Energy Qatar said to take 20-25% stake in TotalEnergies’ Iraq project The head of Iraq’s Basra Oil Company (BOC) told Reuters on Wednesday that he expects Qatar to acquire a 20-25 percent stake in TotalEnergies’ $27 billion cluster of energy projects in the country, with the Baghdad government aiming to hold around 40 percent. A major investment in the projects by a Gulf state would be […] February 2, 2023
Banking and Finance US Fed Reserve suggests ‘couple’ more hikes coming The Federal Reserve said on Wednesday it had turned a key corner in the fight against high inflation, but that “victory” would still require its benchmark overnight interest rate to be increased further and remain elevated at least through 2023. In announcing its latest policy decision, the US central bank scaled back to a quarter-percentage-point rate […] February 2, 2023
Banking and Finance Citigroup stops margin loans against India Adani’s securities Citigroup’s wealth unit has stopped extending margin loans to its clients against securities of India’s embattled Adani group, a source with direct knowledge of the matter said, as the conglomerate reels from a short-seller attack. The group’s flagship firm Adani Enterprises shelved its $2.5 billion share sale in a dramatic reversal on Wednesday as a […] February 2, 2023
Tourism Qatar Airways and Airbus settle bitter $2bn A350 jet dispute Qatar Airways and Airbus have settled a dispute over grounded A350 jets, the companies said on Wednesday, averting a potentially damaging UK court trial after a blistering 18-month feud that tore the lid off the global jet market. The “amicable and mutually agreeable settlement” ends a $2 billion row over surface damage on the long-haul […] February 2, 2023
Banking and Finance Saudi mortgage refinance firm eyes $500m sukuk in Q2 2023 Saudi Real Estate Refinance Co (SRC), the kingdom’s equivalent of US mortgage finance business Fannie Mae, plans to issue debut dollar-denominated sukuk between the end of the first and second quarters of this year, its chief executive said. The company, a regular issuer of local currency Islamic bonds, initially aimed to issue its inaugural dollar […] February 2, 2023
Markets Egypt to unveil plan to offload stakes in 20 state entities shortly Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since […] February 2, 2023
Banking and Finance Most GCC central banks except Qatar mirror Fed rate hike Most central banks across the Gulf raised key interest rates on Wednesday after the US Federal Reserve increased its target interest rate by a quarter of a percentage point, although Qatar opted to hold. The Fed raised its target interest rate by 25 basis points (bps), signaling a more dovish stance after a series of […] February 2, 2023
Tech Intel announces broad pay cuts amid PC market downturn Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from five percent of base pay for mid-level employees to as […] February 1, 2023
Tourism Airbus and Qatar edge towards agreement in A350 dispute Airbus and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday. After months of public feuding, there is no guarantee that an agreement can be reached after previous attempts to avoid a high-profile trial in London this year were […] February 1, 2023
Banking and Finance Egypt’s net foreign assets climb by $2bn in December 2022 Egypt’s net foreign assets (NFAs) improved by EGP47.28 billion in December 2022, marking a second month of increases after it allowed its currency to depreciate sharply in October, central bank data showed. NFAs improved to a negative EGP494.3 billion from a negative EGP541.5 billion in November. This works out to an improvement of about $2.06 […] February 1, 2023
Logistics India’s Adani to keep investing in Israel after Haifa port takeover Indian magnate Gautam Adani said on Tuesday he would keep investing in Israel after his group took over one of the country’s main ports. The entrance of Adani has spurred Israel’s leaders to revive hopes of creating a trade gateway connecting the Mediterranean port of Haifa and the broader Middle East, including Saudi Arabia, which […] February 1, 2023
Economy IMF cuts Saudi 2023 growth forecast to 2.6% The International Monetary Fund (IMF) has revised its 2023 growth forecast for Saudi Arabia, the world’s top oil exporter, significantly downwards on the back of lower expected output. Growth in the Arab world’s biggest economy is now forecast at 2.6 percent in 2023, underperforming the wider region, and 1.1 percentage points below the IMF’s October […] February 1, 2023
Economy Turkey’s tourism revenue up 53% in 2022 but trade deficit widens Turkey’s tourism revenue hit a record $46.3 billion in 2022 even as its trade deficit swelled to more than $109 billion, as a fallout from war in nearby Ukraine brought a surge of Russian arrivals but also drove up energy-import costs. The two milestones for the big emerging market economy came as President Tayyip Erdogan […] February 1, 2023
Banking and Finance US investment funds buy $1.1bn bad loans from UAE bank Investment management firm Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from UAE-based Abu Dhabi Commercial Bank worth AED4.2 billion ($1.14 billion). “The transaction represents the first sale of a significant portfolio of non-performing loans by ADCB and is thought to be the largest such transaction effected to date […] February 1, 2023
Banking and Finance Senegal gets $436m funding to boost trade with Arab nations The International Islamic Trade Finance Corporation has signed a $436 million financing plan with Senegal and a two-year programme to boost the country’s trade with other African and Arab nations, it said on Monday. The annual financing plan is part of a revised $1.5 billion five-year framework agreement signed in 2021 as part of the […] January 31, 2023
Economy Turkish economic confidence tips towards ‘optimistic’ outlook Turkey’s economic confidence index rose 1.3 percent month-on-month in January to 99.3 points, nearly tipping toward an optimistic outlook, data from the Turkish Statistical Institute showed on Monday. The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were […] January 31, 2023
Economy IMF sees slower growth in Asean despite China reopening International Monetary Fund (IMF) economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China’s economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the […] January 31, 2023
Economy Sudan expects 2023 budget deficit at $1.47bn The Sudanese cabinet on Monday approved the 2023 budget which expected a total deficit of 1.4 percent of gross domestic product (GDP), ahead of final approval in a joint meeting with the Sovereign Council. The minister of finance and economic planning, Jibril Ibrahim, said that total expected public revenues in the budget amounted to 7.363 […] January 31, 2023
Banking and Finance S&P says rapid credit growth hits Saudi banks’ liquidity S&P Global Ratings said on Monday that rapid credit growth in Saudi Arabia has reduced banking liquidity and it was unclear whether the government would boost deposits with the banking system to lessen pressure. While corporate lending is seen picking up due to projects linked to the “Vision 2030” agenda to diversify away from oil, […] January 31, 2023
Economy China to set up Gulf free trade zone ‘as soon as possible’ China’s new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone “as soon as possible”, according to a ministry statement published late on Monday. Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian […] January 31, 2023
Economy UAE and France expect ‘concrete outcomes’ from economic ties France and the United Arab Emirates (UAE) are working to strengthen their economic relationship with “concrete outcomes” expected in the near future, French finance minister Bruno Le Maire said on Monday during a visit to the Gulf state. He was speaking on the sidelines of the first meeting of the Franco-Emirati business council, set up […] January 31, 2023
Banking and Finance Abu Dhabi’s IHC plans to invest $381m in Adani Enterprises Abu Dhabi conglomerate International Holding Company on Monday said it would invest AED1.4 billion ($381.17 million) in Adani Enterprises’ follow-on public offer. IHC’s statement comes as the Indian company, owned by Asia’s richest man, Gautam Adani, has faced losses of $65 billion in its companies’ market value after Adani’s rebuttal of a US short-seller’s criticism […] January 31, 2023
