Banking and Finance Qatari companies to develop projects worth $9.5bn in Iraq Three Qatari companies and Iraq’s National Investment Commission have agreed to develop $9.5 billion worth of projects in Iraq, including the construction of a pair of power plants that will generate a total of 2,400 megawatts, according to statements. UCC Holding and the investment commission signed a 25-year public-private partnership linked to the two power […] June 19, 2023
Banking and Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023
Banking and Finance US chipmaker Intel to invest $25bn in new Israel factory US chipmaker Intel Corp will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said, calling it the largest-ever international investment in the country. The factory in Kiryat Gat is due to open in 2027, to operate through 2035 at least and employ thousands of people, Israel’s finance ministry said. Under […] June 19, 2023
Banking and Finance India weighs barter trade with Egypt amid credit talks India is weighing a proposal to begin barter trade in goods like fertiliser and gas with Egypt as part of a wider deal that could see New Delhi extending a credit line worth several billion dollars to Cairo, sources told Reuters. An agreement is likely to be announced later this month during Indian Prime Minister […] June 18, 2023
Banking and Finance Turkey’s central bank likely to hike policy rate to 20% Turkey’s central bank is expected to raise its policy rate by a huge 1,150 basis points next week, from 8.5 percent to 20 percent, a Reuters poll showed, in a policy U-turn after rate cuts under President Tayyip Erdogan led to a cost-of-living crisis. The central bank slashed its policy rate from 19 percent in […] June 18, 2023
Banking and Finance Bahrain awards first ‘golden licences’ to five companies Bahrain has issued the first ‘golden licences’ to five companies which have invested more than $1.4 billion in the Gulf nation and are expected to generate more than 1,400 jobs by 2026. The licences were granted to Citi, Eagle Hills Diyar WLL, Infracorp, Saudi Telecommunication Company and Whampoa Group, state-owned Bahrain News Agency reported. The […] June 16, 2023
Banking and Finance Debt and fintech dominate Mena startup funding Fintech and debt financing were the dominant themes in Mena startup funding in May, as experts predicted continued growth for the remainder of the year. In May, $445 million was invested in 39 startups in the Middle East and North Africa, up from only $7 million and 11 deals in April. The data was compiled […] June 16, 2023
Banking and Finance Shares in Etisalat slide after Vodafone’s UK deal Shares in UAE telco Etisalat, Vodafone’s biggest shareholder, fell on Thursday after the British firm announced it would merge its domestic mobile operations with those of rival CK Hutchison. The long-anticipated tie-up heightens uncertainty over the potential benefits to Abu Dhabi-based Etisalat, now branded as e&, of its stake in Vodafone. Since first announcing it […] June 15, 2023
Banking and Finance Mubadala invests in $440m LatAm fund Abu Dhabi’s Mubadala is an anchor investor in a new $440 million fund run by former SoftBank executives that will buy into Latin American startups. Miami’s Bicycle Capital has launched the fund, its first, according to a press statement that says it could increase to $500 million. The Bicycle 1 fund will partner with the […] June 15, 2023
Banking and Finance Rising costs spur Saudi insurance duo to merge Two Saudi Arabian insurance companies have signed a binding agreement to merge as increased claims and rising regulatory costs spur industry consolidation within the kingdom. Arabian Shield Cooperative Insurance Company will acquire Alinma Tokio Marine Co through a share swap agreement that will lead the latter firm to delist from Saudi’s bourse, the duo announced […] June 15, 2023
Banking and Finance PIF wary of crowding out private sector Saudi Arabia’s Public Investment Fund has put measures in place to ensure it does not starve the private sector of investment opportunities. “It’s of concern to everyone and it’s something we talk about a lot,” Jerry Todd, head of the National Development Division at the $700 billion sovereign wealth fund, said, adding that the PIF […] June 15, 2023
