Finance QIA will support London’s Canary Wharf says CEO Qatar Investment Authority (QIA) will continue to support London’s Canary Wharf Group (CWG) project as a long-term shareholder, CEO Mansoor Al Mahmoud has confirmed. The sector contains “a little bit of risk” because of the “leverage and cost of funding,” he told Bloomberg Television at the World Economic Forum in Davos. However, the fund has […] January 17, 2024
Analysis Markets Treasury yields fall as traders bet on US rate cuts US 10-year treasury yields have slid from October’s 15-year highs as markets bet the Federal Reserve will start cutting its benchmark interest rate in 2024. Declining 10-year treasury yields, against which many sovereign and corporate bonds worldwide are priced, have led to lower borrowing costs. “We’re starting to see some more new issuance in 2024, […] January 16, 2024
Banking and Finance Class action lawsuit against Saudi builder approved A class action lawsuit against a Saudi construction company has been given the green light to proceed by authorities. The Capital Market Authority said the Committee for the Resolution of Securities Disputes (CRSD) has accepted the lawsuit filed by an investor against some members of the board and employees of Mohammad Al Mojil Group. The […] January 16, 2024
Finance Middle East cash injection to propel space industry to $75bn The value of the Middle East space sector is expected to hit $75 billion by 2032, and a new report predicts that spending will increase by 92 percent over the next decade. The region’s space economy has trebled in 10 years to reach an estimated $25 billion in 2023, according to the white paper published […] January 16, 2024
Banking and Finance Dubai’s GII invests $160m in Saudi medical group Sharia-compliant asset management group Gulf Islamic Investments (GII) has invested $160 million (SAR 600 million) in Saudi Arabia’s Abeer Medical Group. Abeer is the largest affordable healthcare services provider in Saudi Arabia, operating 50 medical centres, clinics, hospitals, pharmacies, and optical centres across GCC countries and India. GII co-founder and co-CEO Mohammed Alhassan said the […] January 15, 2024
Construction Private credit lenders expect surge in ‘last mile’ finance Private credit firms are preparing for a surge in demand for “last mile” financing from construction companies across the Middle East. This form of financing plays a critical role in the delivery of projects that are on the brink of completion but have been hit by budget overruns or unforeseen costs. William Watson, a partner […] January 15, 2024
Banking and Finance Bank Muscat to invest $390m in GCC-listed banks Bank Muscat is to invest up to 150 million riyals ($389.97 million) in various GCC-listed banks as part of its growth strategy. The sharia-compliant lender said in a statement on the Muscat Stock Exchange on Monday that it was given an in-principle approval from the Central Bank of Oman to set up a wholly owned […] January 15, 2024
Video length: 05:39 VIDEO Finance Sovereign wealth funds: the Gulf’s biggest power players Did you know that the world’s first sovereign wealth fund was set up in the GCC? Kuwait Investment Authority was established in 1953, eight years before the country’s independence, to invest surplus oil revenues. Now every GCC country has a sovereign wealth fund responsible for financial returns and national economic development. “Today there are over […] January 12, 2024
Banking and Finance Qatar National Bank’s profit rises 8% to $4.14bn in 2023 Qatar National Bank (QNB), the largest Gulf bank by assets, said 2023 net profit rose eight percent to QR15.5 billion ($4.14 billion), driven by loan growth and higher operating income. Operating income jumped 11 percent year on year to QR39.1 billion, the bank said in a statement. Total assets stood at QR1.23 trillion by the […] January 12, 2024
Banking and Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Finance ADQ-backed fintech buys rural bank in Philippines Salmon, a consumer fintech company backed by Abu Dhabi sovereign wealth fund ADQ, will acquire a majority stake in a Philippine rural bank. The startup has received regulatory approval from the Philippine central bank to purchase 59.7 percent of Rural Bank of Sta. Rosa, which operates in Laguna province, south of Manila. The transaction will […] January 10, 2024
Finance Abu Dhabi joint venture invests in US tech company An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership […] January 9, 2024
Banking and Finance Bahrain Steel lands $450m loan for green transition Bahrain Steel, a supplier of high-grade iron ore pellets, has secured a $450 million sustainability-linked loan from a consortium of regional banks as part of its carbon footprint reduction drive. The loan will be used to build the world’s largest stockyard shed with rooftop solar panels, in addition to meeting working capital requirements, Dubai-headquartered lender […] January 9, 2024
Banking and Finance Banks and VCs pour cash into Saudi small businesses Funding for small companies in Saudi Arabia from banks, financial institutions and venture capitalists rose sharply in 2023, bucking regional and global trends. Figures released in December by Sama, the kingdom’s central bank, show that the total value of loans to micro-, small and medium-sized enterprises (MSMEs) rose 17.8 percent year on year to SAR268.6 […] January 9, 2024
Opinion Banking and Finance Investors go lukewarm on startups but Riyadh is red hot Rising inflation and interest rates plus economic slowdown resulted in investor hesitancy in 2023 January 8, 2024
Opinion Economy The year ahead: opportunities, risks and excitement Every year brings events that shake markets – but investors who stay cool can come out stronger January 6, 2024
Banking and Finance Angel investor Natalia Vodianova opts for GCC Russian supermodel and angel investor Natalia Vodianova, nicknamed “Supernova”, is eyeing further investments in the GCC through her Paris-registered company, after backing the UAE café chain Angel Cakes this month. In an interview with AGBI, Vodianova said she and business partner Timon Afinsky, a London-based digital media professional with whom she runs the investment vehicle […] January 5, 2024
Leisure & Hospitality Gulf hotels under pressure to boost green credentials Hotels in the Gulf region are facing pressure to make their buildings and operations more green or lose out on future investment. Ufi Ibrahim, chief executive of the Energy and Environment Alliance (EEA), a hotel industry network, told AGBI that EU green banking regulations that take effect in January will affect global investors. If hotel […] January 4, 2024
Analysis Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Finance Abu Dhabi’s IHC forms $27bn holding company 2PointZero The Abu Dhabi-based International Holding Company (IHC) has set up a holding company that will have more than AED100 billion ($27.23 billion) in assets, under the name 2PointZero. The board has approved a move to transfer entities across several sectors to the new company after regulatory approvals, IHC said in a statement. The holding company’s […] January 3, 2024
Banking and Finance Giga-projects squeeze liquidity for Saudi banks Banks in Saudi Arabia are being pushed to finance the kingdom’s colossal Vision 2030 projects, triggering a liquidity squeeze in the mid-market sector and creating demand for private credit, a senior executive at Rothschild & Co told a conference in Abu Dhabi Private credit refers to non-bank lending, where investors provide debt financing directly to […] January 3, 2024
