Banking and Finance Abu Dhabi to invest $6bn in French buyout fund Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, has agreed to invest $6 billion in a new buyout fund launched by French private equity firm Ardian. Ardian has collected more than $20 billion for a secondary fund that aims to buy stakes in private equity funds from investors that opt to sell early, […] June 26, 2023
Banking and Finance Vietnam to extend VAT cut to boost economy Vietnamese lawmakers on Saturday approved a government plan to extend a reduction in value added tax (VAT) on goods and services until the end of this year to boost domestic consumption and production, as its export-driven economy faces headwinds from slowing global demand. The VAT cut to eight percent from 10 percent, which has been […] June 25, 2023
Banking and Finance Investors hold money as Turkish rate hike disappoints Foreign investors hoping for a game-changing rate hike from Turkey’s newly appointed central bank chief said Thursday’s disappointing move to a key rate of just 15 percent could keep some money on the sidelines. The appointment of US-trained banker Hafize Gaye Erkan to lead the bank boosted expectations that it would rapidly raise rates to […] June 25, 2023
Banking and Finance Germany’s Covestro rejects takeover bid from Adnoc German plastics and chemicals maker Covestro AG has rejected an initial takeover proposal from Abu Dhabi National Oil Co (Adnoc), saying the offer was too low, two sources familiar with the matter said. Reuters reported on Tuesday that Adnoc had approached Covestro with a takeover proposal worth more than €10 billion ($11 billion). Covestro and […] June 23, 2023
Banking and Finance Egypt’s central bank keeps interest rates unchanged The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s monetary policy committee (MPC) left the lending rate steady at 19.25 percent and the […] June 23, 2023
Video length: 03:02 EXCLUSIVE Tech $2bn funding behind Dubai’s digital startup economy Dubai tech startups have raised $2 billion and completed six mega-rounds valued at over $300 million in 2022, according to a report by the Dubai Digital Economy. These included two listings for scaleups (startups that have raised over $1 million in capital) on stock exchanges. The UAE’s national digital economy is predicted to grow to […] June 23, 2023
Banking and Finance Gulf sees potential in Turkish energy and defence Saudi Arabia and the UAE will invest in the Turkish defence and energy sectors, new reports citing identified sources suggest. If the Reuters report is accurate, the expected investments reflect a growing closeness between Turkey and the longstanding Gulf allies. Gulf support could be vital for Turkey, which is struggling with soaring inflation, a collapse […] June 22, 2023
Banking and Finance Saudi trading in US equities tumbles by nearly half Saudi Arabian investments in US stocks via the kingdom’s brokers fell by nearly half in the first quarter of 2023, regulatory data shows. Residents of the kingdom traded SAR20.24 billion ($5.4 billion) of US equities through local institutions in the first three months of 2023. This was down from SAR39.95 billion the same period a […] June 22, 2023
Banking and Finance Mubadala-backed investor in race to buy US publisher A US-based investment company, backed by Abu Dhabi’s Mubadala Investment Company, has emerged as a bidder for American book publisher Simon & Schuster. Octavian & Co., an investment company based in New York and publisher of the quarterly magazine “Octavian Report”, is headed by Richard Hurowitz, The Wall Street Journal reported citing informed sources. Nasdaq-listed […] June 22, 2023
Banking and Finance JPMorgan commercial bank enters Israel in global push JPMorgan Chase & Co’s commercial bank is entering Israel and Singapore this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. JPMorgan’s international operations serve American companies that do business overseas, as well […] June 22, 2023
Banking and Finance Egypt says tax reforms aimed to drive private investments Egypt’s cabinet has approved a draft law to eliminate tax exemptions for state entities in a bid to attract private investment, a cabinet statement said, but the law appeared to retain at least some privileges enjoyed by the army. Egypt, in the midst of a severe foreign currency shortage, has been seeking to encourage both […] June 22, 2023
