• World Islamic Banking Conference
Abu Dhabi up on bank merger

Abu Dhabi up on bank merger

Abu Dhabi shares rallied yesterday after Abu Dhabi Commercial Bank (ADCB) said it was exploring potential merger talks with two other lenders, while regional markets were muted amid continued US trade disputes with other countries.

ADCB said on Monday it was in early merger talks with Union National Bank (UNB) and Al Hilal Bank that could potentially form a lender with $113 billion in assets. “Investors are reacting to the positive news of the potential merger of ADCB and UNB and possibly Al Hilal Bank,” said Tariq Qaqish, managing director of the asset-management division at Mena Corp.

Financial Services in Dubai. “The banking sector globally is moving towards digital, therefore closing branches, focusing on cost to income ratios is vital for banks to compete and be able to generate higher returns on equity.

The UAE is no different.” Dubai-based Arqaam Capital said it saw 40pc upside for UNB from Monday’s closing price of 3.86 dirhams a share, according to a note to clients. The Abu Dhabi Securities Exchange General Index closed 0.9pc higher at 4,984 points. The Dubai Financial Market General Index was up 0.3pc, led by real estate and logistics companies. Damac Properties, the owner and operator of the only Trump-branded golf club in the Middle East, was up 0.5pc.




Oil prices advance

Oil prices advance

Oil prices advanced yesterday after crude kingpin Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit. Higher crude prices failed to lift the market overall in London


Bahrain unifies MMA: Shaikh Nasser

Bahrain unifies MMA: Shaikh Nasser

HH Shaikh Nasser bin Hamad Al Khalifa affirmed that the Kingdom of Bahrain has become a favoured destination for all athletes and parties wishing to organise a distinguished tournament combining all elements of success. This came as th

Verstappen shoves Ocon

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Cyrus, Butler lose house in wildfire

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Oil prices advance

Oil prices advance

Oil prices advanced yesterday after crude kingpin Saudi Arabia unveiled plans to cut output in the face of global oversupplies, and pressed other producers to follow suit. Higher crude prices failed to lift the market overall in London