Banking and Finance Dubai Aerospace sues 11 insurers over 19 jets stuck in Russia Aircraft leasing firm Dubai Aerospace Enterprise (DAE) has filed a London lawsuit against 11 insurers, including Lloyd’s of London, AIG, Chubb and Swiss Re, two months after it wrote off almost $600 million for 19 aircraft stuck in Russia. The High Court claim also names Fidelis Insurance Ireland, HDI Global Speciality, Abu Dhabi National Insurance […] October 28, 2022
Markets Abu Dhabi’s Bayanat IPO draws robust demand of $15.65bn Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it drew robust demand of AED 57.5 billion ($15.65 billion) for its initial public offering (IPO). Bayant is offering 22.22 percent of its share capital at AED1.1 per share, valuing the stake at AED628.6 million ($171.15m). Shares will begin trading on Monday. […] October 28, 2022
Lifestyle Giant new mural celebrates ‘warrior’ Maradona in Argentina An Argentine artist has painted a giant mural of late soccer legend Diego Maradona in Buenos Aires to commemorate what would have been the World Cup winner’s 62nd birthday at the end of October. Muralist Martín Ron filled the 1,600-square-metre wall in the heart of the city with a depiction of Maradona, based on a […] October 27, 2022
Manufacturing Mercedes-Benz lifts profit forecast as luxury cars boom Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year. The German automaker said it now expected group earnings to rise at least 15% this year, compared with a previous forecast of 5%-15% growth, after profits […] October 27, 2022
Business of Sport AC Milan eyes renewal of Emirates deal as it trims losses AC Milan trimmed its annual loss last year thanks to rising commercial revenue and continued cost discipline, the Italian soccer champions said on Wednesday, as it eyes the renewal of a long-standing sponsorship deal with airline Emirates. Recently bought by investment firm RedBird Capital Partners in a €1.2 billion ($1.2 billion) deal, AC Milan slashed […] October 27, 2022
US firm Safanad to co-invest $200m in Mena education Safanad, a New York-based private investment firm, will co-invest with Global School Management (GSM) $200 million in the education sector in the Middle East and North Africa, they said on Wednesday. They committed “to invest significantly beyond this to acquire, manage and develop multiple charter, online, early learning, and K-12 private schools independently and in […] October 27, 2022
Banking and Finance Turkey bankers say ballooning debt poses long-term risks Turkish bank executives raised concerns with authorities this week that a year of new rules forcing them to buy government bonds could ultimately destabilise the sector, even as it sharply reduces costs of a big pre-election spending plan. According to six people who participated in or were briefed on a Monday meeting with finance minister […] October 27, 2022
Business of Sport Qatar’s beIN Sports picks Saudi firm as $150m advertising partner Qatar-based beIN, a sports broadcaster that was banned in Saudi Arabia until last year, said on Wednesday it had chosen a Saudi firm as its exclusive advertising partner in the Middle East and North Africa in a deal that a source put at some $150 million. BeIN Sports said in a statement it had signed […] October 27, 2022
Banking and Finance UAE completes central bank digital currencies pilot scheme The Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world’s largest pilot of central bank digital currencies (CBDC) transactions, with other regulators including the People’s Bank of China’s Digital Currency Institute. “The project mBridge demonstrated faster, cost effective and secure cross-border monetary settlements using central bank money, identified […] October 27, 2022
Tourism Saudia to buy up to 100 German electric jets for domestic network Saudi Arabian Airlines (Saudia) has signed an agreement with German air taxi developer Lilium to buy up to 100 of its aircraft for use on Saudia’s domestic network, the state carrier’s chief executive said on Wednesday. Saudia CEO Ibrahim Koshy said the planes would be ‘a premium service’ that carry four to six passengers, adding […] October 27, 2022
Tech Oman’s sovereign fund eyes investments in UK tech firms Oman’s sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom’s technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking […] October 27, 2022
Banking and Finance Dubai regulator fines former Abraaj COO $1.15m Waqar Siddique, former chief operating officer of collapsed private equity firm Abraaj Group, has been fined $1.15 million by the Dubai Financial Services Authority (DFSA) for his “knowing involvement” in the firm’s misconduct. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors raised […] October 26, 2022
Banking and Finance Morocco shores up finances by choosing IMF deal over bonds Morocco has not issued an international bond this year due to market volatility and higher interest rates, opting instead for an International Monetary Fund (IMF) credit line to shore up public finances, the finance minister said on Tuesday. Last time Morocco issued an international bond was in 2020 when it raised $3 billion. “This year […] October 26, 2022
Real Estate Egypt’s SODIC offers to buy Orascom Real Estate for $125m Egyptian property developer SODIC has offered to buy Orascom Real Estate for $125 million, the residential compound builder’s parent company Orascom Development Egypt said on Tuesday. Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand their […] October 26, 2022
Banking and Finance US bankers at Riyadh summit issue warning over world economy Top Wall Street bankers renewed their warnings about the world economy on Tuesday amid geopolitical tensions and steep interest rate hikes to tackle decades-high inflation. Goldman Sachs boss David Solomon said economic conditions would “tighten meaningfully from here” and the US Federal Reserve could hike rates beyond 4.5-4.75 percent if it does not see real […] October 26, 2022
Economy Dubai’s BitOasis signs Mastercard deal for crypto-linked cards BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Tuesday it had signed an agreement with Mastercard to launch payment cards linked to cryptocurrencies, they said in a joint statement. The cards will allow BitOasis customers in the Middle East and North Africa to make purchases at points of sale […] October 26, 2022
Economy UAE’s total revenue rose 26% and spending up 1% in 2021 The United Arab Emirates’ (UAE) state revenues totalled AED463.9 billion ($126.3 billion) in 2021, up 26 percent from 2020, state news agency WAM reported on Tuesday, citing the finance ministry. State expenditure totalled AED402.4bn in the same period, up one percent on 2020, WAM said. The figures pointed to an overall surplus of AED61.5 billion […] October 26, 2022
Economy Kuwait delays budget approval until after elections Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf state’s crown prince moved to resolve a standoff between the government and elected parliament that has hindered fiscal reform. Last month Crown Prince Sheikh Meshal Al-Ahmad Al-Sabah, who took over most of the ruling emir’s duties, said […] October 26, 2022
Tourism Saudia in talks with Airbus and Boeing over plane orders Saudi Arabian Airlines (Saudia) is in talks with planemakers Airbus SE and Boeing Co. on orders for itself and a new carrier the kingdom plans to launch, the state-owned airline’s chief executive said on Tuesday. The talks are for aircraft for both airlines as they have the “same shareholder”, Ibrahim Koshy told Reuters on the […] October 26, 2022
Energy Riyadh was more ‘mature’ in spat with Washington, minister tells FII Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […] October 25, 2022
Banking and Finance South Korea’s Mirae Asset in talks to fund Elon Musk’s Twitter deal South Korea’s Mirae Asset Financial Group is planning to commit about 300 billion Korean won ($208 million) to help finance Elon Musk’s $44 billion buyout of Twitter Inc, a person familiar with the matter told Reuters on Monday. The deal with Mirae is expected to be finalised in the coming days before the deadline for […] October 25, 2022
Banking and Finance Israel’s stock exchange to create crypto trading platform The Tel Aviv Stock Exchange (TASE) said on Monday it would reshape its ownership structure and also create a blockchain platform to allow more trading of crypto currencies in an effort to match international standards. TASE, which went public in 2019, said it would create a new publicly traded holding company that will own 100 […] October 25, 2022
