Banking & Finance UAE likely to escape FATF grey list this month The UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – […] February 9, 2024
Banking & Finance UAE froze $123m in assets linked to crime in 2022 The UAE froze assets valued at AED 452.5 million ($123 million) in 2022 related to crimes such as money laundering and financing of terrorism, new data shows. The UAE’s Financial Intelligence Unit (FIU), a special unit of the UAE Central Bank, released its annual report this week and revealed that it conducted “freeze orders” targeting […] February 8, 2024
Finance ADIA gets nod for $5bn fund in India’s new business hub The Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4 billion to $5 billion fund in India’s latest special economic zone. The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news […] February 8, 2024
Analysis Banking & Finance Saudi stock market Nomu poised for listings flurry Saudi Arabia’s lower-tier stock market, Nomu, is poised for a further flurry of new listings this year as an increasing number of the kingdom’s small and mid-sized companies opt to go public to raise money and improve corporate governance standards. Since launching in 2017, Nomu, which means growth in Arabic, has swelled to 79 listed […] February 7, 2024
Opinion Real Estate School’s in: UAE education is ripe for investment The listing of more education-based real estate investment trusts will diversify UAE capital markets February 5, 2024
Banking & Finance Saudi National Bank profit rises 8% to $5.3bn in 2023 Saudi National Bank (SNB), the biggest lender by assets in the kingdom, said net profit rose eight percent year on year to SAR20.01 billion ($5.34 billion) in 2023. Total operating income increased 4.8 percent year on year, mainly due to a 2.7 percent rise in net special commission income and a 5.1 percent growth in […] February 5, 2024
Finance Iraq bans eight local banks from US dollar transactions Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency, days after a visit by a top US treasury official. The banks are banned from accessing the Iraqi central bank’s daily dollar auction, a main source of hard […] February 5, 2024
Banking & Finance Merger activity tipped to rebound in Middle East Mergers and acquisitions executives are expecting activity in the Middle East to rebound this year, a survey has found. M&A deals slumped last year as rising borrowing costs, global recessionary fears and geopolitical uncertainty made prospective buyers more wary. In the first half of 2023, there were 318 deals worth a combined $43.8 billion in […] February 5, 2024
Banking & Finance Turkey names new central bank governor Turkey’s first female central bank governor, Hafize Gaye Erkan, has resigned, citing personal reasons. Deputy governor Fatih Karahan was appointed as her successor on Saturday, local newspapers reported, citing the official gazette. “A major reputation assassination has recently been organised against me,” Erkan said in a post on the social messaging platform X. She added […] February 5, 2024
Banking & Finance Fintech Sarwa beefs up investment platform Sarwa Digital Wealth, an Abu Dhabi-based fintech, will this year add several new asset classes including private equity and real estate to its robo-advisory platform, the company’s CEO told AGBI. This development is indicative of a broader trend among fintech companies in the region, which are evolving from addressing isolated banking challenges to diversifying their […] February 2, 2024
Infrastructure Turkey power retailer gets $100m to upgrade network The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $100 million to a Turkish electricity distribution and retail company to upgrade its power network in the country’s earthquake-hit region. The Turkish company Enerjisa Enerji will use the investments to modernise and reconstruct its distribution network in the Toroslar region. […] February 2, 2024
Analysis Trade Saudi-US trade banks sign deal despite kingdom’s China links The export-import banks of Saudi Arabia and the US have signed a new agreement that seeks to build on bilateral trade of SAR130 billion ($34.7 billion) between the two countries in 2022. Saudi Exim Bank said the deal with US Exim will focus on facilitating more trade financing, supporting exports, and promoting investment opportunities in […] February 2, 2024
Analysis Banking & Finance Kuwait banks boosted by likely mortgage law reform Kuwait bank stocks are hitting highs as traders bet that a long-awaited liberation of the country’s mortgage laws will come into force and provide a windfall for lenders. Currently only the government-controlled Kuwait Credit Bank (KCB) provides financing to Kuwaiti citizens and companies for them to buy real estate, and commercial banks are not permitted […] February 2, 2024
Banking & Finance FAB to pay out record $2.1bn cash dividend The board of First Abu Dhabi Bank, the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020. At AED 7.8 billion ($2.12 billion), the dividend represents around half of FAB’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion. Total income increased 32 percent […] February 1, 2024
Banking & Finance Mashreq’s net profit surges 130% to $2.3bn in 2023 Dubai-listed Mashreq reported a net profit increase of 130 percent year on year to AED8.6 billion ($2.34 billion) in 2023, as net interest income grew 69 percent year on year. Earnings growth was driven by robust client margins, a continued high-interest rate environment, and positive one-off impacts related to loan loss provisioning. The lender’s non-interest […] January 30, 2024
Banking & Finance Debt markets in UAE and Saudi Arabia hit $630bn Debt capital markets in the GCC’s two biggest economies, the UAE and Saudi Arabia, are expected to grow again this year after double digit expansion in 2023 saw their combined total reach $630 billion. Fitch Ratings said Saudi Arabia-based corporates are expected to issue more debt this year after a 14.5 percent rise in the […] January 29, 2024
Banking & Finance Profit of Omani-listed banks rises 19% to $1.17bn in 2023 Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of OMR453.5 million ($1.17 billion) in 2023, an annual increase of 18.6 percent. The preliminary financial results showed that all seven banks listed on the stock exchange posted higher profits, the state-run Oman News Agency reported. Bank Muscat led the rankings with a […] January 29, 2024
Video length: 05:04 Video Finance Middle East unicorns will flourish, predict VCs For the first time since 2015, there were no deals worth more than $100 million last year in the UAE. Despite this, venture capitalists predict the region will see the creation of at least 10 unicorns – defined as a privately held startup company with a value of more than $1 billion – within the […] January 26, 2024
Opinion Banking & Finance Strong results likely from Gulf banks – but there’s more to success than profit Expect healthy returns for 2023, yet look beyond the financials for 2024 January 26, 2024
EXCLUSIVE Finance UK steps up hunt for Mena projects with £50bn budget The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […] January 25, 2024
Finance Emirates NBD 2023 profit rises 65% to $5.9bn Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 thanks to asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income. Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago. Total income rose 32 percent to AED 43 billion […] January 25, 2024
Finance Qatar National Bank raises $1bn from 5-year eurobonds Qatar National Bank, the Gulf region’s biggest bank by assets, has raised $1 billion through its eurobond medium-term note programme. The bond was issued on January 23 2024 and matures on January 30 2029, with a coupon rate of 4.875 percent a year, the state-owned Qatar News Agency reported, quoting a statement by the bank. […] January 25, 2024
