Finance Iraq set in ‘battle’ against dollar smugglers Iraq has made strides implementing US dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali Al Allaq said. “It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will […] August 17, 2023
Finance Insurers to get independent body in Saudi Arabia Saudi Arabia is to create an insurance authority independent from their central bank, as the sector undergoes a wave of consolidation that the government hopes will help make it a significant player in non-oil economic growth. The Saudi Press Agency (SPA) said on Wednesday that a cabinet meeting chaired by Crown Prince Mohammed bin Salman […] August 16, 2023
Transport Dubai company to invest $500m in Chinese EV maker UAE company NWTN has announced a deal to invest $500 million in the Chinese manufacturer of electric vehicles including the Hengchi brand. The investment in China Evergrande New Energy Vehicle Group aims to accelerate NWTN’s development in the EV space as it establishes an assembly plant in UAE capital Abu Dhabi. Headquartered in Dubai, the eco-conscious […] August 16, 2023
Finance UAE national banks increase credit by $7.7bn for two sectors The UAE national banks have increased credit facilities for the business and industrial sectors by AED28.4 billion ($7.73 billion) in the first five months of this year, the Central Bank of the UAE data showed. The two sectors saw a four percent rise in credit balance from national banks between January and May, rising from […] August 16, 2023
Banking and Finance Egypt outlines new measures to boost forex inflows Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a US dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows. Over the past few months, state-owned banks have begun selling high-interest dollar-denominated […] August 16, 2023
Banking and Finance Shuaa top shareholder quits and reveals sale plan Dubai-listed investment bank and asset manager Shuaa Capital’s top shareholder Jassim Alseddiqi is stepping down as managing director and selling his nearly 30 percent stake, he said. Shuaa last year completed a $100 million initial public offering of a special purpose acquisition company on New York’s Nasdaq exchange. Alseddiqi is leaving Shuaa to pursue “a […] August 15, 2023
Finance Lebanon freezes ex-central bank governor’s account Lebanon has frozen the bank accounts of former central bank governor Riad Salameh and four of his associates, a statement by the special investigation commission has revealed. Lebanon has also lifted banking secrecy on the accounts of all five individuals, which include Salameh, his brother Raja, his son Nady, his former assistant Marianne Hoayek and […] August 15, 2023
Finance Adnoc considers increasing Covestro bid to $12.6bn Abu Dhabi National Oil Co (Adnoc) has verbally signalled to Covestro that it could raise its informal offer to €60 per share if the German plastics and chemicals maker agrees to enter formal talks, two people familiar with the matter told Reuters. This would boost the oil giant’s non-binding bid to about €11.6 billion ($12.63 […] August 15, 2023
Banking and Finance Cop28 tipped to feed appetite for green sukuk The Cop28 climate conference in the UAE is expected to boost interest in green sukuk as the market gathers momentum in the GCC, Malaysia and Turkey. Environmental, social, and governance (ESG) sukuk – sharia-compliant instruments used to fund renewable energy and other green projects – are set to be a central issuance theme for the remainder […] August 15, 2023
Banking and Finance Israel’s Bank Hapoalim profit surges to $515m Bank Hapoalim, Israel’s largest lender, reported a 43 percent rise in quarterly profit, boosted by a jump in financing income amid high inflation and interest rates that more than offset a spike in provisions against loan defaults. Hapoalim, the country’s largest bank by credit to the public, said it earned 1.92 billion shekels ($515 million) […] August 14, 2023
Finance Saudi Arabia issues $9.6bn sukuk Saudi Arabia has issued new local currency sukuk worth SAR35.9 billion ($9.57 billion) after completing the early purchase of some of its SAR35.7 billion existing sukuk, the National Debt Management Center (NDMC) said. The sukuk redeemed early were set to mature in 2024, 2025 and 2026, state-run SPA reported, citing NDMC. The new issues were […] August 14, 2023
Analysis Banking and Finance Gulf property buyers in the dark over UK ‘death tax’ Whether it is a second home in Kensington or an apartment for their children studying at university, Gulf investors have spent billions on UK property over the decades – but many are oblivious to the tax implications, especially when it comes to inheritance tax. His Majesty’s Revenue & Customs (HMRC) applies 40 percent inheritance tax […] August 14, 2023
Finance Lulu Group said to raise $2.7bn before potential IPO Lulu Group International, the largest hypermarket chain operator in the Middle East, will raise AED10 billion ($2.72 billion) to refinance debt ahead of a potential initial public offering (IPO), Bloomberg reported, citing informed sources. The funding will be provided by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank and Mashreq Bank, with loans […] August 13, 2023
Finance ADIB says UK commercial property funding hits $127m Abu Dhabi Islamic Bank (ADIB), the biggest Sharia-compliant lender by assets in the UAE, added £100 million ($127.3 million) to its UK commercial real estate financing portfolio in the first six months of 2023. Closed deals include structured financing for projects, such as a 343-unit co-living scheme in North Acton, West London, a 400-room hotel […] August 11, 2023
Banking and Finance Turkey’s FX reserves rise as policy U-turn continues Turkey’s net foreign exchange reserves surged nearly $5 billion last week, with total reserves up almost $2 billion, bankers’ calculations showed on Wednesday, resuming an uptrend since it adopted a more orthodox monetary policy following May elections. The rebuilding of the central bank’s currency buffer is seen as a gauge of authorities’ willingness to ease […] August 10, 2023
Exclusive Banking and Finance Dubai’s Tarabut points way for open banking in GCC The new chief financial officer of open banking platform Tarabut Gateway sees “exciting times ahead” as the company focuses on expansion in Saudi Arabia. It is also hoping to enter other Middle East markets. Open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Similar […] August 10, 2023
Finance Dubai laundry app seeks ‘deeper pockets’ for next step Dubai’s door-to-door laundry app Washmen plans to tap into private equity and funding from family investment groups, but has ruled out a public listing, CEO Rami Shaar has told AGBI. The company has gone through three rounds of fundraising since it was set up eight years ago, raising $11 million from seed, series A and […] August 8, 2023
Energy Masdar chief hails ‘defining moment’ in $3bn green fund The chairman of Abu Dhabi Future Energy Company, better known as Masdar, has described the completion of its debut green bond issuance as a “defining moment”. The $750 million 10-year senior unsecured notes are listed on the London Stock Exchange (LSE) and form the first part of a programme to raise up to $3 billion. […] August 7, 2023
Finance UAE’s Al Ansari set to buy majority stake in Omani firm UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan. The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday. It is expected to be […] August 7, 2023
Finance PIF says assets hit $594bn despite $16bn loss in 2022 Saudi Arabia’s Public Investment Fund (PIF) said gross assets under management (AUM) exceeded SAR2.23 trillion ($594.43 billion) in 2022, rising 12.62 percent from the previous year. International investments made up 23 percent of its AUM, worth SAR512 billion, while 68 percent were local investments (SAR1.72 trillion), PIF said in its annual report for 2022. The […] August 7, 2023
Finance Oman’s Khazaen Economic City investment hits $821m Total investment in Oman’s Khazaen Economic City reached OMR316 ($821 million) by the end of June 2023. The foreign and local investment value stood at OMR186 million and OMR130 million, respectively, state-owned Oman News Agency reported. The number of nationalities investing in the city in the first six months of the year hit 16, with […] August 7, 2023
Banking and Finance Argentina agrees $775m loan with Qatar to repay IMF Argentina agreed a $775 million loan with Qatar on Friday, which will be used to make an immediate International Monetary Fund repayment. The country’s government is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves while facing IMF repayments. Its economy minister Sergio Massa said on Monday Argentina would not […] August 4, 2023
