Banking & Finance Saudi Arabia tops list of largest borrowers with $10bn bond issues Developing countries have sold a huge $39 billion of international bonds since the start of the year, with investors happy to pile into riskier debt as they bet global interest rates are nearing a peak. The first half of January saw 11 countries launch more than 20 dollar- and euro-denominated bond issues. The scale of […] January 15, 2023
Economy Jordan truckers’ strike exposes woes of impoverished south Striking Jordanian trucker Suleiman Abu Al-Zait spent several long nights on a national highway along his native city of Maan, manning a picket line that created havoc to overland trade. “Diesel is my lifeline,” said 54-year-old Abu Al-Zait, who has seen his livelihood thrown into jeopardy by high fuel price rises since Russia invaded Ukraine. […] January 13, 2023
Construction EBRD investments reach record $14bn in 2022 The European Bank for Reconstruction and Development (EBRD) invested a record €13.1 billion ($14.1 billion) across its region in 2022, the bank said in a statement. This compares with €10.4 billion in investments in 2021 and tops the previous record of €11 billion in 2020, when the lender extended emergency support across the region to […] January 13, 2023
Retail Britons splurge at Christmas but retailers brace for tougher 2023 British shoppers spent freely at Christmas, piling their trolleys with party food, drink and clothing as they enjoyed the first holiday season free of Covid worries for three years, but retailers warned most will tighten their belts in 2023. Tesco, Britain’s biggest retailer, and rival Marks & Spencer posted better than expected Christmas sales as […] January 13, 2023
Banking & Finance Israel central bank backs steps to ease inflation and cost of living Bank of Israel governor Amir Yaron has said a series of government steps aimed at easing inflation and the cost of living were reasonable, but that short term interest rates still could rise further. Prime Minister Benjamin Netanyahu on Wednesday said Israel would cancel or cut back recent hikes in property taxes, water and energy […] January 13, 2023
Banking & Finance Dollars flow into Egypt’s forex market after pound depreciation Hundreds of millions of dollars have flowed through Egypt’s interbank market since the central bank allowed the Egyptian pound to depreciate by 13 percent to a historic low, bankers said. The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the opening of trade. It since rebounded to […] January 13, 2023
Banking & Finance UAE to loan $1bn and roll over another $2bn to Pakistan The UAE has agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan, Pakistan’s information minister said, as the country’s central bank foreign reserves fell to just three weeks’ worth of imports. The UAE’s financial support offered some respite to the South Asian nation of 220 million, which is still […] January 13, 2023
Economy Egypt’s pound hits new lows after shift to more flexible forex regime Egypt’s pound weakened by more than 13 percent to a new low below 32 to the US dollar on Wednesday as the central bank moved to a more flexible exchange rate under the terms of an International Monetary Fund (IMF) financial support package. The pound’s decline prompted speculation as to how far the currency might […] January 12, 2023
Energy Saudi Arabia plans to use domestic uranium for nuclear fuel Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the kingdom intended to use its domestic uranium for the entire nuclear fuel cycle. He added that recent exploration had shown a diverse portfolio of uranium in the country. Saudi Arabia has a nascent nuclear program that it wants to expand. “The kingdom intends to utilise […] January 12, 2023
Banking & Finance StanChart eyes sale of $3.7bn aircraft leasing unit Standard Chartered is considering a sale, among several options, of its aviation unit, which according to an industry publication owns a fleet worth around $3.7 billion. The UK-headquartered bank said on Wednesday the aircraft leasing business represented around two percent of its group income. The unit, based in Ireland, owns and manages more than 120 […] January 12, 2023
Banking & Finance Qatar National Bank profit rises 9% to $3.9bn in 2022 Qatar National Bank (QNB), the Gulf’s biggest bank by assets, has reported a nine percent rise in annual net profit after adjusting for hyperinflation related to its business in Turkey. Net profit for 2022 was QR14.3 billion ($3.91 billion) from QR13.2 billion in 2021. Full-year net profit before the impact of hyperinflation was QR16.1 billion, […] January 12, 2023