Banking and Finance US Fed pauses rate hikes but sees borrowing costs to rise The US Federal Reserve left interest rates unchanged on Wednesday but signalled in new projections that borrowing costs may still need to rise by as much as half of a percentage point by the end of this year, as the US central bank reacted to a stronger-than-expected economy and a slower decline in inflation. In […] June 15, 2023
Banking and Finance Erdogan sticks to ‘low inflation, low rate’ policy Turkish President Tayyip Erdogan said his newly appointed finance minister Mehmet Simsek will take unspecified steps swiftly with the central bank, but that it was a mistake to suggest Erdogan had changed his own views on interest rates. Since winning re-election last month, Erdogan, a self-proclaimed “enemy” of interest rates, has appointed Simsek as well […] June 15, 2023
Banking and Finance Egypt signals no immediate plans for pound devaluation Egyptian President Abdel Fattah Al Sisi appeared to rule out a further currency devaluation anytime soon in remarks made to a youth conference on Wednesday, saying such a move could harm national security and hurt Egyptian citizens. Egypt has devalued the Egyptian pound by about 50 percent against the dollar since February 2022, when Russia’s […] June 15, 2023
Banking and Finance Qatari fund in talks to invest in Egypt’s historic hotels Qatar’s sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute. The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about […] June 15, 2023
Banking and Finance Dubai firm to invest $200m in Colombia emerald mine Dubai-based miner Fura Gems will invest $200 million in its Colombia emerald mine over the next five years, an executive said on Wednesday. The company is holding its fourth auction of uncut emeralds from its Coscuez mine in central Boyaca province this week in Bogota. Fura predicts the auction, which will move to Bangkok later […] June 15, 2023
Banking and Finance Gulf central banks mirror US Fed by halting rate hike The Central Bank of the UAE and Qatar Central Bank have decided to maintain interest rates after the US Federal Reserve board announced it will keep the key borrowing rates unchanged. The UAE’s central bank will hold the base rate applicable to the overnight deposit facility steady at 5.15 percent as of Thursday 15 June, the […] June 15, 2023
Banking and Finance QIA sovereign fund eager to invest in Asia and US Qatar Investment Authority, the world’s 10th-largest sovereign wealth fund by assets, will expand its portfolio in the United States and Asia – particularly China and India – and aims to take advantage of more “investor-friendly” deal terms. Several senior QIA executives outlined the fund’s plans to Bloomberg this week in what were rare public comments […] June 14, 2023
Banking and Finance Egypt invites banks to pitch for AlexBank stake sale Egypt’s ministry of finance has invited banks to pitch for an advisory position on the sale of its 20 percent stake in Bank of Alexandria, a subsidiary of Italy’s Intesa Sanpaolo, two sources familiar with the matter said. The invitation went to local and international banks, said the sources, declining to be identified as the […] June 14, 2023
Banking and Finance Gulf Investment Fund turns to Saudi stocks to drive growth The Middle East’s stock markets have struggled to attract Western portfolio investors, despite strong performances. Gulf Investment Fund (GIF), which has $83 million invested across the seven markets, is seeking to change that. The fund, which is listed on the London Stock Exchange, recorded a net asset value increase of 15.4 percent for the year to June […] June 13, 2023
Banking and Finance UAE remittance market nears ‘saturation point’ The remittance and foreign exchange market in the UAE is “saturated” and will need consolidation as new businesses continue to emerge. “Either people will have to grow digitally [at scale] to capture market share or they’ll get amalgamated,” said Zahir Moghal, CEO of Abu Dhabi currency provider Delma Exchange. “It’s totally saturated. It’s completely over-supplied […] June 12, 2023
Banking and Finance Fintech pushes Mena startups to raise $445m in May Venture capital (VC) activity bounced back in the Middle East and North Africa (Mena) in May 2023, as funding into the regional startups reached $445 million. The fundings were spread across 39 deals, compared to $7 million raised across 11 deals in April 2023, Dubai-based Wamda said in its monthly report. On a year-on-year basis, […] June 12, 2023
