Finance Finance invitees dominate Cop28 thematic programme The finance sector dominates a list of those invited to attend the thematic programme of Cop28 in Dubai later this year, AGBI can reveal. The presidency of the UN Climate Change Conference has unveiled a two-week agenda of topics to deliver on a four-pillar climate action plan. It will run alongside the negotiations process and […] October 4, 2023
Finance Abu Dhabi’s IHC raises stake in India’s Adani Enterprises Abu Dhabi-headquartered International Holding Company (IHC) has increased its stake in India’s Adani Enterprises Limited to more than five percent after selling stakes in two other Adani Group companies last week. With investments in airports, data centres, green hydrogen, and various other verticals, Adani Enterprises is “poised to capitalise on India’s robust growth journey”, the […] October 4, 2023
Banking and Finance Saudi turns to discounting as costs rise in Qatar and Egypt Increased competition has led Saudi Arabian businesses to embrace discounting, despite an increase in the price of raw materials and higher wages amid the rising cost of living. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) indicated that “competitive pressures” had limited sales for some businesses, resulting in a decrease in prices […] October 4, 2023
Finance Oman’s total foreign assets rise 27% to $18bn Total foreign assets at the Central Bank of Oman (CBO) increased 27.4 percent year on year to OMR 6.86 billion ($17.82 billion) by the end of July 2023. Local liquidity stood at OMR21.36 billion, an increase of 4.9 percent year on year, state-owned Oman News Agency reported, citing National Centre for Statistics and Information (NSCI). […] October 3, 2023
Finance Saudi fund SVC’s $30m to energise Middle East startups State-owned Saudi Venture Capital (SVC) is investing $30 million in a fund that will invest in startups and growth-stage companies from the Middle East. Fund III will be managed by Impact46, a Riyadh-based asset management and advisory firm, state-run SPA news agency reported. The SVC fund will invest in Saudi growth-stage companies and businesses up […] October 3, 2023
Finance DIB acquires 20% stake in Turkey’s TOM Group Dubai Islamic Bank has ventured into Turkey’s digital banking and financial technology arena by acquiring a 20 percent stake in Istanbul-based TOM Group. The Shariah-compliant bank has the option to increase shareholding to 25 percent within 12 months, it said in a statement. TOM Group, established by Aydın Group, includes TOM Katılım Bankası A.Ş. (Turkey’s first licensed digital retail […] October 2, 2023
Finance UAE-South Africa firms to build financial hub in Egypt A consortium of UAE and South African companies will create a financial hub in Egypt’s New Administrative Capital, an upcoming economic and business district. The hub is in partnership with a consortium from the UAE and South Africa, Hossam Heiba, executive director of the General Authority for Investment and Free Zones (Gafi), said in a […] October 2, 2023
Exclusive Banking and Finance $250m Aliph Fund expects closure on GCC deals Aliph, a private equity fund that attracted $125 million from an Abu Dhabi sovereign wealth fund last year, is aiming to close up to three investments in GCC states UAE and Saudi Arabia by the end of 2023. The Aliph Fund, set up by Aliph Capital and one of the few female-led private equity companies […] October 2, 2023
Finance UAE’s Edge buys 50% of Brazil’s smart weapons firm UAE state-owned defence company Edge Group has acquired a 50 percent stake in Brazilian smart weapons and high-tech systems specialist Siatt. The acquisition, which follows a pact signed in April this year, is part of a co-development agreement between Edge and the Brazilian Navy for advanced long-range anti-ship missile technology, the UAE state-owned Wam news […] October 1, 2023
Finance UAE and Egypt sign currency swap agreement The central banks of the United Arab Emirates and Egypt have signed a bilateral swap deal in local currencies to boost trade and bolster financial stability. The agreement allows for the exchange of UAE dirhams and Egyptian pounds with a nominal amount of up to AED5 billion ($1.36 billion) and EGP42 billion, the UAE state-run […] September 29, 2023
Finance Abu Dhabi’s IHC to sell stake in two Adani entities International Holding Company (IHC), an Abu Dhabi-headquartered investment firm, is to sell its stake in two of India’s Adani Group companies. The conglomerate’s subsidiaries, Green Energy Investment Holding RSC and Green Transmission Investment Holding RSC, have entered into definitive agreements with a buyer to sell their stake in Adani Green Energy Limited and Adani Energy […] September 29, 2023
