Analysis Banking & Finance Global fintechs target Dubai but Mena expansion still elusive Dubai is seeing elevated levels of interest from fintech companies based in Singapore, southeast Asia and Asia-Pacific as the emirate builds its status as a regional hub. Dubai International Financial Centre said that during the first nine months of 2022, the number of fintech and innovation firms joining DIFC exceeded the total for the whole […] December 8, 2022
Banking & Finance Saudi firms partner to boost SME involvement in supply chains Banque Saudi Fransi has formed a tie-up with Saudi Aramco-backed fintech firm Lamaa pledging to develop products and services to aid supply chain management and cut costs. Under a memorandum of understanding signed on Wednesday, the two companies agreed to collaborate to develop, evaluate and launch “supply chain solutions” that will streamline the process for […] December 7, 2022
Banking & Finance UK-based activist investor seeks ouster of BlackRock CEO Tiny activist investor Bluebell Capital Partners is taking aim at BlackRock and wants to replace longtime CEO Larry Fink, criticising the world’s largest asset manager as being inconsistent in its focus on environmental, social and corporate governance (ESG) issues. Bluebell, with roughly $250 million in assets, said BlackRock, which invests over $8 trillion, and Fink […] December 7, 2022
Banking & Finance Sovereign and pension funds with $3trn on books fear stagflation Global public pension schemes and sovereign wealth funds managing more than $3 trillion in assets fear a combination of economic slowdown and higher inflation in the next 12-24 months, a survey showed on Tuesday. The investors face huge challenges in switching their portfolios to cope, according to think tank OMFIF, which carried out the survey […] December 7, 2022
Opinion Banking & Finance Spare a thought for founders fundraising over the holidays For startup founders in the throes of raising investor funds, holidays like Christmas and Ramadan can be a difficult time December 6, 2022
Analysis Banking & Finance Iraq: a hidden gem for bargain-hungry tech investors Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […] December 6, 2022
Banking & Finance Australia central bank raises rates to 10-year high Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve Bank of Australia […] December 6, 2022
Banking & Finance Moody’s sees ‘very high’ foreign exchange risk for Turkish banks Banks in countries such as Turkey and Ukraine face a “very high” risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody’s Investors Service said in a report on Monday. Belarus, El Salvador, Nigeria, Kyrgyzstan and Tajikistan complete the list of countries also exposed to high levels […] December 6, 2022
Banking & Finance MAF clinches $1.25bn sustainability-linked loan UAE-based retail group Majid Al Futtaim (MAF) has secured its second sustainability-linked loan as part of its strategy to become ‘net carbon positive’ by 2040. The $1.25 billion-equivalent revolving credit facility with First Abu Dhabi Bank was agreed on Monday. MAF, which owns and operates 29 shopping malls across the Middle East and Africa as […] December 5, 2022
Analysis Banking & Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
Banking & Finance Egypt aims to issue first Chinese yuan-denominated bonds Egypt aims to issue its first “panda” bonds by the end of this fiscal year, deputy finance minister Ahmed Kouchock said on Sunday. “We are just waiting for the right moment,” Kouchouk told an event at the American University in Cairo. Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers. Earlier, […] December 5, 2022
Energy Saudi Aramco’s Luberef expects to raise up to $1.32bn from IPO Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30 percent of the company’s issued share capital, or 50.045 million shares, at between […] December 4, 2022
Banking & Finance Turkish central bank will continue to increase forex reserves Turkey’s central bank will continue increasing its foreign currency reserves, its governor Sahap Kavcioglu said on Friday. Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis last December. The lira lost 44 percent of its value against the US dollar last year and another […] December 4, 2022
Banking & Finance Saudi Arabia extends $3bn deposit term to Pakistan Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, state news agency SPA and Pakistan’s central bank said. The deposit was made late last year as a loan to shore up the cash-strapped country’s reserves. The central bank reserves stood at $7.5 billion as of November […] December 4, 2022
Banking & Finance China’s property woes fuel risks to financial system, says Moody’s Risks to the stability of China’s financial system are rising on continued sluggishness in its property sector and an economic slowdown, making smaller banks more vulnerable, rating agency Moody’s said on Friday. China’s property sector has slowed sharply this year after Beijing’s efforts reined in excessive borrowing by developers. The clampdown has triggered falls in […] December 2, 2022
Banking & Finance PIF launches new investment firm to boost regional growth Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a […] December 2, 2022
Analysis Banking & Finance Dubai’s wealth fund hunts for opportunities after H1 profit The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022. Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […] December 2, 2022
Banking & Finance Further slowdown before a rebound, says UAE VC firm Following years of rapid growth, the Gulf’s venture capital (VC) ecosystem has slowed down, in line with global trends. But the region’s underlying strengths and appetite for VC deals mean it will pick back up again late next year, experts from Apex Group have told AGBI. “Up until about three months ago, we were still […] December 1, 2022
Opinion Banking & Finance FTX: One step back for crypto, two steps forward for blockchain FTX's downfall means that even those strongly against the need for crypto regulation may now realise its importance if we really want a trusted safer crypto market December 1, 2022
EXCLUSIVE Banking & Finance Dubai entrepreneur to launch crypto community for nickel A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […] December 1, 2022
Analysis Banking & Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
Banking & Finance Saudi wealth fund PIF secures ‘record’ $17bn loan The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […] November 30, 2022