Company Insights Abu Dhabi Commercial Bank Banking & Finance Abu Dhabi Commercial Bank News Banking & Finance PIF-backed Saudi Electricity plans sale of dollar sukuk Saudi Electricity Company is planning to issue a green or conventional sukuk (Islamic bonds) denominated in US dollars. The banks will hold meetings with fixed-income investors starting Friday (March 31), the company said in a statement to the Saudi bourse. The issuance amount will be determined later based on market conditions and requirements. The company […] March 31, 2023 Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023 Banking & Finance Al Ansari to float 10% stake on Dubai stock market Al Ansari Financial Services has revealed plans to float 10 percent of the company on the Dubai Financial Market. The exchange house is making 750 million shares available through the initial public offering, each valued at one fil, with the subscription period running from March 16 to 24. The listing is scheduled to go live […] March 9, 2023 Markets Profits of 123 Emirates-listed companies at $52bn in 2022 The net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, indicating their strong financial position and healthy revenue growth. The net profits of listed firms increased by 60 percent, or AED72 billion, last year, according to a state-owned Emirates News Agency (WAM) report. Out of the total earnings, nearly 77 companies […] February 20, 2023 Analysis Banking & Finance Fintech competition means UAE banks must change to survive The banking sector in the UAE could grow faster than the nation’s economy but competition from fintechs poses a threat to the survival of banks unless they restructure their operating models, according to a senior industry official. Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, warned that banks will have to change the […] November 15, 2022 Analysis Economy Will latest interest hike dampen GCC’s non-oil sector recovery? GCC central banks raised their interest rates on Wednesday, in lockstep with the US Federal Reserve, raising concerns as to whether this will disincentivise borrowing in the region’s non-oil sector and result in a slowdown in the post-pandemic recovery. However, consensus among the analysts AGBI spoke to was that the impact of the current levels […] September 23, 2022 Energy TAQA refinances $1.1bn facility of Mirfa power and water project Abu Dhabi National Energy Company (TAQA) said that its majority-owned subsidiary, Mirfa International Power and Water Company (MIPCO), has refinanced a AED 4 billion ($1.09 billion) debt facility. MIPCO owns and operates the Mirfa Power and Water Plant (Mirfa IWPP). The company is 60 percent owned by TAQA, with France’s ENGIE and Japan’s Sojitz owning […] September 21, 2022 Analysis Banking & Finance Traditional UAE banks must snap up neobanks to survive The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […] August 11, 2022 Analysis Economy Inflation raises old debate on currencies being pegged to dollar The Gulf’s currencies have been linked to the US dollar for decades: the Omani riyal since the 1970s, the Qatari riyal since mid-2001 and the Bahraini dinar and the UAE dirham officially since early 2002. The latter three have effectively been linked to the American greenback since the 1980s, as has the Saudi riyal. The […] July 28, 2022 Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […] May 31, 2022 Posts navigation Previous 1 … 8 9 10 Next
Banking & Finance PIF-backed Saudi Electricity plans sale of dollar sukuk Saudi Electricity Company is planning to issue a green or conventional sukuk (Islamic bonds) denominated in US dollars. The banks will hold meetings with fixed-income investors starting Friday (March 31), the company said in a statement to the Saudi bourse. The issuance amount will be determined later based on market conditions and requirements. The company […] March 31, 2023
Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023
Banking & Finance Al Ansari to float 10% stake on Dubai stock market Al Ansari Financial Services has revealed plans to float 10 percent of the company on the Dubai Financial Market. The exchange house is making 750 million shares available through the initial public offering, each valued at one fil, with the subscription period running from March 16 to 24. The listing is scheduled to go live […] March 9, 2023
Markets Profits of 123 Emirates-listed companies at $52bn in 2022 The net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, indicating their strong financial position and healthy revenue growth. The net profits of listed firms increased by 60 percent, or AED72 billion, last year, according to a state-owned Emirates News Agency (WAM) report. Out of the total earnings, nearly 77 companies […] February 20, 2023
Analysis Banking & Finance Fintech competition means UAE banks must change to survive The banking sector in the UAE could grow faster than the nation’s economy but competition from fintechs poses a threat to the survival of banks unless they restructure their operating models, according to a senior industry official. Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, warned that banks will have to change the […] November 15, 2022
Analysis Economy Will latest interest hike dampen GCC’s non-oil sector recovery? GCC central banks raised their interest rates on Wednesday, in lockstep with the US Federal Reserve, raising concerns as to whether this will disincentivise borrowing in the region’s non-oil sector and result in a slowdown in the post-pandemic recovery. However, consensus among the analysts AGBI spoke to was that the impact of the current levels […] September 23, 2022
Energy TAQA refinances $1.1bn facility of Mirfa power and water project Abu Dhabi National Energy Company (TAQA) said that its majority-owned subsidiary, Mirfa International Power and Water Company (MIPCO), has refinanced a AED 4 billion ($1.09 billion) debt facility. MIPCO owns and operates the Mirfa Power and Water Plant (Mirfa IWPP). The company is 60 percent owned by TAQA, with France’s ENGIE and Japan’s Sojitz owning […] September 21, 2022
Analysis Banking & Finance Traditional UAE banks must snap up neobanks to survive The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […] August 11, 2022
Analysis Economy Inflation raises old debate on currencies being pegged to dollar The Gulf’s currencies have been linked to the US dollar for decades: the Omani riyal since the 1970s, the Qatari riyal since mid-2001 and the Bahraini dinar and the UAE dirham officially since early 2002. The latter three have effectively been linked to the American greenback since the 1980s, as has the Saudi riyal. The […] July 28, 2022
Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […] May 31, 2022
