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IFX Payments has secured a category 3C license from the Dubai Financial Services Authority, allowing it to expand its services in the UAE. This development follows 12 years of operating as a representative office in Dubai and includes a relocation to a larger office in the Dubai International Financial Centre. CEO Will Marwick emphasized that this expansion is crucial for the company's goal of becoming the leading service-led alternative banking partner in EMEA for corporates and financial institutions.
Amwaj International has acquired an 18% stake in Dubai-based Cledor for $100 million, marking its entry into the UAE real estate market. This partnership will leverage Cledor's expertise in luxury developments to manage Amwaj's upcoming projects, as Dubai's real estate sector continues to thrive with record transaction values. Cledor, founded by Omar Gull, aims to expand further into emerging markets while capitalizing on Dubai's booming property landscape.
Dubai's telecommunications company, du, has entered into a significant partnership with Microsoft, signing a deal worth 2 billion dirhams to develop a hyperscale data center. This collaboration aims to enhance digital infrastructure and services in the region, reflecting the growing demand for cloud solutions.
Emirates Islamic Bank reported a net profit of Dh1 billion for Q1 2025, a 24% increase from the previous year. Total income rose 8% to Dh1.45 billion, with customer financing growing by 7% to Dh75 billion and deposits increasing by 8% to Dh83 billion. The bank's total assets reached Dh123 billion, and the non-performing financing ratio improved to 4%.
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.
Imkan has launched Naseem AlJurf, a new phase of its AlJurf coastal community located between Abu Dhabi and Dubai, covering 90,580 square meters of shoreline. The development includes 111 villas, 60 townhouses, and eight apartment buildings, reflecting a blend of tradition and modernity.This launch follows the successful sellout of the project's first phase and coincides with a significant growth in Abu Dhabi's real estate sector, which saw transactions reach $23.7 billion in 2023, a 159.5% increase from the previous year. The momentum continues into 2024, with $26.2 billion in transaction values in the first quarter alone, highlighting strong international interest and investment.
Fuze, a financial infrastructure provider in Abu Dhabi, has obtained a Retail Payment Services and Card Schemes license from the UAE Central Bank through its subsidiary, Niobe Payment Services LLC SPC. This approval enables Fuze to offer faster, secure payment options and aligns with the UAE's Digital Economy Strategy, aiming to boost the digital economy's GDP contribution to 19.4% by 2032. The company plans to launch a new payment platform featuring AI-driven compliance tools, real-time payment solutions, and virtual IBANs to support local businesses.
Ajman Bank reported a 25% increase in Q1 net profit, reaching Dh134.67 million, up from Dh107.42 million a year earlier. Total assets grew to Dh24.49 billion, reflecting the bank's ongoing strategic transformation and investments in technology. The lender returned to profitability in 2024 after a significant loss in 2023.
The UAE's foreign trade reached Dh5.23 trillion ($1.42 trillion) in 2024, marking a 49% increase from 2021, driven by services and digital exports. Merchandise exports totaled Dh2.22 trillion ($603 billion), while services exports hit Dh646.6 billion ($176 billion), with digital services growing to $52 billion. The trade surplus stood at Dh492.3 billion ($134 billion), reflecting the UAE's strategic focus on economic diversification and trade liberalization.
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ifx payments secures dfsa license to enhance services in the uae
11:13 23.04.2025
Amwaj Group invests 100 million dollars in Cledor to enter UAE real estate
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Omar Gull
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du and Microsoft partner on 2 billion dirham data center project
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ajman bank reports 25 percent profit increase in first quarter of 2025
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UAE foreign trade reaches 1.42 trillion dollars driven by services and digital exports
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