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04.01.202504.01.2025Finance

Mobile Apps Handle 25% of Small Financial Transfers in the UAE

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Mobile applications now account for 25% of small financial transfers in the UAE, a significant increase from 16% in 2023, according to Mohammed Al Ansari, Chairman of the Emirates Exchange and Remittance Group. Speaking to Emarat Al Youm, Al Ansari highlighted the growing popularity of app-based transfers, particularly for amounts of 1,000 dirhams or less,...

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31.12.202431.12.2024Finance

Sohar International Secures $336 Million in Rights Issue

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Sohar International, a leading bank in Oman, has successfully raised 130 million Omani rials ($336.7 million) through its latest rights issue. This marks the largest rights issue on the Muscat Stock Exchange (MSX) in 2024. Launched in November, the offering attracted strong interest from government entities, private institutions, family offices, and individual investors. The bank...

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28.12.202428.12.2024Finance

Dubai Sets New Rules for Foreign Banks with Penalties for Violations

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Dubai has introduced new regulations targeting foreign banks operating in the emirate. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, approved Executive Council Resolution No. (101) of 2024. This move aims to ensure that foreign banks comply with administrative guidelines while conducting business in...

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24.12.202429.12.2024Finance

Citigroup Gets Green Light for Regional Headquarters in Riyadh

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Citigroup has received approval from Saudi Arabia to establish its regional headquarters in Riyadh, a move that highlights the kingdom’s ongoing efforts to attract leading global financial institutions. The announcement was made after the Saudi Ministry of Investment granted the necessary approval. In a staff memo seen by The National, Fahad Aldeweesh, CEO of Citi...