The UAE banking sector demonstrated robust performance in 2024, characterized by a notable increase in lending and improved cost efficiency. According to a report by Alvarez & Marsal (A&M), the sector saw double-digit growth in lending, with a remarkable 12.6 percent year-on-year (YoY) increase across the top 10 banks. This growth was heavily influenced by...
Abu Dhabi Islamic Bank (ADIB) has made a huge advancement in the banking sector by launching Spatial Banking on Apple Vision Pro. This initiative marks ADIB as the first bank in the UAE to introduce a banking experience using Apple’s mixed-reality operating system, VisionOS. This launch aligns with ADIB’s strategic vision for 2035, which focuses...
In order to improve its digital banking services, Abu Dhabi Islamic Bank (ADIB) has signed an agreement with Visa, a major payment services company, to use cutting edge hacking technologies. With the danger of cyberattacks growing, this partnership aims to make online transactions safer and keep customer data safe. Visa’s security solutions will likely make...
Veefin Solutions, a well-known company that makes digital supply chain finance technology, has teamed up with Invest Bank, one of the best banks in the UAE. The goal of this partnership is to completely digitize Invest Bank’s Supply Chain Finance (SCF) services, swapping out the old paper-based methods for a more modern digital platform. Businesses...
Abu Dhabi Islamic Bank (ADIB), a prominent Islamic financial institution, has announced the successful completion of a host-to-host integration project tailored for the Emirates Red Crescent (ERC). This project aims to enhance automated payment processes, showcasing both organizations’ commitment to innovative financial solutions that support humanitarian work across the UAE. The integration project was designed...
Bank of Sharjah has successfully acted as the Mandated Lead Arranger and Bookrunner for a US$155 million Club Loan Facility for Daewoo Engineering & Construction Co Ltd. This announcement was made on February 16, 2025, highlighting the bank’s role in facilitating significant financial arrangements The loan is structured as a three-year facility and has been...
Emirates NBD, one of the key banking groups in the MENAT region, has revived its popular Mega Foreign Exchange and Trade promotion, offering SMEs exciting rewards. With prizes totaling AED 2 million, the campaign aims to encourage businesses to enhance their cross-border payment and trade operations. Running until March 31, 2025, the promotion offers daily...
The Central Bank of the UAE (CBUAE) celebrated significant achievements in 2024 across the financial, banking, and insurance sectors, setting a positive trajectory for the future of the UAE’s financial landscape. The CBUAE emphasized its role in fostering monetary and financial stability, managing reserves, and developing secure financial infrastructure through innovative digital solutions. These efforts...
Bank of Singapore is growing its team at the Dubai International Financial Centre (DIFC) with six senior hires, bringing expertise from leading global institutions. The appointments include Zeena Abou Elnaja, who joins the investment advisory team from Julius Baer. A CFA-qualified professional, she previously worked with Standard Chartered in the Middle East. Mehvish Ayub has...
Ajman Bank has achieved a significant milestone by reporting its highest annual profit before tax of AED 440 million, marking a remarkable growth of 213% compared to a net loss of AED 390 million in 2023. This impressive performance was shared during a board meeting presided over by H.H. Sheikh Ammar bin Humaid Al Nuaimi,...