Banking and Finance Abu Dhabi insurer Adnic takes over Saudi’s Allianz SF Abu Dhabi National Insurance Company (Adnic) is to take a majority stake in one of Saudi Arabia’s top insurance companies as it looks to increase its presence in the kingdom. Adnic announced to the Abu Dhabi Securities Exchange (ADX) on Thursday that it plans to acquire 51 percent of share capital of Allianz Saudi Fransi […] September 28, 2023
Banking and Finance Abu Dhabi backs $5bn fund for North American firms Wells Fargo is teaming up with private equity firm Centerbridge Partners to launch a fund with a capacity to lend more than $5 billion to North American middle-market companies, the groups said on Tuesday. The move highlights the increasing intertwining of private capital providers and traditional banks in offering credit to companies and consumers since […] September 27, 2023
Finance World Bank president sees over $100bn lending boost World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade. Banga told a council on foreign relations event that the contributions would come outside the bank’s normal shareholding structure and […] September 27, 2023
Finance Israeli hi-tech firms raise $1.7bn in Q3 2023 Israeli high-tech firms raised $1.7 billion in the third quarter, preliminary data showed on Tuesday, in a sign that investment in startups is stabilising. The amount raised in the third quarter was down 38 percent over the same period in 2022 but only 14 percent lower from the second quarter, the IVC Research Center and […] September 27, 2023
Analysis Banking and Finance Foreign investors turn to World Bank for Mena disputes Foreign investors are increasingly filing cases at the World Bank’s arbitration unit to resolve disputes with countries in the Middle East and North Africa (Mena) region. The World Bank launched the International Centre for Settlement of Investment Disputes (ICSID) in 1966 to enforce investor rights that are guaranteed within bilateral investment treaties between countries. In […] September 27, 2023
Finance Saudi’s crypto economy shrugs off regional decline Saudi Arabia was one of only six countries in which the volume of cryptocurrency deals grew over the last year, according to a new report. The majority of its Middle East neighbours recorded double-digit declines. The kingdom’s crypto economy grew by 12 percent between July 2022 and July this year, as per the 2023 Geography […] September 26, 2023
Analysis Industry More companies set up Saudi HQs as deadline nears Saudi Arabia has had limited success so far in its plan to tempt major companies to open regional headquarters in the kingdom, but more are obliging as the deadline to do so draws nearer. Among the companies relocating their main offices – or at least creating a presence in the kingdom – are international names […] September 26, 2023
Finance Turkey begins rolling back ‘costly’ lira protection scheme Turkey’s central bank has begun rolling back a costly scheme that protects lira deposits from FX depreciation by removing minimum interest rates, according to a document sent to banks and seen by two bankers. Last week the central bank raised its interest rate to 30 percent, which would have been the new minimum rate for […] September 26, 2023
Water Alpha Dhabi takes over water specialist Metito Investment company Alpha Dhabi announced on Monday the acquisition of a majority stake in Metito Holdings, a company involved in the water and wastewater industry worldwide. Pending regulatory approvals, the deal marks Abu Dhabi-based Alpha Dhabi’s entry into the water and wastewater sector, with its CEO saying the need for sustainable water solutions “has never […] September 25, 2023
Finance Egypt in talks with UAE bank to fund wheat purchase Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, three traders told Reuters. The move could give Egypt a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt’s wheat since last year but recently blocked a deal for a […] September 22, 2023
Tech Mena companies can tap $1bn HSBC climate tech fund HSBC has set aside $1 billion to help finance early-stage climate tech companies around the world, and “transformative investment opportunities” exist in the Middle East and Turkey, according to its regional chief. “The Middle East has a key role to play in the transition to a net zero global economy,” said Patricia Gomes, regional head […] September 21, 2023
