EXCLUSIVE Banking & Finance BNY Mellon reports 245% rise in net flows into GCC equities BNY Mellon clients’ net investments in GCC shares rocketed by 245 percent from 2019 through to the end of 2022, America’s oldest bank told AGBI. Over this three-year period, the bank’s clients have poured $1.2 billion into Gulf equities, “outpacing emerging developed markets and the Eurozone significantly”. The New York-headquartered bank did not supply yearly […] March 13, 2023
Banking & Finance Nepal’s foreign reserves improve on remittances from Middle East Nepal’s gross foreign exchange reserves rose 10.2 percent to $10.50 billion in mid-February, boosted mainly by remittances from overseas, to a level that will cover about nine months of imports, the central bank said in a report. Reserves rose from $9.54 billion in mid-July 2022, as Nepalis working abroad sent money home, data showed. A […] March 13, 2023
Banking & Finance Kuwait central bank expects little SVB impact on local lenders Kuwait’s central bank said on Sunday there would be very little impact on local lenders from the collapse on Friday of Silicon Valley Bank (SVB). The Kuwaiti central bank governor said that the exposure of the local banks to SVB was very limited and that the banks assured him that their business would be barely […] March 13, 2023
World markets set for aftershocks as SVB collapse ripples out Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest US bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. S&P500 futures rose 1.4 percent after US authorities guaranteed SVB customers would have access to their deposits […] March 13, 2023
Banking & Finance UAE backs Qatar in hosting 2026 World Bank and IMF meetings The UAE will support Qatar as a potential host for the World Bank and International Monetary Fund (IMF) meetings in 2026 after withdrawing its own bid. The decision came during a phone call between UAE President Sheikh Mohammed bin Zayed Al Nahyan and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, state news agency WAM reported. […] March 13, 2023
Banking & Finance World Bank member earmarks $50m for Jordan’s green projects International Finance Corporation (IFC), a member of the World Bank Group, will invest up to $50 million in a five-year bond issued by private sector bank Jordan Kuwait Bank (JKB) to fund green projects in the country. The financing comprises up to $36 million from IFC’s own account, a blended finance co-investment of up to $10 million […] March 13, 2023
Banking & Finance UAE remains on Financial Action Task Force grey list – for now Last month the Financial Action Task Force upheld the decision to keep the UAE on the grey list, a status it had assigned to it in March 2022. In its February ruling, the international watchdog dedicated to fighting financial crime said the UAE had made “significant progress” on three of seven recommendations to get off […] March 13, 2023
Oman to offer new mineral exploration blocks by Q1-end Oman’s ministry of energy and minerals is working on offering new mineral exploration blocks for investments in the first quarter of 2023. The ministry is currently in the final stage of negotiations with specialised companies on several concession areas, primarily focusing on developing potash ore and evaluation of lithium ore, Dr Salah bin Hafeez Al […] March 12, 2023
Banking & Finance Iran’s rial climbs 6% after accord to restore ties with Saudi Arabia The Iranian rial recouped some of its recent losses on Saturday, gaining more than six percent amid prospects of diminished regional tensions after Iran and regional rival Saudi Arabia agreed to resume diplomatic ties. Iran and Saudi Arabia agreed on Friday to re-establish relations after years of hostility that had threatened stability and security in […] March 12, 2023
Banking & Finance Sheikh Tahnoun named chair of Abu Dhabi wealth fund Sheikh Tahnoun bin Zayed Al Nahyan has been named chairman of Abu Dhabi Investment Authority as part of a shake-up of the UAE capital’s sovereign wealth funds. The country’s national security advisor, Sheikh Tahnoun is the brother of UAE president Sheikh Mohammed bin Zayed Al Nahyan, who took office last May. Founded in 1976, ADIA […] March 10, 2023
Banking & Finance Global banks look to fill ‘huge’ funding gap for Vision 2030 International banks have spotted an opportunity in Saudi Arabia to meet the “huge financing needs” of Vision 2030, according to an industry expert. Dr Mohamed Damak, senior director and financial institutions sector lead at S&P Global Ratings, told a media conference on Thursday that Saudi banks will continue to “grow tremendously” but the sheer size […] March 10, 2023
