Banking & Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Banking & Finance PIF wary of crowding out private sector Saudi Arabia’s Public Investment Fund has put measures in place to ensure it does not starve the private sector of investment opportunities. “It’s of concern to everyone and it’s something we talk about a lot,” Jerry Todd, head of the National Development Division at the $700 billion sovereign wealth fund, said, adding that the PIF […] June 15, 2023
Opinion Economy Roubles, risks and rewards There are pros and cons to maintaining economic links with Russia despite Western sanctions June 13, 2023
Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
Transport Tunisia offers cash bonus to switch to electric vehicles Motorists in Tunisia are being offered bonuses of TD10,000 ($3,200) per car to make the switch to electric vehicles as the government looks to accelerate its sustainability efforts. A survey carried out by Tunisia’s Environment Ministry said that reaching 50,000 electric vehicles (EVs) by 2025 and 130,000 by 2030 will save 2.2 million tonnes of […] June 1, 2023
Banking & Finance Dubai sovereign wealth fund sees profits rise five-fold Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues. Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai. It also holds major stakes in […] May 31, 2023
Manufacturing UAE firms back ethos to ‘make it in the Emirates’ National companies have spent AED31 billion ($8.44 billion) in purchases from UAE-based manufacturers since the inaugural Make it in the Emirates forum last year. This is over a quarter of the figure targeted as part of a decade-long plan. Several companies committed to invest AED110 billion over the next 10 years to buy 300 products […] May 31, 2023
Health PIF-owned company aims to stub out smoking in Saudi Saudi Arabia’s Public Investment Fund (PIF) has launched a company that aims to cut smoking in the kingdom by a quarter by 2032. Badael will develop, manufacture and distribute tobacco-free alternatives which will help an estimated one million people make the switch from smoking, according to a statement. The initiative has the potential to save […] May 26, 2023
Markets Qatar fund steps in to up trading on Doha bourse Qatar Investment Authority will provide up to QAR1 billion ($274.7 million) to fund a programme for the country’s stock exchange that it says will boost share trading, improve pricing and help attract more foreign investors. Such market making programmes are pivotal to the functioning of many stock markets by guaranteeing they will always buy or […] May 23, 2023
Opinion Food & Drink The Arab world needs to ease global food trade barriers The region must embrace food imports May 23, 2023
Banking & Finance Abu Dhabi’s Mubadala reports $276bn assets Abu Dhabi sovereign investor Mubadala on Friday reported its 2022 financialresults with more than AED1 trillion ($276 billion) in assets under management, and said it outperformed market benchmarks. Mubadala Investment Company is the second-biggest state fund in the UAE capital, after Abu Dhabi Investment Authority. In 2021 it reported AED1.045 trillion – around $280 billion […] May 19, 2023
Economy Uncertainty as Turkey prepares for runoff election Political uncertainty across Turkey is expected to be reflected on financial markets over the next two weeks as voters prepare for the second round of a presidential election. Neither incumbent President Tayyip Erdoğan and his ruling AK Party nor his opposition rival Kemal Kılıçdaroğlu, head of a six-party alliance, achieved an outright majority in Sunday’s […] May 15, 2023
UAE and Morocco form taskforce to double trade by 2030 The UAE and Morocco are aiming to double bilateral trade and investment volumes over the next seven years. The two countries are forming a taskforce to build on their AED3.6 billion ($991 million) non-oil foreign trade last year, which was up 16 percent from 2021 and more than two-thirds higher than 2020. The UAE is […] May 10, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Iran invites Saudi king to visit Tehran Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […] April 17, 2023
Economy Qatar and Bahrain to resume diplomatic ties Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […] April 13, 2023
Economy Food prices drive latest hike in Egyptian inflation Egypt’s inflation hit some of the highest levels on record in March, the state statistics agency Capmas said on Monday. Year-on-year headline inflation increased to 32.7 percent while core inflation, which strips out energy and some food prices, slipped from an all-time high of 40.3 percent in February to 39.5 percent in March. The month-on-month […] April 11, 2023
Banking & Finance AD Ports Group signs $2bn financing deal AD Ports Group has signed a $2 billion financing agreement with a syndicate of 13 regional and international banks, it announced in a bourse statement on Tuesday. Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international […] April 4, 2023
Exclusive Banking & Finance Tax boon for wealth funds shows their value to UK, says minister The UK’s decision to scrap a planned tax on sovereign wealth funds highlights the importance the government places on Gulf investors, Britain’s investment minister has told AGBI. “I’m personally very pleased that we’ve decided to maintain the status quo,” said Dominic Johnson, a minister of state in the UK’s newly formed Department for Business & […] March 29, 2023
60 seconds with... Alison Milton, Ambassador of Ireland to the UAE Alison Milton has been the Ambassador of Ireland to the UAE, Qatar and Kuwait since August. Before then she worked as the British-Irish director, in Ireland’s Department of Foreign Affairs. What does your company do? I work for the Embassy of Ireland in Abu Dhabi covering the UAE, Kuwait and Qatar. I also have responsibility […] March 17, 2023
Economy GCC sticking with the dollar peg, but changes could be afoot Saudi Arabia and the UAE were joined by Iraq this week in exploring alternatives to the dollar for non-oil global trade. While industry experts believe the dollar peg will remain in the short term, they say a move to decouple from the US greenback could soon become a reality. The UAE has been working with […] March 1, 2023
Development Saudi foreign minister signs $400m aid deal with Ukraine Saudi Arabia and Ukraine signed aid deals worth $400 million during a surprise visit to Kyiv by Saudi Arabia’s foreign minister Prince Faisal bin Farhan on Sunday. The memorandum of understanding includes the financing of oil derivatives worth $300 million as a grant submitted by the government of Saudi Arabia through the Saudi Fund for […] February 27, 2023
