Banking and Finance Boursa Kuwait hails increasing international investor appeal The CEO of Boursa Kuwait says he is seeing increased confidence from international investors in the stock exchange as net profit grew by over 13 percent to KD18 million ($59 million) in 2022. “We were successful in attracting institutional international investors, as total foreign turnover activity was up 29 percent, with a total traded value […] February 13, 2023
Banking and Finance IMF says quake impact on Turkey’s growth won’t be similar to 1999 The impact of last week’s massive earthquakes on Turkey’s economic growth is unlikely to be as pronounced compared to one of similar magnitude in 1999, Daily Sabah newspaper reported, citing International Monetary Fund (IMF) executive director Mahmoud Mohieldin. Earthquakes ravaged southeastern Turkey and severely hit northern Syria, as thousands of buildings, including homes and hospitals, were flattened. […] February 13, 2023
Banking and Finance Opec Fund agrees $50m loan to support Africa’s infrastructure The Opec Fund for International Development (Opec Fund) and Africa Finance Corporation have signed a $50 million loan agreement to finance infrastructure development critical to economic growth and job creation across the continent. The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics and trade, as well as boost access to […] February 13, 2023
Banking and Finance Israel delays bill to freeze mortgage rates Israel will delay passing a law that would freeze mortgage rates for first-time home buyers, said finance minister Bezalel Smotrich, as the proposal faces opposition from the country’s central bank. Smotrich and the head of the parliamentary finance committee, Moshe Gafni, said in a joint statement they would hold off for a week to allow […] February 13, 2023
Banking and Finance PIF’s $5.5bn green bond sets tone for ‘strong pipeline’ in Mena Saudi Arabia’s sovereign Public Investment Fund has raised $5.5 billion through its latest green bond issuance, supporting expectations of a strong year for sustainable bonds in the Middle East. The issuance was more than six times oversubscribed – with books exceeding $33 billion – and will be used to finance or refinance eligible green projects, […] February 13, 2023
Banking and Finance ECB needs to avoid unnecessary rise in real interest rates The European Central Bank (ECB) must avoid pushing real interest rates too high, given the level of private and public debt in the euro area, a top Italian policymaker said on Saturday. ECB governing council member Ignazio Visco, who is also the Bank of Italy’s governor, added he did not believe a recession was inevitable […] February 12, 2023
Banking and Finance Tecom’s profit up 28% in 2022 as revenue hits 22-year high Tecom Group reported a record 28 percent year-on-year (YoY) increase in net profit to AED725.62 million ($197.56 million) for 2022, as revenue rose 12 percent YoY to AED1.97 billion, the highest in 22 years. The results showed strong demand for the group’s commercial and industrial properties, supported by Dubai’s strong macroeconomic environment and buoyant business […] February 12, 2023
Banking and Finance Binance focuses on security as crypto crimes hit $20bn Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […] February 10, 2023
Banking and Finance First Abu Dhabi Bank rules out bid for Britain’s Standard Chartered First Abu Dhabi Bank (FAB), the United Arab Emirates’ biggest lender, said on Friday that it was not evaluating a possible offer for Britain’s Standard Chartered The lender could renew a potential offer for Standard Chartered, once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. News of the potential offer […] February 10, 2023
Banking and Finance Dubai Islamic Bank to raise $1bn with sustainable sukuk Dubai Islamic Bank, the biggest Islamic lender in the United Arab Emirates, is set to raise $1 billion from a sale of five-year long sustainable sukuk, a bank document showed. The Islamic bonds launched at a yield of 4.8 percent. Initial price guidance was around 130 basis points over US Treasuries. Demand for the debt […] February 10, 2023
Banking and Finance Kuwait plans reform to aid via economic development fund Kuwait intends to reconsider its policy of providing aid to Arab and developing countries through the Kuwait Fund for Arab Economic Development, its foreign minister said. “There are developments at the international level that require us to reconsider the mechanisms of the fund’s work and harness the fund’s work to preserve our national interests,” Sheikh […] February 10, 2023
