Finance Saudi PIF ‘interested’ in buying stake in UK Selfridges Saudi Arabia’s Public Investment Fund (PIF) is looking to buy a stake in British luxury department store Selfridges after the collapse of one of its owners, as it seeks ways to improve funding flows to Saudi giga-projects. Austrian company Signa faces insolvency, opening up its 50 percent share in Selfridges to acquisition. The other owner […] March 18, 2024
Opinion Lifestyle Abu Dhabi is getting serious in its bid to lure the wealthy Competition with Dubai is about more than country club fees March 18, 2024
Banking & Finance PIF’s debt plans to ease funding strain on local banks Saudi Arabia’s Public Investment Fund (PIF) aims to regularly tap debt markets or secure bank loans to alleviate funding pressure on local banks to fulfill the kingdom’s ambitious diversification plan. The $940 billion sovereign fund also intends to divest stakes in its portfolio companies to bolster the economic transformation under Vision 2030, Bloomberg reported, citing […] March 15, 2024
Analysis Banking & Finance UAE banks struggling to match 2023’s record profits Banks in the UAE will struggle to repeat last year’s record annual profits in 2024, after the introduction of corporate tax, expected US interest rate cuts and the likely absence of the bumper one-off gains that bolstered their bottom line in 2023. However, a slight decline in profitability would still represent a strong performance by […] March 15, 2024
Economy Germany commits $282m in low-cost funding to Egypt Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […] March 14, 2024
Finance UAE banks add 2.5m new loans and credit cards in 2023 The number of bank loans and credit cards issued by banks and financial institutions in the UAE last year grew by 3 percent year on year, driven by increased confidence in borrowers’ capacity to fulfil their financial obligations. The number of contracts reached 2.52 million in 2023, the UAE state-run Wam news agency reported, citing […] March 14, 2024
Finance ADIA backs $832m European real estate debt fund Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will pump additional capital into Cheyne Capital’s European real estate debt fund, increasing the total investment to £650 million ($832 million). The investment by a Gulf state-owned fund subsidiary marks the ninth round of the London-based Cheyne Real Estate Credit Holdings programme, called the […] March 13, 2024
Analysis Banking & Finance Mergers drive growth in Bahrain’s Islamic finance sector When Al Salam Bank, one of the largest Islamic banks in Bahrain, became majority shareholder of its Algerian subsidiary last June, CEO Rafik Nayed made clear that the shopping spree was not over. Mergers and acquisitions “will remain an important pillar of our growth plans”, Nayed said – and last month Al Salam announced a […] March 13, 2024
Finance Bahraini fund hires bank to find buyer for McLaren stake Bahrain’s sovereign fund has hired bankers to find a potential buyer for its stake in the British carmaker McLaren Group, according to a UK media report. Mumtalakat Holdings, which holds a 50 percent stake in McLaren, has hired JP Morgan following an order from King Hamad bin Isa Al Khalifa, The Sunday Times reported. JP […] March 12, 2024
Banking & Finance India is top Asian target for Middle East investors India is more than twice as important as China as a target for Middle East investment, an industry report has revealed. Since 2020, private capital deal value from the Middle East into Asia has soared more than sixfold, from $14 billion between 2016 and 2019 to $83 billion since 2020, data from the Global Private […] March 11, 2024
Banking & Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Tech Oman’s growing space sector attracts $52m in investments Oman has attracted investments worth OMR20 million ($52 million) in its growing space sector over the past two years, a senior government official said. The investments have increased after the issuance of the executive space programme last year, Dr. Ali Al Shidhani, under-secretary of communications and IT at the ministry of transport, communications, and information […] March 8, 2024
Oil & Gas PIF doubles stake in Saudi Aramco to 16% Saudi Arabia has completed the transfer of an 8 percent stake in Aramco to the sovereign Public Investment Fund ahead of a planned flotation of the oil major. “The transfer is a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Vision 2030,” state-owned […] March 8, 2024
Finance Abu Dhabi Global Market reports rapid growth Abu Dhabi Global Market (ADGM) said that over 125 companies are in the pipeline to be registered, as the international financial centre reported continued growth. Assets under management (AUM) grew by 35 percent in 2023, with 102 asset managers managing 141 funds, ADGM said in a statement. While it did not give the total value […] March 7, 2024
Economy Egypt secures expanded $8bn loan from IMF Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […] March 7, 2024
Tech Saudi Arabia backs tech startup sector with $888m Saudi Arabia has announced investments worth $888 million to support the local tech startup and venture capital sector. The funds will support industries such as digital payments, e-gaming and artificial intelligence (AI). The announcement was made on the second day of the Leap international technology conference taking place this week in Riyadh. Saudi Arabia has […] March 6, 2024
Finance Seera makes windfall gains from $101m Uber stake sale Saudi Arabia’s Seera Group Holding has sold its stake in ride-hailing giant Uber Technologies, making more than double in profit. The travel major, listed on the Saudi bourse, sold 1.25 million shares in Uber for SAR380 million ($101 million), making a substantial gain of SAR164.6 million. The divestment is part of Seera’s strategy, which was […] March 6, 2024
Finance Investcorp leads $130m pre-IPO funding for Saudi startup Salla, a Saudi e-commerce software startup, has raised $130 million in its pre-IPO investment round, led by Bahrain’s alternative asset manager Investcorp. Sanabil Investment, a subsidiary of Public Investment Fund and STV, a venture capital investor and an existing Salla shareholder, also participated in the transaction, Investcorp said in a statement. Bahrain-headquartered Investcorp made the […] March 5, 2024
Opinion Banking & Finance Took them long enough, but at last BlackRock is calling out ESG The US investment giant could have got there sooner if it had listened to the Gulf March 4, 2024
Banking & Finance Zain KSA profit at $347m as revenue reaches record high Mobile Telecommunication Company Saudi Arabia (Zain KSA) more than doubled its profit in 2023 to SAR1.3 billion ($347 million). Revenues reached a record high of nearly SAR10 billion, rising 9 percent yearly, fuelled by growth in business-to-business, 5G, digital products, wholesale and fintech unit Tamam. Gross profit increased 10 percent year on year to SAR541 […] March 4, 2024
Banking & Finance Abu Dhabi courts celebrity investors to make its mark Abu Dhabi is increasingly turning to celebrities, from actors and comedians to boxers and writers, to increase its presence on the world stage. The UAE’s capital has attracted entrepreneurs from around the world who are investing and expanding their businesses in the emirate. Among the latest to announce plans to invest in Abu Dhabi are […] March 1, 2024