Koreans tap cash-giving apps to help beat rising inflation Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend. Walking 10,000 steps, completing tasks such as subscribing to social media, or just tapping the screen when […] April 24, 2023
Banking and Finance India’s Adani starts $130m buyback of debt securities India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024. Adani Ports said in an exchange filing that it has floated a tender of up to $130 million in outstanding debt, as it […] April 24, 2023
Banking and Finance Saudi and Pakistan may sign $2bn deposit deal after Eid Pakistan is likely to sign a deal for additional deposits of $2 billion from Saudi Arabia after Eid Al-Fitr, a local media report said. The State Bank of Pakistan is expected to sign a deal with the Saudi Fund for Development (SFD) soon after Eid, The News media outlet said, citing a top government official. […] April 23, 2023
Banking and Finance Italy needs sovereign wealth fund to boost economy Italy needs a sovereign wealth fund to funnel its large private savings into the corporate sector and boost the economy, Prime Minister Giorgia Meloni was quoted as telling the Milano Finanza newspaper. “A national sovereign wealth fund, open to private contributions, could be the right instrument to relaunch investments, channeling Italy’s enormous savings towards productive […] April 23, 2023
Banking and Finance Erdogan says interest rates will fall if he is in power Turkish President Tayyip Erdogan said that interest rates will fall as long as he is in power and that inflation will decline with them, repeating his unorthodox views. Erdogan was speaking in Istanbul weeks before a presidential election on May 14. Some anticipate a shift to more orthodox policies after the vote. Turkey’s central bank […] April 23, 2023
Banking and Finance Brookfield plans counterbid for Network International Brookfield Asset Management is looking at a potential counterbid for UAE-headquartered digital payments provider Network International. The Canadian investment firm has held preliminary discussions with London-listed Network, Bloomberg reported, citing unnamed sources. Brookfield has been an active investor in the Middle East. Last year a Brookfield subsidiary acquired control of First Abu Dhabi Bank’s Magnati […] April 21, 2023
Banking and Finance Saudi Telecom unit to buy European towers for $1.34bn Tawal, a Saudi Telecom Company (STC) subsidiary, has agreed to buy tower infrastructure worth 1.22 billion Euros ($1.34 billion) from United Group’s telecommunications tower assets. The agreement supports STC’s strategy to expand its international footprint in key markets with significant growth potential, the Saudi-listed telecom firm said in a statement. STC is majority owned by […] April 21, 2023
Exclusive Banking and Finance Al Fardan Exchange chases fintech tie-ups Al Fardan Exchange is ramping up its digital business to compete in the technology-driven financial services industry. The 50-year-old money transfer and currency exchange house plans to forge partnerships with fintech firms to double down on growth. Digital transactions currently make up 15 percent of UAE-based Al Fardan’s business via an app that was launched […] April 20, 2023
Banking and Finance Mubadala co-leads $315m fundraising for Chinese firm Singapore-based healthcare investment firm CBC Group and Abu Dhabi sovereign fund Mubadala Investment Company have completed a $315 million fundraising round for Hasten Biopharmaceutic Company. The proceeds will fund future acquisitions and business development of pipeline assets, CBC said in a statement. Mohamed Albadr, head of Mubadala’s China office, said they will build a biopharma platform […] April 20, 2023
Banking and Finance Oman’s energy firm revises loan terms to save $100m State-owned Energy Development Oman (EDO) has renegotiated the terms of its $2.5 billion loan, resulting in cost savings of $100 million in interest payments. The move is part of the government’s initiative to reduce interest costs across state-related entities, Oman News Agency reported. EDO’s borrowing cost is primarily based on the credit rating of Oman. […] April 20, 2023
Banking and Finance Beijing-based AIIB to open first overseas office in UAE Beijing-based multilateral funding agency Asian Infrastructure Investment Bank (AIIB) will open its first overseas office in the UAE as part of its expansion drive. AIIB and the UAE signed a host member agreement to officially open an interim operational hub at the Abu Dhabi Global Market. The UAE joined as a founding and permanent member […] April 20, 2023
