Banking & Finance Saudi developer Dar Al Arkan plans dollar sukuk Saudi Arabia’s Dar Al Arkan Real Estate Development Co has hired banks to arrange a planned sale of US dollar-denominated Islamic bonds, a bank document showed. The joint lead managers and bookrunners were due to hold fixed-income investor calls and meetings from Thursday. A benchmark-sized sale of senior unsecured sukuk maturing in February 2029 will […] July 14, 2023
Analysis Trade Pakistan looks to UAE for trade deals, not loan debts The UAE confirmed late on Wednesday it has deposited $1 billion in Pakistan’s central bank, a day after Saudi Arabia also transferred $2 billion. In addition to direct funding, the Islamabad government is aiming to attract multi-billion dollar investments from the UAE and other Gulf countries to create millions of new jobs after struggling with […] July 13, 2023
Banking & Finance UAE’s Agthia launches $54m fund for agritech startups UAE food and beverages firm Agthia Group has launched a AED200 million ($54 million) corporate venture capital fund to support agritech startups. Agthia Ventures, funded by Agthia and its parent company ADQ, will be jointly managed with Touchdown Ventures, a US-based operator of corporate venture capital programmes for blue-chip corporates that has more than 100 […] July 13, 2023
Banking & Finance Pakistan gets IMF aid as UAE deposits $1bn in central bank The UAE has deposited $1 billion in Pakistan’s central bank, finance minister Ishaq Dar said. “This inflow has further increased forex reserves held by State Bank of Pakistan and will accordingly be reflected in the forex reserves position for the week ending,” he said in a tweet. The announcement comes after Saudi Arabia deposited $2 […] July 13, 2023
Banking & Finance Abu Dhabi fund may back Telecom Italia’s network bid Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is in talks with US private equity firm KKR & Co for a joint bid of €23 billion ($25 billion) for Telecom Italia SpA’s landline network. The Abu Dhabi fund will provide equity support for the private equity firm’s bid, Bloomberg reported, citing unnamed […] July 13, 2023
Banking & Finance Two Abu Dhabi banks tap debt markets for $1.25bn Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) have raised $1.25 billion in total from the sale of conventional and Islamic bonds, seizing a window of opportunity to raise debt amid a lull in regional issues. ADCB launched $500 million five-year senior unsecured bonds at 120 basis points (bps) over US treasuries, […] July 12, 2023
Banking & Finance Etisalat confirms interest in Ethiopian telco Ethio Telecoms giant Etisalat (rebranded as e&) confirmed on Tuesday that it is considering buying a stake in Ethio, a state-controlled operator in Ethiopia. The Abu Dhabi-based company, which is now branded e&, said in a filing to the stock exchange that it was “at an early stage” of assessing a bid. The statement from the […] July 11, 2023
Banking & Finance Schools operator Taaleem enjoys profit rise of 35% Taaleem, the Dubai-listed schools operator, posted a surge in net profit for the nine months up to 31 May, driven by a strong increase in student enrolment. The company also benefitted from unrealised gains from its initial public offering (IPO) last November. Net profit rose 35 percent year on year to AED199.8 million ($54 million) […] July 11, 2023
Banking & Finance Invictus reveals $270m Africa investment plan Invictus Investment Company has announced plans to expand into north and east Africa through acquisitions and joint ventures with local entities in the region. Invictus said in a filing to the Abu Dhabi Stock Exchange that it is planning to invest AED1 billion ($270 million) as it targets expansion in African markets. The company will […] July 11, 2023
Opinion Banking & Finance Taxing questions at the heart of the Dubai economic model The low-tax regime in the UAE was the result of very deliberate economic strategy July 11, 2023
Banking & Finance Saudi Arabia deposits $2bn in Pakistan’s central bank Saudi Arabia has deposited $2 billion in the State Bank of Pakistan, the South Asian country’s finance minister said on Tuesday. Last month the International Monetary Fund (IMF) reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The deal is, however, subject to approval by the IMF board this month. The $3 […] July 11, 2023
Banking & Finance Bank of Israel pauses rate hikes for first time since 2022 The Bank of Israel left short-term borrowing rates unchanged on Monday for the first time since early 2022, as expected, but warned that rates could be hiked further if inflation picked up again. Governor Amir Yaron said that rates would remain high for some time. He also cautioned that legislation on a highly-disputed bill that […] July 11, 2023
Banking & Finance Lebanon rules out extension of central bank governor’s term Lebanon’s caretaker premier, Najib Mikati, will not extend the term of central bank governor Riad Salameh when it ends later this month, the prime minister’s office said. The July 31 expiration of Salameh’s term will bring to an end a 30-year tenure stained by recent charges at home and abroad of embezzlement of Lebanese public […] July 11, 2023
Entrepreneurs Egypt’s currency slump deters startup investors Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […] July 11, 2023
Analysis Banking & Finance Middle East IPO drive likely to cool in second half of 2023 The wave of listings on Middle East markets will slow down as the year progresses, with initial public offerings being pushed to 2024 instead, say industry experts. Last year 71 IPOs were completed in the Middle East, for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares […] July 10, 2023
Analysis Banking & Finance Middle East sovereign wealth funds see promise in India Sovereign wealth funds across the Middle East are eyeing up opportunities in India as higher interest rates push emerging markets to the forefront for investors. The latest Invesco Global Sovereign Asset Management Study said that, while Europe and the US continue to hold allure, 100 percent of funds in the region viewed India as an […] July 10, 2023
Banking & Finance SNB plan to take 40% Credit Suisse stake halted by regulator Saudi National Bank (SNB) wanted to increase its stake in Credit Suisse, Switzerland’s second-largest bank, to 40 percent from 9.88 percent, Zürich-based Blick daily reported. However, Swiss regulator Finma stopped the bank from making the move. Finma must approve a foreign investor taking a stake of more than 10 percent in a major Swiss bank, […] July 10, 2023
Banking & Finance Japan logs current account surplus for fourth month Japan’s current account surplus more than doubled year-on-year in May, in a fourth straight month of gains, as the country’s trade deficit narrowed and income gains from its overseas investment expanded, ministry of finance data showed. The current account surplus reached 1.86 trillion yen ($13.08 billion) in May, compared with 773 billion yen in the […] July 10, 2023
Banking & Finance Turkey takes measures to control rising budget deficit Turkey is taking measures to re-establish fiscal discipline and control the level of the budget deficit, finance minister Mehmet Simsek said. The budget deficit for the first five months of the year was 263.6 billion lira ($10.12 billion), compared with 124.6 billion lira a year ago, due to increased spending ahead of May’s elections and […] July 10, 2023
Opinion Banking & Finance How Middle East banks can bridge the financial divide Financial inclusion is crucial to ensure the region's sustainable economic development July 9, 2023
Banking & Finance UK to steer pensions into high-growth sectors British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the treasury said on Sunday. In Monday’s speech at the City of London’s Mansion House, Hunt will explain how the reforms could increase returns for pensioners and unlock capital for […] July 9, 2023
Banking & Finance Turkey expects investments of $10bn from GCC nations Turkey expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of President Tayyip Erdogan’s trip to the region in two weeks, according to two senior Turkish officials. Erdogan is scheduled to visit leaders in Saudi Arabia, Qatar and the UAE on July 17-19, in part to drum […] July 9, 2023
