Banking and Finance JPMorgan expects Turkey lira to drop sharply after polls Turkey’s lira is likely to drop sharply and could near 30 to the dollar following next month’s elections, bankers at JPMorgan have predicted, if it looks like only modest changes will be made to its unorthodox economic policies. Turkey’s tightly contested presidential and parliamentary elections on May 14 are perhaps the most consequential in the […] April 16, 2023
Banking and Finance Saudi public-private partnerships worth billions Public-private partnerships in Saudi Arabia are driving the kingdom’s economic growth and diversification plans. A pipeline of 200 projects spanning 17 sectors, involving more than $50 billion in investment, have been approved by Saudi Arabia’s National Center for Privatization and PPP (NCP). Projects include four airports, seven desalination plants, six wastewater treatment plants, 10 strategic […] April 14, 2023
Banking and Finance Network says talks ongoing with private equity bidders Network International, a Dubai-based card payment processing company, has confirmed receiving a preliminary takeover bid from a CVC Capital Partners and Francisco Partners Funds consortium. Discussions with the consortium are ongoing, the company said in a statement published on the London Stock Exchange. “There can be no certainty that any offer will be made, nor […] April 14, 2023
Banking and Finance Abu Dhabi’s Taqa plans dual-tranche dollar green bond Abu Dhabi-listed Abu Dhabi National Energy Company (Taqa) has directed banks ahead of a possible dual-tranche US dollar-denominated green bond issue. The firm planned hold investor calls from Thursday for a benchmark-sized long five-year issue followed by a 10-year green bond, Reuters reported citing a document. Benchmark-sized issuance is at least $500 million. In September […] April 14, 2023
Banking and Finance IMF says review date for $3bn loan to Egypt not yet decided Egypt and the International Monetary Fund (IMF) have yet to agree on a date for the initial review under a $3 billion financial package signed in December, an IMF official said. The fund in December approved a $3 billion extended facility loan for Egypt, which has been under acute financial pressure since long-standing problems were […] April 14, 2023
Banking and Finance Dubai’s Damac mandates banks for $500m sukuk issue Dubai-based Damac Real Estate Limited (Damac) has mandated banks to arrange investor meetings before a potential three-year benchmark US dollar-denominated sukuk worth at least $500 million. Investor calls and meetings were set to begin on Thursday and run to April 17, Reuters reported, citing a document from one of the mandated banks. Deutsche Bank, Emirates […] April 14, 2023
Banking and Finance No comment from Emirates NBD on bid for Indian bank Emirates NBD, Dubai’s largest bank, declined to comment to AGBI on Thursday following reports that it is one of at least five potential bidders for a majority stake in India’s state-owned IDBI Bank. Emirates NBD and its rival First Abu Dhabi are on the lookout for foreign acquisitions as the Gulf state’s domestic banking sector […] April 13, 2023
Banking and Finance Investcorp buys majority stake in US HVAC firm Bahrain’s alternative investment firm Investcorp has acquired a majority stake in Shearer Supply, a US-based heating, ventilation and air conditioning (HVAC) equipment distributor, to drive its organic growth and further expansion. The total investment value was not disclosed. However, the previous owners, including Shearer’s management team, Shearer family and PNC Riverarch Capital, will “meaningfully re-invest” alongside […] April 13, 2023
Banking and Finance Turkey urges banks to avoid creating forex demand Turkey’s central bank has been urging banks in recent weeks to avoid steps that could create demand for foreign currency as May elections loom and to instead focus on new targets that involve monthly conversions of up to five percent of forex deposits to lira, bankers said. The lira is at all-time intraday lows. It […] April 13, 2023
Banking and Finance Oman repays $2.9bn in loans in Q1 2023 Oman repaid OMR1.1 billion ($2.86 billion) in loans in the first quarter, finance ministry figures show, bringing total public debt at the end of March to OMR16.6 billion. Total debt was OMR17.7 billion at the end of 2022. Oman, among the weaker economies of the Gulf region, repaid the debt through increased government revenue on […] April 12, 2023
