On March 15, the Central Bank of the UAE and Reserve Bank of India signed a memorandum of understanding (MoU) in Abu Dhabi. As per the state news agency WAM, the central banks will focus on collaborating in the field of fintech, particularly Central Bank Digital Currencies (CBDCs), and explore the possibility of interoperability between CBUAE and RBI’s CBDCs.

They will also jointly conduct proof-of-concept (PoC) and pilot(s) of a bilateral CBDC bridge to facilitate cross- border CBDC transactions of remittances and trade. The MoU also includes technical collaboration and knowledge sharing on fintech and financial products and services. This agreement is expected to enable joint experimentation and digital innovation initiatives between the central banks, reduce costs, increase efficiency of cross-border transactions, and further economic ties between India and the UAE.

Zain Group’s net profit for 2022 increased by 6% YoY to $640m (KWD196m), driven by cost optimisation, 5G network upgrades, digital innovation, tower sales, and data monetisation initiatives. The telecom giant’s consolidated revenue increased by 14% to KWD1.7bn in 2022, while its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 7% to KWD673m.

The board of directors proposed a cash dividend of 25 fils per share for H2 2022, which brings the total dividend to 35 fils per share for the year, with a payout ratio of 78%. Zain’s customer base grew by 7% to 52.4 million in 2022, and the company spent $936m in capital expenditure, mainly on 4G and 5G rollouts, expansion of fiber-to-home infrastructure, and spectrum license fees. Zain is seeking to execute its 4Sight strategy this year, focusing on core telecom business while diversifying into new lucrative business verticals in the Internet of Things, digital infrastructure, fintech, and digital services arenas. Zain’s fintech arm registered a 64% increase in customers to one million in 2022, while its revenues shot up by 241% YoY and processed transactions valued at $3.6bn.

Al Ansari Financial Services, a Dubai-based integrated financial services group, has commenced its initial
public offering (IPO) subscription period and announced the offer price range per share. The global offering will
be between Dhs1-1.03 per share, resulting in a market capitalisation of Dhs7.50bn ($2.04bn) to Dhs7.73bn
($2.10bn) upon listing. The IPO will offer 750 million shares, equivalent to 10% of the group’s issued share
capital, with all shares being existing shares sold by Al Ansari Holding. The group will not receive any proceeds
from the global offering. The selling shareholder will continue to hold a 90% stake after the offering, subject to
the applicable laws of the UAE and the approval of the Securities and Commodities Authority (SCA).
The IPO subscription period will run until March 23 for the UAE retail offering and March 24 for the qualified
investor offering. The final offer price will be determined through a book-building process, with the completion
of the offering and admission expected on April 6, subject to market conditions and relevant regulatory
approvals. ADCB, EFG-Hermes, and ENBD Capital have been appointed as joint global coordinators, while
Emirates NBD has been appointed as the lead receiving bank. National Bonds has committed Dhs200m to the
IPO as part of a cornerstone investment agreement. The global offering is also compliant with Shariah
principles, according to the Internal Sharia Supervision Committees of Emirates NBD and ADCB.