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The Dubai Financial Market (DFM) announced a significant boost in its financial performance for the first quarter of 2024, with a net profit of Dh95.6 million before tax, marking a substantial 171% increase compared to the same period last year. This impressive financial growth reflects the robust activity and investor confidence within the market. The …
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In a significant financial milestone, banks operating within the United Arab Emirates have collectively reached an aggregate capital and reserves sum of Dh500 billion as of January 2024. This figure, released by the Central Bank of the UAE (CBUAE), indicates a substantial 13.3% year-over-year growth from Dh438.6 billion in January 2023, highlighting the robust health …
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The United Arab Emirates has made a significant leap in Kearney’s 2024 Foreign Direct Investment (FDI) Confidence Index, advancing from the 18th to the 8th position, as it continues to diversify its economy beyond oil. This rise positions the UAE as the Arab world’s second-largest economy and places it second in Kearney’s emerging market index, …
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National Bonds, a leading savings and investment firm, has announced an unprecedented return of up to 5.84% on saving bonds for the year 2023, marking the highest return in the company’s history. This significant announcement was made during a press conference on Tuesday, underlining the firm’s success and robust growth in the savings sector. The …
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Lunate, a global investment firm, has made a significant move in the energy sector by acquiring a 40% stake in ADNOC Oil Pipelines llc. This stake was procured from leading institutional investors BlackRock and KKR, marking a notable shift in the ownership of the prominent oil pipeline operator. ADNOC Oil Pipelines, a subsidiary of the …
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Du, also known as Emirates Integrated Telecommunications Company (EITC), has made a significant stride in the digital finance domain by acquiring licenses from the Central Bank of the UAE to offer new digital financial services. This move aligns with the company’s strategy to introduce innovative financial solutions, contributing to the development of a sophisticated and …
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March brought a wave of bustling trading activity to the Dubai Financial Market (DFM), according to the latest report released by Kamco Invest’s GCC Markets Monthly Report on Monday. The total volume of shares traded on the DFM saw a significant increase of 36.9 percent, soaring to 4.8 billion shares, up from 3.5 billion in …
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Navigating Self-Employment: Top 5 Financial Blunders to Avoid Embarking on the journey of self-employment means joining a vast community of business owners all aiming to realize their dreams. However, this path is filled with unique challenges, particularly in the financial realm during the initial phases. Avoiding certain pitfalls can significantly enhance the likelihood of achieving …
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In a move poised to significantly transform the global banking landscape, SWIFT, the renowned global bank messaging network, is gearing up to launch a groundbreaking platform designed to integrate the burgeoning wave of central bank digital currencies (CBDCs) with the existing financial system. This ambitious project, as disclosed to Reuters, is scheduled for rollout within …
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In a significant move that highlights the United Arab Emirates’ (UAE) growing influence in global financial markets, four UAE banks have played a pivotal role in helping the Africa Finance Corporation (AFC) secure a substantial syndicated loan. The AFC, recognized as a premier infrastructure solutions provider in Africa, has successfully raised a staggering $1.16 billion …
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The UAE Ministry of Finance (MoF) has initiated a digital public consultation to collect viewpoints from relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or the Global Anti-Base Erosion Model Rules (GloBE Rules). This consultation, which is open from March 15 to April 10, is accessible via the ministry’s website or the …
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National Bonds, spearheaded by its Group Chief Executive Officer Mohammed Qasim Al Ali, today unveiled a dynamic three-pronged strategy aimed at boosting savings across the nation in 2024. This visionary plan is centered around simplifying the savings process, enhancing financial literacy, and harnessing the power of digital innovation and tools. Al Ali elaborated on the …
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The UAE’s economy is projected to witness a substantial 5% growth this year, largely propelled by the dynamic expansion of its non-oil sector and a surge in foreign direct investment (FDI), according to the Minister of Economy, Abdulla bin Touq. In an interview with state news agency Wam, the Minister highlighted this growth as a …
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The United Arab Emirates has achieved a significant economic milestone, marking “a historic first” in its diversification efforts. The country’s non-oil sector now accounts for an impressive 73 percent of its total Gross Domestic Product (GDP), reflecting strong investor confidence in the UAE’s investment environment. Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, …
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In a landmark move, ADQ, an Abu Dhabi-based investment and holding company, announced on Friday its plans to invest a staggering $35 billion (Dh128.5 billion) in Egypt, marking a new era of development and economic growth in the country. This substantial investment will be pivotal in transforming Ras El-Hekma, a coastal region in Egypt, into …
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