Abu Dhabi’s state oil company, the Abu Dhabi National Oil Company (ADNOC), is set to raise $1.5 billion from its first-ever sale of Islamic bonds, known as sukuk. This information was revealed in a document reviewed by Reuters on Monday. The sukuk will be issued at a rate of 60 basis points above U.S. Treasuries....
Ottu has announced a strategic partnership with HyperPay, a provider of digital payment solutions, through a Mutual Collaboration Agreement (MCA). This alliance signifies a major step in transforming the digital payments landscape across the Middle East and North Africa (MENA) region, combining the strengths of two leading fintech innovators to create a smarter, more secure,...
Al Hassan Ghazi Ibrahim Shaker Co., commonly known as Shaker, has signed an agreement with BSF to introduce the “EasyPay” financing program. This initiative aims to enhance consumer financing options, allowing Shaker to provide more accessible and flexible payment solutions for customers across Saudi Arabia. The EasyPay program will enable customers to finance their purchases...
DMCC, the leading international business district in Dubai, has reached a significant milestone by securing Shariah certification for its DMCC Tradeflow platform. This achievement is expected to enhance Dubai’s position as a global hub for Islamic finance. Credit: ZAWYA The certification was granted by the Shariah Board of the Dubai Islamic Economy Development Centre. This...
Hedge fund leaders, including prominent figures like Ken Griffin and Paul Singer, convened in Abu Dhabi for a private event organized by Goldman Sachs Group Inc. The gathering focused on the substantial financial resources available in the Middle East, particularly as US investors prepare for potential recession risks. The meeting highlighted the growing appeal of...
Fuze, a rapidly growing financial infrastructure provider in the Middle East, has obtained a Retail Payment Services and Card Schemes (RPSCS) license from the Central Bank of the UAE (CBUAE). This approval allows Fuze to operate as a regulated payment services provider in the region through its subsidiary, Niobe Payment Services LLC SPC. With this...
Mercer, the investment consulting branch of US services company Marsh & McLennan, anticipates that its wealth division will at least double its assets under management (AUM) in the Middle East. This growth is expected to continue despite current economic challenges. Yasir AbuShaban, a principal at Mercer Wealth based in Dubai, stated that the company aims...
Australia-based broker IC Markets is taking steps to enhance its presence in the Middle East by seeking a license in the United Arab Emirates. The specific regulatory body that the broker intends to approach within the UAE is yet to be confirmed. This initiative is part of a larger strategy aimed at broadening its operations...
UAE stock indices experienced an upswing at the close of trading on Tuesday. The Abu Dhabi Index rose by 0.58%, reaching 9 290 points with trading volumes amounting to 1.17 billion dirhams. Meanwhile, the Dubai Index increased by 0.43%, hitting 5 078 points amidst trading of 520.3 million dirhams. The growth in the Dubai Index...
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met today with the CEO of Barclays Group. This meeting aimed to discuss various aspects of cooperation and investment opportunities between Dubai and the banking giant. During the meeting, Sheikh Maktoum emphasized...