Browsing: financial growth

The UAE’s Islamic finance sector benefits from a dynamic economy and advanced regulations supporting Sharia-compliant activities. Since the establishment of the first Islamic bank in 1975, the sector has significantly grown, now representing a vital part of the national economy. It includes Islamic banks, Islamic windows in conventional banks, and sukuk (Islamic bonds), all of which have expanded both domestically and internationally.

UAE’s net wealth reached $2.9T in 2023, according to BCG’s Global Wealth Report 2024. Financial wealth in the UAE grew by 10% between 2022 and 2023, outpacing the Middle East and Africa’s 8% growth. Globally, financial wealth increased by 7% after a 4% decline in 2022, with $92T in new wealth expected over the next five years.

Talabat, a top food delivery platform in MENA, is launching an IPO, offering investors a stake in its extensive network across nine countries, connecting 6 million users to over 65,000 partners with a 119,000-strong delivery fleet.

Dubai Taxi Company (DTC) has announced solid financial results for the nine months ending 30 September 2024, highlighting significant growth across key performance areas.

Family credit in the UAE banking sector surged to approximately $115 billion (AED 422 billion)…

Dubai Financial Market (DFM) has emerged as the top-performing stock market in the Gulf Cooperation…

Net international reserves in the UAE’s banking sector rose by 8.1%, or AED 92.3B, in H1 2024, reaching AED 1.238T by June’s end, compared to AED 1.145T in June 2023. The Central Bank’s June bulletin showed it held AED 769.7B of these reserves, a 14.3% rise from AED 673.42B at 2023’s end, while reserves of other banks reached AED 468.13B.

Sobha Realty, a prominent global luxury real estate developer, successfully expanded its sukuk holdings by…

Credit facilities extended by UAE national banks to the private sector reached AED49.5B during the first five months of 2024, raising the cumulative total to AED1.182T by the end of May, up from AED1.132T at the end of December 2023, marking a 4.5 percent growth, according to the Central Bank of the UAE (CBUAE).

UAE banks’ gross assets, including bankers’ acceptances, rose by over 10.8% year-on-year (YoY), reaching AED 418.1B, bringing the total to AED 4.287T, up from AED 3.869T in May 2023, according to the Central Bank of the UAE (CBUAE).