Wednesday 29 November 2023

Beltone 9M operating zooms 271pc to record $30.96m

Beltone Financial Holding, has seen its nine-month (9M) operating revenue zoom 271% to record EGP957 million ($30.96 million) and net profit soar 161% to EGP86 million.   In 9M 2023, the company witnessed remarkable transformation and restructuring that led to a


Islamic banking to hit $4trn boosted by fintechs

Islamic banking is undergoing a historic transformation propelled by groundbreaking fintech advancements. In the last four years, assets in Islamic banking have surged from $1.8 trillion to $2.8 trillion, with a projected leap to an astounding $4 trillion by 2026, primarily driven by t


DIFC set to become region's hedge funds hub

Dubai International Financial Centre (DIFC), a leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has confirmed that an unprecedented number of hedge funds continue to be set up in the centre, boosting Dubai’s reputation as the region’s top loca


Investcorp Capital posts 44% rise in net profit

Investcorp Capital, an investor in private markets and provider of capital financing services in the alternative investments space, on Tuesday announced its financial results for Q1 FY24 (ending 30 September 2023), with the company delivering positive growth underpinned by stro


Bapco Energies completes amend and extend of $2.2bn facility

Bapco Energies, the integrated energy company leading the energy transition in Bahrain, announced on Tuesday the successful closing of its $2.2 billion dual-tranche sustainability-linked term facility.  The transaction incorporates an additional $300 million green shoe optio


GCC lending sees marginal impact of higher interest rates

The GCC banking sector witnessed the initial impact of higher lending rates during Q3-2023 as credit facilities reported by listed banks in three out of six countries in the region declined as compared to Q2-2023, says Kamco Invest.    Nevertheless, aggrega


UAE 'can raise $40bn for climate investment'

Some $40 billion of retail investor capital can be mobilised towards climate investments in the UAE by 2030, says Standard Chartered’s latest Sustainable Banking Report.   The research – based on investor interest from a survey of 1,800 respondents i


Slower, fragmented growth seen in 2024: report

Global GDP growth is seen at 2.5% in 2024 and growth in developed markets (DM) will average 0.7% versus 3.6% in Emerging Markets (EM) amid the prospects of a slow and fragmented world economy. These are the predictions of Amundi, a leading European asset manager.  


Radwan appointed CEO of Cigna Insurance Saudi Arabia

Cigna Healthcare, a globally acclaimed health services company, has appointed Hisham Radwan as the Chief Executive Officer of Cigna Insurance Saudi Arabia.    This marks a milestone for Cigna Healthcare as it opens its office in Riyadh after receiving autho


Saudi Arabia leads adoption of AI in financial services: Finastra

Despite economic constraints, financial institutions in Saudi Arabia and UAE are among the global leaders in investment in artificial intelligence (AI), Banking as a Service (BaaS) and embedded finance.    This is according to Finastra’s annual global

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