Banking and Finance UK crypto lender Nexo to set up in Emirates UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […] March 9, 2023
Banking and Finance Lebanon banks ‘have no liquidity’ to pay back depositors Lebanon’s commercial banks do not have enough liquidity to pay back depositors, the secretary general of the country’s banking association said in a letter that laid out the banks’ positions. The letter was signed by the Association of the Banks of Lebanon (ABL)’s Fadi Khalaf and served as the introduction to the ABL’s monthly report. […] March 9, 2023
Banking and Finance Bank of Sharjah set to raise $500m with five-year bonds Bank of Sharjah is set to raise $500 million from a sale of senior unsecured five-year bonds, a bank document showed. The bonds were sold at 310 basis points (bps) over US Treasuries (UST) after initial guidance in the area of low 300 bps over UST, the document showed. Demand was more than $1 billion […] March 9, 2023
Analysis Banking and Finance UAE’s biggest banks mull overseas acquisitions As domestic loan growth wanes, the UAE’s top two banks are eyeing foreign acquisitions to bolster their income. First Abu Dhabi (FAB) and Dubai’s Emirates NBD are majority owned by their respective emirates’ governments or ruling families and are ranked second and sixth in the Middle East and Africa in terms of bank assets, according […] March 9, 2023
EXCLUSIVE Bright outlook but no more ‘growth at all costs’ for startups The challenging venture capital market means Mena startups are focusing on short-term profit rather than “growth at all costs”, according to a VC expert specialising in emerging markets. Simon Sharp, partner at Global Ventures in Dubai, said that the lower funding expectations of founders has had an impact on valuations. “That leads into the conversation that it […] March 8, 2023
Analysis Markets Mena merger activity hits ‘unprecedented’ levels When Dubai-based headhunter Dulsco acquired Scottish energy personnel specialist Advance Global Recruitment this week, it was the latest deal in a mergers and acquisitions market that analysts say is growing at an “unprecedented” rate. The EY Middle East and North Africa M&A Insights 2022 report found that the Mena region – which historically records 500-600 […] March 8, 2023
Banking and Finance UN official puts Turkey’s quake damage at over $100bn Damage caused by a devastating earthquake in Turkey will exceed $100 billion, a UN Development Programme official told a press briefing ahead of a major donor conference next week. “It’s clear from the calculations being done to date that the damage figure presented by the government and supported by international partners would be in excess […] March 8, 2023
Banking and Finance Mubadala part of $1.95bn deal for stake in US insurance giant Mubadala Investment Company has partnered with co-investors to buy a stake in the sixth-largest insurance broker in the US. The Abu Dhabi sovereign investor announced on Tuesday that it has partnered with primary investor Stone Point Capital and other investors to purchase a 20 percent stake for $1.95 billion in Truist Insurance Holdings, a subsidiary […] March 7, 2023
Banking and Finance Mandatory health coverage boosts Middle East insurance sector Mandatory health insurance requirements swelled Gulf insurers’ income last year, although growth will slow in 2023 and profitability remains a challenge despite the coverage boom. Those are some of the findings in a report by S&P Global Ratings which predicts easing inflationary and supply chain pressures should lower costs arising from property, motor and casualty […] March 7, 2023
Banking and Finance Abu Dhabi firms to create region’s largest asset manager Abu Dhabi’s ADQ and International Holding Company plan to create the region’s largest multi-asset class investment manager. The new investment manager will manage a portfolio of assets from ADQ’s alternative investments platform, Abu Dhabi Growth Fund and International Holding Company (IHC). Through a series of new funds, it will invest in alternative assets including private […] March 7, 2023
Banking and Finance World Expo delegation visits Riyadh to assess 2030 bid A delegation from the Bureau International des Expositions (BIE) enquiry mission held the first workshop to assess Saudi Arabia’s bid to host the World Expo 2030 in Riyadh as part of the BIE’s procedures to select the hosting country. The workshop discussed the kingdom’s Expo 2030 bid and the added value of hosting the high-profile […] March 7, 2023
Banking and Finance Australia raises rates to highest in more than a decade Australia’s central bank raised its cash rate 25 basis points to the highest in more than a decade at 3.60 percent on Tuesday and said it expects further tightening will be needed to curb inflation. Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the […] March 7, 2023
Banking and Finance GQG founder to meet Australian investors after Adani investment GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since […] March 7, 2023
Banking and Finance Egypt offers to sell 10% stake in Telecom Egypt Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi in April ordered the government to draw up a programme […] March 7, 2023
Banking and Finance Saudi deposits $5bn in Turkey’s central bank Saudi Arabia has made a $5 billion deposit into the central bank of Turkey to support its economy. The deposit, first pledged in November, comes after the devastating impact of last month’s earthquake. It was made on Monday through the Saudi Fund for Development (SFD) and will “contribute to bolstering the Turkish economy by addressing […] March 6, 2023
Israel’s Liquidity Group to support Gulf startups with $500m Liquidity Group, an Israel-based fintech and asset manager, is looking to provide $500 million this year to support startups in the UAE and across the Middle East. The company reached unicorn status last month, with fresh investment of $40 million from Japan’s MUFG at a valuation of $1.4 billion. Launched in 2018, Liquidity Group provides […] March 6, 2023
Banking and Finance Brazil airline Azul reaches payment deal with aircraft lessors Brazilian airline Azul SA said late on Sunday it had reached agreements with aircraft lessors responsible for 90 percent of its obligations that would give them equity and tradeable debt in exchange for lower payments. Azul said the deal included lessors eliminating payment deferrals dating back to the Covid-19 pandemic as well as the gap […] March 6, 2023
Banking and Finance Saudi PIF raises stake in Japanese film company Toei to 6% Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in Toei Company Limited to six percent, a filing showed on Friday, reflecting the sovereign wealth fund’s growing exposure to the Japanese media industry. PIF’s stake in the Tokyo-based film and animation firm has risen from five percent to 6.03 percent, Reuters reported, citing the […] March 3, 2023
Banking and Finance Emirates Development Bank loans to SMEs up 387% Emirates Development Bank (EDB) approved a total of AED1.8 billion ($490 million) in loans to small and medium-sized enterprises in 2022 – a year-on-year increase of 387 percent. This consisted of AED1.2 billion of direct financing and AED611 million of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. SMEs make up around […] March 2, 2023
Banking and Finance Goldman says Turkey may face pre-election FX market turmoil Goldman Sachs has warned of the potential for foreign exchange market instability in the run up to Turkey’s elections following years of currency reserve depletion and other costly measures. While not its base case, the Wall Street bank said problems could be triggered if savers and firms became worried that a shift to more orthodox […] March 2, 2023
Banking and Finance Egypt’s net foreign assets decline by $1.7 billion in January Egypt’s net foreign assets (NFAs) declined by 160.2 billion Egyptian pounds in January, likely due to debts maturing and importers clearing backlogs from ports. NFAs deteriorated to a negative 654.43 billion Egyptian pounds from a negative 494.3 billion at end-December, central bank data showed. This works out to a decline of $1.70 billion using end-of-month […] March 2, 2023
Banking and Finance Lebanon’s central bank to sell US dollar at 70,000 pounds Lebanon’s central bank said on Wednesday it would sell US dollars in cash at a rate of 70,000 pounds per dollar on its Sayrafa platform starting on March 2 and until further notice. The surprise announcement came as the parallel market exchange rate for the Lebanese pound hit an all-time low of 90,000 per US […] March 2, 2023