Banking and Finance PIF sells McLaren stake to Bahraini fund for $510m Saudi Arabia’s Public Investment Fund (PIF) will sell preference shares and warrants worth £400 million ($510.48 million) in British supercar maker McLaren Group to Bahrain’s investment fund Mumtalakat. The deal is likely to be announced on Thursday, Sky News reported. The private transaction will not result in new money being injected into McLaren. The stake sale comes almost two […] June 22, 2023
Banking and Finance $7.8bn of Saudi investments lined up for Expo 2030 bid Saudi Arabia has allocated $7.8 billion worth of investments to its bid to host Expo 2030. “The budget of $7.8 billion is catalytic to our broader Riyadh investment plan,” said Khalid al-Falih, the kingdom’s investment minister. He was speaking on Tuesday at the 172nd General Assembly meeting of the Bureau International des Expositions, the organisation […] June 22, 2023
Banking and Finance Tesla’s Musk plans ‘significant investment’ in India Tesla chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon. His comments came after a meeting with Modi during the Indian leader’s state visit to the United States. A source previously told Reuters […] June 21, 2023
Economy Egypt to increase minimum private sector wage to $97 per month The Egyptian government has approved increasing the minimum wage for workers in the private sector by EGP300 ($9.72) to EGP3,000 a month as of July. The National Wages Council’s decision to raise the minimum wage to EGP3,000 is in line with the council’s policy of achieving a balance between workers and business owners amid the […] June 21, 2023
Banking and Finance Ghosn files $1bn lawsuit against Nissan in Lebanon Carlos Ghosn said on Tuesday he will fight “to the end” in a $1 billion lawsuit the former Nissan chairman has brought against the Japanese carmaker, marking his first such challenge. Ghosn’s lawsuit, which he filed in Lebanon and a copy of which was seen by Reuters, includes allegations of defamation, slander, libel and the […] June 21, 2023
Banking and Finance Adnoc in $11bn takeover bid for German plastics maker Abu Dhabi National Oil Company (Adnoc) has approached German plastics and chemicals maker Covestro AG with a takeover proposal worth more than €10 billion ($10.9 billion), two people familiar with the matter said on Tuesday. The energy giant has made an informal offer for a per share price in the mid-€50, which compares with a […] June 21, 2023
Banking and Finance AD Ports to invest $500m in Republic of the Congo deal Abu Dhabi Ports Group has signed a 30-year concession agreement with the government of the Republic of the Congo to operate the multipurpose New East Mole Terminal in Pointe-Noire. The company said it plans to invest more than $500 million over the same period, with around $220 million allocated for phase 1, which is expected […] June 20, 2023
Banking and Finance UAE fund’s plan to take Lazard private falls apart Abu Dhabi’s sovereign wealth fund ADQ held a discussion with US investment bank Lazard Ltd to take it private earlier this year, but the talks fell apart, the Financial Times reported. The meetings were held between New York Stock Exchange-listed Lazard’s outgoing chief executive, Ken Jacobs, and ADQ’s chair Sheikh Tahnoon bin Zayed Al Nahyan, […] June 20, 2023
Banking and Finance China cuts lending rates for first time in 10 months China cut its lending benchmarks on Tuesday in the first such easing in 10 months, as authorities seek to shore up a slowing recovery in the world’s second-largest economy, with more stimulus expected. The latest monetary easing comes as China’s post-pandemic recovery shows signs of losing steam after some initial momentum in the first quarter […] June 20, 2023
Health PIF launches new pharma investment vehicle Saudi Arabia’s sovereign wealth fund, PIF, launched a new pharmaceutical investment company on Monday, as experts predict the country’s market will grow to $20 billion over the next decade. Lifera will make life-saving and essential products including insulins, vaccines and plasma therapeutics, PIF said in a statement. The company will create partnerships with leading local […] June 19, 2023
Banking and Finance SVB agrees to sell its investment banking division SVB Financial Group has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group will acquire the investment banking business for a combination of cash, repayment of an inter-company note, and a five percent […] June 19, 2023