Banking & Finance Lebanese banks to resume strike on March 14 Lebanon’s commercial banks will resume their open-ended strike on March 14, citing “arbitrary judicial decisions” that had drained their foreign currency reserves. The statement by the Association of the Banks of Lebanon (ABL) said legal measures had allowed borrowers to repay foreign currency loans to the banks at the old official exchange rate of 1,500 […] March 10, 2023
Banking & Finance Turkish lira falls to record low near 19 to the US dollar Turkey’s lira weakened to a fresh record low of 18.9620 against the dollar on Thursday, as investors weigh the economic impact of massive earthquakes that hit the country last month. Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty. They will determine whether Turkey continues with unorthodox policies under President Tayyip Erdogan […] March 10, 2023
Banking & Finance Israel’s Bank Hapoalim says Q4 profit nearly doubles on rate hikes Bank Hapoalim has reported a near doubling of net profit in the fourth quarter 2022, helped by a sharp rise in interest rates that boosted financing income. Hapoalim, one of Israel’s two largest lenders and the first of Israel’s banks to issue quarterly results, said it earned a net 1.75 billion shekels ($487 million) in […] March 10, 2023
Banking & Finance GCC private equity sector held back by lack of competition The GCC private equity industry is failing to reach its potential because of a lack of competition and a scarcity of local investment banks to help in dealmaking, according to Karim El Solh, chief executive of investment firm Gulf Capital. He believes a more mature investment banking industry would bring more players into private equity […] March 10, 2023
Banking & Finance Abraaj Capital founder loses extradition appeal to the US Arif Naqvi, the founder of what was once the largest private equity firm in the Middle East, has lost a bid to challenge his extradition from London to the US to face fraud charges. US prosecutors allege that the Pakistan-born businessman defrauded investors, including the Bill & Melinda Gates Foundation, by concealing a liquidity crisis […] March 9, 2023
Banking & Finance Al Ansari to float 10% stake on Dubai stock market Al Ansari Financial Services has revealed plans to float 10 percent of the company on the Dubai Financial Market. The exchange house is making 750 million shares available through the initial public offering, each valued at one fil, with the subscription period running from March 16 to 24. The listing is scheduled to go live […] March 9, 2023
Banking & Finance UK crypto lender Nexo to set up in Emirates UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […] March 9, 2023
Banking & Finance Lebanon banks ‘have no liquidity’ to pay back depositors Lebanon’s commercial banks do not have enough liquidity to pay back depositors, the secretary general of the country’s banking association said in a letter that laid out the banks’ positions. The letter was signed by the Association of the Banks of Lebanon (ABL)’s Fadi Khalaf and served as the introduction to the ABL’s monthly report. […] March 9, 2023
Banking & Finance Bank of Sharjah set to raise $500m with five-year bonds Bank of Sharjah is set to raise $500 million from a sale of senior unsecured five-year bonds, a bank document showed. The bonds were sold at 310 basis points (bps) over US Treasuries (UST) after initial guidance in the area of low 300 bps over UST, the document showed. Demand was more than $1 billion […] March 9, 2023
Analysis Banking & Finance UAE’s biggest banks mull overseas acquisitions As domestic loan growth wanes, the UAE’s top two banks are eyeing foreign acquisitions to bolster their income. First Abu Dhabi (FAB) and Dubai’s Emirates NBD are majority owned by their respective emirates’ governments or ruling families and are ranked second and sixth in the Middle East and Africa in terms of bank assets, according […] March 9, 2023
EXCLUSIVE Bright outlook but no more ‘growth at all costs’ for startups The challenging venture capital market means Mena startups are focusing on short-term profit rather than “growth at all costs”, according to a VC expert specialising in emerging markets. Simon Sharp, partner at Global Ventures in Dubai, said that the lower funding expectations of founders has had an impact on valuations. “That leads into the conversation that it […] March 8, 2023
