Dubai: Mashreq bank on Wednesday closed a $100 million (Dh367 million) dual tranche syndicated term facility for Stanbic Kenya Bank Limited — a subsidiary of the Standard Bank Group. The transaction closed nearly two and a half times oversubscribed.
( read original story …)
Dubai Islamic Bank Recognized by Dubai Service Excellence Scheme for the Widest Implementation of Happiness Meter
Dubai Islamic Bank, the largest Islamic bank in the UAE, has been recognized by Dubai Service Excellence Scheme (DSES) for the “Widest Implementation of the Happiness Meter” across its 34 branches in 2017. Mr. Nasser Al Awadhi, Chief of Consumer …
( read original story …)
First Abu Dhabi Bank appoints new CEO for Saudi Arabia’s banking business
Dubai: First Abu Dhabi Bank (FAB) said on Wednesday it has appointed Layth Al Shaiban as Chief Executive Officer of its new commercial banking business in Saudi Arabia, subject to regulatory approvals. FAB has been licensed by the Saudi Arabia Monetary …
( read original story …)
UAE Banks Federation issues financial literacy handbook to reduce chronic indebtedness
Central Bank of the UAE data, released last month, found that of the 7.168 million cheques worth Dh351.1 billion, handled by the UAE Clearing Cheque System during the first three months of 2018, Dh15.7bn worth bounced. “The UAE Banks Federation is no doubt …
( read original story …)
Nasdaq Dubai welcomes Noor Bank USD500mln sukuk listing
(MENAFN) The Nasdaq Dubai exchange has welcomed the listing of a USD500 million sukuk by Noor Bank, a UAE-based sharia-compliant bank. The five-year sukuk issue was oversubscribed 2.1 times, according to an official statement. After a USD500 million …
( read original story …)
UAE’s First Abu Dhabi Bank hires Saudi head
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates by assets, said on Wednesday it has appointed Layth al-Shaiban, a former executive at Qatar National Bank, as head of its Saudi Arabian business. FAB, created by last year’s merger …
( read original story …)
Noor Bank Discusses Impact of VAT at Its Launch of ‘Noor Business Council’
Noor Bank, one of the leading Shari’a-compliant banks in the UAE, today announced the launch of the Noor Business Council (NBC), which is a thought leadership platform. Bringing together SMEs and large corporate clients of Noor Bank, the NBC has been …
( read original story …)
UAE to exempt gold and diamond trading from VAT
The UAE Cabinet has adopted a law to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals, meaning that while there will only be documented entries of five per cent VAT in the books of both buyers and sellers …
( read original story …)
Billionaire Shetty said to hire Evercore on Finablr IPO
Dubai-based billionaire Bavaguthu Raghuram Shetty hired Evercore to advise on a potential initial public offering for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering …
( read original story …)
Billionaire Shetty said to hire Evercore for money exchange IPO
Dubai: Middle East billionaire Bavaguthu Raghuram Shetty hired … No final decisions have been taken and the plans could change, the people said. The timing of an IPO is yet to be determined, according to Finablr Executive Director Promoth Manghat.
( read original story …)
Travelex And UAE Exchange Owner Eyes IPO
Billionaire Bavaguthu Raghuram Shetty is combining Travelex and UAE Exchange under one parent company called Finablr in preparation for a possible initial public offering, according to Reuters. The UAE-based businessman announced on Monday the creation of …
( read original story …)
Dubai’s Lumina announces Saudi expansion plan
Andrew Nichol, who previously served as head of corporate finance for PwC in Saudi Arabia, has been appointed as a partner to enable Lumina to link three major markets – Saudi Arabia, the UAE, and the UK – for capital flows and M&A deals. Regulated by …
( read original story …)
Access Bank UK eyes strong growth in Africa business through Dubai
Dubai: The DIFC branch of Access Bank UK Limited, a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed bank expects to see strong growth for business through Dubai operations this year. The Access Bank UK was established a decade …
( read original story …)
5 tips to engage bank clients in the digital era
This does not include the foreign institutions based in the Dubai International Financial Centre and Abu Dhabi Global Market. To stand out, every bank needs to be clear who it is trying to serve and deliver something of real value to their customer.
( read original story …)
UAE- How sukuk banks on oil’s recovery
“Noor Bank conducted a non-deal roadshow in Singapore and London in October 2017 even though there was no intention of a deal at that time. In the lead-up to this recent sukuk, we revisited Singapore and London, in addition to Frankfurt and Dubai.”
( read original story …)
First Abu Dhabi Bank posts first-quarter gain
First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, reported a 2 per cent year-on-year profit increase in the first-quarter, boosted by higher revenue from fees and commissions and a decline in money set aside to cover bad debt. The gain came …
( read original story …)
Financial Restructuring Committee Holds Its First Meeting at the UAE Ministry of Finance
The Financial Restructuring Committee held its first meeting at the Ministry of Finance (MoF), which was headed by HE Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Committee. The meeting had the participation of representatives from MoF …
( read original story …)