Artificial Intelligence QIA leads $125m funding round for AI startup Cresta Qatar Investment Authority (QIA) has led the new $125 million funding round for Cresta, a US-based generative artificial intelligence (AI) platform for contact centres. The series D round included World Innovation Lab, Accenture, Comcast Ventures, EnvisionX, LG Ventures, Qualcomm, Scan Health and Workday Ventures. The round included returning investors Andreessen Horowitz, Greylock Partners, J.P. Morgan, Sequoia […] November 20, 2024
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain – plus links to in-depth pages on each country November 20, 2024
Finance Morocco secures $211m loan to improve water security The European Bank for Reconstruction and Development (EBRD) has approved a €200 million ($211 million) loan to Morocco’s phosphate-based fertiliser producer OCP Group to enhance water security by developing new desalination facilities. The funding will support the construction of two seawater desalination facilities for OCP Group at its industrial complexes in El Jadida and Safi. […] November 18, 2024
Analysis Health Golden returns draw investors to fitness markets Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […] November 18, 2024
Banking & Finance Bahrain bank merger to complete in 2025 A merger between National Bank of Bahrain (NBB) and Bank of Bahrain and Kuwait (BBK) is expected to be completed in 2025. Plans to join the two banks were announced to the Bahrain Bourse earlier this year and preliminary proceedings started this month. “Considering that we are almost at the end of this year, I […] November 15, 2024
Banking & Finance Saudi Arabia’s debt rule changes could increase sales Saudi Arabia’s market regulator has simplified its sukuk and bond issuance rules in reforms that should boost debt sales by both domestic and international entities in Riyadh, a top Islamic finance expert told AGBI. The kingdom’s debt capital market had $408 billion of outstanding issuance as of June 30, up 18 percent versus a year […] November 14, 2024
Banking & Finance Development bank targets female employment in Turkey Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country. In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […] November 14, 2024
Construction Banks vying to fund Roshn’s Saudi expansion Interest in PIF-backed Roshn Turning away lenders Plan is backed by consortium Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, ... Register now: It’s easy and free This content is available for registered members only. Register for your free […] November 14, 2024
Analysis Banking & Finance Funding increase to support Palestinian startups Funding levels are being ramped up to support Palestinian startups in the war-torn territory and across the wider Middle East and North Africa. Just $8.8 million has been invested in Palestinian startups – marked as Ramallah, West Bank or Gaza-based – in 18 deals on record from 2022 to the present day, according to Racha […] November 14, 2024
Finance Adia taps scientists and hedge funds to boost returns The Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, is using a team of 125 data scientists and hedge funds to expedite its decision-making process. “We are using our increased data and scientific skills to assist the senior investment team to make dynamic allocation decisions,” Bloomberg reported, quoting Jean-Paul Villain, director of […] November 14, 2024
Finance Saudi finance firm UIHC’s IPO 132 times oversubscribed United International Holding Company (UIHC) has received orders worth SAR131 billion ($34.8 billion) for its upcoming initial public offering on the Tadawul, the company announced on Tuesday. The Saudi Arabian financial services firm’s IPO was oversubscribed 132 times. The final price was set at SAR132 per share, implying a market capitalisation of SAR3,300 million at […] November 12, 2024
Analysis Banking & Finance AI is sucking up VC funding, claim green startups Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […] November 12, 2024
Banking & Finance Adia to buy $1bn stake in US software company Qlik Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […] November 11, 2024
Finance DIFC repays $700m sukuk on time Dubai International Financial Centre (DIFC) has repaid a $700 million sukuk (Islamic bond) on schedule. The timely repayment reflects the centre’s financial strength and results from robust financial policies to enhance the efficiency of its debt and financing portfolio, it said. These financial policies reduce borrowing costs, mitigate refinancing risks, support cash generation from core […] November 11, 2024
Analysis Economy Turkey to boost borrowing to bridge budget gap Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs. Under the programme, the government will seek to raise the equivalent of up to $13 billion from […] November 8, 2024
Video length: 03:54 VIDEO Banking & Finance Investcorp refocuses on inward GCC investment Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above. November 7, 2024
Real Estate Real-estate growth pushes IHC revenue up by 49% Abu Dhabi conglomerate International Holding Company (IHC) said revenue surged 49 percent year on year for the first nine months of 2024 to AED64 billion ($17.4 billion), supported by the real estate and construction segment. The segment’s growth was driven by an increase in Aldar’s revenue from strong property development sales, higher income from acquisitions […] November 7, 2024
Aviation QIA helps raise $318m for US electric aircraft maker A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure. Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […] November 6, 2024
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024
Opinion Economy Six reasons why UK gilt yields rose after Labour’s budget The market has reacted decisively and Downing Street should take note November 4, 2024
Banking & Finance Bahrain’s Mumtalakat prizes local investment over global Bahrain’s multi-billion dollar sovereign wealth fund Mumtalakat is looking closer to home for investments, prioritising local over international opportunities. Shaikh Salman bin Khalifa Al Khalifa, minister of finance and national economy at Mumtalakat, said: “What we have found is the most compelling investment opportunities, the highest return on equity investments, are increasingly at home or […] November 4, 2024
Finance Tecom profit up amid rise in commercial space demand Dubai-listed Tecom Group reported a 20 percent year-on-year increase in net profit to AED340 million ($92.6 million) in the third quarter of 2024, driven by steady demand for premium commercial and industrial properties. Revenue for the quarter rose 12 percent annually to AED611 million, supported by Dubai’s strong economic fundamentals and growing demand for commercial […] November 3, 2024
