Analysis Media $4.4bn sounds a lot but e& has made the right call on Vodafone Vodafone and e&, formerly known as Etisalat, will look to launch new products globally while working together to make greater efficiencies following the UAE telco’s deal to buy a $4.4 billion stake. Following the announcement that the UAE’s biggest telecoms operator has acquired a 9.8 percent stake in British mobile operator Vodafone Group, AGBI spoke […] May 16, 2022
Banking & Finance Mexico suspends duties on food staples to tackle inflation Mexico will waive import duties for one year on a range of household staples, most of them foodstuffs, in a bid to curb inflation, the government said in its official gazette today. The products on the government list included corn oil, rice, tuna, pork, chicken, beef, onions, jalapeño peppers, beans, corn flour, wheat flour, eggs, […] May 16, 2022
Science & Technology Mobility tech firm Optibus valued at $1.3bn after raising $100m US-Israeli mobility technology company Optibus has raised $100 million in a private funding round that values the company at $1.3 billion. The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to […] May 16, 2022
Analysis Banking & Finance Cryptocurrencies have their ‘Lehman brothers moment’ Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […] May 16, 2022
Banking & Finance Colombia free zone deal tipped to be first of many for Dubai Analysts say the Dubai Multi Commodities Centre deal could be a playbook for bigger projects in Latin America May 16, 2022
Opinion Banking & Finance A crypto market crash doesn’t have to fill us with dread History shows us that these instances are a pivotal point of positive systemic change May 16, 2022
Banking & Finance Vodafone shares rise as telecoms group e& buys $4.4bn stake The group, formerly Emirates Telecommunications Group, said it supported the board and had no plans to buy the UK mobile operator outright. May 16, 2022
Energy Strong oil prices lift Saudi Aramco profits by 82% State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […] May 16, 2022
Health Egypt’s net foreign assets retreat further into the red Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […] May 15, 2022
Banking & Finance First dirham-denominated bond listed on Nasdaq Dubai The UAE’s first dirham-denominated treasury bond was listed on Nasdaq Dubai yesterday. Mohamed Hadi Al Hussaini, minister of state for financial affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. […] May 13, 2022
Analysis Banking & Finance New deal gives India and UAE plenty to smile about As the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates comes into force, AGBI looks at a highly lucrative co-regional relationship Of the many alliances that have sprouted out of the Middle East, the one between India and the United Arab Emirates (UAE) stands out – seemingly weathering all global political and […] May 12, 2022
Banking & Finance UAE’s first SPAC on launch pad as alternative to IPO Abu Dhabi’s ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), on Tuesday announced its initial public offering (IPO) subscription period will start on Thursday. Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX). […] May 11, 2022
Banking & Finance Revealed: The countries leading the FDI surge into Dubai The UK is driving a surge in foreign direct investment (FDI) into Dubai as the UAE continues to launch incentives to attract money and talent from overseas. According to new data from Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET), the UK was behind more than a […] May 11, 2022
Banking & Finance What is a SPAC and how do they work? Special purpose acquisition companies (SPACs) raise capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO. According to PwC, this approach offers […] May 11, 2022
Banking & Finance Wio appoints execs to drive digital banking push Wio Bank, a new digital banking platform established in the UAE, today announced senior leadership appointments following its licence approval by the UAE Central Bank. Salem Al Nuaimi has been named chairman of the board and Jayesh Patel has been appointed as CEO. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […] May 10, 2022
Technology Make it happen: How to digitally transform your business Here is the first of our monthly guides to harnessing global trends with a razor-sharp regional focus May 10, 2022
Opinion Technology Will Dubai win the Web3 race? The co-founder of Tahseen Consulting, one of the MENA’s top tech policy firms, rates Dubai’s chances of becoming a hub for the decentralised web and crypto exchange May 10, 2022
Exclusive Banking & Finance UK-Gulf deal will be ‘tough nut to crack,’ says top Johnson ally The co-chairman of the UAE-UK Business Council and former chief strategic adviser to Prime Minister Boris Johnson says the upcoming UK-Gulf trade agreements could be delayed but bilateral opportunities remain immense Lord Udny-Lister, co-chairman of the UAE-UK Business Council and one of Boris Johnson’s closest political allies, cuts a distinguished figure amid the sumptuous surroundings […] May 10, 2022
Banking & Finance Dubai sets up office to manage $49.4bn sovereign debt The Dubai government has established a debt management office and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, it announced on Monday. The office – which analysts say will streamline debt issuance and improve transparency – will manage the sovereign debt portfolio and be responsible for meeting the government’s financing requirements, the Dubai […] May 9, 2022
Energy Abu Dhabi’s ADQ strikes $4.2bn investment deal with Greece The deal was agreed as the Greek prime minister, Kyriakos Mitsotakis, held talks with Crown Prince Sheikh Mohammed Bin Zayed Al-Nahyan in Abu Dhabi. May 9, 2022
EXCLUSIVE Banking & Finance Could crowdfunding seed the Gulf’s next Unicorn? Democratised funding is set to breed a new generation of innovative regional businesses, say experts Crowdfunding, the alternative funding concept, represents an exciting reality in the Gulf region following a flurry of regulatory reforms. This innovative practice of funding a venture by raising smaller amounts of money from a large number of people is a […] May 9, 2022
Banking & Finance How I got to the top: Kamal Al Samarrai, co-founder, Verity What does your company do? Verity is a UAE-based fintech startup on a mission to teach kids and teens how to earn, save, give and spend responsibly, while offering parents the ability to guide their money management. By integrating our family banking and financial literacy app with a personalised pre-paid debit card, we’re making learning […] May 9, 2022