Employment Remittances from UAE to Bangladesh surge 48% Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank. Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported. However, remittances […] April 23, 2024
Banking and Finance Saudi fund agrees $67m deal to support Omani SMEs The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth. The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans […] April 22, 2024
Finance Egypt to receive $30bn by June but denies $1.5bn new Saudi deal An Egyptian government spokesperson rebuffed reports on Sunday that the Saudi firm Ajlan & Bros had submitted a $1.5 billion proposal to develop Ras Gamila on the Red Sea. A spokesperson for the Ministry of Public Enterprise, Mansour Abdelghany, told Ahram Online that no such offers would be considered until an international advisory firm completes […] April 22, 2024
EXCLUSIVE Banking and Finance Lebanon launches plan to promote use of bank cards Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […] April 19, 2024
Banking and Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024
Banking and Finance ADIB denies stake purchase talks in Indonesian lender Abu Dhabi Islamic Bank (ADIB) has denied holding talks with Indonesia’s largest Islamic lender to acquire a minority stake for just over $1 billion. “ADIB strongly denies being in any negotiations to acquire a stake in Bank Syariah Indonesia,” the emirate’s largest Islamic lender said in a statement published on the Abu Dhabi bourse on […] April 18, 2024
Analysis Banking and Finance Iraq shapes up as a destination for UAE investors Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […] April 18, 2024
Banking and Finance Sukuk takes bigger slice of Oman’s shrinking debt market Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […] April 16, 2024
Retail Spinneys to offer 900m shares in Dubai IPO Supermarket operator Spinneys will sell 25 percent of its business in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an intention to float document released on Tuesday. The company’s offering will be open from April 23 to April 29 for retail investors, while institutional investors can subscribe until April 30, according […] April 16, 2024
Analysis Economy The banking blame game stifling Lebanon’s IMF deal Lebanon’s proposed International Monetary Fund deal, agreed two years ago and designed to put the country on the road to recovery, seems no closer to realisation. One of the key stumbling points is reform of the banking sector. The combined liabilities of the country’s banks amount to more than three times the size of Lebanon’s […] April 15, 2024
Analysis Tech The Mena metaverse: moving beyond the hype Two years ago, the concept of metaverse lands transformed from an interesting subculture into a thriving multi-billion-dollar market, capturing the interest of major investors both regionally in the Middle East and globally. Metaverse lands, made of pixels and digital images, refer to buildings and plots within a virtual environment, offering spaces for gaming, socialising, business […] April 12, 2024
Finance Saudi and UAE remittances to Pakistan hit $125m in Ramadan Saudi Arabia topped the list of countries with the highest remittance to Pakistan in March, local media reported. Remittances from the kingdom reached a high of just over $70 million during Ramadan, rising 30 percent from $54 million in February, Dawn, an English-language media outlet in Pakistan, reported, quoting the State Bank of Pakistan’s data. […] April 10, 2024
Banking and Finance Qatar National Bank reveals 7% increase in Q1 profit Qatar National Bank’s (QNB) net profit increased seven percent year on year to just over QR4 billion ($1 billion) in the first quarter of 2023. Operating income rose 11 percent annually to above QR10 billion, maintaining strong growth across various income streams. The bank’s net interest income increased by 12 percent to QR8 billion. You […] April 9, 2024
Analysis Economy US rate cuts to ease Turkey’s debt and benefit exports For Turkey, long-anticipated US interest rate cuts could be more significant in terms of stimulating growth in its major export markets than easing the costs of servicing its spiralling foreign currency debt. Turks have faced a deepening cost of living crisis as veteran president Recep Tayyip Erdoğan’s unorthodox economic policies exacerbated a collapse in the […] April 9, 2024
Banking and Finance Saudi Telecom’s pay app to offer full banking service State-owned Saudi Telecom’s pay app has received central bank approval to become a fully fledged digital bank. Part of the kingdom’s fintech expansion strategy, the new STC Bank will offer traditional and Sharia-compliant services fully aligned with the international banking system. The service will be available to a small test group in the coming months […] April 5, 2024
Finance DAE gets $750m liquidity boost from Emirates NBD Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured AED2.75 billion ($750 million) in funding from Dubai-listed Emirates NBD. The five-year unsecured term loan will be used for general corporate purposes and to support the company’s financing requirements, the aircraft lessor said in a statement. NewsletterGet the Best of AGBI delivered straight to your inbox […] April 5, 2024
Banking and Finance UAE investors join Olam Agri’s $625m Islamic facility Investors from the UAE are part of a global consortium providing Singapore’s Olam Group with a $625 million sharia-compliant financing facility. Other investors are from Malaysia, Singapore and Hong Kong, the company said in a statement. Names of the investors were not disclosed. The facility, initially guaranteed by Olam Group, will transfer to Olam Agri […] April 5, 2024
Analysis Finance China and US vie for FDI supremacy in Gulf’s biggest economies China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […] April 5, 2024
Infrastructure UAE to develop Iraq’s port and economic zone Iraq’s Al-Faw Grand Port and its economic zone will receive an investment boost with the backing of a UAE state-backed entity. Abu Dhabi Ports Group has signed a preliminary agreement with the General Company for Ports of Iraq, state-run Wam news agency said. The entities will establish a joint venture to develop the Al-Faw Grand […] April 4, 2024
Banking and Finance Fitch affirms AA rating for Emirates Development Bank Fitch has affirmed the credit rating of Emirates Development Bank after the lender’s contribution to the UAE’s economy rose by 80 percent to more than AED4 billion ($1.1 billion) last year. The agency’s AA rating came with a stable outlook, indicating confidence in the bank’s long-term ability to maintain its financial stability. In its report, […] April 3, 2024
Finance Al Salam Bank to acquire KFH’s Bahraini unit Al Salam Bank, a sharia-compliant lender in Bahrain, has signed definitive agreements to acquire the entire stake in Kuwait Finance House’s (KFH) subsidiary in the kingdom. The transaction is subject to regulatory approvals, the bank said in a statement to the Bahrain Bourse. No details were given on the deal. NewsletterGet the Best of AGBI […] April 3, 2024
Economy Saudi-listed companies’ total profits tumble by 17% The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue. But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […] April 2, 2024
