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Zodia Custody, a London-based digital assets platform backed by major financial institutions, is exploring the acquisition of UAE's Tungsten Custody Solutions to enhance its presence in the Middle East. This move would leverage Tungsten's regulatory approvals and facilitate Zodia's operational scale within the Abu Dhabi Global Market (ADGM). The acquisition is subject to due diligence and regulatory approvals, following recent leadership changes at Zodia Custody aimed at driving regional growth.
Emirates NBD reported a net profit of Dh6.2 billion ($1.69 billion) for Q1 2025, surpassing analyst expectations of Dh5.1 billion, although down from Dh6.7 billion year-on-year. Net interest income rose 14% to Dh8.5 billion, while total gross loans increased by 11%, reflecting robust economic growth and heightened credit demand in the UAE.
Emirates NBD has achieved a significant milestone by surpassing a Dh1 trillion balance sheet in the first quarter of 2025. This accomplishment reflects the bank's robust growth and solid financial performance in the region. The achievement positions Emirates NBD as a key player in the financial sector.
Visa has launched its Visa+ service in Bahrain, allowing users to send money to Visa cardholders across the GCC using just the recipient's mobile number. Initially available to customers of Bahrain Islamic Bank and Khaleeji Bank, the service simplifies cross-border transfers and aims to expand its network to include more banks in the GCC, Pakistan, and the EU. This innovation is expected to enhance convenience for users and positively impact families and economies globally.
BridgeWise, a US-based AI investment intelligence platform, has expanded into the Middle East by obtaining a license from the Dubai International Financial Centre (DIFC) and securing investment from Emirates NBD. Ayush Khatri has been appointed as the Regional Head for MENAT, focusing on enhancing regional operations and partnerships. The DIFC license enables BridgeWise to provide investment insights to banks, wealth managers, and institutional investors across the region.
Emirates NBD has introduced a new feature allowing customers to send money using an 'alias' following a partnership with Visa. This innovation aims to enhance the convenience and security of money transfers for users. Additionally, the bank utilizes cookies to improve user experience and may share data with partners for analytics purposes.
The UAE's crypto market is thriving, yet it faces significant cybersecurity threats, particularly from North Korean hackers, who have escalated their attacks, stealing over $1.3 billion in 2024 alone. To safeguard assets and maintain consumer trust, exchanges must adopt robust security measures, including advanced Web2 protections and multi-party computation wallets. As the sector grows, continuous vigilance and investment in security tools are essential to prevent high-profile breaches and ensure the integrity of digital transactions.
Pedro Sousa Cardoso has stepped down as Chief Digital Officer of Emirates NBD after three and a half years, during which he spearheaded the bank's digital transformation and implemented an agile operating model. His leadership enhanced digital initiatives across the organization, including Emirates Islamic and Liv Digital Bank, and he expressed pride in the accomplishments achieved. Sousa Cardoso looks forward to remaining active in the digital and financial sectors as Emirates NBD continues its digital development journey.
Emirates NBD has partnered with BlackRock to create an investment platform that will provide wealth clients in the UAE access to private market investments, traditionally reserved for institutional investors. This initiative aims to broaden access to alternative investments, with an initial focus on income and growth strategies. BlackRock will leverage its expertise and resources to support Emirates NBD Asset Management's expansion in this rapidly growing sector.
Emirates NBD has partnered with BlackRock to create an investment platform aimed at providing wealth management clients access to private markets, traditionally limited to institutional investors. The initiative will focus on private credit and multi-alternative investments, leveraging BlackRock’s extensive Alternative Investments platform, which manages over $450 billion in assets. This move responds to increasing demand for portfolio diversification and higher returns amid global market challenges.
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