Analysis Employment Tighter Omanisation rules for state contracts Companies operating in Oman have just under a year to adhere to Omanisation quotas or face being banned from applying for government contracts, as the Gulf state strives to increase opportunities for new Omani graduates. The decision was announced on June 2. It means companies tendering for contracts have a deadline of May 31, 2026 […] June 13, 2025
EXCLUSIVE Sustainability Bank al Etihad partners with Visa for carbon insights tool Jordan’s Bank al Etihad has partnered with Visa to offer a carbon insights tool within its app. The bank says the tool, developed by German fintech ecolytiq, gives customers information about their carbon footprint based on debit and credit card transactions. Ecolytic’s product is intended to increase consumer spending while encouraging them to make “greener […] June 13, 2025
Finance UAE entrepreneurs lack succession plans, warns HSBC Almost half of entrepreneurs in the UAE have no formal succession strategy in place to protect their business or family wealth, according to a report from HSBC. This failure to prepare points to a structural risk in one of the country’s most vital economic segments. While 98 percent of UAE respondents are optimistic about their […] June 12, 2025
Banking and Finance Kuwaiti companies to face fines for not disclosing ownership Kuwait is expected to net nearly KD4.1 million ($13.5 million) from financial penalties imposed on 4,000 companies flouting transparency rules related to their ownership. The government had given more than 150,000 businesses operating in Kuwait until June 10 to disclose what it terms as “the actual beneficiary or owner” as part of a crackdown on […] June 12, 2025
Exclusive Banking and Finance Stablecoin issuer Circle targets UAE’s $44bn remittance corridor Stablecoin issuer Circle, fresh off a $1 billion initial public offering on the New York Stock Exchange, is in early talks with money-transfer houses in the UAE to plug its USD Coin (USDC) into one of the world’s busiest remittance corridors. Circle is the sole issuer of USDC, the world’s second-largest stablecoin, with a market […] June 12, 2025
Finance Egypt plans to issue first tranche of $504m sukuk Egypt is reportedly planning to issue the first tranche of the EGP25 billion ($504 million) local sovereign sukuk issuance in the third quarter of 2025. The Ijarah sukuk will be issued to test the market and gauge investor appetite, followed by remaining tranches, Ashraq News, an Arabic financial portal, reported quoting three unnamed government officials. […] June 12, 2025
Finance EU plans to remove UAE from money laundering watchlist The European Union (EU) plans to remove the UAE from its list of high-risk countries for money laundering, a move that could ease compliance burdens for investors and banks operating in the Gulf state. The decision still requires final approval from the European Parliament and Council, which have up to two months to raise objections. […] June 11, 2025
Analysis Banking and Finance Why government-related debt is worth a punt Debt sales by government-related entities (GRE) in the Gulf, such as Saudi Electricity Co and Abu Dhabi’s Mubadala Investment Co, offer better investor value than their sovereigns, experts say. Gulf foreign currency sales of conventional and sukuk (sharia-compliant bonds) rose 9 percent to $72.4 billion in the five months to May 31, compared with the […] June 11, 2025
Banking and Finance UAE exchange houses fined over money laundering failings The Central Bank of the UAE has imposed financial penalties on six exchange houses in the UAE for failing to comply with anti-money laundering controls. The exchange houses, whose names were not revealed, were fined AED12.3 million ($3.4 million), the central bank said in a statement. The sanctions were imposed based on the findings of […] June 10, 2025
Infrastructure Emirates NBD and Siemens to finance green infrastructure Emirates NBD (ENBD), Dubai’s largest bank by assets, and German multinational Siemens have signed an agreement to provide finance for green infrastructure projects in the UAE. The agreement aligns with the UAE’s Net Zero by 2050 strategic initiative. Siemens will develop and design the administrative, technical and structural aspects of the agreement, the UAE […] June 10, 2025
Banking and Finance European bank’s $86m aid to create jobs in Turkey The European Bank for Reconstruction and Development (EBRD) will provide a €75 million ($86 million) loan to Türkiye Sınai Kalkınma Bankası (TSKB), the country’s development bank, to support businesses that offer opportunities to women and young people. The funding will also back companies impacted by the 2023 earthquakes. At least 15 percent of the funds […] June 10, 2025
