Economy PIF secures $10bn from French export credit agency Saudi Arabia’s Public Investment Fund has signed an agreement with Bpifrance Assurance Export, a French export credit agency, to seek funding for up to $10 billion. The five-year pact will focus on projects supporting Vision 2030 and is aligned with the fund’s strategy to grow build long-term global partnerships. The agreement will unlock new opportunities for French […] December 6, 2024
Analysis Finance Gulf could turn a crisis into opportunity with catastrophe bonds Torrential rains, flash floods, cars adrift in streets turned into rivers – these are scenes often seen these days, from Malaysia to Valencia. They are also becoming more common in the Gulf. Flooding in April 2024 in the UAE, for example, killed five people and cost $1.8-$2.3 billion in property damage, according to Gallagher Re […] December 6, 2024
Banking & Finance EDB hails $305m in financing for agriculture businesses One dirham in 12 lent by Emirates Development Bank in the past three years has gone into financing for agriculture technology and food production businesses, the bank said on Thursday. EDB said the AED1.12 billion ($305 million) of loans represent 8 percent of the AED14.72 billion of financing it has provided since April 2021. It […] December 5, 2024
Analysis Finance GCC sukuk’s best-kept secret: Dublin For many people, the city of Guinness and James Joyce may not be the first place that comes to mind when thinking about Islamic bonds. Yet, according to a report last month from Fitch Ratings, the Dublin stock exchange – Euronext Dublin – is now the world’s largest listing venue for hard currency global sukuk. […] December 5, 2024
Sustainability Arab funds pledge $10bn to fight desertification The Arab Coordination Group, an alliance of 10 development funds, is to provide $10 billion by 2030 to combat land degradation, desertification and drought, it was announced on the second day of the United Nations Convention to Combat Desertification event in Riyadh. The commitment brings the total pledged to these interrelated causes at the two-week […] December 4, 2024
Video length: 03:05 Video Finance Hedge funds and wealth managers ‘are a boon’ for DIFC The DFSA (Dubai Financial Services Authority) the independent regulatory agency that oversees financial services in the Dubai International Financial Centre, approved more than 60 new companies in the first half of 2024. Patrick Meaney, head of enforcement at DFSA, says that many of them are wealth management companies or hedge funds, which is a “boon […] December 4, 2024
Analysis Banking & Finance Liquidity squeeze deepens for Saudi Arabia’s banks Liquidity in Saudi Arabia’s banking sector has tightened again as lending increased more quickly than deposits in the third quarter. The loan-to-deposit ratio among Saudi Arabia’s 10 largest banks was 100.1 percent in Q3, up from 97.8 percent in the previous three months, according to management consultancy Alvarez & Marsal. Loans and advances at the […] December 3, 2024
Economy Tunisia seeks $2.2bn from central bank to repay debts Tunisia’s central bank will provide $2.2 billion to the government to help repay debts next year, according to news reports. The funding follows the parliamentary approval of a budget law amendment that allows the government to borrow directly from the central bank. This marks the second instance within a year of the government tapping the central […] December 3, 2024
Gaming PIF continues to trim stake in Japan’s Nintendo The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has further reduced its holding Japanese gaming company Nintendo. In the latest move, PIF cut its holding to 5.26 percent from 6.3 percent, the second reduction this month. The fund lowered its stake to 6.3 percent from 7.5 percent on November 13. The news comes despite comments […] December 3, 2024
Trade Oman and Turkish pension fund launches $500m JV A new container port in the southern Turkish city of Iskenderun is to be the first project in a joint venture worth $500 million between one of Turkey’s leading retirement funds and Oman’s sovereign wealth agency. The Oman Investment Authority (OIA) and the Turkish military pension fund Oyak plan to invest in a range of […] December 3, 2024
Analysis Entrepreneurs Gulf startups get ready for their close-up on reality TV First it was Shark Tank, now it’s Unicorn Hunters. Reality TV has become the latest pathway for Gulf startups to access venture capital. The second season of Shark Tank Dubai is airing now in the UAE – an Arabic version of the Dragons’ Den/Shark Tank format in which entrepreneurs make presentations to a panel of venture […] December 1, 2024
Finance Qatar-backed consortium in play for Hong Kong’s ESR A consortium including Qatar Holding is planning to take Hong Kong-listed real estate fund manager ESR private, with the deal valued at more than $7 billion, according to Reuters. ESR stopped trading of its shares on Friday, “pending the release of an announcement in relation to inside information of the company”, it said in a […] November 29, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Finance IHC stands by Adani investments despite US indictment Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […] November 28, 2024
Energy Turkey asks US to allow payments to sanctioned Russian bank Turkey is seeking an exemption to new sanctions imposed against Moscow by the Biden administration that would mean payments for imports of Russian natural gas are blocked, potentially cutting energy supplies and undermining the Turkish economy. Washington announced sanctions against Gazprombank, which is part-owned by Russian state gas producer Gazprom, on November 21 this year. […] November 27, 2024
Video length: 03:17 VIDEO Banking & Finance Opportunities for ‘distressed investors’ as Saudi companies restructure International and regional distressed investors looking at buying debt in Saudi businesses are becoming more active as new bankruptcy laws and reforms take shape in Saudi Arabia. Paul Gilbert, Middle East managing director at Alvarez & Marsal, said bankruptcy processes were “being very predictable”, which was an “important factor for inward investment into the country”. […] November 27, 2024
Banking & Finance QIA invests in owner of McDonald’s China The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China. Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor. Other investors include the […] November 26, 2024
Banking & Finance Retail investors offered 1.5% of Egypt’s United Bank in IPO A small stake in Egypt’s United Bank is to be offered to retail investors on Wednesday, when 16.5 million shares of the state-owned bank will be floated on the Egyptian Exchange as part of an IPO. The retail tranche, 1.5 percent of the bank’s shares, is part of an initial public offering of 330 million […] November 26, 2024
Finance Mubadala Capital’s $8.7bn bid to privatise CI Financial Mubadala Capital, the Abu Dhabi-based alternative asset manager, has made an all-cash offer of C$12.1 billion ($8.66 billion) to privatise CI Financial, a Canadian asset and wealth manager. As part of the agreement, all issued and outstanding shares of CI will be acquired for C$32 per share in cash, except for shares held by senior management […] November 26, 2024
Banking & Finance UAE bank lending rises but profits hit by impairment charges The aggregate net income of UAE banks dropped 5.5 percent in the third quarter of this year, as a jump in impairment charges dented profitability. Among the top 10 lenders in the UAE, aggregate income fell to AED20.3 billion ($5.5 billion) in Q3 2024, according to a report by professional services firm Alvarez & Marsal. […] November 25, 2024
Banking & Finance HSBC appoints former Turkey chief as Middle East CEO British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […] November 25, 2024
Banking & Finance UK regulator fines Barclays $51m over Qatar deals Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […] November 25, 2024
