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Person, Human, Crowd

Private equity firms face ‘perfect storm’ as market turmoil bites

Private equity investors gathered in Berlin at their annual get-together are fretting a season of record buyouts is drawing to a close after a week of market turmoil and recession fears as central banks across Europe have hiked interest rates. Cash-rich buyout funds are set to face higher financing costs to get their deals to […]

Tie, Accessories, Accessory

Ukraine receives first funds through IMF account

Ukraine has received a loan of one billion Canadian dollars ($770 million) on concessional terms, its first funds through an “administered account” set up by the International Monetary Fund, Prime Minister Denys Shmygal said on Friday. “Grateful to…(Canadian Deputy Prime Minister Chrystia Freeland) for support & comprehensive assistance to Ukraine in the fight against the […]

Egypt dominates Mena startup funding rankings in May

The amount of funding raised by startups in the Middle East and North Africa (Mena) rose 62.7 percent year-on-year in May. But it still declined 40 percent month-on-month to record the lowest monthly amount so far this year, according to data compiled by Wamda, the largest early-stage investment fund in the Middle East. A total […]

Fed hike hits Gulf stocks as well as price of food and property

Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs.  AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […]

  • Analysis

Mena region has record year for startup investment

The geographic location of the Middle East and North Africa (Mena) provides access to large markets in Europe, Africa and Asia, and is home to a large, young population.  In a context of geopolitical instability and high unemployment, many of these young people are increasingly seeking new opportunities and looking to improve the world via […]

IPO expected for Dubai road toll operator

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO).  According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […]

Glasses, Accessories, Accessory

Egypt in ‘race against time’ with privatisation drive

Egypt’s economy is facing a perfect storm of economic headwinds. While its currency is plummeting, its budget deficit is rising along with its borrowing costs.  In an effort to counter rapidly growing external imbalances, Egypt’s government devalued its currency, the Egyptian pound, by 10 percent in March and subsequently requested a support package from the […]

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum approved the launch of the scheme

Foreign government workers to benefit from new saving scheme

A new savings scheme for foreign employees working in Dubai Government, which aims to enhance the end-of-service benefits system, is set to come into effect on July 1. Dubai International Financial Centre (DIFC), the entity responsible for supervising the implementation of the Savings Scheme for Foreign Employees in the Government of Dubai, has held several […]

Digital banking platform Revolut launches in Oman

Digital banking platform Revolut said it was launching a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman, allowing customers to transfer money to over 50 countries using more than 30 currencies. The London-based company said there would be no fee for customers transferring to other Revolut customers, while transfers to […]

The Prince and the PIF: The way ahead for Saudi’s top investor

The prince who’s the international face of Saudi business may no longer be able to call all the shots. For years, Prince Alwaleed bin Talal, Saudi Arabia’s self-styled Warren Buffett, has made hundreds of millions of dollars by investing in companies from Citigroup to Uber to Twitter with almost complete autonomy. Now, his Kingdom Holding […]

EU official concerned about Russia flying Western-made planes

European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […]

Mauritius Bank to open Nigeria office in Africa growth plan

Mauritius Commercial Bank (MCB), the Indian Ocean island nation’s largest bank, will open a representative office in Nigeria in months as it seeks to expand beyond oil and gas deals to cover renewables and mining, a senior executive said. MCB, which has $850 million in exposure in Nigeria, already has representative offices in Nairobi and […]

Arbitrageurs: the funds making tons from messy markets

‘Arb trading’ is not for everyone but can be profitable The crypto market’s a hot mess, leaving many investors struggling to turn a buck. Enter the arbitrageurs. Bitcoin and other cryptocurrencies have either been shackled to ranges or in decline since January, leaving your regular buy-and-hold investor with little option but to sell or to […]

The merger is part of First Bank Abu Dhabi's strategy to increase its footprint in Egypt

First Abu Dhabi Bank to launch new brand in Egypt

First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […]

Narendra Modi in Israel

Israel and India set to restart free trade talks

Israel and India are preparing to resume talks on a free trade agreement, Israel’s economy ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal […]

Egypt may postpone sovereign sukuk issue to its new fiscal year

Egypt may postpone the issuance of its first sovereign sukuk till its new fiscal year due to turmoil in global markets, Abu Dhabi-based Sky News Arabia TV reported on Sunday citing Finance Minister Mohamed Maiit. Egypt’s fiscal year runs from July 1 to June 30. The news comes as Egypt’s annual urban consumer inflation accelerated […]

Saudi Telecom shares rise after $8bn capital increase proposal

Saudi Telecom said on Sunday its board had proposed increasing the company’s share capital by 30 billion riyals ($8 billion), or 150 percent, driving the share price nearly 10 percent higher. The Riyadh-listed company had earlier announced the proposed capital increase would involve issuing 30 billion new shares, with shareholders offered 1.5 new shares for […]

Egypt repays $24bn to cover foreign debt, departing investors

Egypt paid $24 billion in the first five months of 2022 to service foreign debts and to cover foreign investors withdrawing funds from the country, Egypt’s state news agency MENA reported on Wednesday. Of the amount, $10 billion went to service foreign debt and another $14 billion to foreign investment funds, it quoted an unnamed central bank […]

Canada cracks down on $314m of Russian assets

Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […]

Abu Dhabi invests in Swedish fintech’s $100m funding round

Swedish fintech firm Juni has raised $100 million in a funding round led by Abu Dhabi state investor Mubadala, and another $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital. Juni’s existing investors – EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global – also participated in the funding round. Getting […]