Banking and Finance Branson’s Virgin Orbit files Chapter 11 bankruptcy plan Richard Branson’s Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a chapter 11 bankruptcy plan with the US bankruptcy court for the district of Delaware, the company said in a statement. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term […] April 20, 2023
Banking and Finance UAE and Saudi investors to focus on Turkey after polls International investors are looking to increase investments in Turkey, notably in mergers and acquisitions, as they anticipate a shift to a more orthodox economic policy after May 14 elections, four government officials and analysts said. Opinion polls show President Tayyip Erdogan facing the greatest electoral challenge of his two decades in power in the presidential […] April 20, 2023
Analysis Banking and Finance Ukraine ceasefire will unlock billions in Gulf-Russia deals GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached. These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […] April 19, 2023
Banking and Finance Taqa raises $1.5bn in bonds as order book hits $15bn Abu Dhabi National Energy Company (Taqa) has raised a combined $1.5 billion in five-year and 10-year dual-tranche senior unsecured notes. The 10-year bonds, sized at $1 billion, were issued at a coupon rate of 4.696 percent, reported state-run WAM news agency, citing a company statement. The net proceeds from Taqa’s first green bond issuance will […] April 19, 2023
Banking and Finance Turkish interest rates climb as election approaches Interest rates in Turkey are rising amid expectations that government policies will become more orthodox no matter who wins the May 14 elections, and after a regulatory change to make holding Turkish lira more attractive to counter forex demand, bankers said. Despite soaring inflation, the central bank has slashed its key rate to 8.5 percent […] April 19, 2023
Banking and Finance Dubai developer Damac raises $400m via sukuk Dubai-based real estate developer Damac has sold a three-year $400 million Islamic bond, or sukuk, less than initially expected, with a yield of 7.75 percent, a bank document showed. The issue followed a series of investor calls and meetings that kicked off last week for a benchmark-sized sale, understood to be at least $500 million. […] April 19, 2023
Banking and Finance Union Properties considers selling Dubai Autodrome Developer Union Properties could sell racing circuit Dubai Autodrome as it seeks to offload AED1 billion ($272 million) worth of assets in the next two years as part of its ongoing recovery plan. Dubai Autodrome is a fully owned subsidiary of Union Properties. Managing director Amer Khansaheb revealed the company holds 15 million square feet […] April 18, 2023
Banking and Finance PIF’s AviLease in race to buy StanChart leasing unit Saudi sovereign Public Investment Fund-owned AviLease is competing to buy Standard Chartered Plc’s aviation finance business. The Riyadh-based jet lessor is among several firms shortlisted for the second bidding round for the unit, Bloomberg reported, citing unnamed sources. Dublin-based Standard Chartered Aviation Finance manages more than 230 aircraft and offers services such as jet fuel […] April 18, 2023
Banking and Finance Network International confirms takeover bid Digital payments provider Network International confirmed on Monday it has received a takeover proposal from a consortium of CVC Capital and Francisco Partners, valuing the company at about $2.6 billion. In a statement, the Dubai-based company said the proposal “is at a value that the board would be minded to recommend to Network shareholders”. The […] April 17, 2023
Banking and Finance KPMG said to be fined $231m for Abraaj fund audit work KPMG Lower Gulf has been ordered by a Dubai court to pay $231 million to an investor group that claimed it lost money as a result of the audit work the firm did on a fund operated by Abraaj Group, according to a media report. The court judgement, issued late month, found that the audit […] April 16, 2023
Banking and Finance Angry Birds maker in talks with Sega over tender offer Rovio Entertainment, the company behind the mobile game Angry Birds, confirmed on Saturday that it is in talks with Japan’s Sega Sammy Holdings Inc over a possible tender offer. Rovio announced the start of a strategic review and preliminary non-binding discussions regarding a potential tender offer for its shares in February, a statement from the […] April 16, 2023
