Finance Qatar National Bank raises $1bn from 5-year eurobonds Qatar National Bank, the Gulf region’s biggest bank by assets, has raised $1 billion through its eurobond medium-term note programme. The bond was issued on January 23 2024 and matures on January 30 2029, with a coupon rate of 4.875 percent a year, the state-owned Qatar News Agency reported, quoting a statement by the bank. […] January 25, 2024
Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Banking and Finance Turkey plans credit card restrictions after 160% surge Restrictive measures are likely to be imposed on credit cards, which saw surging growth last year, the chairman of Turkey’s banks association said. Credit card sales rose 159 percent in 2023, while overall loan growth increased 54 percent, the Daily Sabah newspaper reported, citing Alpaslan Çakar. “It is evident that there is a need for […] January 25, 2024
Tech Saudi IT company invests $5m in OpenAI The Saudi IT company Al Moammar Information Systems has announced an investment of $5 million in the US artificial intelligence (AI) research company OpenAI. Al Moammar recently established a portfolio to invest in international companies in the field of artificial intelligence. Bloomberg reported in December that in early January OpenAI would complete a tender offer […] January 24, 2024
Finance Saudi remittance levels to reach $43bn by 2028 Saudi Arabia’s outbound remittance market is expected to rise to $42.7 billion by 2028 from $38.56 billion in 2022, a compound annual growth rate (CAGR) of 1.7 percent, according to a report. The growth will be driven by cross-border monetary transactions from the kingdom, according to Research and Markets, a consultancy based in Dublin. The […] January 24, 2024
Oil & Gas Uganda in talks with UAE firm on $4bn oil refinery Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said. The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added. Negotiations to finalise commercial details between the Ugandan […] January 24, 2024
Finance Saudi Arabia opens new civil code court Saudi Arabia opened an administrative enforcement court this week that will have binding authority over government entities. The move is part of legal reforms aimed at encouraging foreign investment and assuaging concerns about justice in the kingdom. The new body is an arm of the complaints court where commercial disputes are normally heard, complaints court […] January 23, 2024
Opinion Banking and Finance Saudi funds, serial founders and more trends to shake up startups Saudi Arabia will lead the region, while corporates will play a growing VC funding role January 23, 2024
Finance PIF order book for new bonds issuance hits $27bn Saudi Arabia’s Public Investment Fund (PIF) has launched a triple-tranche bond sale totalling $5 billion, according to a news report. The bond issuance has generated strong demand, with orders exceeding $27 billion, the capital markets publication IFR reported. The final spreads for the bonds tightened from initial guidance to 115 basis points (bps) over US […] January 23, 2024
Banking and Finance Dubai on track to tackle $78bn debt, analysts say Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […] January 23, 2024
Opinion Logistics The Saudi ecommerce surge is transforming logistics A young, digitally savvy population is changing the way the kingdom does business January 22, 2024
Finance No income tax on individuals, says Saudi finance minister Saudi Arabia has no plans to impose an income tax on individuals, the country’s finance minister has confirmed. “There is no intention at all in Saudi Arabia to impose income tax on individuals. That has been our position very clearly,” Mohammed Al-Jadaan told Bloomberg TV at the World Economic Forum held in Davos. The minister […] January 21, 2024
Finance Tadawul Group to buy 32.6% stake in DME Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […] January 19, 2024
Giga-projects Red Sea crisis a threat to Saudi giga-project investment The Red Sea conflict between western powers and Houthi rebels in Yemen could put Saudi Arabia’s mammoth economic development projects at risk, the sovereign wealth fund advisory Global SWF said this week. The US and UK began airstrikes against targets in Houthi-controlled north Yemen on 12 January to stop them firing missiles at Red Sea […] January 18, 2024
Analysis Finance Bonds to expand in 2024 as governments plug shortfalls Gulf bond issuance this year will exceed that of 2023-24 as governments borrow to bridge budget shortfalls and tight spreads persuade more corporations to raise debt, according to experts. Gulf bond issuance in 2023 was $64.7 billion, up 74 percent year on year, according to data from Refinitiv. Yet last year’s total was still down […] January 18, 2024
Finance Qatar to launch its first bond issuance in four years Qatar will sell its first green bond soon and the first external debt issuance in four years, the country’s finance minister has said. “We’re ready to do it very soon,” Ali Al-Kuwari told Bloomberg Television at the World Economic Forum in Davos. “We are not hungry for money but it will be mainly to send […] January 18, 2024
Banking and Finance Oman pushes $5.2bn plan to boost small business growth Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […] January 17, 2024
Finance Riyadh’s ‘investor-friendly’ civil code comes into force The new Saudi civil code has now come into effect, marking what the government hopes will be a milestone in encouraging foreign investment to the country. A statement on the website of the cabinet advisory body Bureau of Experts said the law became effective 180 days after its official publication in June last year. A […] January 17, 2024
Banking and Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Finance Abu Dhabi Commercial Bank to open Riyadh branch Abu Dhabi Commercial Bank (ADCB) will open a branch in Riyadh after obtaining in-principle approval from Saudi Arabia’s cabinet, the UAE’s third-largest lender has announced. The bank will provide services for both corporate and institutional clients, including financing and working capital solutions as per the foreign banking branch licence issued by the Saudi Central Bank […] January 17, 2024
Banking and Finance GCC companies lead early sukuk moves in 2024 Saudi Arabia’s largest healthcare provider has announced plans to issue a riyal-denominated sukuk as analysts predict that $170 billion of the sharia-compliant bonds will be issued this year. Middle East Healthcare Company, the parent of Saudi German Health, said in a filing to the Saudi Stock Exchange that the offering size would be determined later, […] January 17, 2024
Finance UAE starts paying for Indian jewellery imports in rupees The UAE has initiated payment for its gems and jewellery imports from India using Indian rupees, a senior Indian government official has said. India is already paying for gold imports from the UAE in rupees, Moneycontrol, an Indian website, reported. The rupee settlement of trade between India and UAE for selected commodities is being done […] January 17, 2024
