First Abu Dhabi Bank (FAB) Hires Ex-BofA Executive as Adviser to CEO - Bloomberg
First Abu Dhabi Bank PJSC appointed a former Bank of America Corp banker as an adviser to the chief executive officer, according to people familiar with the matter.
Annette Hoiness joined FAB, as the bank is known, last month, the people said, asking not to be named, because the information is not public. She will become head of the lender’s strategic client group, in addition to her role as a special adviser to Hana Al Rostamani,
Hoiness is the founder of Dubai-based fund Access Capital Partners, and has also worked at Societe Generale SA and the Danish civil service, according to Access Capital’s website. She also held a senior role at Falcon Private Bank and set up a wine import company, according to her LinkedIn profile.
Hoiness declined to comment, while FAB didn’t respond to an email seeking comment.
Friday 3 February 2023
#UAE's non-oil business activity eases to 12-mth low in January | Reuters
UAE's non-oil business activity eases to 12-mth low in January | Reuters
Growth in the United Arab Emirates' (UAE) non-oil private sector slipped to a 12-month low in January, with weaker global economic conditions weighing on sentiment towards future activity, a survey showed on Friday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) fell to 54.1 in January, easing slightly from 54.2 in December, and the lowest since January 2022.
The output sub-index remained unchanged from December at 58.8 but indicates continued strong expansion in non-oil private sector activity.
"The results showed that the non-oil sector remains in good health and in particular compares positively against a global economic slowdown towards the end of 2022," said David Owen, senior economist at S&P Global Market Intelligence.
Growth in the United Arab Emirates' (UAE) non-oil private sector slipped to a 12-month low in January, with weaker global economic conditions weighing on sentiment towards future activity, a survey showed on Friday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index (PMI) fell to 54.1 in January, easing slightly from 54.2 in December, and the lowest since January 2022.
The output sub-index remained unchanged from December at 58.8 but indicates continued strong expansion in non-oil private sector activity.
"The results showed that the non-oil sector remains in good health and in particular compares positively against a global economic slowdown towards the end of 2022," said David Owen, senior economist at S&P Global Market Intelligence.
Emirates Telecom Group lifts #AbuDhabi, #Dubai extends gains | Reuters
Emirates Telecom Group lifts Abu Dhabi, Dubai extends gains | Reuters
Stock exchanges in the United Arab Emirates closed higher on Friday, with Abu Dhabi's main index boosted by a rise in telecom operator Emirates Telecommunications Group - known as E& - (EAND.AD) after the firm raised its stake in UK-based Vodafone Group.
The Abu Dhabi index (.FTFADGI) jumped 0.8%, rising for a fifth session in a row, bolstered by a 3.4% increase in Emirates Telecommunications Group, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD) gained 2%.
E&, the UAE's biggest Telecom operator, increased its stake in Vodafone Group (VOD.L) to 13%.
Among other gainers, National Marine Dredging (NMDC.AD) surged 3.1% to hit around a 20-year-high, a day after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).
Abu Dhabi's main index posted weekly gain of 2%, while the Dubai index ended the week with 1.6% returns, according to Refinitiv data.
Dubai's benchmark index (.DFMGI) settled 0.5% higher, lifted by a strong performance in financial and industrial sector stocks.
MashreqBank (MASB.DU), which helped Dubai's index to stay in positive territory amid volatile trading, advanced 15%, its highest percentage gain since late September, after the lender with other banks was picked to arrange an issuance of U.S. dollar-denominated sustainable sukuk for Dubai Islamic Bank under its $7.5 billion issuance programme.
However, Islamic Arab Insurance (SALAMA.DU) declined 3.5% after the Sharia-compliant insurer announced the resignation of its CEO Fahim Al Sehhi.
Stock exchanges in the United Arab Emirates closed higher on Friday, with Abu Dhabi's main index boosted by a rise in telecom operator Emirates Telecommunications Group - known as E& - (EAND.AD) after the firm raised its stake in UK-based Vodafone Group.
The Abu Dhabi index (.FTFADGI) jumped 0.8%, rising for a fifth session in a row, bolstered by a 3.4% increase in Emirates Telecommunications Group, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD) gained 2%.
E&, the UAE's biggest Telecom operator, increased its stake in Vodafone Group (VOD.L) to 13%.
Among other gainers, National Marine Dredging (NMDC.AD) surged 3.1% to hit around a 20-year-high, a day after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).
Abu Dhabi's main index posted weekly gain of 2%, while the Dubai index ended the week with 1.6% returns, according to Refinitiv data.
Dubai's benchmark index (.DFMGI) settled 0.5% higher, lifted by a strong performance in financial and industrial sector stocks.
MashreqBank (MASB.DU), which helped Dubai's index to stay in positive territory amid volatile trading, advanced 15%, its highest percentage gain since late September, after the lender with other banks was picked to arrange an issuance of U.S. dollar-denominated sustainable sukuk for Dubai Islamic Bank under its $7.5 billion issuance programme.
However, Islamic Arab Insurance (SALAMA.DU) declined 3.5% after the Sharia-compliant insurer announced the resignation of its CEO Fahim Al Sehhi.