Banking

DUBAI/WAM As part of its ‘UAE Develops with Kindness’ campaign, Emirates Development Bank (EDB) has launched the nation’s first-ever AI lab dedicated to People of Determination at the Emirates Down Syndrome Association in Dubai, marking a significant step in advancing healthcare and technology in the country. This pioneering initiative reflects EDB’s commitment to supporting mission-critical sectors that drive national development ...

ABU DHABI/ WAM Abu Dhabi Commercial Bank (ADCB) has achieved an upgrade in its long-term issuer credit rating to ‘A+’ from ‘A’ with a ‘stable’ outlook by S&P Global Ratings driven by the bank’s strong financial position and high asset quality. The upgrade places ADCB among the top three highest rated banks by S&P in the MENA region. Underlining its ...

DUBAI/WAM Emirates Islamic has successfully issued a US$750 million Senior Unsecured Sukuk on 18th March 2025. The Sukuk attracted a very strong order book in excess of $1.6 billion, resulting in a 2.1 times oversubscription rate. The strong investor demand allowed the Bank to tighten the spread by 30 basis points from initial price thoughts to 95 basis points over ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 4.40%. This decision was taken following the US Federal Reserve’s announcement on Wednesday to keep the Interest Rate on Reserve Balances (IORB) unchanged. The CBUAE has also decided to maintain the interest rate applicable to borrowing ...

SHARJAH/WAM Bank of Sharjah has announced its financial results for the year ended December 31 2024, reporting a record profit before tax of AED416 million. With net profit after tax soaring to AED385 million, the bank’s exceptional performance was driven by strong revenue growth, effective cost control measures, and prudent risk management. Commenting on the results, Sheikh Mohammed bin Saud ...

ABU DHABI/WAM The Central Bank announced the increase in money supply aggregate M1 by 2.3%, from AED 924.8 billion at the end of November 2024 to AED 946.4 billion at the end of December 2024. The increase was brought about by AED 1.1 billion growth in currency in circulation outside banks and AED 20.6 billion increase in monetary deposits. The ...

ABU DHABI/WAM Abu Dhabi Islamic Bank (ADIB) shareholders, during the Annual General Assembly (AGM), discussed and approved all agenda items, including the election of board of directors for a new term and the distribution of a cash dividend of 83 fils per share or 83 percent of capital, representing a total payout of AED3.030 billion equivalent to 50 percent of ...

DUBAI / WAM The National Bank of Fujairah (NBF) has successfully closed a single currency term and letter of credit syndicated transaction totalling $100 million to support Pure Cement LLC in the construction of a clinker production unit with a capacity of 6,500 tonnes per day (TPD), and an 8.5 MW Waste Heat Recovery-based captive power plant. With a total ...

DUBAI / WAM Al Etihad Payments, a wholly owned subsidiary of the Central Bank of the UAE (CBUAE), which operates the UAE’s of the national card switch (UAESWITCH) and the UAE’s domestic card scheme “Jaywan”, and Visa, on Monday announced their agreement to jointly introduce “Jaywan- Visa” debit and prepaid cards in the UAE. This co-badging partnership between Al Etihad ...

SHARJAH/WAM United Arab Bank PJSC on Thursday held its annual general assembly meeting at its headquarters in the emirate of Sharjah. The meeting was chaired by Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, and attended by members of the Board of Directors, shareholders, senior management, external auditors, and representatives of regulatory authorities. The ...