Banking and Finance Israel banks to compete for default savings rate Israel’s finance ministry on Thursday proposed a plan that for its five largest banks to compete against each other to offer the highest interest rates on savings accounts. The ministry, lawmakers, the central bank and regulators have sharply criticised banks for being quick to act to raise interest rates on mortgages and other loans while […] July 7, 2023
Banking and Finance Etisalat may bid for stake in Ethiopian telco Abu Dhabi-listed Etisalat, now branded as e&, is planning to bid for a 45 percent stake in Ethio, a state-controlled telecom operator in Ethiopia. The UAE’s telecom company is talking to advisers, Bloomberg reported citing informed sources. France’s Orange SA is also weighing the option to bid for a similar stake. Talks are at an […] July 7, 2023
Banking and Finance Italy in talks with Saudi fund for $1bn Milan renewal plan Italy is in talks with sovereign wealth funds (SWFs) from Norway, Saudi Arabia and Singapore over plans worth €1 billion ($1.09 billion) to develop a residential area of Milan, the head of a state-owned company told Reuters on Thursday. Prime Minister Giorgia Meloni’s administration is seeking to forge closer ties with Gulf states and generally […] July 7, 2023
Economy Foreign investment in UAE surges to record $23bn The UAE attracted 60 percent of the total $37 billion of foreign direct investment into the GCC in 2022, helped by inflows from Austria and South Korea in particular. According to the World Investment Report 2023 by the UN Conference on Trade and Development (Unctad), foreign direct investment (FDI) flows into the UAE jumped 10 […] July 6, 2023
Banking and Finance ADQ expands investment reach in Canada ADQ, the Abu Dhabi sovereign wealth fund, has expanded in Canada with the acquisition of a stake in global asset management firm Sagard, which has $14.5 billion in assets. Sagard’s majority shareholder remains Power Corporation of Canada, an investor in Europe and North America. ADQ is joined as a new minority investor by the Bank […] July 6, 2023
Banking and Finance Turkey to raise corporate tax to fund quake rebuilding Turkey will raise corporate taxes to fund the recovery from major earthquakes that struck the country in February, according to a draft law presented to parliament by President Tayyip Erdogan’s ruling AK Party. The earthquakes in southern Turkey killed more than 50,000 people and left millions homeless. Business groups, economists and the government have said […] July 6, 2023
Banking and Finance Qatar firms boost hiring to clear backlogs Business conditions in Qatar’s non-oil private sector continued to improve in June, according to a report by Qatar Financial Centre and ratings firm S&P Global. The financial services industry was the biggest beneficiary. Rising employment helped firms “reduce their levels of outstanding business” and smooth supply chains, the report said. However, cost burdens rose – […] July 5, 2023
Banking and Finance Turkish banks hike consumer and housing loan rates Consumer and housing loan interest rates at Turkish state banks have surged after the central bank almost doubled its key rate last month, while private banks have begun making limited consumer loans as regulations are eased. The central bank raised its key annual rate to 15 percent from 8.5 percent on June 22 and described […] July 5, 2023
Banking and Finance UAE sets up new ministry to attract foreign investment The UAE is to establish a ministry to attract foreign direct investments to the country. Mohamed Hassan Al Suwaidi will head the investment ministry, which will support the UAE’s business objectives, investment policies and promote its infrastructure to attract investments in a range of sectors. It will prepare strategies, legislation, plans, projects and national programmes […] July 4, 2023
Banking and Finance Remittances to Mexico hit new record of $5.7bn in May Mexico brought in close to $5.7 billion in remittances in May, central bank data showed, breaking a monthly record that analysts cautioned was softened by the recent strength of the peso versus the dollar. While Mexico records remittances in dollars, as most of the funds come from the United States, “a strong peso hurts remittances”, said Goldman Sachs […] July 4, 2023
Banking and Finance Investcorp buys $100m stake in comms firm SEC Newgate Bahrain’s alternative investment firm Investcorp has invested $100 million to acquire a controlling stake in communications and advocacy group SEC Newgate. Investcorp’s funding will help the Milan-based business accelerate its development strategy, the companies said on Monday. The group aims to expand in Europe, the Middle East, Africa and the Asia-Pacific region through organic growth […] July 3, 2023
Banking and Finance Etisalat in talks with Czech firm for potential tie-ups Abu Dhabi-headquartered Etisalat, now branded as e&, is in talks with Czech investment firm PPF Group to explore opportunities in central and southeastern Europe. “Etisalat and PPF Group are in early stage of discussions of forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe, excluding Czech Republic, that are mutually […] July 3, 2023
Banking and Finance Mena wealth funds sharpen up on sustainability Mena sovereign wealth funds’ efforts to improve their governance and sustainability practices to meet global standards appear to be bearing fruit, as they recorded the biggest improvement of all regions in a new analysis. Data platform Global SWF assessed the performance of 100 sovereign wealth funds and public pension funds on their governance, sustainability and […] July 3, 2023
Video length: 04:29 Banking and Finance UAE strengthens planning support for family businesses A network of organisations in the UAE is meeting growing demand from family businesses for help with issues such as succession planning and good governance. In May, the Dubai Centre for Family Businesses was launched at the head office of Dubai Chambers. Inefficient governance and incomplete succession planning are the two main challenges facing UAE […] July 2, 2023
Banking and Finance Israel suspects limited competition among banks Israel’s competition watchdog said it would start talks with the central bank over the possibility of declaring the country’s five largest banks an oligopoly and making them subject to directives in consumer checking and savings accounts. A month ago Israel’s competition authority sought data from the top five banks, saying they were enjoying huge profits […] June 30, 2023
Banking and Finance Visa to buy Brazilian startup Pismo for $1bn Visa is acquiring Brazilian fintech platform Pismo for $1 billion to expand its footprint in Latin America. The deal, a vote of renewed confidence in the region during a funding slowdown, is the largest fintech exit in Latin America since Nubank went public in late 2021 and the largest disclosed startup exit so far this […] June 29, 2023
Banking and Finance Israel delays bill after central bank warning Prime Minister Benjamin Netanyahu’s ruling coalition on Wednesday postponed a preliminary parliamentary reading of a bill the central bank chief has said threatens the Bank of Israel’s independence. The bill would force banks to pay interest on checking accounts and give final approval on setting the rate to the finance minister. Yinon Azulay, the parliament […] June 29, 2023
Banking and Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Banking and Finance Qatari Islamic banks set for rebound on high demand Islamic banking made up 25 percent of total banking sector assets in Qatar in the first quarter of 2023, slipping from 27 percent in the same period a year earlier. This makes the Gulf state the fifth-largest Islamic banking market globally, Fitch Ratings said. The ratings agency expects the market share to increase overall in […] June 28, 2023
Banking and Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
Banking and Finance Turkey’s lira hits new low after bank rules’ rollback The Turkish lira slid as much as three percent to a record low against the dollar on Monday, after the central bank took steps to simplify policy, while an official and bankers said the bank had stopped using its reserves to support the lira. The lira weakened as far as 26.05 against the US currency, […] June 27, 2023
Opinion Banking and Finance UAE should escape FATF ‘grey list’ Taking effective action against financial rule-breakers should be a priority June 26, 2023