Banking and Finance UAE central bank grants licence to Russia’s MTS Bank The Central Bank of the United Arab Emirates has granted a licence to Russia’s MTS Bank, according to information on its website. MTS Bank is registered in Abu Dhabi and received the licence last year, the information shows. It is a fintech unit of Russia’s largest mobile operator Mobile TeleSystems. The Financial Times reported the […] February 9, 2023
Tech Aramco venture capital arm boosts tech startup funding by $300m Wa’ed Ventures, the venture capital arm of Saudi Arabian oil giant Aramco, has announced a $300 million increase in funding aimed at boosting the growth of tech startups in the country. The size of the fund grows to $500 million and will be directed towards local investments in mid and growth-stage startups, especially underserved areas […] February 8, 2023
Banking and Finance UAE ‘to issue first 10-year dirham bond this year’ The UAE government is expected to issue its first ever 10-year dirham-denominated bond in 2023, a banking executive has said. Since the Gulf state announced the launch of conventional AED government treasury bonds in May last year, the Ministry of Finance has issued a total of AED9 billion-worth in two, three and five-year tenors. First […] February 8, 2023
Banking and Finance Turkey and Syria quake: Nations extend support and aid Governments and international organisations from around the world have responded with offers of support after an earthquake of magnitude 7.8 struck central Turkey and northwest Syria. Below is a list of some of those announcements of support: UAE The UAE said it would set up a field hospital in Turkey and dispatch search and rescue […] February 8, 2023
Banking and Finance Emerging market currencies to gain on better economic outlook Emerging market currencies are expected to drift higher in coming months thanks to improved global growth prospects, boosted in part by the reopening of China’s economy, a Reuters poll of 40 foreign exchange strategists found. After a good start to the year for emerging market forex, the US dollar has gained over the past two […] February 8, 2023
Banking and Finance Iraq revalues currency and sets new exchange rate Iraq’s cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per US dollar, a cabinet statement said on Tuesday. The Iraqi dinar had been selling at 1,470 dinars against the dollar before the New York Federal Reserve introduced tighter controls on international dollar transactions by commercial Iraqi banks in […] February 8, 2023
Banking and Finance Jazeera Airways cuts bank funding needs for Airbus deal to $1bn Kuwaiti low-cost carrier Jazeera Airways aims to secure $1 billion from banks to help finance the purchase of new Airbus aircraft, its chairman said on Tuesday, half the amount it had initially planned to seek. The airline placed a multi-billion dollar order with Airbus for 28 single aisle A320neo family passenger jets in November 2021. […] February 8, 2023
Banking and Finance Saudi PIF to raise $5.5bn with second green bond sale Saudi Arabia’s sovereign Public Investment Fund (PIF) is set to raise $5.5 billion through its second sale of green bonds in four months, for which orders topped $32.5 billion, one the banks running the deal said on Tuesday. The wealth fund was set to raise $1.75 billion in seven-year paper at 115 basis points (bps) […] February 8, 2023
Banking and Finance Saudi Central Bank grants first licence to a foreign insurer US healthcare giant Cigna is to become the first international insurer operating in Saudi Arabia as the kingdom seeks to increase foreign direct investment. Cigna has been granted a health insurer licence by the Saudi Central Bank (Sama), it revealed on Monday. Jason Sadler, president of international markets at Cigna, described the branch licence as […] February 7, 2023
Banking and Finance The new Switzerland: diplomacy is key to UAE’s trade success The UAE is “the new Switzerland” and poised to reap the benefits of its good relationships with both East and West, the investment boss of one of the Gulf’s leading banks has said. Maurice Gravier, chief investment officer at Emirates NBD Group, said he believed the world needed neutral powers, “a place to speak between […] February 7, 2023
Banking and Finance Sharjah hires banks for debut dollar sustainable bonds The government of Sharjah in the UAE has hired banks to arrange a sale of dollar-denominated debut sustainable bonds, a bank document showed. HSBC was hired as sole global coordinator and ESG structuring agent. It is joined by Abu Dhabi Commercial Bank, Citi, Gulf International Bank, IMI-Intesa Sanpaolo, Invest Bank and SMBC Nikko as joint […] February 7, 2023
