Friday 9 December 2022

Manafa wins Sama approval to launch Saudi operations

The Saudi Central Bank (Sama) has announced that it has awarded the licence to Manafa, a finance company specialised in debt-based crowdfunding, to launch its operations in the kingdom.     Manafa is a closed joint-stock company with a capital of SR40


Americana Restaurants set for key Abu Dhabi listing

The Abu Dhabi Securities Exchange (ADX) has announced the listing of shares of Americana Restaurants International Company by shares incorporated in the Abu Dhabi Global Market (ADGM) next Monday.   According to a circular issued by ADX, these shares will be lis


Dubai unveils $56bn budget for 2023-25; big spend on housing

In his capacity as Dubai ruler, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the emirate's general budget for the fiscal cycle of 2023-2025, with total expenditures of AED205 billion ($56 billion).   Th


FDI volume to Bahrain rises 5.6pc to $33.4bn in 2021: iGA

Foreign direct investment (FDI) to Bahrain in 2021 increased 5.6% to BD12.59 billion ($33.4 billion) compared to BD11.92 billion in 2020, the Information & e-Government Authority (iGA) survey showed.   The statistics showed that the kingdom’s FDI flows


Emirates Development Bank picks CBRE for UAE assets' sale

Global real estate advisor CBRE has been signed up by UAE’s Emirates Development Bank (EDB) to advise on the sale of its former office headquarters in Abu Dhabi and Dubai, as well as their residential portfolio in the UAE capital.   The first office compon


Citi completes sale of Bahrain consumer business to AUB

Citi announced today that it has successfully completed the sale of its Bahrain consumer business to Ahli United Bank (AUB).    The transaction includes Citi’s retail banking, credit card and unsecured lending businesses, as well as the transfer of ap


Investcorp buys major stake in top US business advisory firm

Bahrain-based Investcorp, a leading global alternative investment firm, has announced its acquisition of a majority stake in CrossCountry Consulting, a leading independent provider of specialised financial and accounting advisory services in the US.   Investcorp


DIFC fintech firms secure $559m funding in 9 months

Dubai International Financial Centre (DIFC) has announced that fintech firms based in the DIFC secured more than AED2 billion ($559 million) of funding during the first nine months of 2022. The number of fintech and innovation firms joining DIFC during the period exceeded the tot


Madhavan named Al Ansari Exchange brand ambassador

UAE remittance company Al Ansari Exchange has roped in renowned Indian actor R. Madhavan as its official brand ambassador in a move aimed at further enhancing the brand's value and identity among customers.   Madhavan is a successful actor, producer and writ


UAE ‘global leader’ in financial services innovation

Open Banking is seen as unequivocally important in the UAE, with 4 in 5 financial institutions (80%) considering it a ‘must have’, up from 68% last year, Finastra research reveals.    Its extension, open finance, is seen as a ‘must have&rs

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