Entrepreneurs Funding options on the rise for Palestine startups Palestine is home to a wealth of entrepreneurial talent but its startups have struggled to gain access to funding. A number of initiatives are aiming to change all that by doubling the amount of startup funding available and offering mentoring opportunities. Support is also being offered to Palestinians living in the Middle East and North […] September 20, 2023
Tech Digital assets startup Fuze raises $14m in seed round UAE digital assets provider Fuze has raised $14 million in a funding round, in what it claims is the “largest” seed investment in a digital assets startup in the Middle East and North Africa. The investment was led by Abu Dhabi-based Further Ventures, with participation by US-based Liberty City Ventures. The startup enables banks, fintechs […] September 20, 2023
Tech Israeli cybersecurity startup Cato Networks raises $238m Israeli cybersecurity company Cato Networks said on Tuesday it had raised $238 million in a private funding round that valued the company at $3 billion. The round, one of Israel’s largest this year and Cato’s biggest, was led by LightSpeed Venture Partners, with the participation of Adams Street Partners, Softbank Vision Fund 2, Sixty Degree […] September 20, 2023
Health Al Jaber: climate change health risks need more investment Cop28 participating nations must increase financing to identify and mitigate climate change’s risks to human health, the summit’s president designate Sultan Al Jaber has said. “The connection between health and climate change is evident, yet it has not been a specific focus of the Cop process – until now,” Al Jaber told the UN General […] September 19, 2023
Banking and Finance Saudi crowdfunding takes off as loans double in 2022 The number of new businesses taking on debt through crowdfunding platforms has soared in Saudi Arabia. The value of loans raised has more than doubled to SAR771 million Saudi riyals ($206 million) in 2022, the Saudi central bank (Sama) said in a new report. Crowdfunding is a process in which multiple investors lend money to […] September 19, 2023
Banking and Finance UAE’s $1.5bn bond issue oversubscribed five-fold The order book for the UAE government’s US dollar-denominated $1.5 billion bond issue exceeded $7.4 billion, representing strong demand from domestic, regional and international investors, the finance ministry said in a statement. The 10-year bond, maturing on September 2033, was issued with a yield of 4.91 percent. This represented a spread of 60 basis points […] September 19, 2023
Finance China’s Alibaba plans $2bn investment in Turkey China’s e-commerce major Alibaba Group is planning to invest around $2 billion in Turkey, according to a local media report. The plan was shared by Alibaba president Michael Evans during a meeting with President Recep Tayyip Erdoğan, Daily Sabah newspaper reported, citing a statement from the company’s Turkish unit. No timeframe was given but the […] September 19, 2023
Finance Dubai plane lessor increases credit facility to $1.6bn Dubai Aerospace Enterprise (DAE) has signed a new facility worth $1.6 billion with a group of 26 financiers, its largest bank loan financing to date. The transaction was increased to more than twice the proposed initial target following significant investor demand, the state-owned company said in a statement published on the UAE Wam news agency. […] September 19, 2023
Finance Dubai SMEs turn to banks as VC funding declines Small businesses in Dubai are turning to traditional banks for financing as the global slowdown in venture capital funding continues. Emirates NBD, Dubai’s largest bank by assets, reported that it funded 34 percent more small and medium-sized enterprises (SMEs) over the opening seven months of 2023 compared to the same period last year. Lucy Chow, […] September 18, 2023
Banking and Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
Finance Abu Dhabi firm launches $50bn asset manager Abu Dhabi-based Chimera Investment has launched Lunate, an alternative investment manager with over $50 billion in assets under management (AUM). The company – one of the Middle East and North Africa’s (Mena) largest alternative investment managers – will be based in the Abu Dhabi Global Market. It will invest across private equity, venture capital, private […] September 17, 2023
Finance US says Iraq must act to avoid further action on banks Iraq’s central bank must address continued risks of the misuse of dollars at its commercial banks to avoid new punitive measures targeting the country’s financial sector, a top US treasury official said, citing fraud, money laundering and Iran sanctions evasion. In July, the US barred 14 Iraqi banks from conducting dollar transactions as part of […] September 15, 2023
Banking and Finance Tarabut poised as Saudi plans open banking regulations Open banking platform Tarabut Gateway is gearing up for the launch of new regulations in Saudi Arabia as the kingdom expands its financial technology offerings. The system of open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Ayman al Sayari, governor of the Saudi […] September 14, 2023
Banking and Finance Sagard Holdings targets growth from UAE office Sagard Holdings, a Canada-based alternative asset manager with $14.5 billion under management, has opened its first office in the Gulf region in Abu Dhabi as part of its ongoing international expansion strategy. The new office, located in the Abu Dhabi Global Market (ADGM) – an international financial centre – will be led by former Bank […] September 14, 2023
Banking and Finance UAE and Saudi funds plan to invest $1bn in Reliance unit India’s Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, three sources with direct knowledge of the plan said. Reliance Retail is India’s largest retailer and is led by Asia’s richest person Mukesh Ambani. The talks […] September 14, 2023
Analysis Banking and Finance Investors snub Saudi’s lacklustre bank stocks Saudi Arabia’s banking stocks have suffered a sustained slump despite lenders reporting steady earnings. Experts believe they are unlikely to rebound in the near term as investors target higher-growth industries instead. Banking is one of three heavyweight sectors on the kingdom’s bourse, along with energy and materials, the latter including petrochemical manufacturers. To Tuesday’s close, […] September 13, 2023
EXCLUSIVE Banking and Finance UAE grey list: UK banks close expat accounts In March last year the Paris-based Financial Action Task Force, an international watchdog, cited “strategic deficiencies” in the systems the UAE uses to counter financial crime and placed the country under enhanced supervision. But burgeoning trade, bumper airline profits and double-digit rent increases have made it difficult to discern much in the way of a […] September 13, 2023
Exclusive Banking and Finance $33bn hedge fund hails ‘unprecedented opportunity’ in GCC Brevan Howard, a global alternative investment manager with more than $33 billion in assets under management, has appointed its first Middle East-based CEO as it sees an “unprecedented” opportunity for growth in the region. Oualid Lahsini has been appointed six months after the Jersey-based company announced the opening of an office in Abu Dhabi. The […] September 12, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Banking and Finance Bank of China opens Riyadh branch Bank of China has opened its first branch in Riyadh with the aim of extending use of the yuan in finance and trade, Chinese and Saudi media reported. One of China’s top four state banks, Bank of China opened the branch two years after obtaining approval from Saudi authorities with a staff of 20, most […] September 11, 2023
Logistics Logistics companies targeted in latest global cyber fraud Logistics companies in the Middle East and Africa are being targeted by a worldwide scam that impersonates businesses’ websites in order to defraud consumers. According to Group-IB, a global cybersecurity company based in Singapore, the fraud – known as Classiscam – has targeted 251 brands in 79 countries. This includes 15 countries across Middle East […] September 11, 2023
Banking and Finance Lebanon to ditch Sayrafa currency exchange platform Lebanon’s cabinet has approved the replacement of the controversial Sayrafa currency exchange platform with a new one run through the Bloomberg trading system. Caretaker Information Minister Ziad Makari gave no indication of a time frame for the replacement when he spoke to reporters this week, saying only that the new platform would come into effect […] September 8, 2023
