Banking and Finance Bahraini ‘repo’ platform targets GCC-wide trading A new platform focused on repurchase agreements has launched in Bahrain with the aim of increasing trading liquidity for bonds across the Gulf. A repurchase agreement, also known as a “repo”, is a form of short-term borrowing, mainly in government securities. Repo transactions between banks allow them to manage their liquidity. One side with excess […] November 8, 2023
Finance Dubai Investments ups stake in UK digital bank Dubai Investments has upped its stake in Monument Bank Limited, a UK-based digital bank, to 16.93 percent by acquiring an additional 7.68 percent. The company acquired a 9.25 percent stake in Monument Bank in January this year. “The investment solidifies Dubai Investment’s presence in the dynamic digital banking landscape,” said Khalid Bin Kalban, Vice Chairman […] November 8, 2023
Video length: 06:16 Banking and Finance UAE to clamp down on unlicensed crypto operators Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […] November 8, 2023
Banking and Finance GCC attracts growing level of global capital Members of the Gulf Cooperation Council are emerging as prime destinations for capital deployment from across the world, as countries in the GCC look to domestic investment opportunities to fund growth beyond hydrocarbons. Private capital assets under management (AUM) in the countries that make up the GCC hit $12.3 billion in 2022, from $1 billion […] November 6, 2023
Opinion Banking and Finance Mena climate tech offers opportunities for investors There are innovative ways to produce energy and improve lives without accelerating the climate crisis November 3, 2023
Analysis Finance UAE and UK sign agreement to boost fintech The UK and the UAE have signed an agreement to strengthen ties on financial services that its backers hope will provide a boost to fintech. The Memorandum of Understanding (MoU), signed in Dubai late last week by Andrew Griffith, UK City minister, and Abdulla bin Touq Al Marri, UAE minister of economy, seeks to promote […] November 3, 2023
Finance UAE and Jordan to explore $2bn opportunities The UAE’s Ministry of Investment has signed a deal with the government of Jordan to explore potential opportunities worth more than $2 billion. The memorandum of understanding will look to boost bilateral investments in sectors including renewable energy, industrial projects, manufacturing, transport, pharmaceuticals and food processing, the UAE state-run news agency Wam said. The UAE’s […] November 2, 2023
Opinion Sustainability Green supply chain finance is the sector’s next step Lenders need to become sufficiently familiar with the operation of their client supply chains November 2, 2023
Banking and Finance Dubai launches $136 million venture capital fund Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive […] November 1, 2023
Analysis Banking and Finance Stronger GCC relations a boon to Turkey’s Islamic banks Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […] November 1, 2023
Banking and Finance Fund managers hedge bets between Dubai and Abu Dhabi A growing number of hedge funds are choosing to register in both the UAE’s financial hubs, according to the CEO of a consultancy that advises businesses on setting up in the Emirates. Clare Curtis, CEO of Effecta Compliance, told an investment conference on Monday that there was strong interest in the Dubai International Financial Centre […] November 1, 2023
Sustainability Investment in Mena climate tech hits record $270m in 2022 Venture capital funding into climate tech startups across the Middle East, North Africa (Mena) and Turkey reached a record $270 million in 2022, although investments have been lower in the year to date, a study shows. Climate tech VC in the region was up 50 percent annually compared to 2021, said the report by CE […] October 31, 2023
Video length: 05:38 VIDEO Banking and Finance Standard Chartered chief aims for ‘100 years’ in Egypt As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil. “If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, […] October 31, 2023
Finance Mena startup exit shortage looming – VC fund CEO The Middle East faces a looming shortage of startup exits, despite a substantial pool of capital available in the region, according to a leading venture capital fund CEO. In mature markets such as the US, private corporations routinely make multibillion-dollar bids to acquire potential future rivals or emerging startups poised for substantial growth. But this […] October 31, 2023
Video length: 06:16 Opinion Finance Once off the grey list, UAE can really work on its image The UAE deserves credit for its rapid response to being placed on the financial crime watchdog's enhanced monitoring, but it has unfinished business October 30, 2023
Video length: 06:16 Banking and Finance UAE set to come off financial crime watchdog’s grey list The UAE is poised to come off the so-called grey list, a category that means financial institutions must conduct more research on individuals and companies based in the country to combat money laundering. The Financial Action Task Force, an international watchdog that monitors compliance with rules on anti-money laundering (AML) and countering the financing of […] October 30, 2023
Finance HSBC to buy back $3bn of shares London-based HSBC Holdings reported on Monday a 240 percent increase in third-quarter pre-tax profit as higher interest rates boosted the bank’s profitability and helped it fund a fresh $3 billion share buyback. Europe’s largest bank posted a pre-tax profit of $7.7 billion for the July to September quarter, versus $3.2 billion a year earlier, but […] October 30, 2023
Finance Mubadala’s first-ever green bond order book hits $6bn Abu Dhabi state fund Mubadala Investment has issued its first-ever green bond for $750 million with a tenor of 10.5 years. The order book peaked at more than $6 billion with an oversubscription 9.1 times, with robust demand from local, European, Asian, and American investors, state-owned WAM news agency reported. “The depth, diversity, and strength […] October 29, 2023
Banking and Finance Saudi Arabia set for FDI top 20 after Misa revises measures Saudi Arabia has reworked its methods of measuring foreign direct investment and will publish updated data in the middle of next month that will show the kingdom among the top 20 recipients globally, according to a senior official. Historically, the central bank, still widely known as Sama, published the FDI data using statistical modelling techniques. […] October 27, 2023
Banking and Finance Turkey embraces crypto amid currency woes Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […] October 27, 2023
Finance Investments by UAE banks hit new record of $158bn Investments by UAE banks in financial instruments hit a record high of AED580 billion ($157.91 billion) in August, the Central Bank of the UAE said. Investment rose 19.5 percent year on year to AED585.4 billion until the end of August from AED489.8 billion a year earlier, the UAE state-run Wam news agency reported. Bonds held […] October 26, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
