February 17, 2020

First Abu Dhabi Bank, the UAE's biggest lender by assets, raised Dh3 billion in two separate bond issuances over three days.

The lender issued a three-year, £450 million (Dh2.15bn) bond, which is the first and largest issuance in sterling from a financial institution in the region, as well as a A$350m (Dh860m) five-year Kangaroo bond, its first in Australia since 2014.

“FAB’s ability to tap both the UK and Australian markets in the same week underlines the success of FAB’s funding strategy, with our first sterling bond representing another"...

February 17, 2020

Abu Dhabi Commercial Bank (ADCB) and Al Hilal Bank have signed an agreement with Etihad Holidays, the destination and leisure management arm of Etihad Airways, which will provide customers of both banks an easy payment plan when booking an Etihad Holiday.

The partnership comes in line with ADCB's continued commitment to providing an exceptional experience to its customers as well as strengthening its relationship with key partners. The signing ceremony took place at the Etihad Aviation Group headquarters in Abu Dhabi, between Hareb Almuhairy, senior vice president of Destination and Leisure Management at Etihad Airways and Omran Taimour,"...

February 17, 2020

(AETOS Wire)-- Today, Western Union (NYSE: WU) a leader in cross-border, cross-currency money movement and payments, and the Western Union Foundation announced a USD $1M global matching challenge to help fight COVID-19 (coronavirus) and for relief in China and other affected countries. The combined Western Union and Western Union Foundation match will be up to USD $500,000. The Western Union Foundation is accepting contributions from Western Union employees, Agents, customers, and the public, across the globe between now and April 14, 2020. The aid will be pledged to local and global NGOs, including Give2Asia and International Medical Corps* for ongoing relief efforts in China and other impacted nations throughout the world, including to purchase supplies, equipment and frontline medical treatment. As of February 13, 46,997 individuals are estimated to have been infected with COVID-19, with 1,368 deaths globally (46,550 cases and 1,368 deaths in China), according to the World Health Organization. “Western Union is a global company and we support our customers, employees and communities in times of need. The time is now for the global community to come together in support of communities affected by COVID-19,” said Western Union CEO Hikmet Ersek. “Being a responsible global company means not just serving and benefiting from an interconnected world but taking steps to care for vulnerable communities in......

February 17, 2020

Dubai Electricity and Water Authority (DEWA) has achieved a new world record in electricity Customer Minutes Lost (CML) per year. DEWA recorded 1.86 minutes, in Dubai, compared to around 15 minutes recorded by leading electricity companies in the European Union. This is a new addition to DEWA’s record of international achievements in electricity and water services.

“At DEWA, we work according to the vision and directives of our leadership to provide a robust infrastructure according to the highest international standards. We continuously work to enhance the capacity and efficiency of transmission and distribution networks to provide"...

February 16, 2020

Banks and financial institutions in the UAE will have to process consumer complaints within a certain timeframe and also give clear reasons in writing on the matter under the new framework which the Central Bank is developing

The UAE Central Bank is developing the 'Financial Consumer Protection Regulatory Framework', which it intends to move quickly in order to help consumers make choose the right products.

'The new regulation and standards establish set time frames in the processing of complaints that licensed financial institutions must comply with, as"...

February 15, 2020

Shuaa Capital, the DFM-listed entity and leading asset management and investment banking platform in the region created by the merger of Shuaa Capital and Abu Dhabi Financial Group (ADFG), has reported solid growth for 2019 with an ebitda of Dh181 million ($49.2 million) and a net profit of Dh45 million ($12.2 million).

Announcing preliminary results for fiscal year 2019, Shuaa Capital said its first post-merger annual results reflected ADFG’s positive contribution to the enlarged entity and the Group’s capacity to sustain revenue and capitalize on growth opportunities.

Following its return to profitability in Q3 2019, the Group maintained its strong performance during the fourth"...

February 13, 2020

DUBAI, 12th February, 2020 (WAM) -- The e-dirham government services revenue exceeded AED22 billion, with AED13 billion coming from the e-dirham system and AED9 billion from service points, respectively, in 2019.

The total number of transactions executed via the e-dirham system reached 49million, including 15million transactions through the system's website, and 34million transactions via service points, the Ministry of Finance revealed today in a statement.

The total number of receipts was 24million, with 9million receipts from the website, and 15million from"...

February 11, 2020

ABU DHABI, 10th February, 2020 (WAM) -- The Central Bank of the UAE, CBUAE, announced on Monday that it would develop a new consumer protection framework in line with its mandate.

In a statement, the Central Bank said the decision is within the realms of Federal Decree Law No. 14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, in which the mandate of the CBUAE was expanded to include the overarching goal to protect consumers.

In view of the above, the Central Bank said it has launched a 'consultation process' with"...

February 11, 2020

ABU DHABI, 10th February, 2020 (WAM) -- The value of the liquidity withdrawn by the Central Bank of the UAE, CBUAE, from the market in 2019 totalled AED22 billion, highlighting the surplus liquidity in the UAE’s banking system.

The CBUAE manages the country’s monetary policy to serve the national economy in general, through a variety of instruments.

Certificates of Deposit (CDs) represent one of the CBUAE's tools for enforcing its monetary policy and managing liquidity in the market.

Statistics"...

February 11, 2020

Khalifa University of Science and Technology, organizers of the Mohamed Bin Zayed International Robotics Challenge, announced a total of 30 teams will be competing for honors at MBZIRC 2020, the second edition of US$5-million biennial competition to be held from 23-25 February in Abu Dhabi, UAE, in parallel with the 4th edition of Unmanned System Exhibition (UMEX) and Simulation & Training Exhibition and Conference (SIMTEX) 2020.

Around 500 top robotics experts from 30 international teams representing Europe, North America, Asia, Australia and the UAE are preparing for the final leg of MBZIRC 2020. They will compete in four iconic categories"...