Analysis Banking & Finance Rise of UAE foundations as wealth management sector matures The UAE’s richest people are increasingly setting up foundations to structure and preserve their wealth for the future. Regional wealth managers told AGBI they have noticed a “significant increase” in the number of foundations being established in the UAE, and in the volume of enquiries they are receiving about setting one up. Bradley Moran, an […] January 18, 2023
Banking & Finance Egypt’s banks can cope with sharp currency drop, say experts Egyptian banks can withstand the impact of further currency depreciation as they are supported by “healthy internal capital generation”, analysts say. Fitch Ratings report that large private sector banks are better placed to deal with a weaker pound than the two largest public banks, National Bank of Egypt and Banque Misr, due to their higher […] January 18, 2023
Banking & Finance Anti-money laundering order in UAE to tackle stolen IDs The UAE’s latest anti-money laundering guidance aims to tighten up rules related to digital IDs. While it will have little impact for traditional banks, it may weed out some of the weaker players in the fast-growing fintech sector. The advice issued by the Central Bank of the UAE (CBUAE) last week focused on the use […] January 18, 2023
Banking & Finance UAE telco increases stake in UK’s Vodafone to 12% UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has increased its stake in the UK’s Vodafone Group. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.272 billion shares, representing 12 percent of Vodafone’s issued share capital, excluding treasury shares. The financial details of the […] January 18, 2023
Banking & Finance Scaramucci’s SkyBridge expects bitcoin at $35,000 this year SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the firm’s founder Anthony Scaramucci said, while admitting this view was “overly bullish”. “If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland. January’s crypto rally could be sustained as […] January 18, 2023
Banking & Finance Saudi Arabia open to trade in currencies other than US dollar Saudi Arabia is open to exploring trade in currencies other than the US dollar, Bloomberg TV reported, citing finance minister Mohammed Al Jadaan. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” he added. […] January 18, 2023
Banking & Finance Tesla and Musk face trial over 2018 tweets on ‘secured’ funding Elon Musk and Tesla Inc are set to go to trial in San Francisco in a case where the company’s shareholders claim they were defrauded by Musk’s 2018 statement that funding was “secured” to take the electric car maker private. The lawsuit seeks damages for shareholders who bought or sold Tesla stock in the days […] January 18, 2023
Banking & Finance Turkish firm acquires Whirlpool’s Middle East and Africa business US home appliances maker Whirlpool is folding its European business into a new company controlled by Turkish rival Arcelik, reducing its exposure to a market where it had warned attractive profit margins could be some way off. Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the […] January 18, 2023
Banking & Finance Qatari bank Dukhan set to list on Doha’s main market Dukhan Bank, Qatar’s fifth-largest bank, is planning to go public and list on the Doha stock exchange. The bank, which has total assets in excess of QR100 billion ($27.5 billion), agreed the proposal at an extraordinary general assembly meeting on Sunday. Its share capital will be listed on the main market of the Qatar Stock Exchange […] January 17, 2023
Banking & Finance UAE’s Mashreq obtains digital banking license in Pakistan UAE’s Mashreq has acquired a digital banking license under the digital regulatory framework issued by the State Bank of Pakistan (SBP), the bank said in a statement. Ahmed Abdelaal, group CEO, Mashreq, said the move will act as a catalyst in leading the evolution of digital finance and the wider digital economy in Pakistan through […] January 17, 2023
Banking & Finance Abu Dhabi’s Mubadala acquires US-based Dental Care Alliance Abu Dhabi state investor Mubadala Investment Company has acquired US-based Dental Care Alliance (DCA), a dental services organisation with nearly 390 allied practices, state-run WAM news agency reported. The investment was made in collaboration with funds managed by Harvest Partners, a US-based private equity firm focused on middle-market companies. DCA is one of the largest […] January 17, 2023
Banking & Finance Israel worried looser fiscal policy could stop inflation from easing Bank of Israel policymakers expressed concern that the new government will boost spending too much and harm its ability to return inflation to its one to three percent annual target. Minutes from the January 2 rates decision showed that the monetary policy committee was mostly upbeat that price pressures were starting to ease, saying some […] January 17, 2023
Banking & Finance Manchester United set up shop with luxury lounge in Swiss Alps Manchester United set out a dazzling Davos shop front this week, but insisted its lounge was to entertain clients and partners rather than to attract buyers for the English soccer club. United said in November it was looking at options to either get new investment or explore a potential sale, 17 years after the Glazer […] January 17, 2023
Banking & Finance Bahrain’s Investcorp to expand southeast Asia footprint Bahrain-based Investcorp is working on multiple initiatives in Indonesia, including one in partnership with the nation’s sovereign wealth fund as it seeks to expand its footprint in southeast Asia, the firm’s co-chief executive officer said. “We have two terrific initiatives in Indonesia right now, and hopefully, a third very soon in partnership with the local […] January 17, 2023
Banking & Finance BlackRock’s Larry Fink welcomes rise in Gulf clients BlackRock is attracting more investors from the Middle East, the CEO of the world’s largest asset manager told analysts this month. The US-based firm established a wholly-owned Saudi subsidiary in 2018, opened an office in Riyadh in 2019 and in February 2022 received approval from the market regulator to start managing investments and operating funds […] January 16, 2023
Banking & Finance UAE pledges to invest $30bn in South Korea The UAE has agreed to invest $30 billion in South Korea’s industries, South Korea’s presidential office said, as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea’s President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed Al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon’s […] January 16, 2023
Banking & Finance Turkey cancels required reserves for longer maturity lira deposits Turkey’s central bank has cut the required reserves of Turkish lira deposits to zero percent with maturities longer than three months, from varying percentages between three and eight percent, the bank said on Sunday. “To encourage maturity extension of lira deposits, the bank has decided to set reserve requirement ratios for lira deposit accounts with […] January 15, 2023
Banking & Finance Saudi Arabia tops list of largest borrowers with $10bn bond issues Developing countries have sold a huge $39 billion of international bonds since the start of the year, with investors happy to pile into riskier debt as they bet global interest rates are nearing a peak. The first half of January saw 11 countries launch more than 20 dollar- and euro-denominated bond issues. The scale of […] January 15, 2023
Banking & Finance Israel central bank backs steps to ease inflation and cost of living Bank of Israel governor Amir Yaron has said a series of government steps aimed at easing inflation and the cost of living were reasonable, but that short term interest rates still could rise further. Prime Minister Benjamin Netanyahu on Wednesday said Israel would cancel or cut back recent hikes in property taxes, water and energy […] January 13, 2023
Banking & Finance Dollars flow into Egypt’s forex market after pound depreciation Hundreds of millions of dollars have flowed through Egypt’s interbank market since the central bank allowed the Egyptian pound to depreciate by 13 percent to a historic low, bankers said. The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the opening of trade. It since rebounded to […] January 13, 2023
Banking & Finance UAE to loan $1bn and roll over another $2bn to Pakistan The UAE has agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan, Pakistan’s information minister said, as the country’s central bank foreign reserves fell to just three weeks’ worth of imports. The UAE’s financial support offered some respite to the South Asian nation of 220 million, which is still […] January 13, 2023
Analysis Banking & Finance Agtech startups and Egypt are hot prospects for Mena funding Startups across the Middle East and North Africa region raised $125 million in funding in December last year, with Egyptian companies leading the pack, ahead of regional powerhouses the UAE and Saudi Arabia. A joint report by Wamda and Digital Digest showed that Egyptian startups secured $45.7 million across 11 deals in December, more than […] January 13, 2023
