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Banking & Finance

Iraq

Iraq: a hidden gem for bargain-hungry tech investors

Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […]

Finger, Person, Hand

Australia central bank raises rates to 10-year high

Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve Bank of Australia […]

Moody’s sees ‘very high’ foreign exchange risk for Turkish banks

Banks in countries such as Turkey and Ukraine face a “very high” risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody’s Investors Service said in a report on Monday. Belarus, El Salvador, Nigeria, Kyrgyzstan and Tajikistan complete the list of countries also exposed to high levels […]

MAF clinches $1.25bn sustainability-linked loan

UAE-based retail group Majid Al Futtaim (MAF) has secured its second sustainability-linked loan as part of its strategy to become ‘net carbon positive’ by 2040. The $1.25 billion-equivalent revolving credit facility with First Abu Dhabi Bank was agreed on Monday. MAF, which owns and operates 29 shopping malls across the Middle East and Africa as […]

India

Abu Dhabi VC eyes booming Indian economy

Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […]

Local media quoted finance minister Mohamed Maait as saying the issuance was expected to be at $500 million

Egypt aims to issue first Chinese yuan-denominated bonds

Egypt aims to issue its first “panda” bonds by the end of this fiscal year, deputy finance minister Ahmed Kouchock said on Sunday. “We are just waiting for the right moment,” Kouchouk told an event at the American University in Cairo. Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers. Earlier, […]

The PIF has stakes in 22 listed companies, including Saudi Aramco

Saudi Aramco’s Luberef expects to raise up to $1.32bn from IPO

Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30 percent of the company’s issued share capital, or 50.045 million shares, at between […]

Sahap Kavcioglu said the central bank was prioritising steps aimed at removing structural causes of high inflation

Turkish central bank will continue to increase forex reserves

Turkey’s central bank will continue increasing its foreign currency reserves, its governor Sahap Kavcioglu said on Friday. Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis last December. The lira lost 44 percent of its value against the US dollar last year and another […]

Saudi Arabia deposited the money in Pakistan's central bank late last year as a loan to shore up the cash-strapped country's reserves

Saudi Arabia extends $3bn deposit term to Pakistan

Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, state news agency SPA and Pakistan’s central bank said. The deposit was made late last year as a loan to shore up the cash-strapped country’s reserves. The central bank reserves stood at $7.5 billion as of November […]

China's biggest commercial banks have also lined up at least $162 billion in fresh credit to property developers

China’s property woes fuel risks to financial system, says Moody’s

Risks to the stability of China’s financial system are rising on continued sluggishness in its property sector and an economic slowdown, making smaller banks more vulnerable, rating agency Moody’s said on Friday. China’s property sector has slowed sharply this year after Beijing’s efforts reined in excessive borrowing by developers. The clampdown has triggered falls in […]

Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors

PIF launches new investment firm to boost regional growth

Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a […]

ICD's investment portfolio includes some of Dubai’s biggest companies, including Emirates National Oil Company (Enoc), Emirates airlines and the Commercial Bank of Dubai

Dubai’s wealth fund hunts for opportunities after H1 profit

The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022.  Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […]

Gulf VC funds

Further slowdown before a rebound, says UAE VC firm

Following years of rapid growth, the Gulf’s venture capital (VC) ecosystem has slowed down, in line with global trends. But the region’s underlying strengths and appetite for VC deals mean it will pick back up again late next year, experts from Apex Group have told AGBI. “Up until about three months ago, we were still […]

Dubai entrepreneur to launch crypto community for nickel

A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […]

Heavy industries replace tech in Middle East funding rounds

More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […]

Saudi Crown Prince Mohammed Bin Salman, chairman of PIF

Saudi wealth fund PIF secures ‘record’ $17bn loan

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […]

Saudi extends term for $5bn deposit in Egypt’s central bank

Saudi Arabia has extended the term for a $5 billion deposit it made to Egypt’s central bank, state news agency SPA said on Tuesday, without saying how long the extension would be. In March, Saudi Arabia made a $5 billion deposit in the central bank as Egypt came under increasing financial pressure following Russia’s invasion […]

Gulf Islamic Investments

UAE investment firm launches $100m debt fund

Gulf Islamic Investments, the UAE-based shari’ah-compliant global alternative investment company, is launching a $100 million debt fund. The new fund, known as GDF-I, will focus on supporting high growth companies in resilient sectors such as consumer, healthcare, education, logistics and technology in the GCC region. It will also target high growth Indian companies looking to expand […]