Finance World Magazine| Edition: February 2024

UAE Banking News
Saudi Arabia’s PIF
Investments Surge in
2023
In 2023, Saudi Arabia’s sovereign
wealth fund, the Public Investment
Fund (PIF), demonstrated
its significant influence by
contributing a noteworthy $31.5B,
roughly a quarter of the total $124B
spent globally by sovereign wealth
funds. PIF’s active participation extended
across US public and private
markets, along with diverse global
sectors. Detailed in documents related
to the LIV Golf-PGA merger, PIF’s top
holdings encompassed shares in Lucid,
Electronic Arts, Uber, Take-Two, and
Live Nation. Beyond mere financial
stakes, PIF showcased a strategic focus
on experiential sectors, spanning
gaming to in-person entertainment.
This underscores PIF’s dynamic and
diversified investment strategy, positioning
itself as a key player on the
global financial stage.
Emirates NBD Business Banking Unveils ‘Foreign
Exchange and Trade’ Promotion
Emirates NBD has launched a
major Foreign Exchange and
Trade customer promotion,
offering prizes exceeding
AED 3M. Running until March 31, 2024,
the initiative rewards 120 Business
Banking customers with monthly
prizes of up to AED 10,000 each for
engaging in trade or foreign exchange
transactions. Additionally, participants
have the chance to win a grand prize
of AED 1M, two prizes of AED 250,000
each, and five prizes of AED 100,000
each. Rohit Garg, Group Head of
Business Banking at Emirates NBD,
emphasises the bank’s commitment
to recognizing the crucial role of business
transactions in driving economic
prosperity and invites customers to
participate in this rewarding initiative.
UBF and HKAB Ink Deal to Boost Cooperation in UAE
The UAE Banks Federation
(UBF) and Hong Kong Association
of Banks (HKAB) recently
inked a Memorandum
of Understanding (MoU) to bolster
collaboration and knowledge exchange
within the banking and financial realm.
The agreement, sealed by Jamal Saleh,
UBF’s Director General, and Stephen
Chan, HKAB’s Acting Chairman, aims
to foster cooperation among the two
entities, their member banks, and the
broader financial sector. This strategic
alliance, overseen by the Central
Bank of the UAE and the Hong Kong
Monetary Authority (HKMA), emphasises
sharing expertise, organising
workshops, and ensuring adherence
to international regulations. Key focus
areas include governance, transparency,
and sustainability, showcasing a
commitment to harmonising practices
on a global scale.
UAE Central Bank Introduces Regulations for Short-Term Credit Services
The UAE Central Bank has
rolled out a revised Finance
Companies Regulation to supervise
firms providing shortterm
credit and buy-now-pay-later
services. The updated rules authorise
entities, acting as agents for licensed
banks or finance companies, to offer
short-term credit upon approval from
the banking regulator. Furthermore,
the Central Bank has the authority to
issue licences to entities as restricted
licence finance companies for these
activities. Unlicensed entities involved
in short-term credit must either seek
a restricted licence or partner with a
licensed finance company or bank.
This regulatory step responds to the
burgeoning sector fueled by the increasing
popularity of buy-now-pay-later
models, aiming to ensure oversight
and stability in financial services.
12 www.thefinanceworld.com February 2024