Banking and Finance Nomura to hire 40 bankers in Asia and Middle East Nomura Holdings plans to hire more than 40 private bankers in Asia and the Middle East in two years to tap an expanding pool of rich families and entrepreneurs in the regions, its international wealth management chief told Reuters. Enhancing wealth management is part of Nomura’s goal of increasing revenue less vulnerable to market swings, […] August 3, 2023
Banking and Finance Cautious Oman’s SWF outperforms global markets Oman Investment Authority’s cautious approach to public market investing enabled it to significantly outperform global benchmarks last year, the sovereign fund’s annual report revealed on Wednesday. These gains helped the OIA, which was created in June 2020 following a government reshuffling of state-owned assets, to increase its portfolio value to OMR 17.9 billion ($46.5 billion) […] August 3, 2023
Banking and Finance Brazil central bank kicks off ‘aggressive’ rate cuts Brazil’s central bank kicked off its rate-cutting cycle more aggressively than expected on Wednesday, reducing its benchmark interest rate by 50 basis points and signalling more of the same in the months ahead due to an improving inflation outlook. The bank’s rate-setting committee Copom cut its Selic policy rate to 13.25 percent, as just 10 […] August 3, 2023
Banking and Finance Dubai business park operator sees H1 profits up 13% Dubai business park operator Tecom Group’s net profit rose 13 percent year on year in the first half of 2023 to AED485 million ($132.05 million) due to higher occupancy levels. Revenue jumped six percent annually to AED1.05 billion during the first six months. The occupancy level for commercial and industrial assets stood at 87 percent […] August 2, 2023
Banking and Finance Egypt’s foreign assets deficit widens by $3bn in June Egypt’s net foreign assets (NFAs) fell further into deficit in June, with the gap widening by EGP82.1 billion ($2.66 billion) from the previous month to negative EGP837.3 billion, according to central bank data. Egypt’s finances have been squeezed by a persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the […] August 2, 2023
Banking and Finance HSBC Oman’s final day on Muscat bourse draws near Shares in HSBC Oman will cease trading on the Muscat Stock Exchange on Thursday ahead of its acquisition by Sohar International Bank. Sohar, which is minority owned by Omani government institutions, has agreed a cash and share-swap deal to buy the HSBC unit. HSBC expects the merger to be completed on August 17, after which […] August 1, 2023
Banking and Finance Saudi insurers plan merger as consolidation grows The board of Al Sagr Insurance Company has backed a proposed merger with rival Gulf Union Ahlia Insurance Company as increased claims and rising regulatory costs spur consolidation among insurers in Saudi Arabia. A circular sent to shareholders of Al Sagr shareholders, seen by AGBI, concluded the offer from Gulf Union is “fair and reasonable” […] August 1, 2023
Banking and Finance DIFC adds 3,000 jobs as worldwide appeal grows Over 3,000 new jobs were created at Dubai International Financial Centre (DIFC) during the first half of 2023 as 661 companies joined. The total number of firms operating there rose from 4,031 to 4,949 at the end of June, a year-on-year increase of 23 percent. Its fintech and innovation sectors grew 35 percent from 599 […] August 1, 2023
Banking and Finance DFSA fines Swiss bank over money laundering failings Dubai Financial Services Authority (DFSA) has imposed a $3 million fine on Mirabaud (Middle East) Limited due to inadequate anti-money laundering systems and controls between June 2018 and October 2021. The fine includes giving up $975,000, which represents Mirabaud’s economic benefit from its contraventions in the form of fees and commission. Mirabaud, a division of […] August 1, 2023
Banking and Finance Tax exemptions tipped to lure foreign investors to UAE The UAE’s decision to exempt investment funds from corporate tax will only serve to increase the attractiveness of the Emirates among global investors, taxation experts have told AGBI. Corporate tax at a standard rate of 9 percent came into effect on June 1 for companies with taxable income of over AED375,000 ($102,000). The UAE cabinet […] July 31, 2023
