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Emirates NBD

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Emirates NBD News

Dubai's equity benchmark is up 24 percent in 2024, making it among the top performers globally this year

Dubai index falls from 10-year peak but remains bullish

Dubai’s index fell on Wednesday, easing from this week’s 10-year peak, as investors booked some profits from recent gains.  Its longer-term outlook remains bullish according to analysts. The emirate’s equity benchmark is up 24 percent in 2024, making it among the top performers globally this year. “From an economic growth perspective, Dubai merits that level […]

Dubai expat woman with city in baackground

Dubai losing its lustre for squeezed expat middle classes

Dubai, renowned for its lavish luxury and five-star everything, could be getting too expensive for expatriate middle-market workers, as costs continue to increase and pay rises become rarer. The emirate’s tax-free status and higher wages have long held a strong appeal for expatriates from all corners of the world. But as the cost of living […]

UAE bank ADCB signed up 210,000 new customers in Q3, with 84% joining via digital channels

UAE bank lending rises but profits hit by impairment charges

The aggregate net income of UAE banks dropped 5.5 percent in the third quarter of this year, as a jump in impairment charges dented profitability. Among the top 10 lenders in the UAE, aggregate income fell to AED20.3 billion ($5.5 billion) in Q3 2024, according to a report by professional services firm Alvarez & Marsal. […]

A Beko manufacturing plant. The company said Italian operations were financially unsustainable, with factory utilisation rates falling below 40 percent

Turkey’s Beko to cut jobs in Italy over underperformance

Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […]

Riyadh Air credit

Startup airline Riyadh Air secures $1.3bn credit facility

Riyadh Air, the Saudi airline that is due to start operations next year, signed a SAR5 billion ($1.3 billion) credit facility with a syndicate of banks on Wednesday, as it announced an order for 60 more aircraft. The kingdom’s second flag carrier, owned by the PIF sovereign wealth fund, has closed an inaugural Islamic revolving […]

Central Riyadh. Of total Mena investment banking fees, 45 percent were generated in Saudi Arabia

Investment banks enjoy fee windfall from debt issuance

Investment banking fees on bond and sukuk issuance in the Middle East and North Africa (Mena) have surged this year as governments, corporations and commercial banks raise increasing amounts of debt to meet their funding needs. Mena debt capital market underwriting fees in the first nine months of 2024 rose 74 percent year on year […]

Analysts are expecting 'pockets of margin pressure, particularly in Saudi Arabia', but higher Q3 revenues for most Gulf banks

Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results

The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […]

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE

Crypto giant OKX bullish on UAE launch

Cryptocurrency exchange company OKX has launched operations for retail and institutional investors in the UAE.  UAE residents will be able to deposit and withdraw AED from all Emirates bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs. The Seychelles-based crypto trading platform has more than 50 million customers in 200 international markets according […]

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year

Bond issuances to soar this year, says top Dubai banker

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year as corporate and sovereign borrowers shrug off historically high interest rates and geopolitical uncertainties. The Emirates NBD subsidiary launched operations in 2007. Today, it has eight full-time employees in its Dubai office […]

ADNH Catering IPO

Largest caterer in UAE gears up for IPO

ADNH Catering, which claims to be the UAE’s largest provider of food services, has announced details of a float on the Abu Dhabi Securities Exchange (ADX) that could raise up to $235 million. Abu Dhabi National Hotels Company, the owner of ADNH Catering, will make available 900 million of its shares in the catering company, […]