Browsing: Banking

Emirates Development Bank (EDB) has pledged up to AED 1.3B ($350M) to support the Energy Transition Accelerator Financing (ETAF) platform, a global climate finance initiative initiated by the International Renewable Energy Agency (IRENA). The goal of this platform is to expedite the funding of renewable energy projects, particularly in developing nations.

WeWork, the office-sharing firm, submitted a Chapter 11 bankruptcy protection request in a federal court in New Jersey. The company stated that it had reached agreements with the majority of its secured note holders and outlined intentions to cut back on “non-operational” leases. The bankruptcy filing pertains exclusively to WeWork’s locations in the United States and Canada. In their initial submission, WeWork revealed debts totaling $18.65B in contrast to total assets amounting to $15.06B.

Abu Dhabi Islamic Bank (ADIB) has successfully raised $500M by issuing Sharia-compliant green bonds, marking the largest Islamic bank by assets in the emirate’s effort to diversify its funding sources, promote sustainability, and address climate change concerns.
ADIB priced the senior sukuk with a five-year tenure at a profit rate of 5.695% per annum, payable semi-annually. The sukuk will be listed and traded on the London Stock Exchange’s International Securities Market and Sustainable Bond Market, according to the statement from the Abu Dhabi-based lender.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his role as Ruler of Dubai and Vice President and Prime Minister of the UAE, has given his approval to the Dubai Government’s general budget for the fiscal years 2024-2026, with a total budget of AED 246.6B ($67.1B). Additionally, Sheikh Mohammed has sanctioned Law No. (20) of 2023 concerning the Dubai Government’s General Budget for the Fiscal Year 2024, with an estimated expenditure of AED 79.1B ($21.5B).

The Helicopter Company, a wholly-owned subsidiary of the Saudi Public Investment Fund, has recently concluded an SAR 800M Murabaha facility agreement with Gulf International Bank – Saudi Arabia (GIB-Saudi Arabia).

In Abu Dhabi, from November 6th to 7th, 2023, the 4th annual meeting of INTOSAI Working Group on the Impact of Science and Technology on Auditing (WGISTA) presents a unique opportunity to delve into the latest technology trends. Participants will review the evolving technological capabilities of SAI and engage in discussions about how swiftly emerging technologies are reshaping the landscape of governance and auditing. This event serves as a global platform to participate in critical conversations and enhance the efficacy of auditing practices, making a substantial impact in the world of governance and accountability.

UAE’s largest bank, FAB, achieved an impressive 58% year-on-year increase in net profit, reaching AED 12.4B in nine months. This growth, aided by a stake sale in Magnati, with total revenue of AED 20.5B, bodes well for other prominent UAE blue-chip banks.

Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, announced that the…

Emirates NBD has declared its investment in Komgo, a prominent software development and technology services…

Abu Dhabi Islamic Bank (ADIB) has rolled out enhanced international transfer functionalities on its mobile…