Despite undergoing a profitability squeeze in 2016, Abu Dhabi’s banking sector nonetheless demonstrated its ability to expand its asset base during a period of difficult economic conditions.
Despite undergoing a profitability squeeze in 2016, Abu Dhabi’s banking sector nonetheless demonstrated its ability to expand its asset base during a period of difficult economic conditions.
After years of speculation as to the possibility of mergers in the UAE’s crowded banking sector, details emerged in 2016 of a deal of historic proportions. It was announced in July that Abu Dhabi’s flagship banking institution, National Bank of Abu Dhabi (NBAD), would join forces with First Gulf Bank (FGB).
In October 2016 Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE and ruler of Abu Dhabi, issued a new federal banking law by decree, thereby delivering one of the most keenly anticipated pieces of legislation in recent years. When fully implemented in 2017, the law will address a weak spot in the business environment which has...
While the first year of operations for Abu Dhabi Global Market (ADGM) has brought much attention for its licensed financial institutions, and the regulatory and judicial infrastructure within which they operate, 2017 is likely to see more emphasis on the zone’s strategy to develop as a broad-based financial centre.
Abu Dhabi has long been associated with buy-side investment activity, thanks largely to its success in transforming fiscal surpluses into global investments aimed at ensuring future economic security. However, after two full years of lower oil prices, Abu Dhabi’s attractiveness as a destination for inward investment has become more pertinent, with...
In a bid to strengthen the insurance sector and promote industry consolidation, the UAE Insurance Authority (IA) recently introduced new financial regulations for underwriters, aimed at improving solvency, technical provisions and accounting practices, and setting new investment and minimum capital requirements. These reforms will bring the...
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