Friday 5 March 2021
 
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Tawazun unit launches $190m venture debt programme for SMEs

Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, has announced the successful funding of eight supply chain contracts and three capex contracts towards 5 SMEs through its Venture Debt programme that was launched in November 2019.   

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UAE unveils new national agenda, projects for next 50 years

The UAE's 2021 ministerial retreat concluded today (February 24) with a new edition of the national agenda and strategic projects to boost the country’s competitiveness and speed up development in the next 50 years.   The two-day retreat, chaired by HH

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Consortium in merger talks with BFC Group

The consortium behind the acquisition of UAE Exchange is in advanced discussions with BFC Group Holdings over a potential merger that would create a regional financial services powerhouse in the Middle East with licences to operate in over 30 countries, a statement said.  &n

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Bank ABC Islamic records $28.6m net profit for 2020

Bank ABC Islamic posted a net profit for the year 2020 of $28.6 million compared to $37.3 million recorded for the previous year, 23.4% lower than previous year, mainly on account of higher loan provisioning.   Total operating income was $44.9 million compared t

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DIFC Academy and EdAid partner

As part of the centre’s vision to develop human capital and the skills needed for the future, the DIFC Academy has partnered with EdAid, the London based FinTech platform, to launch the Future Campus.    The platform will offer online education opport

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Oman SME registrations surge 14.4% in 12 months

The total number of Small and Medium Enterprises (SMEs) registered in Oman’s Authority for Small and Medium Enterprises Development till the end of January 2021 stood at 49,337, compared to 43,134 in January 2020, an increase by 14.4%. Among the governorates, the Governorat

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GFH acquires distribution facility in Chicago

GFH Financial Group (GFH) has acquired a mission-critical distribution facility in Chicago, Illinois, which has been leased since November 2015 to blue chip tenant, Michelin North America, an international tire brand. The transaction, valued at over c.$135 million, marks the cont

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ENBD Capital logs record debt capital transactions

Emirates NBD Capital (ENBD Capital), the investment banking arm of Emirates NBD, one of the leading banking groups in the region, has marked a record year of debt capital transactions. The investment bank’s Debt Capital Markets (DCM) team successfully completed c. 60 transa

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Oman’s budget deficit stands at 13.5% in Q3 2020

Oman’s general budget deficit increased by 58.5% at the end of the third quarter of 2020, to reach RO2.4 billion ($6.2 billion), compared to RO1.5 billion in the same period of 2019, constituting a ratio of 13.5% to GDP at the current prices. The total public revenue droppe

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The 10th annual Middle East Banking Innovation Summit returns next week

The Annual Middle East Banking Innovation Summit next week will showcase the latest advancements in fintech with a particular focus on the UAE.   Returning for its 10th edition on March 1 and 2, 2021 at the Le Méridien Dubai Hotel & Conference Centre,

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