November 11, 2019

The demand for cryptocurrencies and digital assets is set to accelerate rapidly in the near future in the UAE and other GCC countries, as global trading volumes for crypto assets continue to soar. The UAE is at the forefront of crypto adoption. It has become a powerhouse. With crypto transactions worth over $210 million, the UAE is leaving the US and UK in its wake.

Indeed, the increase in crypto transaction numbers catapulted the UAE into the list of top countries making digital currency transactions in 2019.

Furthermore, the increasing enthusiasm for cryptocurrencies"...

November 7, 2019

Credit demand from the government and public sector enterprises will fuel lending growth in the UAE in 2019 and 2020 amid stable but subdued economic growth, Moody's Investors Service said.

Maintaining its stable outlook for the UAE banking system, the ratings agency said strong capital, stable funding and healthy liquidity would balance banks' weakening asset quality and softening profitability.

'Subdued credit growth will reflect solid borrowing from the government and public sector combined with muted private sector borrowing. We expect overall credit"...

November 7, 2019

RAS AL KHAIMAH, 6th November, 2019 (WAM) -- Recognising the importance of creating a flourishing ecosystem and environment for Small and Medium-sized Enterprises, SMEs, RAKBANK has launched a digital community platform called SMEsouk to support small businesses.

The platform’s core focus is to support SMEs by connecting them with complementary industries for a comprehensive suite of non-banking value-added services such as licensing, accounting, insurance, trade requirements, and more.

The digital community platform serves SMEs in the UAE by addressing the challenges"...

November 6, 2019

DUBAI, 5th November, 2019 (WAM) -- Dubai FDI, the investment development agency of Dubai Economy, has announced the signing of a Memorandum of Understanding with Standard Chartered Bank, to facilitate consultation, cooperation and exchange of information in areas of mutual interest and objectives.

The agreement was signed by Fahad Al Gergawi, CEO of Dubai FDI, and Rola Abu Manneh, CEO of Standard Chartered UAE branch, at Dubai FDI office.

In line with Dubai FDI’s efforts to consolidate the emirate’s position as a preferred global Foreign Direct Investment,"...

November 6, 2019

ABU DHABI, 5th November, 2019 (WAM) -- The total assets of UAE-based commercial banks increased to circa AED2.457 trillion by the end September, AED173 billion of which were recorded over the past nine months only, accounting for 81.3 percent of the UAE banks' total assets, statistics by the Central Bank of the UAE showed today. Up to 19.7 percent of these assets are owned by Shariah-compliant banks.

The asset growth is driven by a significant rise in deposits from AED1.354 trillion in December 2018 to AED1.406.4 trillion in September 2019.

Retail loans provided"...

November 3, 2019

UAE Banks Federation (UBF) is set to host the 7th edition of the Middle East Banking Forum on Sunday, bringing together high-profile speakers and global industry experts to share insights on key banking and financial topics.

The event, which is supported by the Central Bank of the UAE, will be held at Fairmont Bab Al Bahr in Abu Dhabi on November 3 and is expected to be attended by over 500 delegates, including governors, c-executives from official banks, financial regulators and private sector entities.

In light of a period of unprecedented change in the banking industry,"...

October 29, 2019

(WAM) -- Emirates NBD delivered a strong set of results with net profit up 63 percent Y-o-Y to AED12.5 billion in the first nine months of 2019.

The results include an AED4.4 billion impact from the Network International transaction. Post DenizBank acquisition, Core Operating Profit grew 5 percent Y-o-Y, supported by a 17 percent increase in net interest income on loan growth and a 31 percent increase in non-interest income from higher foreign exchange and credit card income.

The Bank’s balance sheet remains strong with healthy liquidity and credit quality. A"...

October 28, 2019

DUBAI, 27th October, 2019 (WAM) -- The Dubai Financial Market Company officially received its regulatory licence from the Securities and Commodities Authority, SCA, for its new depository company, the Dubai Central Securities Depository, as the first independent company for central securities depository services in the UAE under the SCA’s Board of Directors’ Decision No. (19/R.M) of 2018 concerning the regulation of the Central Depository Activity.

The establishment of the Dubai CSD is part of a comprehensive reorganisation plan for DFM’s post-trade services that further strengthens its leading position in driving the development"...

October 26, 2019

(WAM) -- First Abu Dhabi Bank, FAB, reported a group net profit of AED9.4 billion, up four percent year-on-year, for the nine-month period ended 30th September 2019 today.

According to a statement released by the UAE's largest bank, a solid set of results were driven by core revenue momentum, with annualised earnings per share, EPS, at AED1.10, compared to AED1.07 in the first nine months of 2018.

FAB also reported third quarter net profits of AED3.1 billion, up three percent year-on-year, driven by a five percent increase in operating income.

Strong"...

October 24, 2019

FUJAIRAH, 23rd October, 2019 (WAM) -- The National Bank of Fujairah, NBF, has announced a net profit of AED511.6 million for the period ended 30th September, 2019, a rise of 10.7 percent over the corresponding period of 2018.

According to a press release issued by NBF today, the Bank also achieved strong operating profit of AED862.3 million which increased by 7.2 percent compared to AED804.4 million in the corresponding period of 2018.

Operating profit of AED295.3 million was posted in the third quarter of 2019, a rise of 4.7 percent over the previous quarter, and"...