Finance Turkey’s central bank forecast to slash policy rate Turkey’s central bank is expected to reduce its key policy rate by 150 basis points (bps) from the existing 50 percent, according to a survey by state-run Anadolu Agency. Among the 14 economists surveyed, 10 projected a rate cut between 47.5 percent and 50 percent. The remaining four economists forecast no change. Looking ahead, the […] December 24, 2024
Finance Sharjah sets record 2025 budget at $11.4bn Sharjah ruler Dr Sultan bin Mohammed Al Qasimi has approved an AED42 billion ($11.4 billion) budget for 2025, the largest in the emirate’s history. The budget aims to foster financial sustainability, bolster social welfare and ensure the sustainability of vital resources such as energy, water and food, the UAE state-run Wam news agency reported. Expenditure […] December 24, 2024
Construction UAE’s Modon enters Europe with Spanish developer deal Abu Dhabi’s Modon Holding has acquired 100 percent of La Zagaleta, the owner of the La Zagaleta residential estate in Costa del Sol, Spain, marking its entry into Europe’s luxury real estate market. La Zagaleta, located in the hills of Benahavís and 20 minutes from Marbella, is an ultra-luxury gated residential development. It is spread over 900 hectares of […] December 24, 2024
Construction Dewa rolls out $1.9bn smart grid to boost efficiency Dubai Electricity and Water Authority (Dewa) is implementing a smart grid that will cost AED7 billion ($1.91 billion) up to 2035, focusing on efficient and reliable operations. It says the smart grid will ensure integrated services, offering advanced features such as automated decision-making and interoperability across the electricity and water network. “The smart grid will […] December 24, 2024
Economy Europe to loan $1bn to Egypt to meet part funding needs The European Commission has agreed to disburse €1 billion ($1.04 billion) in loans to Egypt to cover part of its financing needs for 2024/2025. The loan will be released after Cairo fulfils the policy conditions agreed with the European Union (EU) under the ongoing macro-financial assistance. The funding will also support macroeconomic stability and support […] December 23, 2024
Economy GCC economy to grow at 4.5% in 2025 on oil support The GDP of the six Gulf Cooperation Council (GCC) countries is forecast to grow at a higher pace in 2025 to reach 4.5 percent. While the regional GDP is expected to grow by 3.7 percent in 2024, it will stabilise at 3.5 percent in 2026, the UAE state-run Wam news agency reported, quoting a Statistical […] December 23, 2024
Tax UAE indirect taxes generate up to $3bn per year Indirect taxes in the UAE generate between AED10 and AED11 billion ($2.72 billion-2.99 billion) annually, contributing substantially to the Gulf state’s AED65 billion federal budget, a senior government official has said. These tax revenues bolster economic growth and fortify the federal government’s financial position, the UAE state-run Wam news agency reported, quoting Younis Haji Al Khoori, […] December 23, 2024
Finance AD Ports boosts liquidity with upsized credit facility The UAE’s AD Ports Group has refinanced and upsized its existing revolving credit facility, more than doubling its size to enhance its liquidity position. The credit facility was increased from $1 billion to $2.13 billion, incorporating tranches in both AED and USD to optimise financing costs by improving interest margins, the UAE state-run Wam news […] December 23, 2024
Oil & Gas Qatar threatens LNG halt over EU due diligence law Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […] December 23, 2024
Finance Kushner’s Affinity raises new capital from QIA and Lunate US investment firm Affinity Partners, founded by Jared Kushner, has secured an additional $1.5 billion from the Qatar Investment Authority (QIA) and Lunate, an Abu Dhabi-based alternative investment fund. Talks about raising additional capital began in February and concluded before the US election, Bloomberg reported, quoting Kushner on a podcast episode of Invest Like The […] December 22, 2024
