Dubai property prices down 7.4% in Q3 as UAE job growth slows – central bank Total employment grew just 0.6 per cent from a year ago in the third quarter UAE Reuters Tuesday 04 December 2018

Source: Dubai property prices down 7.4% in Q3 as UAE job growth slows – central bank – Gulf Business

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DBS, Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalising on a shift of investments towards Asia. The Singapore bank is joining Citibank and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians.

Source: Singapore bank DBS to ‘almost double’ Dubai private banking staff by 2023 – Gulf Business

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The Mortgage Introducer Awards took place at the Tower of London last night, where 26 awards were handed out to the industry’s finest. Mortgage Advice Bureau was a big winner, taking home three prizes including Mortgage Introducer of The Year, while Richard Adams from Stonebridge Group won The Lifetime Achievement Award.

Source: The Mortgage Introducer Awards celebrates the industry’s best | Mortgage Introducer

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China Asset Management Co.’s (ChinaAMC) Hong Kong unit has teamed up with Malaysia’s RHB Group Asset Management to introduce a shariah-compliant China fund as the Chinese firm seeks to tap the potential of the fast-growing Islamic investment market.

Source: ChinaAMC (HK) and RHB launch shariah-compliant China fund in Malaysia – Asia Asset Management – The Journal of Investments & Pensions

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New laws to boost UAE’s banking sector The Board of Directors of the UAE Banks Federation said the new laws would help boost the competitiveness of the economy while positively impacting the banking sector.

Source: New laws to boost UAE’s banking sector | ZAWYA MENA Edition

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ABU DHABI: Barclays has been appointed by Abu Dhabi Commercial Bank (ADCB) to advise on a potential merger plan involving Union National Bank (UNB) and Al Hilal Bank, banking sources told Reuters

Source: Abu Dhabi Commercial Bank picks Barclays to advise on merger

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UK royal opens HQ of new UAE digital trade bank Anglo-Gulf Trade Bank in Abu Dhabi is set to start ops next year to help address global trade finance gap estimated at $1.5trn

Source: UK royal opens HQ of new UAE digital trade bank –

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Saudi-based asset manager Sedco Capital has concluded real estate deals worth nearly $180 million in Europe. Sedco Capital UK Limited on Tuesday announced it has acquired three properties across France and the UK on behalf of its Saudi parent.

Source: Saudi’s Sedco closes $179m European real estate deals –

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The Abu Dhabi Global Market (ADGM) has granted Citi a licence to set up a branch of Citibank NA at ADGM, it was announced on Tuesday. The visit was announced during a visit by Citigroup CEO Mike Corbat to Abu Dhabi. The branch is pending final approval from ADGM’s Financial Services Regulatory Authority (FSRA).

Source: CitiBank granted licence to open Abu Dhabi branch –

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Digital Mortgages by Atom Bank has launched a selection of 2-year fixed rates – including a 60% product at 1.39% with no product fee. The lender is also offering a 75% LTV 2-year fix at 1.49% with no fee, as well as other options with a fee.

Source: Atom Bank launches 2-year fixes | Mortgage Introducer

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DUBAI, Oct 24 (Reuters) – Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts. Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.

Source: Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters

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