Bank ABC secures upgrade from Fitch to investment grade rating BBB- reflecting continued strategic momentum
Fitch has announced the rating upgrade, citing the Bank's strengthened risk profile, diversified international operations and a robust capital and liquidity position. It has also recognised Bank ABC's enhanced asset quality, prudent risk management and strategic rebalancing towards lower-risk markets.
Fitch cited the Bank's 'regional corporate franchise and wide geographical diversification' as key strengths, alongside 'well-managed market risks, adequate capitalisation, stable asset quality, funding and liquidity.' The agency also noted the improvement in the Bank's operating environment and resilience of its performance across core markets.
Importantly, Fitch has reaffirmed that Bank ABC's rating is not constrained by the sovereign rating of its home market, underscoring the strength and independence of the Bank's international funding profile and offshore liquidity.
The rating upgrade also marks the realignment of Bank ABC's ratings as investment grade across both major global agencies, with S&P also maintaining its 'BBB-' rating with Stable outlook.
Commenting on the news, Sael Al Waary, Group Chief Executive Officer of Bank ABC, said: 'This upgrade is a major achievement for Bank ABC and a strong endorsement of the impact of our strategic execution and vision. It further reinforces Bank ABC's strengths, enhances access to a wider investor and funding base and reflects the competitive advantages of our international franchise. We remain committed to maintaining a strong, diversified balance sheet and creating long-term value for all our stakeholders.'
About Bank ABC
Bank ABC is a leading global banking player and provides innovative wholesale financial products and services, including Capital Markets, Transaction Banking, Specialized Finance, Islamic Finance, Real Estate Finance and Financial Markets to Corporates and Financial Institutions. It also offers retail banking services through its extensive network of retail branches in Jordan, Egypt, Tunisia, and Algeria and through its digital, mobile-only ila Bank in Bahrain and Jordan.
For further information, please contact Group Corporate Communications on: Media@bank-abc.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
25 minutes ago
- Khaleej Times
UAE: Gold prices may hit $3,500 due to central bank purchases
Gold prices could reach $3,500 per ounce in the next six to 12 months, driven by central bank purchases, according to the latest forecast by Standard Chartered bank. The precious metal was trading at $3,356/77 per ounce on Monday afternoon, down 1.29 per cent. In Dubai, 24K and 22K were trading at Dh406.75 and Dh376.75 per gram, respectively. 'We expect gold to reach $3,500 in six to 12 months. The main driver of our view remains central bank purchases — while these have slowed for now after the last surge in prices, we believe central bank reserve diversification into gold is not yet complete. In the meantime, though, likely lower US interest rates are likely to be another source of support, as well as safe haven demand during bouts of volatility,' said Manpreet Gill, chief investment officer of Africa, Middle East and Europe at Standard Chartered. 'Central bank demand is expected to result in another leg higher in prices after a period of consolidation. It also plays a key portfolio diversifier role when bonds do not,' said the global bank in its global market outlook. According to a World Gold Council survey, 76 per cent of global central banks surveyed believe that gold will comprise a higher share of global reserves five years from now, up from 69 per cent in last year's survey. Gold now accounts for an estimated 18 per cent of global reserves, up from 11 per cent in 2018. 'If there's a winner from the de-dollarisation push, it's gold. Central banks, especially in emerging markets, have ramped up gold purchases. The People's Bank of China, for instance, resumed gold buying in 2022 after a three-year pause,' the bank said. 'Part hedge, part symbol, gold's appeal is clear in a world of rising inflation, geopolitical friction and currency uncertainty,' it said. The global bank projected that the yellow metal has limited near-term upside if Middle East tensions stay contained, but remains a key strategic hedge. 'We raise our three-month price expectation to $3,400, but leave our 12-month expectation unchanged at USD 3,500,' it added.