Development UK to deepen alliance on critical minerals with Saudi Arabia The British government has agreed to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals. Britain’s Business, Energy & Industrial Strategy department said the partnership could see Saudi investment in the UK’s manufacturing and mining finance sectors, and new opportunities for UK mining firms to do business in Saudi Arabia. The British […] January 12, 2023
Banking & Finance Abu Dhabi-backed $1bn venture to invest in blockchain firms Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd have launched a $1 billion crypto venture fund and said it was leading a $20 million funding round in virtual world platform Nümi Metaverse. The fund, called Venom Ventures Fund (VVF), aims to invest in early-stage startups focused on payments, asset management, banking […] January 12, 2023
Economy Israel to trim taxes, water and energy costs to fight inflation Israel will cancel or cut back recent hikes in property taxes, water and energy costs, Prime Minister Benjamin Netanyahu said on Wednesday, unveiling preliminary measures to ease inflation. Finance minister Bezalel Smotrich, speaking alongside Netanyahu at a televised news conference, said the government would maintain fiscal responsibility while pursuing the plan. “Our economy has entered […] January 12, 2023
Banking & Finance Saudi PIF among funds said to invest in South Korea’s Kakao South Korean tech conglomerate Kakao Corp said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. The move, which Kakao said was the largest overseas investment in a South Korean content company, signals investors’ bullish outlook for the growth potential of Korean content and its “recession-proof” […] January 12, 2023
Energy Eni and Snam join forces on Algeria-Italy gas pipelines Italian energy group Eni and gas grid operator Snam have clinched a partnership to jointly manage their assets in the gas pipelines connecting Algeria to Italy. With Russia curtailing its gas flows to Europe, Algeria last year emerged as Rome’s biggest gas supplier, making the network between the two countries a strategic infrastructure for Rome’s […] January 11, 2023
Development Ma’aden pairs with PIF to invest in mining assets abroad Saudi Arabian Mining Co, Ma’aden, the Gulf’s largest miner, said on Wednesday it has agreed to form a joint venture with the kingdom’s sovereign wealth fund to invest in mining assets globally. Ma’aden will own 51 percent in the venture while the Public Investment Fund (PIF) will own 49 percent. The new company’s initial paid-up […] January 11, 2023
Banking & Finance Egypt commits to IMF to slow projects and increase fuel prices Egypt committed to a flexible currency, a greater role for the private sector and a range of monetary and fiscal reforms when it agreed to a $3 billion financial support package with the International Monetary Fund, according to an IMF staff report. In a letter of intent to the IMF dated November 30, the government […] January 11, 2023
India’s Adani-led group buys Israel’s Haifa Port for $1.2bn A consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), Israel’s finance ministry said. The sale of one of Israel’s main seaports has taken five years and marks the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labour strikes. The […] January 11, 2023
Energy Libyan court suspends energy exploration deal with Turkey A Libyan court has suspended an energy exploration deal that the Tripoli government signed last year with Turkey, a judiciary source said, pausing an agreement that angered other Mediterranean powers and inflamed Libya’s own internal crisis. The agreement had included scope for oil and gas exploitation in waters that Ankara and Tripoli have declared as […] January 11, 2023
Economy German exports to Iran rise despite diplomatic tensions German exports to Iran rose last year, according to data seen by Reuters, despite Western condemnation of Tehran’s months-long crackdown against protests. German exports to Iran climbed 12.7 percent year-on-year from January to November 2022 to around €1.5 billion ($1.6 billion), data from the federal statistics office showed. That exceeded the full-year volume for 2021 […] January 11, 2023
Banking & Finance Egypt orders ministries to curb spending amid forex crunch Egypt’s government has instructed ministries to cut non-essential spending until the end of the fiscal year in June as it tries to cope with continuing pressure on its currency and rising inflation. The decision, dated January 4 and published in the official gazette this week, includes the postponement of any new national project heavily reliant […] January 11, 2023
