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Banking & Finance

Fitch affirms Ajman Bank’s ratings at ‘AA+’, outlook ‘stable’

The bank’s rating is driven by potential support from the UAE authorities if needed, as reflected in its government support rating of “bbb+”

UAE’s ADIB leads closure of AED 863 million Shari’ah-compliant syndicated loan

ADIB acted as the lead arranger, coordinator, bookrunner, Shari’ah advisor, and investment and security agent on the deal

EFG Hermes concludes advisory on Al Arafa for Investment demerger

The demerger is aimed at carving out the essence of style and industry prowess, housed within Concrete, from the array of strategic investments held by Gtex

EFG Holding posts EGP 14.7 billion in full-year revenues

The group’s net profit rose 47% YoY to EGP 3.2 billion in 2023, supported by the increase in profit at its brokerage division, asset management, Valu, and aiBANK

UAE central bank maintains the base rate at 5.40%

The Federal Reserve held interest rates at a 23-year high as officials affirmed their view for three rate cuts this year

UAE’s du secures licences to offer fintech services

The licences will enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era

UAE banking sector poised for continued growth in 2024

Total assets of banks operating in the UAE increased by 3.1% quarter-on-quarter in Q4 2023 to reach AED 4.075 trillion

UAE financial system more secure, efficient than ever before, says CBUAE

The total number of ATMs of banks operating in the UAE reached 4,654 in 2023

Emirates NBD-Egypt expands footprint with Qena Governorate branch

The opening of the new branch follows the opening of the Shebin Al-Kom branch in November 2023 and the Zagazig branch in Sharqia Governorate last month

Egypt’s EFG Finance secures license for its new NBFI venture

The new venture is poised to complement EFG Finance’s core offering by catering to the financing needs of SMEs in Egypt

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