Opinion Sustainability The Middle East needs a bank for climate adaptation Given Mena's high climate risk exposure, the GCC should seize the initiative November 22, 2023
Manufacturing Saudi Cable Co seeks more time to deliver rescue plan Saudi Cable Company, which suspended trading in its shares earlier this month, has requested an extension to the deadline for submission of its financial restructuring proposal to the courts, as bosses scramble to finalise a rescue plan. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, said at the start of November […] November 22, 2023
Trade UK-GCC free trade deal is still best bet, says minister Britain’s investment minister has told AGBI he still supports a free trade agreement between the UK and the GCC, despite the protracted negotiations and calls for Gulf states to strike bilateral deals instead. Speaking on the sidelines of the Arab British Economic Summit in London on Monday, Dominic Johnson, a minister of state in the […] November 22, 2023
Health PureHealth plans to launch IPO on Abu Dhabi exchange Healthcare provider PureHealth Holding has announced plans to launch an initial public offering (IPO) on the Abu Dhabi Securities Exchange to fuel its global expansion efforts. The listing, likely to be in December, is subject to regulatory approvals, the UAE state-run Wam news agency reported. Existing shareholders are Alpha Dhabi Holding and International Holding Company […] November 21, 2023
Banking and Finance Turkey bank reserves hit highest level since 2014 at $135bn The Turkish central bank’s total reserves rose $6 billion last week to $134.5 billion, the highest since September 2014, Reuters reported, citing calculations from four bankers. President Tayyip Erdoğan appointed a former Wall Street banker, Hafize Gaye Erkan, as governor of the country’s central bank in June. Since then, the bank has embarked on a […] November 21, 2023
Tech E-commerce beats fintech to Jordan VC funding top spot The e-commerce sector accounts for the biggest share of Jordan’s venture capital funding, bucking the dominance of fintechs across the wider Middle East and North Africa (Mena) region. E-commerce/retail has attracted 20 percent of Jordan’s total funding, and 17 percent of deals, between 2018 and 2022, according to a report by Jordan’s Ministry of Digital […] November 20, 2023
Opinion Economy Egypt must weigh up finance woes with key role in conflict The country has a crucial part to play November 17, 2023
Finance Agtech in spotlight as Mena startup funding recovers Startup funding in the Mena region in October remained subdued on a year-on-year basis, but agtech is one of the areas set to shine. Mena startups raised $156 million in October, compared to $646 million raised in October 2022, but vastly up on the $36 million raised in September, according to data from Wamda, a […] November 17, 2023
Banking and Finance PIF given ‘very strong’ rating and outlook by Fitch Fitch Ratings has affirmed the long-term foreign- and local-currency issuer default ratings (IDR) of the Public Investment Fund (PIF) at ‘A+’, giving the Saudi soveriegn wealth fund a stable outlook. The affirmation reflects Fitch’s unchanged assessment of “very strong” status, ownership and control, support track record and socio-political implications of default. Fitch does not expect […] November 17, 2023
Finance Egypt’s largest private bank gets $150m capital top-up The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base. The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a […] November 17, 2023
Finance Iraq becomes member of European development bank Iraq has become the 74th member of the European Bank for Reconstruction and Development, the multilateral lender said on Thursday, while Ghana and Senegal have also applied to join. Iraq first submitted its request to join the bank in 2018, and its shareholder status enables it to apply to become a recipient economy, which would […] November 17, 2023
Banking and Finance PIF maintains US holdings as giga-project demand eases US equity holdings of the Saudi Public Investment Fund (PIF) showed little change in the third quarter, as recently revised foreign direct investment figures eased pressure on it to support the kingdom’s giga-projects. PIF total ownership in US equities slipped to $36.48 billion from $38.93 billion in the second quarter, according to a PIF filing […] November 16, 2023
Analysis Banking and Finance ADIB expects profits to keep rising after stellar year Abu Dhabi Islamic Bank’s net profit margin will expand further, according to its group chief financial officer Mohamed Abdelbary. The sharia-compliant lender has enjoyed a bumper first nine months of 2023 in which its earnings increased by nearly half. “We’ve managed to capitalise on the increase in interest rates in the market because of the […] November 16, 2023
Finance Bahrain’s Investcorp aims to raise $550m in first yuan fund Bahrain-based alternative asset manager Investcorp is aiming to raise 2 billion to 4 billion yuan ($274 million-$548 million) for its first private equity fund in the Chinese currency, its executive said, to explore buyout opportunities in the country. Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that […] November 15, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
Finance Turkey to regulate crypto market to get off ‘grey list’ Turkey’s new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world’s fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog’s grey list. Ankara promised the regulations last month amid a years-long boom in crypto trading, as soaring inflation and a plunging […] November 15, 2023
Opinion Banking and Finance Why I’m rooting for the fintechs Apps like Revolut will give the UAE's slow incumbent banks a wake-up call November 10, 2023
Finance Jordan agrees with IMF on new $1.2bn reform plan Jordan agreed with the International Monetary Fund (IMF) on a new $1.2 billion four-year reform programme that was a signal of confidence to investors and will help cushion the economy from the adverse impact of regional conflict, finance minister Mohamad Al Ississ told Reuters on Thursday. The new extended fund facility (EFF) arrangement will replace […] November 10, 2023
Finance Royalty levy change is ‘non-event’ for UAE telcos Changes to the way royalties are levied on the UAE’s telecom operators will make little difference to their earnings, the companies affected say. This week, Emirates Telecommunications Group Co, which rebranded as e& and is widely known as Etisalat, announced that for the three years starting January 1 2024 it will pay a royalty of […] November 9, 2023
Exclusive Banking and Finance UK fintech firm Revolut sets up in UAE The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […] November 9, 2023
Finance ADIB raises $500m from its first-ever green sukuk Abu Dhabi Islamic Bank (ADIB) has raised $500 million through a green sukuk offering, the first ever green USD-denominated sukuk issued by a financial institution. The lender priced the five-year senior sukuk at a profit rate of 5.695 percent annually, payable semi-annually. The sukuk will be listed and traded on London Stock Exchange’s international securities […] November 9, 2023
