The Central Bank of the United Arab Emirates has officially revoked the license of Dynamics Insurance Brokers. This decision was made in accordance with Article 22 (2) of the Council’s Decision, signaling a significant regulatory action within the insurance sector. The revocation comes as part of the Central Bank’s ongoing efforts to ensure compliance and...
SHL Finance Company has successfully renewed its Sharia-compliant credit facilities agreement with Arab National Bank (ANB) for SAR 1.91 billion, equivalent to approximately $509 million. The renewal, confirmed through a bourse disclosure, is set for a duration of five years and was officially obtained on March 23, 2025. The primary objective of this funding is...
Absa Group Ltd., South Africa’s third-largest bank by assets, is set to open a representative office in Dubai next year. This move aims to capitalize on the increasing trade and investment between the Middle East and Africa. Yasmin Masithela, the chief executive officer of Absa Group Ltd.’s corporate and investment banking unit, announced, “We’re setting...
In the first quarter of 2025, stock brokerage firms in the Dubai Financial Market added approximately 19 658 new trading accounts. This surge in account openings highlights an increasing interest in stock trading within the region. The growth in new accounts comes as part of a broader trend in the UAE’s financial markets, where more...
The Investment Corporation of Dubai (ICD), the main investment arm of the emirate’s government, is exploring the possibility of entering capital markets with a series of initial public offerings within the next year, as suggested by analysts. ICD, established in 2006, boasts a valuation of approximately $340 billion and already has Emirates NBD, the largest...
Several banks operating in the UAE have recently launched a financial calculator within their mobile applications. This tool aims to help individuals track their monthly income against their expenditures, emphasizing the importance of maintaining a balance between the two and avoiding overspending. According to this new service, which is provided free of charge to clients,...
Banks are poised to report substantial trading revenues in the first quarter of 2025, driven by a volatile market that has sparked increased investor activity. According to BCG Expand, a research and data provider owned by Boston Consulting Group, the total revenue pool for global markets is expected to expand at an annual rate of...
The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the UAE’s national currency, the Dirham, coinciding with the country’s entry into the FX Global Code. This initiative reflects the vision of the UAE’s leadership and the guidance of His Highness Sheikh Mansour bin Zayed Al Nahyan, who is the Vice President,...
Yabi has introduced an innovative AI-powered financial coach, designed to assist users in managing their money effectively. This platform aims to revolutionize personal finance management in the UAE by providing a personalized coaching experience that adapts to individual spending habits and lifestyle choices. With financial literacy in the UAE facing challenges—only 38% of adults are...
The Turkey Wealth Fund, which is state-backed, has successfully secured its first loan without requiring a treasury guarantee, with backing from banks listed in the UAE. According to a report by Daily Sabah, the sovereign fund raised €1.1 billion (approximately $1.2 billion) through a two-year syndicated loan involving 20 banks from 12 different countries. The...