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High Rise, City, Urban

Latest $11.6bn bank merger to create Gulf’s 7th largest lender

Kuwait Finance House (KFH) has agreed to buy Bahrain’s Ahli United for about $11.6billion. The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share – a 13 percent […]

Kuwait crown prince dissolves parliament, calls for early election

Kuwait’s crown prince on Wednesday dissolved parliament and called for an early election following a stand-off between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah said in a televised speech that decrees would be issued for the dissolution of parliament, the Gulf region’s oldest and most lively, […]

High Rise, City, Urban

Kuwait’s $700bn fund says global markets will ‘go down further’

Kuwait Investment Authority (KIA) is waiting for a further expected decline in global markets before deploying investments and believes that will be before the end of the year, Managing Director Ghanem Al-Ghenaiman said on Tuesday. Ghenaiman, speaking at the Qatar Economic Forum organised by Bloomberg, said he believes markets will “go down further from here”. […]

Protestors are staging a sit-in in the Kuwait parliament

Kuwait opposition stage sit-in to press for new government

Several Kuwait lawmakers are staging an open ended sit-in inside the parliament complex to press the Gulf state’s crown prince to appoint a new government after a caretaker administration resigned over two months ago in a standoff with parliament. The protest began on Tuesday, at the same time as a special session to discuss a social security […]

Kuwait’s state oil company seeks to borrow up to $1bn

The state-owned Kuwait Petroleum Corporation is seeking to borrow up to $1 billion from banks including HSBC and JPMorgan, according to a parliamentary document. “The Kuwait Petroleum Corporation is currently negotiating with the Japanese export credit agency to provide insurance cover for the financing that the corporation will obtain from a group of international banks, including HSBC and JPMorgan, […]

A Starbucks coffee shop. Kuwait's Alshaya Group is reportedly selling up to 30 percent of its Starbucks franchise

Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’

Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […]

Bahrain’s GFH commences trading on Abu Dhabi bourse

Bahrain investment bank GFH Financial Group commenced trading today on the Abu Dhabi Securities Exchange (ADX) after the listing of its shares on the stock market under the ticker ‘GFH’. It marks the investment bank’s fourth regional listing; its shares are already listed and actively traded on the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market.  Today’s listing is set to further expand GFH’s […]

Kuwait to start building world’s largest petroleum research centre

Kuwait plans to start building the world’s largest petroleum research centre by the end of the year, the oil ministry said today. The Middle East Economic Digest said the project had stalled because of budget pressure, estimating its cost at $120 million. The centre, to be built in al-Ahmadi, south of Kuwait City, will have […]

Kuwait aircraft lessor

Kuwait aircraft firm Alafco explores sale over losses

Kuwait state-funded aircraft leasing firm Alafco is exploring a sale and has held talks with private equity firms and other aircraft lessors, sources said. Alafco, whose shareholders include the Kuwaiti government, has a fleet of 77 wide- and narrow-body Airbus and Boeing aircraft operated by airlines and another 68 on order. Alafco and major shareholder […]

Face, Person, Human

Saudi puts its energy into increasing oil output

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […]

Egypt gets Gulf aid as eyes turn to currency flexibility

The central bank allowed Egypt’s pound, which had been stable since November 2020, to drop by 14 percent against the dollar on March 21 after Russia’s invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. Last week Saudi Arabia said it had deposited $5 billion with Egypt’s central bank and […]

Logo, Trademark, Symbol

Americana selects banks for Saudi and UAE listings

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and theUnited Arab Emirates, a source with knowledge of the matter said. Americana Group has selected Goldman Sachs, First Abu Dhabi Bank (FAB) and Saudi National Bank (SNB) for the deal, said the source, declining […]