FINANCIAL SERVICES NEWS

Newsworthy articles with a focus on the Middle East & Africa

June 2018

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Abu Dhabi Global Market signs Astana financial services deal

Abu Dhabi Global Market said it has signed a co-operation agreement with Astana Financial Services Authority, a legal entity and statutory body of Kazakhstan through its registrars.
The UAE, through the Emirates Red Crescent, ERC, is implementing a food programme in Sudan which copes with the spirit of giving in the Holy Month of Ramadan. The initiative is in line with the historic relations with the fraternal people of Sudan.

Abu Dhabi Islamic Bank Funds $32.2 MN Deal Of A UK Property

Abu Dhabi Islamic Bank UK has arranged and structured a Sharia’a-compliant transaction to finance the acquisition of Lateral House, located in Leeds, UK, for a sum of $32.2 million on behalf of an Abu Dhabi-based private banking client.
UAE and Egypt mull cooperation in global competitiveness

Citigroup backs key Deutsche Bank Qatari shareholder

Citigroup jumped in as a financier for a key Deutsche Bank shareholder after Bank of America dropped out to pare potential risks linked to the German lender’s stock rout, people with knowledge of the matter say.
SNC-Lavalin signs exclusive agreement to deliver a major project in Oman

Abu Dhabi fund allocates $3bn aid package to Ethiopia

Abu Dhabi Fund for Development has allocated a AED11 billion ($3 billion) economic aid package to the Ethiopian government to support sustainable socio-economic development and to bolster the country's fiscal and monetary policy.
IMF to approve Dh2bn payment to Egypt

UAE regulator examines investor impact as audit of Abraaj exposes flaws

United Arab Emirates’ top securities regulator is working with the Dubai Financial Services Authority to ascertain whether local investors have been affected by the financial woes of private equity firm Abraaj.
African Development Bank Supports Morocco’s Agriculture

Saudi prices rise by 2.8% so far in 2018 as VAT makes impact

Prices in Saudi Arabia have risen by 2.8 percent year-on-year so far in 2018 due to the introduction of VAT and utility and fuel price reform.
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Regulation On Bad Debts Starts to Hurt Banks in Tanzania

Banks in Tanzania have started feeling the effects of the new regulation requiring them to write off all loans that have not been cleared in the past 12 months.

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Nigerian Stock Market index drops by 0.40%

Trading activities dropped on the Nigerian Stock Exchange recently after two consecutive days of growth, with the All-Share Index reducing 0.40 per cent.
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Structural constraints holding back sukuk growth, says Fitch

New sukuk issuance with a maturity of more than 18 months from the Gulf Cooperation Council region, Malaysia, Indonesia, Turkey and Pakistan was $14.9 billion in Q1, a 1 percent increase compared to a year earlier.
African economy ministers to gather in Busan next week

Artificial Intelligence To Add $182 Billion To U.A.E.’s Economy By 2035

According to a report by Accenture, AI will boost economic growth within the U.A.E. by 1.6 percentage points, adding $182 billion to the national economy by 2035. The report examined the impact of using AI on 15 industries in the U.A.E. and 13 in Saudi Arabia.
Bahrain unlocks investment opportunities worth $26 billion

ADX signs blockchain agreement with UK’s Equichain

Equichain, a UK-based fintech company that provides blockchain technology for capital markets, will advise the Abu Dhabi Securities Exchange on how to use new technologies to increase efficiencies, as part of its market steering group.
 
 
African Smart Cities: a solution to the booming urbanization process in the continent?

BLOG: How will Africa deal with the booming urbanization process?

By 2030, it is expected that 6 of the world’s 41 mega-cities will be African. How will the continent prepare itself for this rapid urban growth?
PODCAST: What are the economic development prospects for Mozambique?

PODCAST: What are the economic development prospects for Mozambique?

Tune into a discussion on the current state of Mozambique and the strategies currently in place to promote economical growth and development within the country.
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