Banking and Finance Dar Al Arkan subsidiary completes $600m London listing Saudi Arabian real estate firm Dar Al Arkan’s independent global subsidiary has completed a listing on the main market of the London Stock Exchange (LSE), with a valuation of SAR 2.26 billion ($600 million). Dar Global has been admitted to the ‘standard segment’ of the official list of the UK’s Financial Conduct Authority as part […] February 23, 2023
Banking and Finance Iraq’s central bank to allow trade with China in yuan Iraq’s central bank has said it plans to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank has been taking urgent steps to compensate for a dollar shortage in local markets, which prompted the cabinet to approve a […] February 23, 2023
Banking and Finance Egyptians lean on instalment payments to cope with inflation Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year. He used the services to buy a television, a mobile phone for his daughter and even clothes for his family. “It might be more […] February 23, 2023
Banking and Finance Taliban targets foreign funding for projects up to $1bn Afghanistan’s Taliban-led administration has set up a consortium of companies, including some in Russia, Iran and Pakistan, to create an investment plan focusing on power, mining and infrastructure, the acting commerce minister said. The consortium included 14 Afghan businessmen and his ministry had signed a memorandum of understanding with the foreign companies who would send […] February 23, 2023
Banking and Finance Manchester United bids draw interest from US financier Buyout financier Ares Management Corp has been offering funds to support a takeover of Manchester United, three sources familiar with the matter told Reuters. It is the latest US asset manager to seek a financing role in the battle for the English football club. Hedge fund Elliot Management is also looking to finance a bid, […] February 23, 2023
Banking and Finance Israel central bank in focus as judicial reform plan hits shekel Israel’s shekel was largely unchanged against the dollar late on Wednesday, recovering from further falls in the currency that some say could spark central bank intervention, as investors fret over a plan to overhaul the country’s judiciary. The shekel stood at 3.633 per US currency at 1515 GMT, after softening more than 1.5 percent at […] February 23, 2023
Banking and Finance Saudi Arabia pauses wealth fund plan to acquire Egyptian bank Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, two sources familiar with the matter told Reuters. The pause is the most recent stumble in a vast investment programme promised by Gulf states […] February 23, 2023
Banking and Finance Abu Dhabi weighs bid for 34% stake in UK port operator Abu Dhabi Investment Authority (ADIA) is among several companies planning to bid for a 34 percent stake in Associated British Ports (ABP), valued at nearly £2 billion ($2.42 billion). Stonepeak Partners LP and British Columbia Investment Management Corporation are among the other investors interested in the stake being sold by Canada Pension Plan Investment Board […] February 22, 2023
Banking and Finance Serbia to buy loitering munitions from UAE Serbia said on Tuesday it would buy loitering munitions, a type of drone that flies to a target and detonates, from the United Arab Emirates (UAE), signalling a further distancing from longtime ally and arms supplier Russia. “Within the next 48 hours, we will sign the contract (for the munitions),” President Aleksandar Vucic said on […] February 22, 2023
Banking and Finance Turkey dug deep into reserves to keep lira stable through quake Turkey’s central bank used $7 billion of reserves in the last two weeks to help steady the lira in the aftermath of devastating earthquakes, and reserves could remain under pressure in the weeks ahead, bankers said. The worst disaster in Turkey’s modern history killed tens of thousands and levelled areas of the south, temporarily closing […] February 22, 2023
Banking and Finance Israel shekel nears 3-year low as judicial overhaul spooks investors The shekel slid as much as two percent versus the dollar to a near three-year low on Tuesday after Israel pressed ahead with a plan to overhaul its judiciary that the government says is designed to end overreach into politics by the Supreme Court. At the same time, both Prime Minister Benjamin Netanyahu and finance […] February 22, 2023
Banking and Finance Saudi Arabia to deposit $1bn in Yemen’s central bank Saudi Arabia will make a $1 billion deposit in Yemen’s Aden-based central bank, Saudi Arabia’s state news agency SPA said, as the government there struggles with a weak currency and high fuel and commodity prices. Riyadh leads a military coalition in Yemen that has been fighting the Iran-aligned Houthis since 2015 after the movement ousted […] February 22, 2023
Banking and Finance Dubai’s DIFC aims to forge new ties with reopened China The Dubai International Financial Centre has plans to generate a new wave of interest from Chinese financial services companies as the world’s second-largest economy returns to the global stage. China reopened its borders last month, after dropping the strict controls imposed at the start of the pandemic. In 2022, when the zero-Covid restrictions were still […] February 21, 2023
Banking and Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023
Banking and Finance Bank of Israel battle against ‘sticky’ inflation rages on The Bank of Israel on Monday raised its benchmark interest rate by another half a percentage point, and a senior official said more increases were likely needed to rein in inflation that remains above a five percent rate. The central bank lifted its key rate to 4.25 percent – its highest level since late 2008 […] February 21, 2023
Banking and Finance Iran’s currency falls to record low as sanctions to continue Iran’s troubled currency broke below the psychologically key level of 500,000 rial per US dollar on Monday, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the US dollar, according to Bonbast.com which gathers live data from Iranian exchanges. Facing an inflation […] February 21, 2023
Banking and Finance Dubai redeems $750m Islamic bond and repays $300m The emirate of Dubai has redeemed a $750 million sukuk, or Islamic bond, and paid back early an additional $300 million of sukuk, its media office said on Monday, as its economy continues to rebound from the Covid-19 pandemic. The Public Debt Management Office redeemed the sukuk which was issued on January 30, 2013, the […] February 21, 2023
Banking and Finance DIFC has nearly 60 hedge fund firms waiting to be licensed The Dubai International Financial Centre (DIFC) has about 60 hedge fund firms, with north of a trillion dollars in assets under management, waiting to be licensed, the governor of the emirate’s financial free zone said on Monday. The hedge fund industry is capitalising on new rules and regulations that have been developed to support the […] February 21, 2023
Banking and Finance Egypt court to rule soon on case related to bank privatisation deal An Egyptian court will rule shortly on a case centred on the 2006 sale of AlexBank to Italy’s Intesa Sanpaolo, two source said, potentially paving the way for the cash-strapped government to sell its remaining 20 percent stake in the lender. Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment […] February 21, 2023
Banking and Finance Kuwait records 85.5% jump in trade with Japan Kuwait’s trade surplus with Japan has increased by 85.5 percent in the past year to JPY110.3 billion ($823 million) in January, according to government data. Overall exports from Kuwait to Japan surged 81.2 percent year on year to JPY126.5 billion for the 22nd consecutive month of expansion. Imports from Japan also soared 56.4 percent to […] February 20, 2023
Banking and Finance Tunisia debt default could cost country’s banks billions A sovereign debt default by Tunisia could cost the country’s banking system billions of dollars, experts say. Tunisia is suffering a financial crisis that led to it seeking a $1.9 billion loan from the International Monetary Fund (IMF) in exchange for unpopular reforms, including cutting food and energy subsidies. S&P Global Ratings credit analyst Mohamed […] February 20, 2023
Banking and Finance Lebanon’s central bank chief says he will not renew term Lebanon’s embattled central bank chief Riad Salameh has said he will leave his post once his latest term ends in July, even if he is asked to stay longer. “No one has asked me to continue [as central bank chief] but even if they do, I think this is enough,” he said in a televised […] February 20, 2023