Banking and Finance Oman’s Ahli Bank rejects merger offer from Bank Dhofar Oman-based Ahli Bank has rejected a non-binding offer from the sultanate’s second-biggest lender Bank Dhofar for a possible merger. “The Board of Directors has studied the proposal and decided not to accept it,” Ahli Bank said in a bourse filing, without providing a reason for the board’s decision. Bank Dhofar has assets worth $11.2 billion, […] April 12, 2023
Banking and Finance UAE telco announces cash dividend details UAE telco e& will pay a cash dividend for the second half of 2022 at AED0.4 per share, taking the annual dividend per share to AED0.8 for the last year. Jassem Mohamed Bu Ataba Al Zaabi, chairman of e&, said the company’s core businesses have sustained solid performance while new business verticals and merger and […] April 12, 2023
Banking and Finance Dubai utility provider approves $1.3bn dividend payout Shareholders of state-owned utility provider Dubai Electricity and Water Authority (Dewa) have approved the payment of total dividends of AED4.77 billion ($1.30 billion) as of April 20, 2023. The 12-month dividend yield for shareholders stands at 6.3 percent, considering the IPO price of AED2.48 per share, state-run WAM news agency reported Shareholders must be on […] April 11, 2023
Banking and Finance Qatar National Bank’s Q1 2023 profit up 7% to $1.1bn Qatar National Bank (QNB), the largest lender by assets in the GCC, said that its first-quarter 2023 profit rose seven percent year-on-year on growth across a range of revenue sources despite turbulence in global markets. Net profit for the three months ended March 31, 2023, climbed to QAR3.9 billion ($1.1 billion), up from QAR3.6 billion […] April 11, 2023
Banking and Finance Gulf IPO market could ride out global jitters with state offerings A wave of initial public offerings in Abu Dhabi shows little sign of abating, despite global market jitters and rising interest rates as investors bet on the emirate’s part-privatisation drive. While Saudi Arabia and Dubai’s bourses have also offered a flurry of new listings over the past 18 months, it’s the UAE capital that is […] April 11, 2023
Banking and Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
Banking and Finance Egyptian treasury bills sales climb as yields increase Sales of 273- and 91-day Egyptian treasury bills at an auction on Sunday climbed from last week’s low after the finance ministry paid record high yields to partly reflect a 200-basis-point hike in central bank overnight interest rates on March 30. Investors have sought higher yields to match the increased central bank rates and on […] April 10, 2023
Banking and Finance Saudi fund loans $240m for Pakistan’s hydropower dam State-owned Saudi Fund for Development (SFD) has signed a $240 million loan agreement to support the Mohmand dam project, a hydropower complex in north-west Pakistan. The dam will contribute to Pakistan’s energy security, increase sustainable water supply for agriculture and human consumption, and improve flood resilience, the SFD said. Co-financed by the SFD, the Organisation […] April 9, 2023
Banking and Finance Egypt collects $385m through ‘cars-for-deposit’ initiative Egypt has collected $385 million through an initiative that lets Egyptians living abroad import cars customs-free when they deposit hard currency in five-year certificates of deposit (CDs). Finance minister of Mohamed Maait said that 600 cars had been released so far to Egyptians living abroad who signed up for the initiative. He added that the […] April 9, 2023
Opinion Banking and Finance Will GCC banks shrug off the global banking meltdown? A number of key differences set Gulf banks apart from their crisis-hit US and European counterparts April 7, 2023
Banking and Finance Saudi commits to IMF on financial support to Pakistan Saudi Arabia has conveyed its commitment to the International Monetary Fund regarding its financial support to Pakistan, according to a local media report. Riyadh’s $2 billion commitment in financing support to Pakistan is one of the final conditions for an IMF deal Islamabad needs to prevent a default. The staff-level agreement has been delayed, holding […] April 7, 2023
Banking and Finance Turkey borrows $2.5bn via green bond issue The Turkish treasury has borrowed $2.5 billion in a green bond issue maturing in 2030 with a yield of 9.3 percent, two banking sources said. Demand for the issue was more than $8 billion with a 9.125 percent coupon rate, the bankers said. On Wednesday Turkey’s Treasury mandated Bank of America, ING, JP Morgan and […] April 7, 2023
