S&P Global anticipates overall stability in key metrics for GCC banks in 2024. Credit growth and profitability are expected to remain robust, with the UAE and Saudi banking systems leading the region.
UAE economy projected to grow by 5.7% in 2024 despite global woes
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), said the UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, …
Saudi Arabia, UAE banking sectors to grow faster than rest of Gulf region in 2024
The sector’s growth in both countries is driven by strong credit demand led by non-oil sector and economic diversification programs …
UAE economy projected to grow by 5.7% this year: Finance Ministry official
The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, a senior finance …
UAE Central Bank holds interest rate at 5.40%
The UAE central bank’s decision comes in response to the US Federal Reserve’s recent announcement to keep interest rates steady …
UAE economy projected to grow by 5.7% in 2024: Official
Al Khoori highlighted that the UAE’s non-oil foreign trade hit a record AED1.239 trillion in the first half of 2023 …
Commercial Bank of Dubai net profit soars 45.2% in 2023
Commercial Bank of Dubai (CBD) on Wednesday announced a record net profit of Dh2.65 billion for the year ended December 31, 2023, up 45.2 per cent year-on-year.
UAE Central Bank follows US Fed, holds key rate
The UAE Central Bank has followed US Federal Reserve and decided to maintain the base rate applicable to the overnight deposit facility (ODF) without chang..
Dubai records real estate transactions worth AED3bn Tuesday
Tuesday’s property deals included 530 sales transactions worth AED2.35 billion, 135 mortgage deals of AED564.27 million, and 55 gift deals amounting to AED180.68 million …
Dubai registers real estate transactions worth $639 million
Dubai real estate market recorded 530 sales transactions worth AED2.35 billion ($639 million), in addition to 135 mortgage deals of AED564.27 million, and 55 gift deals amounting to AED180.68 million …
Mashreq Bank’s 2023 profits skyrocket 130.5%; operating income hit $2.94bln
Dubai – Mashreq Bank achieved net profits attributable to the shareholders worth AED 8.58 billion ($2.33 billion) in 2023, up 130.30% from AED 3.72 billion ($1.01 billion) in January-December 2022.
Fintech Galaxy launches Open Banking compliance services in the UAE
Fintech Galaxy, a regional Open Banking and financial innovation firm, has announced the launch of its FINX Comply services in the United Arab Emirates, marking its full commitment to the country’s …
Dubai TECOM Group’s Q4 net profit soars to $85mln on renewals, new customers
Dubai business park operator TECOM Group posted Q4 2023 net profit of 311 million dirhams ($85 million), more than triple its net profit for the corresponding period in 2022.
UAE Golden Visa: Dubai real estate expects boost as ‘minimum down payment’ rule dropped
The removal of the down payment was reported by local media last week, and will likely be a boon to property investment in the UAE …
UAE Ministry Of Finance Implements Robotic Process Automation, Boosting Efficiency By 85%
Migrating high-volume and long-cycle time processes with fluctuating demand from manual to automated workflows utilising artificial intelligence, mac …
Dubai records real estate transactions worth $816mln Tuesday
DUBAI: Dubai real estate market recorded 530 sales transactions worth AED2.35 billion, in addition to 135 mortgage deals of AED564.27 million, and 55 gift deals amounting to AED180.68 million on …
How the UAE Ministry of Finance is using robots to speed up business and slash mistakes
The Ministry of Finance has completed phase two of embedding robotic process automation (RPA) into many of its internal processes. The Ministry now uses bots, software applications that carry out …