to Boursa Kuwait on May 26, leading to a temporary suspension of trading in both banks’ shares for one hour, in accordance...
The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have signed a Memorandum of Understanding (MoU) aimed at boosting cooperation and the exchange of expertise within the financial sector. The agreement was signed in Abu Dhabi by His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His...
D360 Bank, a Shariah-compliant digital bank based in Saudi Arabia, has announced that it has welcomed over one million customers within just four months of its official launch. This achievement sets a new global standard for digital banking adoption, demonstrating the increasing demand for efficient and secure digital financial solutions in the region. Since its...
Saudi Arabia has successfully repaid SAR60 billion (approximately $16 billion) in sukuk, or Islamic bonds, that are set to mature over the next five years. In conjunction with this repayment, the kingdom has issued a new sukuk of the same value to support its domestic market and meet its debt obligations, according to a statement...
India and the United Arab Emirates (UAE) have embarked on a groundbreaking digital payments initiative through the expansion of the Unified Payments Interface (UPI), aiming to redefine cross-border transactions. This partnership is designed to provide super-fast, highly secure, and seamless payment options, significantly improving financial interconnectivity for millions of expatriates and facilitating global transactions. The...
Mashreq, a prominent financial institution in the MENA region, has unveiled its next-generation API Marketplace. This dynamic platform is designed to provide corporate clients, developers, and fintechs with seamless access to Mashreq’s suite of APIs. These Application Programming Interfaces (APIs) facilitate smooth data exchange between different systems, transforming how businesses manage payments, receivables, and liquidity...
Ripple, a leading provider of digital asset infrastructure for financial institutions, has announced its first customers in the United Arab Emirates (UAE). The partnerships with Zand Bank and Mamo will utilize Ripple Payments, which incorporates blockchain technology to offer fast and transparent cross-border payments. This service is designed for banks, crypto companies, and fintechs globally....