Company Insights Dubai Islamic Bank Banking & Finance Dubai Islamic Bank News Banking & Finance UAE bank profits grow on greater lending and higher interest The UAE’s top 10 banks expanded their combined net profits in the third quarter versus the previous three months thanks to growing demand for corporate and retail borrowing, improved lending margins and lower impairments. A report by consultants Alvarez & Marsal studied the country’s biggest homegrown lenders by assets including leading duo First Abu Dhabi […] November 23, 2023 Finance Dubai’s investment arm almost doubles profits Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year. Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged. ICD, which is the Dubai government’s main investment unit, […] November 23, 2023 Construction Deyaar plans new launches as profit rises three-fold Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), reported a nearly three-fold rise in net profit for the third quarter on new project launches amid a recovery in the emirate’s real estate market. Net profit for the three-month period reached AED119 million ($32.41 million), compared to AED36.35 million a year earlier, the developer said in […] November 15, 2023 Banking & Finance Dubai launches $136 million venture capital fund Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive […] November 1, 2023 Analysis Banking & Finance Stronger GCC relations a boon to Turkey’s Islamic banks Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […] November 1, 2023 Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023 Finance DIB acquires 20% stake in Turkey’s TOM Group Dubai Islamic Bank has ventured into Turkey’s digital banking and financial technology arena by acquiring a 20 percent stake in Istanbul-based TOM Group. The Shariah-compliant bank has the option to increase shareholding to 25 percent within 12 months, it said in a statement. TOM Group, established by Aydın Group, includes TOM Katılım Bankası A.Ş. (Turkey’s first licensed digital retail […] October 2, 2023 Banking & Finance DP World to hire banks for 10-year debut green sukuk DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […] September 5, 2023 Analysis Banking & Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023 Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023 Posts navigation Previous 1 2 3 4 … 6 Next
Banking & Finance UAE bank profits grow on greater lending and higher interest The UAE’s top 10 banks expanded their combined net profits in the third quarter versus the previous three months thanks to growing demand for corporate and retail borrowing, improved lending margins and lower impairments. A report by consultants Alvarez & Marsal studied the country’s biggest homegrown lenders by assets including leading duo First Abu Dhabi […] November 23, 2023
Finance Dubai’s investment arm almost doubles profits Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year. Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged. ICD, which is the Dubai government’s main investment unit, […] November 23, 2023
Construction Deyaar plans new launches as profit rises three-fold Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), reported a nearly three-fold rise in net profit for the third quarter on new project launches amid a recovery in the emirate’s real estate market. Net profit for the three-month period reached AED119 million ($32.41 million), compared to AED36.35 million a year earlier, the developer said in […] November 15, 2023
Banking & Finance Dubai launches $136 million venture capital fund Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive […] November 1, 2023
Analysis Banking & Finance Stronger GCC relations a boon to Turkey’s Islamic banks Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […] November 1, 2023
Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023
Finance DIB acquires 20% stake in Turkey’s TOM Group Dubai Islamic Bank has ventured into Turkey’s digital banking and financial technology arena by acquiring a 20 percent stake in Istanbul-based TOM Group. The Shariah-compliant bank has the option to increase shareholding to 25 percent within 12 months, it said in a statement. TOM Group, established by Aydın Group, includes TOM Katılım Bankası A.Ş. (Turkey’s first licensed digital retail […] October 2, 2023
Banking & Finance DP World to hire banks for 10-year debut green sukuk DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […] September 5, 2023
Analysis Banking & Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023
Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023
