Thursday 21 October 2021

UAE non-oil foreign trade surges 27% to $245bn in H1

The total value of UAE’s non-oil foreign trade amounted to nearly AED900 billion ($245 billion) in the first half (H1) of 2021, marking a 27% rise compared to H1 2020 and indicating a rapid recovery in the country’s return to growth trajectory. This also indicates a 6% grow


UAE closes multi-tranche sovereign bond package

The UAE Government, represented by the Ministry of Finance (MoF), has successfully closed its offering of a US dollar-denominated multi-tranche sovereign bond package, which comprised medium and long-term tranches: a 10-year tranche, a 20-year tranche, in addition to a 40-year dual-listed For


Fintech platform Ryalize appoints Algosaibi as Chairman

Ryalize, a fintech platform based in Singapore with offices in Bahrain, has announced the appointment of Bahraini businessman and serial entrepreneur Suhail Algosaibi, as its chairman.    The platform offers financial institutions a suite of services to bet


Rasan to showcase fintech innovations at Gitex

Rasan, a Saudi-owned Fintech and Insurtech company, has announced its participation at Gitex Global 2021 to help drive innovation and create value in the insurance and finance industry through its innovative solutions. Under the theme, “Shining a light on the intersection b


Mobily, Ericsson to launch financial services solutions

Etihad Etisalat (Mobily), a leading telecom group in Saudi Arabia has selected global networking leader Ericsson to launch a financial services arm and provide solutions for Saudi customers. Mobily’s new initiative supports the Financial Sector Development Program, which is


UAE bank deposits up 0.7% to $525bn by August-end

The Central Bank of the UAE (CBUAE) said that total bank deposits increased by 0.7%, rising from AED1,915.1 billion ($521.2 billion) at the end of July 2021 to AED1,928.7 billion ($525 billion) at the end of August 2021. The apex bank attributed the rise in total bank deposits to


Shuaa-managed fund nets solid returns in first nine months

Shuaa Capital, a leading asset management and investment banking platform in the region, said an open-ended fund managed by the group has registered strong growth in the last nine months generating a 35 per cent net return.   Goldilocks Investment Company, the A


Mashreq NEO to use facial recognition for bank account openings

Mashreq NEO, the full-service digital bank from Mashreq Bank, has announced that it will enable residents to conveniently open a bank account using facial recognition technology.    The initiative, launched in collaboration with the UAE’s Ministry of


M2P Fintech raises $35m from Tiger Global

M2P Fintech, Asia's largest API (application programming interface) infrastructure company, has secured $35 million in a Series C financing. Tiger Global Management led the round with existing investors BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the


Sedco Capital launches two equity funds with top EU asset manager

Sedco Capital, a global shariah-compliant and ethically-led asset management and investment advisory firm, today announced the launch of two new global passive equity funds - SC Global Listed Infrastructure Equity Fund and SC Global Low Volatility Equity Fund - in partnership with a highly-ra

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