Banking and Finance Erdogan says Gulf states sent cash to boost forex reserves Turkish President Tayyip Erdogan said Gulf states recently sent funding to Turkey, briefly helping relieve the central bank and markets and he intends to meet and thank their leaders after Sunday’s runoff presidential election. “Our economy, banking and financial system are quite strong. Meanwhile, some Gulf states and such stocked money in our system. This […] May 26, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Video length: 03:18 VIDEO Banking and Finance Why the UAE is introducing corporate tax The UAE’s introduction of corporate tax will ensure that it is not used as a jurisdiction to “move profits” from other higher taxed markets, according to a lawyer in Dubai. “Historically, the UAE was blacklisted by the European Union, because they were trying to ensure that the Emirates are not used as a jurisdiction where […] May 26, 2023
Banking and Finance Fitch puts US credit rating on negative watch Ratings agency Fitch on Wednesday put the United States’ credit on watch for a possible downgrade, raising the stakes as negotiations over the country’s debt ceiling go down to the wire. Fitch put the country’s “AAA” rating, its highest rank, on a negative watch in a precursor to a possible downgrade should lawmakers fail to […] May 25, 2023
Banking and Finance Israeli says high Q1 profits of banks not sustainable Israel’s financial system is strong but the very high profits banks posted in the first quarter are not sustainable, its banking regulator said on Wednesday. The country’s largest five banks posted a combined 6.3 billion shekels ($1.7 billion) in net profit in the first quarter, helped by higher inflation and interest rates that sharply boosted […] May 25, 2023
Banking and Finance QIA leads $250m funding for London-based AI startup London-based Builder.ai, an artificial intelligence-powered composable software startup, has raised $250 million in Series D funding led by the Qatar Investment Authority (QIA). The investment will help drive its innovation pipeline and expand its geographic presence, the company said in a statement. The startup has raised over $450 million so far since its inception. The […] May 24, 2023
Banking and Finance Lebanon set to be grey-listed by financial crime watchdog Lebanon is likely to be placed on a “grey list” of countries under special scrutiny over unsatisfactory practices to prevent money laundering and terrorism financing, three sources familiar with the matter told Reuters. Being added to the list would be another major blow to a country in a financial tailspin since 2019 and struggling to […] May 24, 2023
Banking and Finance StanChart CEO surprised by Credit Suisse sale to UBS Standard Chartered CEO Bill Winters said the sale of Credit Suisse to UBS was “surprising” given the “unusual” terms of the deal, which prioritised shareholders over bondholders. “The conclusion was very surprising to me, in terms of the way that the bank was resolved through this very unusual sale to UBS, with associated unusual payments […] May 24, 2023
Analysis Banking and Finance Abu Dhabi tops agencies’ GCC sovereign ratings UAE capital Abu Dhabi is the highest-rated sovereign in the GCC, while Bahrain and Oman are the only sub-investment grade credit ratings, according to the three major US agencies – Fitch, Moody’s and S&P Global. All three ratings agencies use similar systems, although there are differences in the way their ratings are conveyed. In the […] May 24, 2023
Banking and Finance Dubai’s debt burden set to tumble to 51% of GDP Dubai’s government debt is forecast to fall to 51 percent of GDP this year, according to S&P Global Ratings, after the emirate repaid some of its outstanding bonds and loans. The figure is down 27 percentage points from a 2020 peak, the ratings agency wrote in a report published on Monday. Yet broader public sector […] May 24, 2023
Banking and Finance High inflation helps to swell UK budget deficit in April Britain recorded a larger-than-expected budget deficit in April, as interest accrued on inflation-linked government bonds pushed the debt interest bill for the month to a new record, official data showed on Tuesday. Public sector net borrowing, excluding state-owned banks, rose in April to £25.56 billion ($32.26 billion), the Office for National Statistics (ONS) said. A […] May 23, 2023
Banking and Finance Bank of Israel hikes key rates to tame inflation The Bank of Israel has hiked benchmark interest rates to their highest level since 2006, citing high inflation and a tight labour market and said upcoming data would determine whether it raised them further. The central bank lifted the key rate for the 10th policy meeting in a row, to 4.75 percent from 4.5 percent. […] May 23, 2023
Banking and Finance Mubadala to buy majority stake in US asset manager Abu Dhabi’s Mubadala Investment Company’s subsidiary will acquire a majority stake in US asset manager Fortress Investment Group. Mubadala Capital will acquire 90.01 percent of the equity of Fortress, which is currently held by SoftBank Group Corporation. The deal’s financial terms were not disclosed, Mubadala and Fortress Investment said in a joint statement. Following the […] May 23, 2023
Banking and Finance Majid Al Futtaim picks banks for dollar green sukuk UAE retail conglomerate Majid Al Futtaim (MAF) has mandated banks for a possible 10-year benchmark-sized green Islamic bond, an indicative term sheet seen by Reuters showed. Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company’s green finance framework of 2019. Benchmark-sized is typically understood to mean at […] May 23, 2023
Banking and Finance Neom closes deal to finance $8.4bn hydrogen facility Neom Green Hydrogen Company (NGHC) has reached a financial close on the $8.4 billion green hydrogen production facility at Oxagon in the Neom megaproject. It comes following the signing of agreements with 23 local, regional, and international banks and investment firms. The company’s non-recourse financing structure for the project has been certified by S&P Global […] May 23, 2023
Banking and Finance Merger of UK and US law firms to create $3.4bn entity London-based law firm Allen & Overy and New York’s Shearman & Sterling plan to merge, they announced on Sunday, in a deal that would create one of the world’s largest legal practices with combined global revenue of approximately $3.4 billion. If approved by a vote of partners at both firms, the tie-up would be one […] May 22, 2023
Banking and Finance Abu Dhabi firms review $2bn investments in South Korea Emirati state-owned firms are currently reviewing $2 billion worth of investment projects in South Korea, the Korean finance ministry said in a statement. The review follows Korean President Yoon Suk Yeol and UAE President Mohamed bin Zayed Al Nahyan’s meeting in January when the UAE announced investments worth $30 billion in Korea. The delegation, including […] May 22, 2023
Banking and Finance Wall Street gears up for possible US debt default As talks over raising the US government’s $31.4 trillion debt ceiling go down to the wire, Wall Street banks and asset managers have been preparing for the fallout from a potential default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame […] May 22, 2023
Banking and Finance Sanjay Shah pleads for review of $1.3bn tax fraud case Sanjay Shah, a UK citizen accused of defrauding Danish tax authorities, is appealing to Dubai’s Court of Cassation to review its decision this week to make him repay AED4.64 billion ($1.26 billion), plus 5 percent interest. The Court of Cassation – the emirate’s highest court – refused an appeal by Sanjay Shah in a judgment […] May 19, 2023
Banking and Finance Abu Dhabi’s Mubadala reports $276bn assets Abu Dhabi sovereign investor Mubadala on Friday reported its 2022 financialresults with more than AED1 trillion ($276 billion) in assets under management, and said it outperformed market benchmarks. Mubadala Investment Company is the second-biggest state fund in the UAE capital, after Abu Dhabi Investment Authority. In 2021 it reported AED1.045 trillion – around $280 billion […] May 19, 2023
Analysis Banking and Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023
Banking and Finance $500m Aldar green bond ‘four times oversubscribed’ Aldar Investment Properties – a subsidiary of Abu Dhabi’s biggest real estate developer Aldar Properties – has launched a $500 million 10-year green debut Islamic bond, it said in a stock market filing on Thursday. The issuance marks Aldar Properties’ first return to international capital markets since 2019, when it launched its debut 10-year sukuk, […] May 18, 2023
