The Finance World Magazine| Edition: September 2023
The Middle East is currently experiencing a transformative era characterized by sustainability and governance, known as the Middle East's Green Renaissance. At the heart of this movement is the Environmental, Social, and Governance (ESG) framework, which is reshaping corporate success by placing a strong emphasis on transparency, accountability, and responsible global citizenship. ESG investing is reshaping financial markets, aligning financial gains with societal and environmental impacts. The Middle East has pledged significant net-zero commitments, underscoring its commitment to environmental stewardship. As the Middle East prepares to host COP28 in Dubai, it remains committed to sustainability. This edition explores the Middle East's ESG journey, from milestones to future horizons. This edition provides insightful perspectives across diverse sectors within the UAE. it provides insights on certain areas of focus, such as The Key to Mitigating Risks in Stock Market Portfolios, Cross-Border M&A: Challenges and Opportunities in Global Transactions, Risk Management Best Practices for Ensuring Business Continuity, Fintech Innovations Shaping the Future, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
The Middle East is currently experiencing a transformative era characterized by sustainability and governance, known as the Middle East's Green Renaissance. At the heart of this movement is the Environmental, Social, and Governance (ESG) framework, which is reshaping corporate success by placing a strong emphasis on transparency, accountability, and responsible global citizenship.
ESG investing is reshaping financial markets, aligning financial gains with societal and environmental impacts. The Middle East has pledged significant net-zero commitments, underscoring its commitment to environmental stewardship.
As the Middle East prepares to host COP28 in Dubai, it remains committed to sustainability. This edition explores the Middle East's ESG journey, from milestones to future horizons.
This edition provides insightful perspectives across diverse sectors within the UAE. it provides insights on certain areas of focus, such as The Key to Mitigating Risks in Stock Market Portfolios, Cross-Border M&A: Challenges and Opportunities in Global Transactions, Risk Management Best Practices for Ensuring Business Continuity, Fintech Innovations Shaping the Future, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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CBI Reports Impressive 44% Net Profit Growth, Reaching $21M in H1 <strong>2023</strong><br />
Commercial Bank International<br />
(CBI) has announced its halfyear<br />
financial results for <strong>2023</strong>,<br />
showcasing robust performance<br />
and significant growth. <strong>The</strong> bank reported<br />
a remarkable 44 percent year-to-date<br />
increase in net profit, reaching AED<br />
79M in H1 <strong>2023</strong>, compared to AED<br />
55M in H1 2022. Net operating income<br />
remained steady, slightly rising from<br />
AED 268M to AED 270M during the same<br />
period. Moreover, loans and advances<br />
demonstrated positive growth, climbing<br />
from AED 12B in H1 2022 to AED 12.3B<br />
in H1 <strong>2023</strong>. CBI’s CEO, Ali Sultan Rakkad<br />
Al Amri, attributed this success to their<br />
customer-first approach and continuous<br />
pursuit of innovation.<br />
UAE Banks Processed<br />
AED 6.74T in Remittances<br />
in <strong>2023</strong>’s First<br />
Five Months<br />
During the first five months of<br />
<strong>2023</strong>, UAE banks efficiently<br />
handled remittances worth<br />
approximately AED 6.74T<br />
through the UAE Funds Transfer System<br />
(UAEFTS), according to the latest data<br />
from the Central Bank of the UAE. This<br />
represented a remarkable surge of 39.20<br />
per cent compared to the same period<br />
in 2022, with the total value increasing<br />
from AED 4.84T to AED 6.74T year-onyear.<br />
<strong>The</strong> transactions involved AED<br />
4.27T transferred between banks and<br />
AED 2.47T exchanged between bank<br />
customers. Additionally, during the<br />
same period, cash deposits with the<br />
Central Bank reached AED 69.52B,<br />
while cash withdrawals amounted to<br />
AED 76.98 B.<br />
DIFC Attracts Record Number of Companies in H1<br />
<strong>2023</strong> with 23% Surge<br />
In the first half of <strong>2023</strong>, the Dubai<br />
International Financial Centre<br />
(DIFC) experienced remarkable<br />
growth, with 661 new companies<br />
joining, marking a 23% increase from<br />
the previous year. This brought the<br />
total number of registered companies<br />
to 4,949, up from 4,031 in the same<br />
period last year. As a result of this<br />
expansion, a record 3,057 jobs were<br />
created, elevating the total workforce<br />
in DIFC by 20% year-on-year to 39,140.<br />
Sheikh Maktoum bin Mohammed, the<br />
president of DIFC, highlighted the<br />
centre’s role in fostering investment,<br />
innovation, and enterprise, contributing<br />
to Dubai’s ambitious economic<br />
development plans with a focus on<br />
advanced financial technologies.<br />
<strong>September</strong> <strong>2023</strong> www.thefinanceworld.com 13
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