Banking and Finance Mubadala’s Beijing office to deepen UAE-China ties Mubadala Investment Company, the second-biggest state fund in Abu Dhabi, has officially opened an office in Beijing. The move marks a significant development in the growing economic relations between the UAE and the world’s second largest economy. The sovereign fund entered China a few years ago but had to delay its office opening ceremony due […] September 8, 2023
Banking and Finance UAE development bank in $27m SME solar energy drive State-run Emirates Development Bank has launched a solar energy finance programme to support micro, small, and medium enterprises (SMEs) in the UAE to overcome cost barriers. The initiative will allocate AED100 million ($27.22 million) to support the adoption of green energy solutions, focusing on solar energy initiatives, the UAE state-owned Wam news agency reported. The […] September 8, 2023
Banking and Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Banking and Finance Emirates NBD to expand sustainable finance offering Dubai’s largest lender Emirates NBD plans to increase its provision of sustainable finance, including directly issuing green debt and other instruments to support social and environmental aims. The bank previously issued ESG-linked debt instruments via its investment banking arm, EmCap (Emirates NBD Capital), in 2019 for what it claims was the region’s first corporate green […] September 7, 2023
Media & Advertising UAE’s Multiply plans IPO after $61m ad agency deal Abu Dhabi investment holding company Multiply Group is planning an IPO for its media and communications business Multiply Media after buying a stake in Dubai outdoor advertising agency Media 247. The plan was announced after Multiply completed a deal to buy a 55 percent majority stake in Media 247 for AED225 million ($61.3 million). Media […] September 6, 2023
Opinion Banking and Finance Female investors and the power of the ‘invisible market’ Women are diversifying and growing their investments in the region September 6, 2023
Finance PIF sells its stake in Saudi-listed LPG retailer for $131m Saudi Arabia’s Public Investment Fund (PIF) has completed the sale of its 10.92 percent stake, or 8.19 million shares, in National Gas and Industrialization Company, a Saudi-listed liquefied petroleum gas (LPG) retailer and distributor. The sale was concluded through a private transaction for SAR491.19 million ($130.95 million), the PIF said in a statement. Jadwa Investment Company […] September 6, 2023
Banking and Finance DP World to hire banks for 10-year debut green sukuk DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […] September 5, 2023
Finance Turkey depositors convert lira deposits to dollars Turkish depositors mostly converted funds back to dollars last month when they withdrew from state depreciation-protected accounts, according to initial data and senior bankers, as Ankara begins winding down the scheme in a broad policy U-turn. Since President Tayyip Erdogan won re-election in May, authorities have raised interest rates sharply under the U-turn and set […] September 5, 2023
Finance Emirates NBD invests in Swiss fintech Emirates NBD, the largest bank by assets in Dubai, has invested in Komgo, a Swiss-based software development and technology company operating in the trade finance industry. The equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture pool. The value was not disclosed. Created earlier this year, the fund is for investments in […] September 4, 2023
Banking and Finance Japan extends $100m loan to Jordan for power reforms Japan extended a $100 million loan to help Jordan’s electricity sector reforms as part of Tokyo’s support for the kingdom’s International Monetary Fund (IMF(-guided reforms, officials said on Sunday. “Japan will continue our support for Jordan in its economic and financial reforms and further modernisation,” foreign minister Yoshimasa Hayashi said in joint remarks with his […] September 4, 2023
Finance Acwa Power secures $545m for Saudi desalination project Saudi Arabian energy developer Acwa Power has secured funding of SAR2.045 billion ($545.3 million) for the Rawabi Water Desalination Company (Rabigh 4) independent water plant project in Saudi Arabia. The funding came from a consortium of local and global banks, including Standard Chartered Bank, Saudi National Bank, Riyadh Bank, The Saudi Investment Bank and Bank […] September 4, 2023
Finance Mena targets US as outbound M&A deals jump 53% Entities from the Middle East and North Africa agreed deals to purchase companies outside the region worth almost $31 billion in the first half of 2023 as cash-rich sovereign wealth funds and other government-related bodies shrugged off rising interest rates to expand their foreign portfolios. The outbound M&A total deal value was $30.6 billion, up […] August 31, 2023
Finance Egyptian cabinet approves $500m Samurai bonds Egypt will issue a new round of Samurai bonds worth $500 million in Japanese yen, as the government seeks to diversify funding sources, a local news daily reported. The finance ministry will launch the five-year bonds on an undisclosed date, Egypt Today newspaper reported, citing a cabinet statement. This will be the second time Egypt […] August 31, 2023
Finance Spanish bank targets GCC growth from Dubai office Spanish investment bank Alantra plans to expand its business in the Gulf with the opening of a new office in Dubai. The lender is interviewing candidates and hoping to announce new hires before the end of the year, Reuters reported. The investment bank announced it had receiving approval to operate from the Dubai International Financial Centre […] August 31, 2023
Analysis Banking and Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023
Analysis Trade Saudi minister Al Falih heads to Milan for trade talks Saudi Arabian and Italian officials are to meet in Milan next week for talks on investment opportunities in clean energy, healthcare, manufacturing and hospitality. The Ministry of Investment of Saudi Arabia will co-host the Italian-Saudi Investment Forum on September 4, as the countries seek to build on bilateral trade that surpassed $11 billion last year. […] August 30, 2023
Real Estate Qatar wealth fund buys troubled New York hotel A luxury Manhattan hotel, which has been on the market for a number of years after being caught up in the 1MBD Malaysian investment fund scandal, has been sold to Qatar’s sovereign wealth fund. The Qatar Investment Authority has bought the 46-storey Park Lane Hotel for almost $623 million, according to city records, as first […] August 29, 2023
Tech Aramco’s VC unit leads tech startup’s $27m funding round Technology startup Rewaa has raised SAR100 million ($26.6 million) in a Series A funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital fund. Saudi Telecom Company’s Corporate Innovation Fund (CIF), launched in February to invest in early-stage tech companies across various digital sectors, also participated in the round. Other investors included Silicon Valley’s Graphene Ventures, […] August 29, 2023
Analysis Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 2023
Health PureHealth buys UK private hospital group for $1.2bn Pure Health, the largest healthcare group in the Middle East, is buying Circle Health Group, the UK’s largest operator of private hospitals. The deal, valued at AED4.4 billion ($1.2 billion), is Pure Health’s first entry into the UK. Based in Abu Dhabi, Pure Health has a network of more than 25 hospitals, 160 laboratories, 100 […] August 28, 2023
Banking and Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