Aviation Turkey’s Pegasus places firm order for 100 Boeing jets Turkish low-cost carrier Pegasus Airlines has placed a firm order for 100 Boeing 737 Max-10 aircraft with the option for an additional 100 jets. The Max-10, the largest model in the 737 Max family, can accommodate up to 230 passengers and has a range of 3,566 miles (5,740 kilometres). The aircraft offers a 20 percent reduction […] December 20, 2024
Energy BP and Iraq agree terms on redeveloping Kirkuk oilfield British oil major BP has finalised the technical terms with the Iraqi government for redeveloping the Kirkuk oil and gas fields. In August, it signed an agreement with Iraq to develop and explore the Kirkuk oilfield, including plans to build power plants and solar capacity, Reuters reported. Iraq, the second-largest oil producer in Opec, has a production capacity of almost 5 […] December 20, 2024
Economy UAE gold reserves surge 28% in 2024 The UAE central bank’s gold reserves rose by 5.3 percent month on month to AED23.2 billion ($6.3 billion) by the end of the third quarter of 2024. Year-to-date, the reserves surged by 28 percent, or over AED5 billion from AED18.2 billion at the close of 2023, the UAE state-run Wam news agency reported, citing the […] December 20, 2024
Sustainability DP World’s ‘blue bond’ to fund sustainable maritime projects Dubai-based DP World has launched a $100 million blue bond to fund sustainable maritime and water-related projects. It will be the first such issuance across the Middle East and North Africa region, aiming to address critical funding gaps related to UN sustainable development goals. The blue bond aligns with DP World’s ocean strategy and long-standing […] December 20, 2024
Banking & Finance Kuwait’s Burgan Bank to take over United Gulf in 2025 Burgan Bank, a subsidiary of KIPCO Group, is expected to complete the acquisition of Bahrain-based United Gulf Bank in the first quarter of 2025. The bank has received clearance from the Kuwaiti central bank to buy a 100 percent stake in United Gulf Bank, KIPCO Group said in a regulatory filing on Boursa Kuwait on […] December 19, 2024
Markets eXtra to pay ‘exceptional’ dividend of $107m Saudi retailer United Electronics Company (eXtra) will distribute “exceptional” cash dividends for the fourth quarter of 2024 after listing of its shariah-compliant consumer finance business. The company will pay SAR400 million ($106.5 million), or SAR 5 per share, to eligible shareholders who own the stock at the close of trading on December 31, 2024. The […] December 19, 2024
Logistics DP World starts work on $1.2bn port in Senegal Dubai-based DP World has commenced work on the $1.2 billion Port of Ndayane, with the aim of transforming Senegal into a major centre for global trade. The Willem Van Rubroeck vessel is set to dredge a five km-long shipping channel to build a high-capacity port. The project’s first phase also includes an 840m quay to […] December 19, 2024
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 2024
Real Estate Two UAE banks fund London property buyout Emirates NBD and Abu Dhabi Islamic Bank (ADIB) have funded the acquisition of a student accommodation property in London for £140 million ($176.23 million). The property, Paddington Citi View, has 353 premium bedrooms in a high-demand location, 100 metres from London’s Paddington Station. It is ideally situated for top academic institutions across the city, the Emirati […] December 19, 2024
Finance Gulf central banks follow US Fed with rate cuts Key Gulf central banks lowered interest rates in line with the US Federal Reserve’s benchmark rate reduction by 25 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 25 bps to 4.4 percent from 4.65 percent, effective from Thursday. Saudi Arabia cut repurchase (repo) […] December 19, 2024
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […] December 18, 2024
Banking & Finance Banks strike debt deal to take stake in Istanbul’s cruise port Five banks will take a 49 percent stake in Istanbul’s luxury cruise terminal after striking a debt restructuring deal worth €1.02 billion ($1.1 billion) with Dogus Group, owned by Turkish billionaire Ferit Şahenk. Under the agreement, Yapi Kredi Bankasi AS will acquire up to a 13 percent stake in Galataport Istanbul Liman İşletmeciliği ve Yatırımları […] December 18, 2024
