Banking and Finance Investcorp closes $1.2 billion debut US equity fund Investcorp has raised more than $1.2 billion for its inaugural North American private equity fund. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, said the new fund will concentrate on control buy-out investments in middle market services businesses in North America. Investcorp’s US launch will have […] March 1, 2023
Banking and Finance Swiss-based trust reviews options for $3.5bn frozen Afghan assets The board of the Swiss-based trust fund managing some $3.5 billion in frozen Afghan central bank assets met for a second time last month, one of its trustees said, and discussed options for disbursing funds in line with achieving monetary stability. The frozen central bank reserves were transferred from Washington into the “Fund for the […] March 1, 2023
Banking and Finance Swiss-based investment firm to open advisory office in Dubai Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients. The Switzerland-based investment firm has obtained a licence from the Dubai International […] March 1, 2023
Markets UAE’s telco e& raises stake in UK’s Vodafone to 14% UAE-based telecom firm e&, formerly Emirates Telecommunications Group Company, has increased its stake in UK’s Vodafone Group to 14 percent. The Abu Dhabi bourse-listed company purchased a 9.8 percent stake in May 2022 and last month it upped its stake in Vodafone to 13 percent. The telco maintains that the move is aimed at obtaining […] March 1, 2023
Banking and Finance London FX firm launches Dubai ops to seize Mena opportunities DKK Partners, an emerging markets foreign exchange liquidity provider, has launched operations in Dubai as part of a major expansion into the Middle East. The London-based fintech company has opened an office in Dubai and plans to follow that with three more in the region as it sees the GCC developing into a “financial hub […] February 28, 2023
Banking and Finance Israel central bank likely to prop up currency via swap facility Expectations mounted on Monday that Israel’s central bank could intervene in FX markets to prop up the shekel which has been one of the weakest currencies in the world since plans were laid out to overhaul the judiciary, analysts said. The shekel has slumped 8 percent versus the dollar since last month’s proposals to give […] February 28, 2023
Banking and Finance Swiss regulator investigates 12 banks in Lebanon corruption case Switzerland’s financial regulator has investigated 12 banks and launched enforcement proceedings against two of them in relation to corruption charges against longtime central banker Riad Salameh, it said on Monday. Lebanese authorities charged Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay […] February 28, 2023
Banking and Finance Egypt and Qatar sign deal to avoid double taxation Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper. The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported. Egyptian cabinet spokesperson […] February 28, 2023
Banking and Finance Turkish economic confidence down slightly following quakes Turkey’s economic confidence index fell 0.3 percent month-on-month in February to 99.1 points, following massive earthquakes that devastated the country’s southern region, data from the Turkish Statistical Institute showed on Monday. The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as […] February 28, 2023
Banking and Finance Investcorp looks East with office opening in Japan Investcorp has opened an office in Tokyo as it looks to capitalise on Japanese investment opportunities. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, will provide global alternative investment solutions in Japan. It will also set the groundwork for it to direct private equity and real […] February 27, 2023
Banking and Finance G20 fails to reach consensus on Russia and Ukraine war G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. The United States and its allies in the G7 group of nations have been adamant in demands that the communique squarely condemn […] February 26, 2023
Banking and Finance Qatar should make improvements in fight against financial crime A global financial crime watchdog on Friday said Qatar’s technical compliance with its standards was very strong but the Gulf state needed to make improvements in its fight against money laundering, terrorism financing and other areas. The Financial Action Task Force (FATF) said Qatar needed to make it easier to get information on the ultimate […] February 26, 2023
Banking and Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023
Opinion Banking and Finance Unlocking SME potential through improved access to credit Open banking will reduce hurdles to loans for small companies February 24, 2023
Banking and Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
Sustainability Top Gulf banks help raise $787m in sustainable credits Two leading Gulf banks have helped arrange nearly $800 million in sustainability-linked loans for a leading agricultural producer based in Singapore, as local institutions prioritise green lending in their portfolios. First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, and National Bank of Kuwait, the country’s biggest financial institution, acted as lead arrangers, […] February 24, 2023
Banking and Finance Expert calls for crypto regulatory loopholes to be tightened The UAE must close potential loopholes between cryptocurrency regulations established by competing financial free zones, a senior industry figure has highlighted. Different rules in Dubai and Abu Dhabi and a lack of a single federal regulator pose challenges, said Wai Lum Kwok, senior executive director of authorisation at the Financial Services Regulatory Agency at the […] February 24, 2023
Banking and Finance Ukraine imposes 50-year sanctions on Russian banks Ukraine’s parliament has imposed sweeping 50-year sanctions on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises. The sanctions are part of moves by Kyiv to maintain financial pressure on Russia over its full-scale invasion of Ukraine on February 24 last year. “It is a complete block on […] February 24, 2023
Banking and Finance China calls for ‘joint action’ in debt settlements at G20 China called on the G20 to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to resolve the problem in a comprehensive and effective manner, at a meeting of the bloc’s finance ministers and central bank chiefs on Friday. Liu Kun, China’s finance minister, joined the meeting in Bengaluru […] February 24, 2023
Banking and Finance New Bank of Japan chief says current low rates appropriate Incoming Bank of Japan (BOJ) governor Kazuo Ueda said on Friday the central bank must maintain ultra-low interest rates to support the fragile economy, warning of the dangers of responding to cost-driven inflation with monetary tightening. While signalling the chance of tweaking the BOJ’s bond yield curve control (YCC) in the future, Ueda said the […] February 24, 2023
Banking and Finance Lebanon central bank governor faces new embezzlement charges Lebanese authorities charged longtime central bank governor Riad Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. But the development has also prompted fears that authorities in Lebanon, where Salameh retains high-level political backing, could slow down cooperation […] February 24, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
