Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
Banking and Finance Turkish central bank ready to soften certain measures Turkey’s central bank signaled at a meeting with senior bankers that it would respond positively to the banks’ requests to soften some measures which it has taken recently, three participants in the meeting said on Wednesday. A government-backed scheme to protect lira deposits from depreciation, known as KKM accounts, was among the issues discussed, the […] June 1, 2023
Banking and Finance Italy to create $1.1bn fund for local strategic firms Italy’s cabinet on Wednesday approved a bill to create a fund to support domestic firms, the industry minister said in a statement, in a move aimed at shoring up strategic supply chains. The upcoming national strategic fund for “Made in Italy” products will have an initial endowment of €1 billion ($1.10 billion) in state cash, […] June 1, 2023
Banking and Finance Saudi’s Salic to invest in Brazilian meat producer IPO Saudi Arabia’s agricultural and livestock investment firm Salic has committed to buy shares in a potential $900 million stock offering by BRF SA, the Brazilian firm said, a move that would expand Salic’s footprint in the country’s meat industry. Marfrig Global Foods SA, BRF’s controlling stakeholder, had also pledged to subscribe to the planned new […] June 1, 2023
Banking and Finance Dubai sovereign wealth fund sees profits rise five-fold Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues. Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai. It also holds major stakes in […] May 31, 2023
Banking and Finance Saudi banks need more funding to finance Vision 2030 The Saudi banking system cannot provide enough funding alone to finance the kingdom’s ambitious Vision 2030 and will require a combination of developing the local capital market and tapping international markets, S&P said on Wednesday. While the banking sector has seen rapid growth over the past few years, primarily driven by mortgages, deposit growth has […] May 31, 2023
Banking and Finance Sohar International Bank and HSBC Oman to merge Sohar International Bank and HSBC Bank Oman have signed a binding merger agreement following talks that started in June 2022. All assets and liabilities of HSBC Bank Oman will be transferred to Sohar International upon the conclusion of the deal. The banks, which did not disclose the deal value, said that upon completion HSBC Oman […] May 31, 2023
Banking and Finance Bank of Israel chief cautions of more rate hikes Israel’s monetary policy is currently restrictive and at an appropriate level given moderating inflation, but interest rates could rise further should the shekel’s depreciation continue, Bank of Israel governor Amir Yaron said. Yaron said since the last interest rate decision on May 22, the shekel, which has been under pressure since the start of the […] May 31, 2023
Banking and Finance First Abu Dhabi Bank set to raise $600m via green bonds First Abu Dhabi Bank (FAB) is set to raise $600 million from an offering of five-year green bonds. The UAE’s biggest lender sold the bonds at 95 basis points (bps) over US treasuries, tightened 25 bps from initial guidance after demand topped $1.4 billion, a bank document showed. Proceeds will be used to fund environmental […] May 31, 2023
Banking and Finance UAE bank customers shift cash to chase higher interest Savers in the UAE are moving more of their money into income-generating deposit accounts to capitalise on rising interest rates, according to data from the country’s top 10 banks. The US Federal Reserve has increased interest rates by 75 basis points this year in a bid to curb rising inflation. The UAE Central Bank has […] May 30, 2023
Egyptian bank to support MSMEs with $260m loan Banque Misr, the second largest public bank in Egypt, is set to receive a $260 million loan from the International Finance Corporation (IFC) to support micro, small, and medium-sized enterprises (MSMEs) in the African nation. The five-year loan from the IFC, a member of the World Bank Group, is slated for approval at a board […] May 30, 2023
Banking and Finance Brics bank issues $1.2bn of panda bonds The New Development Bank (NDB) issued 8.5 billion yuan ($1.23 billion) worth of panda bonds in China’s interbank bond market on Monday to mobilise resources for financing sustainable development projects, the bank said in a statement. Proceeds will be used for general corporate resources and to finance infrastructure and sustainable development projects, the bank said. […] May 30, 2023
Banking and Finance Aldar buys landscaping firm Basatin for $41m Abu Dhabi-listed Aldar Properties has acquired Basatin Landscaping (Basatin) for AED150 million ($40.84 million) to expand Aldar Estates, its property and facilities management platform. The developer will hold a majority stake of 75 percent in Basatin, with the remaining 25 percent owned by a strategic partner. Basatin provides various landscaping services, including design, installation, paving, gardening […] May 30, 2023
Banking and Finance Barclays sees Turkey policy rate at 36% by year-end Barclays has reiterated its forecast that Turkey’s central bank would raise its interest rates to 36 percent by the end of the year after President Tayyip Erdoğan won the presidential elections on Sunday. “There is a need for adjustments to both rates and FX,” Barclays analyst Ercan Erguzel said in a note to clients, adding […] May 30, 2023
Banking and Finance JPMorgan Chase to cut 500 jobs across main businesses JPMorgan Chase & Co. is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology […] May 29, 2023
Banking and Finance Israel watchdog seeks data from banks in rate probe Israel’s competition watchdog is seeking more data from the country’s banks relating to an investigation, saying they were enjoying huge profits from higher interest rates on loans but weren’t adequately sharing the benefits with customers. The investigation, which began in 2022, wasn’t made public prior to Sunday. In a bid to rein in inflation, the […] May 29, 2023
Banking and Finance Brics bank in talks to admit Saudi Arabia as member China-based New Development Bank, or Brics bank, is in talks to admit Saudi Arabia as its ninth member to strengthen its funding options. The kingdom’s inclusion will reinforce ties between the bank, set up by the world’s biggest developing economies as an alternative to Bretton Woods institutions. “In the Middle East, we attach great importance […] May 28, 2023
Banking and Finance US leaders reach tentative debt ceiling deal US President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. However, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through […] May 28, 2023
Banking and Finance UAE’s Aster investors seek $300m India stake sale Investors in Aster DM Healthcare are in talks to sell a 30 percent stake in the company’s India business for about $300 million, two sources with direct knowledge said, the latest potential deal in India’s booming healthcare sector. UAE-based and Mumbai-listed Aster runs 32 hospitals, 127 clinics and 521 pharmacies in India and the UAE. […] May 28, 2023
Banking and Finance UAE’s Brands For Less plans minority stake sale The owners of UAE-based budget retailer Brands For Less Group (BFL Group) are considering selling a minority stake in the business to investors, two sources with direct knowledge of the matter said. BFL Group is working with deNovo Corporate Advisors, the sources said, a Dubai-based boutique led by ex-Morgan Stanley banker May Nasrallah. BFL Group […] May 26, 2023
Banking and Finance Turkey holds policy rate at 8.5% ahead of poll runoff Turkey’s central bank kept its policy rate at 8.5 percent on Thursday as expected, holding steady for a third straight month, despite a market rout after the first round of elections which indicated President Tayyip Erdogan was poised to win in the runoff. After Erdogan’s solid lead in the May 14 vote became clear, the […] May 26, 2023
Banking and Finance Egypt defers wheat import payments on cash shortage Egypt has deferred payments for its large wheat purchases, in some cases by months, according to a government official and traders, as the country grapples with a shortage of hard currency. Egypt is one of the world’s biggest wheat importers and uses the purchases to make heavily subsidised bread, a politically sensitive benefit available to […] May 26, 2023