Zawya
an hour ago
- Zawya
Alibaba Cloud collaborates with University of Birmingham Dubai to enhance digital skills across the MEA region
Dubai, United Arab Emirates — Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today announced a collaboration with the University of Birmingham Dubai through a newly signed Memorandum of Understanding (MoU). The partnership will introduce advanced curriculum in cloud computing and artificial intelligence (AI) for students and educators at the University of Birmingham Dubai campus. As part of this initiative, Alibaba Cloud also launched its first internship programme in the UAE region, with the University of Birmingham in Dubai being the pioneer university for the program. Through this collaboration, students and faculty from the University of Birmingham Dubai will gain deeper insights into cloud and AI technologies by participating in advanced technology workshops, extensive training sessions available both online and offline, and various certification courses provided by Alibaba Cloud. Additionally, Alibaba Cloud introduced its "Future Star" internship initiative in the United Arab Emirates, with the University of Birmingham Dubai as its inaugural academic partner. This programme offers a vibrant platform for talent development, delivering interns comprehensive training, hands-on experience, and exclusive mentorship spanning three to six months. Designed to provide a thorough understanding of multiple roles within Alibaba Cloud, "Future Star" ensures that interns are well-equipped to contribute effectively to the cloud computing industry in the digital age. '"We are thrilled to partner with the University of Birmingham Dubai to nurture the next-generation digital skills in the region. The University of Birmingham Dubai, renowned for its dedication to research and education in technology and digital fields, brings a wealth of expertise and visionary thinking to the collaboration. Through this partnership, we are committed to equipping their students and faculties to acquire crucial digital insights, allowing them to engage more deeply with cutting-edge technologies and methodologies. Together, we are poised to unlock numerous opportunities in our rapidly digitalizing world, ensuring that students, educators, and industry professionals alike can thrive in the evolving digital landscape.' said Eric Wan, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence. Professor Yusra Mouzughi, Provost of the University of Birmingham Dubai, said: 'We are proud to partner with Alibaba Cloud to provide our students with direct access to real-world learning experiences and cutting-edge technologies in cloud computing and AI. This collaboration reflects our commitment to equipping future graduates with the digital skills and global industry exposure needed to thrive in an increasingly data-driven world. The internship and academic enrichment opportunities offered through this partnership will play a pivotal role in shaping industry-ready talent from our campus here in Dubai to join leading institutions globally." The freshly inked partnership is yet another demonstration of Alibaba Cloud's long-term commitment to creating a sustainable pool of digital talent for the Middle East region. Alibaba Cloud has been a leading provider of cloud services to local private companies and public institutions in the UAE and the wider Middle East region since 2016. It has a robust local ecosystem in the MEA region with partners covering banking, financial services and insurance, media, public sectors, and customers locally across different sectors. About Alibaba Cloud Established in 2009, Alibaba Cloud ( is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, big data analytics, machine learning and artificial intelligence (AI) services. Alibaba has been named the leading IaaS provider in Asia Pacific by revenue in U.S. dollars since 2018, according to Gartner. It has also maintained its position as one of the world's leading public cloud IaaS service providers since 2018, according to IDC. About University of Birmingham Dubai The University of Birmingham is ranked amongst the world's top 100 institutions, its work brings people from across the world to Birmingham, including researchers and teachers and more than 8,000 international students from over 150 countries. The University of Birmingham was established by Queen Victoria in 1900 as Great Britain's first civic university, where students from all religions and backgrounds were accepted on an equal basis. The University is renowned for its research excellence and its researchers have received 10 Nobel Prizes. From pioneering organ transplants, discovering gravitational waves and furthering understanding of Shakespeare, to developing cures for cancer, advances in robotics and revealing the structure of DNA, the University has been at the forefront of some of the most ground-breaking discoveries of the last 100 years. The University of Birmingham Dubai opened a purpose-built campus in Dubai International Academic City in 2022, which demonstrates the University of Birmingham's long-term commitment to contributing to UAE society – through in-country partnership in education and areas of research strength that support the National Agenda.
Zawya
an hour ago
- Zawya
Ruya Community Islamic Bank partners with Peko to support SME growth in the UAE
Dubai, UAE – ruya Community Islamic Bank, the UAE's purpose-driven Islamic bank, has signed a Memorandum of Understanding (MoU) with Dubai-based fintech company Peko, announcing the launch of a new strategic initiative to support small and medium-sized enterprises (SMEs) across the country. Through this partnership, ruya will introduce a comprehensive digital platform aimed at simplifying business setup and daily operations for entrepreneurs. Powered by Peko's innovative infrastructure, the platform will offer more than 50 integrated business services—ranging from company formation and license renewals to bill payments, HR tools, eSIM provisioning, travel services, software subscriptions, WhatsApp for Business integration, and automated financial reporting. ruya's business customers will gain seamless access to these services, enabling them to launch and manage their operations efficiently and in full compliance with Islamic values. Christoph Koster - Chief Executive Officer of ruya Community Islamic Bank, commented: 'At ruya, we believe in empowering entrepreneurs by offering more than just financial products—we provide practical solutions that help businesses grow. This partnership with Peko is part of our broader vision to make it easier for SMEs to launch, operate, and succeed in the UAE, all within a Shari'a-compliant framework.' Kashif Khan, Founder and CEO of Peko, added: 'We've built Peko as an all-in-one platform to simplify and supercharge the way SMBs operate. By partnering with visionary institutions like ruya, we're enabling banks to offer not just banking—but an entire suite of essential business services. This collaboration is a glimpse into the future of SME banking—where financial services and day-to-day business tools come together seamlessly' This initiative builds on ruya's growing suite of SME-focused offerings, including business banking accounts, Shari'a-compliant financing, digital invoicing, and innovative tools tailored for modern entrepreneurs. With this partnership, ruya continues to demonstrate its commitment to fostering a supportive ecosystem for businesses—rooted in values, driven by technology. For more information on how to start investing in virtual assets through ruya, please visit About ruya (رويا): Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support. For media inquiries: pr@ Website: Twitter/X: myruyabank Instagram: myruyabank LinkedIn: ruya Facebook: myruyabank TikTok: @myruyabank YouTube: @myruyabank Snapchat: myruyabank