Analysis Banking and Finance Gulf banks fight back to beat buy-now-pay-later advantage Gulf banks are moving aggressively to claw back billions of dollars in market share from buy-now-pay-later fintechs, turning to new payments infrastructure to reassert control at checkout, according to industry executives. Visa is working with lenders in the UAE and Saudi Arabia to expand its “Installment Solutions” platform, which allows credit cardholders to split payments […] June 10, 2025
Analysis Banking and Finance Banks slash IPO fees in Gulf scramble for market share Investment banks in the Gulf are cutting or even waiving fees to secure roles in regional initial public offerings (IPOs). As activity cools elsewhere, companies in the world’s largest oil producing region are selling shares to fund expansion. With IPO activity slowing in the US, Europe and China, legal and financial advisors say the Gulf, […] June 10, 2025
Banking and Finance Oman’s Islamic banks outpace conventional competitors Islamic banks in Oman are growing at a faster pace than their conventional competitors, according to a report by the central bank. The sultanate’s two Islamic banks, Bank Nizwa and Alizz Islamic Bank, and sharia-compliant units at other banks recorded higher growth in loans and deposits in the year to April 30, the report showed. […] June 9, 2025
Finance Dubai takes control of Majid Al Futtaim amid succession dispute The Government of Dubai has stepped in to take control of Majid Al Futtaim (MAF) Holding, a pillar of Dubai’s consumer economy. A new board has been appointed to lead the group in an emirate-backed effort to resolve a long-running family succession battle. Founded in 1992, MAF is one of the largest closely held companies […] June 9, 2025
Analysis Banking and Finance GCC banks impress with earnings in first quarter Major banks in the six-country Gulf Cooperation Council (GCC) generated more than $13 billion in net profit in the first quarter of 2025. This was up by nearly one-tenth compared to a year earlier as increased lending and low loan defaults boosted the banks’ bottom lines. AGBI analysed the earnings of 21 banks across the […] June 9, 2025
Banking and Finance Syria to reconnect to Swift ‘within weeks’ Syria will be fully reconnected to the Swift global payment system within weeks, central bank governor Abdulkader Husrieh has confirmed in a media interview. The move comes after the US last month lifted its sanctions after 14 years, which will allow the rebuilding of the war-torn nation to commence. Husrieh said the return to the […] June 9, 2025
Analysis Finance The KIA maintains its low profile approach – for now Kuwait Investment Authority (KIA) is not only the oldest Gulf sovereign wealth fund, but also the most opaque. It publishes little information about its assets and usually invests abroad through asset managers rather than directly. Its low-profile approach contrasts with the likes of Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s Mubadala and the Qatar […] June 9, 2025
Analysis Finance Saudi Arabia demands more from global asset managers International asset managers looking to raise funds in Saudi Arabia can no longer do so as easily without establishing a presence in the kingdom and aligning their activities with the country’s Vision 2030 diversification goals, analysts say. Despite the kingdom’s commitment this year to invest and trade as much as $600 billion in the US […] June 9, 2025
Finance IMF says Lebanon needs soft loans for economic recovery Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund (IMF) said on Thursday after a week of meetings in Beirut. Lebanon’s economy went into a tailspin in late 2019, prompted by decades of profligate […] June 6, 2025
Analysis Banking and Finance Qatar and UAE banks vulnerable to interest rate cuts Many Gulf banks reported bumper first-quarter profits thanks to increased lending. But Qatari and Emirati lenders are the most vulnerable to expected interest rate cuts. Kuwaiti dinar aside, the five other Gulf currencies are pegged to the dollar, so their countries’ benchmark interest rates mirror those of the United States. The rapid rise in US rates […] June 6, 2025
Banking and Finance FAB joins banks to lend $750m to India’s Adani unit Adani Airports Holdings, the largest private airport operator in India, has raised $750 million from banks including the UAE’s First Abu Dhabi Bank (FAB). The other banks involved are Barclays and Standard Chartered, the Bombay Stock Exchange-listed company said in a statement on Wednesday. Adani Airports Holdings (AAHL) is a subsidiary of India’s Adani Enterprises, […] June 5, 2025
