Stay ahead of the curve in the finance sector with our in-depth economic news coverage, featuring key insights into global markets, banking, and fiscal policies.
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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Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has reported a remarkable 45% increase in its net profit for 2023, achieving a record figure of Dh5.25 billion. This significant growth, up from Dh3.62 billion in 2022, is attributed to robust performance across all business segments and products. The bank’s net profit for the fourth …
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Dubai Islamic Bank, the largest Islamic bank in the UAE, has reported a remarkable 26 percent increase in its net profit for the year 2023, reaching a record Dh7.01 billion. This significant rise in earnings, up from Dh5.55 billion the previous year, has been primarily driven by a surge in non-funded income and a substantial …
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In a striking contrast to the global downturn in Foreign Direct Investment (FDI), the United Arab Emirates (UAE) has reported a significant surge in new foreign investment projects, according to the latest United Nations Conference on Trade and Development report. Despite an 18% global decrease in FDI inflows in 2023, the UAE has achieved an …
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Abu Dhabi National Oil Company (Adnoc), telecommunications leader etisalat by e&, and Dubai’s premier airline Emirates have made significant strides in the global brand arena, as reported by Brand Finance in their latest 2024 data. These three UAE entities have not only emerged as the most valuable brands in the UAE but have also seen …
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The Central Bank of the UAE recently disclosed its financial statistics, revealing a mixed yet stable economic landscape for the country. In November 2023, the money supply aggregate M1 witnessed a slight decrease of 0.2%, dropping from Dh799.3 billion at the end of October to Dh797.4 billion. This decline was attributed to a Dh4.9 billion …
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The United Arab Emirates (UAE) has announced its dynamic participation in the 54th edition of the World Economic Forum (WEF) 2024, scheduled to be held from 15th to 19th January in Davos-Klosters, Switzerland. This year, the UAE’s delegation is marked by the presence of over 100 eminent personalities, including heads of national companies, corporate leaders, …
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Ajman Bank, a prominent Islamic financial institution, marked a significant expansion of its business portfolio with the launch of Skyrise Properties, a fully-owned real estate subsidiary, announced on Thursday. This new venture represents a strategic move by Ajman Bank to diversify its offerings and enhance its presence in the real estate sector. Skyrise Properties is …
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Dubai, January 8, 2024 – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has taken a significant step towards enhancing Dubai’s financial stability and promoting sustainable development. In a landmark move, he has issued a new law establishing the Dubai Investment Fund as an …
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Wio, the innovative digital banking platform in the UAE, is transforming how business owners manage their finances with the Wio Business account. This all-in-one digital solution is making significant strides in the entrepreneurial sector of the region. More information about Wio Bank: Wio Bank Review : A Digital Banking Disruptor in the UAE Simplicity at …
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In a decisive regulatory action, the Dubai Financial Services Authority (DFSA), Dubai’s premier regulatory body for financial services and products, has imposed a significant fine of Dh5,023,375 ($1.36 million) on R.J. O’Brien (MENA) Capital Limited. The penalty was issued due to multiple violations of DFSA’s legislation, primarily centered around inadequate compliance systems and controls within …
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The UAE’s insurance industry is demonstrating remarkable growth, as seen in the significant 9.6% increase in total assets within the first nine months of 2023. This surge has elevated the sector’s total assets to Dh131.6 billion by the end of the third quarter, marking an impressive Dh11.5 billion rise from the previous year’s figure of …
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In a significant stride towards enhancing its digital payment ecosystem, the United Arab Emirates has witnessed the launch of a groundbreaking instant payment platform, Aani. Developed by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), Aani emerges as a pivotal element of the CBUAE’s Financial Infrastructure Transformation (FIT) program. …
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