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Banking & Finance

Banking & finance news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

PIF intends to divest stakes in its portfolio companies to bolster the economic transformation under Vision 2030

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 […]

People using Mashreq Bank ATMs in Dubai. UAE banks’ combined net profit was a record AED 76.9bn in 2023

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 […]

Egypt has approved funding of €54 million from Germany to finance a smart energy project

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 […]

Commerce via social media channels remains untapped in the Gulf region

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 […]

Canary Wharf, London Adia Cheyne

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 […]

GCC banks can save more than $3bn per year by merging branches and accelerating digitalisation

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 […]

Bahrain's sovereign fund Mumtalakat Holdings is looking for buyers for its McLaren Group stake

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 […]

UAE president Sheikh Mohamed bin Zayed Al Nahyan with Indian prime minister Narendra Modi during his visit to the Gulf region in February

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 […]

HSBC Dubai bank taxation

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 […]

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 […]

Oman has 14 space projects planned, including a public satellite

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 […]

The Aramco share transfer will further solidify PIF’s strong financial position and credit rating, said Crown Prince Mohammed bin Salman

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 […]

ADGM said assets under management grew by 35%, with 102 asset managers managing 141 funds in 2023

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 […]

A man takes a photograph of the latest rates at a currency exhange in Cairo. The Egyptian government has said it will let the exchange rate be determined by market forces

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 […]

Visitors at the Leap Technology Conference in Riyadh

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 […]

Saudi Arabia's Seera sold 1.25 million shares in Uber for SAR380m

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 […]

Saudi e-commerce software startup Salla has enabled $7bn in e-commerce sales since 2020

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 […]

The board of Saudi telecoms company Zain KSA has recommended a dividend payout of SAR449 million for 2023

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 […]

Idris Elba was among the celebrities at the Hub71 Impact Summit who see the potential in investing in Abu Dhabi

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 […]

The Morgan Stanley New York headquarters. The bank's local head said there are 'exciting times ahead for the Mena region'

Morgan Stanley latest US bank to set up in Abu Dhabi

Morgan Stanley is opening an office in Abu Dhabi Global Market in a bid to win more business in the Middle East and North Africa. The latest international bank to set up shop in the UAE capital’s financial centre, Morgan Stanley already has offices in Dubai, Riyadh and Doha. The lender, ranked 31st worldwide in […]

FAB CEO Hana Al Rostamani, pictured here at Cop28 in December, said the bank looks forward to 'facilitating vital trade and investment' between the GCC and China

First Abu Dhabi makes China expansion a priority

First Abu Dhabi, the UAE’s largest bank by assets, plans to triple revenue from its operations in China by 2026. FAB is the only fully licensed UAE-based bank in mainland China and considers growth in the country a “priority” after revenue rose by 50 percent last year to about AED100 million ($27 million).  Group CEO […]