Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Finance Qatar makes belated entry into crypto tokens market Qatar’s financial regulators have proposed a new digital assets framework which seeks to regulate investment tokens. In contrast to its Gulf neighbours like the UAE and Bahrain, which have opened their doors to global cryptocurrency exchanges, Qatar has maintained a ban on trading. But legal insiders say Qatar’s delayed entry into the virtual assets arena […] October 12, 2023
Business of Sport Turkey chosen as co-host for football’s Euro 2032 Turkey on Tuesday was awarded co-hosting rights for the Euro 2032 men’s soccer tournament in a decision that will provide a further boost to the country’s resurgent tourist industry and bring in much-needed additional foreign currency. Turkey had sought to host Euro 2028 or Euro 2032 in their entirety but in July launched a joint […] October 11, 2023
Banking & Finance Islamic finance set to grow 10% in 2023 The Islamic finance industry is set to grow by 10 percent this year, driven by Saudi Arabia and Kuwait, according to a new report by ratings agency S&P Global. This is despite a slowdown in growth in the Gulf region caused by Opec+ oil production cuts. “We generally expect sukuk issuance volume to diminish […] October 11, 2023
Video length: 07:09 Energy Riyadh adds safety valve to US and China nuclear quest Saudi Arabia is to allow inspections of future nuclear facilities, in an effort to persuade Washington to allow transfer of US reactor technology. The decision by Riyadh will appease Washington, but the Saudis are still courting China as a possible alternative option if US fears of nuclear proliferation prevent a deal. The Saudi government presented […] October 11, 2023
Finance Middle East whisky investors toast strong returns Investors in rare whisky could be forgiven for raising a glass to the success of their investment over the past 10 years. Just maybe not using the expensive stuff. The latest Knight Frank Luxury Investments report revealed the value of rare whisky has soared by 322 percent in that time. That is a higher return […] October 8, 2023
Trade Shark Tank’s O’Leary touts Abu Dhabi as crypto centre Venture capitalist Kevin O’Leary believes Abu Dhabi could soon eclipse the US as the global centre of crypto innovation. While regional insiders told AGBI they agreed the UAE is set to be a significant digital assets hub, they said overtaking the US remains a tall order. In a Fox Business interview this week, O’Leary said […] October 6, 2023
Banking & Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
Business of Sport Morocco must now tackle cost of World Cup win Winning the right to co-host the World Cup in 2030 will have Morocco walking an economic tightrope, experts say. Morocco will become only the second African nation to host the event, albeit alongside five other countries spread across three continents. In celebration of the 100th anniversary of the World Cup, the 2030 edition will be […] October 6, 2023
Sustainability Middle East air pollution among worst in the world Air pollution levels in the Middle East and North Africa region (Mena) are among the highest globally, and concentrations of harmful particulates are increasing in many of the region’s cities as economic activity returns to pre-pandemic levels. Measurements and definitions can vary, so Switzerland’s IQAir created a standardised air quality app to monitor and compare […] October 6, 2023
Banking & Finance Lebanon’s new bank rules offer ‘lollar’ accounts respite The Banque du Liban (BDL), Lebanon’s central bank, has issued a circular limiting fees and commissions that commercial banks can impose on so-called “lollar” accounts. Circular No. 679 prohibits the imposition of commissions that were established after October 31, 2019 on dollar deposits made before September 3, 2019. It also obliges banks to publish their […] October 5, 2023
Economy UAE double digit surplus to continue until 2025 The UAE’s current account surplus will narrow this year but remain in double figures until 2025, analysts predict. It will be boosted by stronger than expected growth in non-oil exports, re-exports and tourism in the first six months of the year. The surplus will slip from nearly 15 percent last year. But experts have raised […] October 4, 2023
Economy Turkey’s bounced cheques, loan and card defaults soar The value of bounced cheques in Turkey is soaring as small and medium-sized enterprises grapple with resurgent inflation. Personal loan and credit card defaults are also at 2023 highs following a borrowing splurge ahead of May’s elections. Veteran leader Recep Tayyip Erdoğan had pushed state-owned banks to expand lending in the run-up to the parliamentary […] October 3, 2023
Economy Egypt’s investment rules need to be clearer, analysts warn Egypt has long struggled to attract foreign investors, in large part because of concerns about its investment rules. The need to allay potential investors’ fears is becoming ever urgent, as the country’s foreign currency shortage intensifies. Net foreign assets hit a record deficit of EGP837.3 billion ($27.09 billion) in June. Last month, rating agency Capital […] October 3, 2023
Economy Sustained rate hikes fail to reverse Turkish lira slump Turkey’s near-quadrupling of interest rates in the past three months has slowed but not yet reversed a long-term slump in the country’s currency, the lira. It is widely expected to tumble to further record lows before the end of 2023. The currency’s ongoing weakness spells trouble for efforts to rebalance the economy, and the country’s […] October 2, 2023
Lifestyle Orientalist art defies fashions A girl in a yellow dress pouts as she adjusts her headscarf in the mirror. It might be the portrait of a young TikToker preparing for an evening out were it not for her opulent Ottoman surroundings. A Look in the Mirror by the Turkish painter Osman Hamdi Bey (1842-1910) sold for €1 million ($1.05 […] October 1, 2023
Markets Erdoğan’s stock grows as Turkey’s index doubles Turkey’s main stock index has nearly doubled since veteran leader Recep Tayyip Erdoğan’s surprise re-election in May, and experts forecast the rally can persist until early 2024 at least. Further gains seem probable as retail investors buy equities to hedge against resurgent inflation and the president’s new finance chiefs convince institutions the country is returning […] September 28, 2023
Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Trade Southeast Asia on the rise as UAE shifts trade focus Officials from the UAE are headed to Singapore as the country looks to improve ties and strengthen trade with Southeast Asia. Top officials from the Dubai Financial Market (DFM) stock exchange will arrive in Singapore on Wednesday to hold their first international investor roadshow there. The debut aims to underline DFM’s commitment to broaden its […] September 27, 2023
Banking & Finance Foreign investors turn to World Bank for Mena disputes Foreign investors are increasingly filing cases at the World Bank’s arbitration unit to resolve disputes with countries in the Middle East and North Africa (Mena) region. The World Bank launched the International Centre for Settlement of Investment Disputes (ICSID) in 1966 to enforce investor rights that are guaranteed within bilateral investment treaties between countries. In […] September 27, 2023
Sustainability Majority of Mena countries lack net zero target, IEA warns Just six out of 17 countries in the Middle East and North Africa (Mena) have set a target for reaching net zero carbon emissions, hampering global efforts to tackle climate change, according to the International Energy Agency (IEA). The IEA has published a detailed update to its net zero roadmap of 2021. In the report, […] September 26, 2023
Industry More companies set up Saudi HQs as deadline nears Saudi Arabia has had limited success so far in its plan to tempt major companies to open regional headquarters in the kingdom, but more are obliging as the deadline to do so draws nearer. Among the companies relocating their main offices – or at least creating a presence in the kingdom – are international names […] September 26, 2023
