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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.
Emirates NBD has expanded access to BlackRock's investment platform for its high net worth clients, a privilege previously reserved for institutional investors. This move comes as private markets are identified as the fastest-growing segment in asset management, with alternative assets projected to reach $30 trillion by the decade's end.
Emirates NBD has received approval from the Central Bank of Egypt to conduct due diligence for a potential 60% stake in Banque du Caire, as the Egyptian government awaits a fair valuation of the bank, speculated to be between USD 1 billion and USD 1.5 billion. The valuation is uncertain, with past estimates reaching USD 2 billion in 2008, and significant changes in the USD-EGP exchange rate since then. If the valuation is deemed unsuitable, the government may consider listing a stake in Banque du Caire on the Egyptian Stock Exchange instead.
Huawei has launched its Pura X smartphone, the first in its flagship series to run entirely on HarmonyOS Next, featuring an AI assistant capable of humanlike emotional interactions. The device, powered by Huawei's Pangu large language model and enhanced by DeepSeek's AI, marks a significant step in the company's efforts to reduce reliance on Android. As Huawei aims to expand its ecosystem, it has attracted major apps to its AppGallery, while its smartphone market share in China has seen a rise despite ongoing challenges in the global market.
Emirates NBD Egypt has secured EGP 3 billion to support the expansion of Egypt's public transport infrastructure, focusing on metro and monorail projects under the National Authority for Tunnels. This funding aims to enhance sustainable urban mobility, connecting Greater Cairo with the New Administrative Capital and 6th of October City. The investment underscores the bank's commitment to financing strategic sectors that promote economic growth and improve daily commutes for millions.
Emirates NBD has received approval from Egypt’s Central Bank to acquire a 45% stake in Banque Du Caire for USD 1 billion, marking a significant step in Egypt's privatization efforts. Banque Du Caire reported a 112% increase in net profit for 2023, reaching EGP 6.7 billion, with total assets rising 25% to EGP 402 billion. This acquisition aligns with Egypt's strategy to raise USD 2.5 billion through the sale of state-owned businesses during the 2024-2025 fiscal year.
Emirates NBD has successfully concluded the third cohort of its National Digital Incubator (NDTI) programme, designed to support Emirati fintech entrepreneurs. In collaboration with partners like the DIFC Innovation Hub and Visa, the initiative provided mentorship, networking opportunities, and insights from industry leaders, including Essa Kazim, Governor of the DIFC.Participants engaged in tailored sessions, explored sustainability at the DIFC Future Sustainability Forum, and presented their projects to Emirates NBD executives. The programme aims to empower fintech startups, contributing to the UAE's economic growth and reinforcing its status as a global financial hub.
Emirates NBD has launched a mandatory cash offer to acquire the remaining 0.11% stake in Emirates Islamic Bank for approximately Dh69.8 million, aiming for full ownership. Following the acquisition, EIB will be delisted from the Dubai Financial Market, while maintaining its commercial registration and operations. The deal, subject to regulatory approvals, is expected to close by March 27, 2025, and reflects Emirates NBD's strategy to enhance its Islamic banking services.
Emirates NBD has successfully concluded the third cohort of its National Digital Incubator (NDTI) program, aimed at reinforcing Dubai's status as a global Fintech hub. The program provided Emirati founders with access to industry leaders, mentorship, and opportunities for international networking, including insights from His Excellency Essa Kazim, Governor of DIFC. Participants showcased their innovations and received pivotal feedback from top decision-makers, aligning with the UAE's economic vision and commitment to nurturing homegrown Fintech talent.
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