Banking

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 ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) has signed a Statement of Commitment to the FX Global Code, to be the first central bank in the Arab world to adopt this code, joining a group of central banks and financial institutions worldwide in promoting integrity and best practices in the foreign exchange market. The CBUAE’s signing of the ...

ABU DHABI/WAM First Abu Dhabi Bank (FAB) has received final approval from the Ministry of Human Resources and Emiratisation (MOHRE) and the Securities and Commodities Authority (SCA) to launch its FAB End of Service Benefits Funds. Following this milestone, FAB End of Service Benefits Funds are now available to all private sector entities across the UAE. This empowers businesses to ...

SHARJAH/WAM Sharjah Islamic Bank (SIB) shareholders have approved a 15 percent cash dividend distribution of the company’s capital for the fiscal year 2024, amounting to AED458.7 million. The decision was announced during the Annual General Assembly Meeting (AGM), held on Sunday, presided over by Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank. The meeting ...

SHARJAH / WAM Bank of Sharjah announced that it has acted as Mandated Lead Arranger and Bookrunner for a US$155 million Club Loan Facility for Daewoo Engineering & Construction Co Ltd. The three-year facility, arranged in collaboration with other regional banks, will be used for general corporate purposes, supporting Daewoo’s working capital requirements for ongoing projects globally. Mohamed Khadiri, CEO ...

DUBAI / GULF TIME Federal Bank, one of India’s leading private sector banks, held a press conference in Dubai, marking Managing Director & CEO KVS Manian’s maiden international media interaction since assuming office in September. During the event, Mr. Manian highlighted the deep-rooted connect that the Bank has with the NRI population in the Middle East, and the services rendered ...