The Finance World Magazine| Edition: April 2023

UAE Banking News
UAE Banks’ Investment
Portfolio Surges to
$144B in 2022
The UAE’s banking industry
experienced impressive
growth by the end of
December 2022, with a new
record high of AED 528B, reflecting
an 11.5% year-on-year increase or AED
54.5B in comparison to the same period
in 2021. The data also highlights a
monthly growth rate of 3.25% or AED
16.6B in UAE banks’ investments, rising
from AED 511.1B in November 2022 to
AED 527.7B in December 2022. The
report reveals that bonds made up 49%
or AED 258.5B of banks’ investments,
while the investments in securities
held to maturity accounted for 39.6%
or AED 208.9B, and other investments
amounted to AED 48.3B.
Edmond de Rothschild establishes MENA Hub in
Dubai’s DIFC
Edmond de Rothschild, a
Swiss private bank and
asset management company,
has opened a Middle East
and North Africa (MENA) hub in the
Dubai International Financial Centre
(DIFC). The hub aims to meet the
growing demand for sustainable and
innovative investments in the region,
and provide clients with a range of
wealth management and advisory
services. The DIFC’s strategic location,
regulatory framework, and connectivity
to global financial centres make it an
ideal destination for financial institutions
looking to expand in the MENA region.
Edmond de Rothschild’s MENA hub is a
significant addition to Dubai’s financial
landscape, which is rapidly growing as
a global financial hub.
UAE’s Naqd Bank receives Preliminary Approval
from Central Bank
The Central Bank of the UAE
has granted preliminary
approval to Royal Strategic
Partners (RSP) for launching
NAQD Community Bank (Naqd), a
digital banking solution for companies
operating in various sectors, with a
focus on eCommerce and omnichannel
entities. Naqd will provide financial
offerings to the banked and unbanked
population, micro-SMEs and start-ups
in the UAE, using machine learning –
artificial intelligence ecosystem (ML-AI)
technology and others. The bank aims
to promote the development of digital
banking in the country and support the
strong regulatory frameworks being
established. It will offer customers a
unique, secure and seamless banking
experience to aid the UAE’s digital
transformation goals.
e& money partners with Mastercard to launch digital-first prepaid card
e& money, the financial services
arm of e&, has partnered with
Mastercard to launch a digitalfirst
pre-paid card, enabling
users to make international fund
transfers, peer-to-peer payments and
more. The move aims to drive financial
inclusion and accessibility for all
segments of UAE society, with the
company already offering integrated
point-of-sale payments. Customers
can make online or in-store payments
instantly from anywhere in the world,
initially using virtual cards before
receiving physical cards for offline
payments. With digital payments,
such as e-wallets, increasingly popular
among UAE consumers, the pre-paid
card could see cash-based payments
lose further ground.
12 www.thefinanceworld.com April 2023