Banking & Finance Gulf banks move step closer to creating $115bn new lender Kuwait Finance House (KFH) has made a firm offer to buy Bahrain’s Ahli United Bank (AUB). The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. In a statement on the Bahrain Stock Exchange on Monday, AUB said it had received a notice of firm intention from KFH to acquire 100 […] July 26, 2022
Development Kuwaiti emir’s son named prime minister Kuwait named the emir’s son as prime minister on Sunday, replacing caretaker premier Sheikh Sabah al-Khalid who faced a combative parliament amid a feud between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties late last year, named Sheikh […] July 25, 2022
Construction UK architect designs new HQ for Kuwait bank UK architecture studio Foster + Partners has created a landmark 300-meter-high skyscraper for the National Bank of Kuwait (NBK) headquarters in Kuwait City. The second tallest building in the country “incorporates a sustainable, functional, and iconic design that signifies NBK’s unique presence and identity in the city,” said Foster + Partners head of studio Stefan Behling. […] July 19, 2022
Lifestyle Welcome to Kuwait, the world’s worst expat destination They say they are unhappy with career opportunities, fed up with the poor quality of life, find it difficult to settle and rarely talk to “unfriendly” locals. It’s no wonder that expats in Kuwait have voted it the worst place in the world to live and work. Kuwait not only ranks last of all 52 […] July 12, 2022
Banking & Finance 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 […] July 7, 2022
Markets 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, […] June 22, 2022
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”. […] June 21, 2022
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 […] June 16, 2022
Energy 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, […] June 7, 2022
Banking & Finance Ali Alghanim revs up ahead of IPO in Kuwait Ali Alghanim & Sons will begin trading on Boursa Kuwait on Tuesday, after a private placement by EFG Hermes was oversubscribed 11 times June 6, 2022
Retail 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 […] June 6, 2022
Banking & Finance 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 […] June 1, 2022
Energy 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 […] May 25, 2022
Tourism 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 […] May 23, 2022
Energy 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 […] May 17, 2022
Opinion Old friends, new vision: the Gulf and UK are shaping the future The Gulf's ambition, energy and skill coupled with Britain's heritage in innovation creates a formidable partnership that promises exceptional opportunities May 9, 2022
Banking & Finance 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 […] May 4, 2022
Banking & Finance 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 […] April 29, 2022