Banking and Finance Bank of America ousts Goldman as top Mena M&A adviser Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData. The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place […] July 31, 2023
Banking and Finance Standard Chartered not expecting further FAB approach The boss of British bank Standard Chartered does not anticipate a further acquisition approach from First Abu Dhabi Bank as a six-month cooling off period required by UK takeover rules comes to an end. The London-listed bank has been the subject of speculation this year around a possible sale to FAB, the UAE’s biggest lender. […] July 31, 2023
Banking and Finance Saudi Telecom’s H1 revenue hits record high at $9.7bn Revenues of Saudi Telecom Company (STC), the largest mobile operator in Saudi Arabia, hit a record-high of SAR36.5 billion ($9.73 billion) in the first half of 2023, up 8 percent year on year. Net profit for the period grew by 4.2 percent year on year to SAR6.12 billion, the company said in a filing to […] July 31, 2023
Banking and Finance Iraqi banks facing US curbs to challenge measures Fourteen Iraqi private banks hit with curbs by the United States over allegedly helping siphon US dollars to Iran said on Wednesday they were ready to challenge the measures and face audits and called on Iraqi authorities to provide assistance. US financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part […] July 30, 2023
Banking and Finance Moroccan economic growth slows to 1.3% in 2022 The Moroccan economy registered growth of 1.3 percent in 2022, slowing down from the eight percent growth registered in 2021, the central bank said late on Saturday. Abdellatif Jouahri, governor of Bank Al Maghrib presented the figures to King Mohammed VI during a reception at the Royal Palace of Tetouan, according to a bank press […] July 30, 2023
Manufacturing Borouge profit down 50% as merger talks continue Petrochemicals company Borouge saw its net profit slide 53 percent year on year to $231 million in the second quarter, attributed to a decline in average sales prices for its products. The business said in a filing to Abu Dhabi Securities Exchange, where its shares are traded, that total revenues fell by 25 percent to […] July 28, 2023
Sustainability Al Jaber calls on G20 to double climate risk finance Cop28 president Sultan Al Jaber and United Nations climate executive secretary Simon Stiell urged the G20 this week to increase funding known as “adaptation finance”, for communities at risk of facing climate change-related hazards. “The G20 must affirm its commitment to [mobilising] the fund and funding arrangements. Those at the frontline of climate change need […] July 28, 2023
Banking and Finance UAE company backs out of German steel producer deal UAE-based Emirates Steel Arkan has walked away from a potential investment in Thyssenkrupp’s steel business, a source familiar with the matter told Reuters. The state-backed firm stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business, the source said. Emirates Steel was considering buying a stake in the […] July 28, 2023
Banking and Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Banking and Finance Abu Dhabi asset manager plans $250m carbon fund Offset8 Capital, an Abu Dhabi asset management company, is planning to raise $250 million for a carbon investment fund focused on financing climate mitigation and adaptation projects. Proposed investments will aim to support local communities in Africa and Southeast Asia on projects involving mangrove restoration, reforestation and biochar. Offset8, which is based in the financial […] July 27, 2023
Banking and Finance Emirates NBD profit soars 130% on back of interest rate hikes Net earnings at Dubai’s biggest bank, Emirates NBD, rose by 77.14 percent in the second quarter of 2023 as net interest income surged due to a buoyant regional economy. The bank reported a net profit of AED6.2 billion ($1.69 billion) for the April to June period compared to AED3.5 billion a year earlier. Net profit […] July 27, 2023
Banking and Finance Lebanon central bank chief denies alleged fund fraud Lebanon’s longtime central bank governor Riad Salameh defended his record on Wednesday in a televised interview just days before he is set to leave office, denying he embezzled public funds and saying his policies benefited the economy. Salameh, whose 30-year tenure as governor has been stained by a deepening financial crisis and charges at home […] July 27, 2023
