Banking and Finance Turkey’s lira hits record low but rebounds after earthquake Turkey’s lira briefly dipped to a record low and its main stock market fell 1.35 percent on Monday as the major earthquake added to pressures from a strong dollar and the war in Ukraine, as well as a surprise inflation reading. The lira slipped to 18.85 in early trade before retracing its losses to end […] February 7, 2023
Banking and Finance Lebanese banks to start open-ended strike for judicial reforms Banks in Lebanon will start an open-ended strike from Tuesday but will keep ATMs operating for basic services, the Lebanese Banks Association said, urging authorities to pass overdue measures to deal with a deep financial crisis. The decision came after a meeting by the association to discuss judicial measures against banks that have snowballed since […] February 7, 2023
Banking and Finance Central bank approves HSBC Oman and Sohar International merger HSBC Bank Oman and Sohar International have received the Central Bank of Oman’s (CBO) approval for their merger proposal, the banks said in separate statements to the Muscat Stock Exchange. The merger is likely to be completed in the second half of 2023 following approvals from regulators and shareholders of the two banks. In previous […] February 6, 2023
Banking and Finance Major central banks rekindle rate hike push after dry January Major central bank interest rates moves were off to a tepid start in January with a single hike by Canada but the pace will speed up again in February with policy makers in the US, Britain and the euro zone out of the starting blocks already. January saw just three meetings by central banks overseeing […] February 5, 2023
Opinion Banking and Finance Crypto will emerge stronger from recent challenges The latest milestones for digital assets will define the ultimate success of the cryptocurrency ecosystem February 3, 2023
Banking and Finance Saudi Arabia sees cashless payments up 25% in January Saudi Arabia saw the number of digital point-of-sale (Pos) transactions increase by nearly a quarter year-on-year during January, as the kingdom’s drive towards becoming a cashless economy takes hold. Figures from the Saudi Central Bank showed there were 598,861 transactions last month for both ATM cash withdrawals and credit card transactions at retail outlets and […] February 3, 2023
Banking and Finance UAE telco buys more Vodafone shares to up stake to 13% UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has upped its stake in the UK’s Vodafone Group for the second time this year. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.537 billion shares, representing 13 percent of Vodafone’s issued share capital, excluding […] February 3, 2023
Banking and Finance Turkey said to keep interest rates low post-election Finance minister Nureddin Nebati said Turkey would keep interest rates low after elections expected in May and not reverse course on monetary policy, according to an interview published by Bloomberg. Contrary to some analyst expectations that President Tayyip Erdogan will roll back his stimulus programme after the vote, Nebati was quoted as saying the central […] February 3, 2023
Banking and Finance King Salman names new Saudi central bank governor Saudi Arabia’s King Salman appointed Ayman Al-Sayari as central bank governor replacing Fahad Al-Mubarak, a decree carried on the state media said. Al-Sayari was vice-governor for investment and research at the central bank and is a member of the board of directors of Saudi Arabia’s National Debt Management Center. Al-Mubarak would now become an adviser […] February 3, 2023
Banking and Finance HSBC embarks on Saudi hiring spree amid deals boom HSBC is hiring dealmakers “as fast as it can” in Saudi Arabia to capitalise on a wave of financing activity in the country, the global head of its investment bank told Reuters. The lender aims to increase headcount in its global banking and markets business in Saudi Arabia by 10-15 percent this year, Greg Guyett, […] February 3, 2023
Banking and Finance US crypto exchange Kraken shuts Abu Dhabi office Cryptocurrency exchange Kraken has shut its Abu Dhabi office less than a year after securing a license in the region, a spokesperson said, as the company seeks to sharpen its focus after FTX’s bankruptcy shook the digital assets sector. The US-based company had said last year it would reduce its workforce by 30 percent, or […] February 3, 2023
Banking and Finance Egypt’s central bank leaves key interest rates unchanged Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying in a statement that steep rate increases put in place over the last year should help to tame inflation, now running at 21.3 percent. The hold had been unexpected by many analysts. A poll of 13 analysts forecast the bank would raise rates […] February 3, 2023
Banking and Finance US Fed Reserve suggests ‘couple’ more hikes coming The Federal Reserve said on Wednesday it had turned a key corner in the fight against high inflation, but that “victory” would still require its benchmark overnight interest rate to be increased further and remain elevated at least through 2023. In announcing its latest policy decision, the US central bank scaled back to a quarter-percentage-point rate […] February 2, 2023
Banking and Finance Citigroup stops margin loans against India Adani’s securities Citigroup’s wealth unit has stopped extending margin loans to its clients against securities of India’s embattled Adani group, a source with direct knowledge of the matter said, as the conglomerate reels from a short-seller attack. The group’s flagship firm Adani Enterprises shelved its $2.5 billion share sale in a dramatic reversal on Wednesday as a […] February 2, 2023
Banking and Finance Saudi mortgage refinance firm eyes $500m sukuk in Q2 2023 Saudi Real Estate Refinance Co (SRC), the kingdom’s equivalent of US mortgage finance business Fannie Mae, plans to issue debut dollar-denominated sukuk between the end of the first and second quarters of this year, its chief executive said. The company, a regular issuer of local currency Islamic bonds, initially aimed to issue its inaugural dollar […] February 2, 2023
Banking and Finance Most GCC central banks except Qatar mirror Fed rate hike Most central banks across the Gulf raised key interest rates on Wednesday after the US Federal Reserve increased its target interest rate by a quarter of a percentage point, although Qatar opted to hold. The Fed raised its target interest rate by 25 basis points (bps), signaling a more dovish stance after a series of […] February 2, 2023
EXCLUSIVE Banking and Finance Egypt’s Paymob in Gulf expansion drive following $50m funding Paymob, the Cairo-based payments facilitator, is seeking to expand into Saudi Arabia after its recent debut in the UAE market. The company is also launching tap-on-phone payments in the UAE this year following its partnership with Mastercard to offer the service in its home market in 2021. “We see a massive opportunity to serve this […] February 1, 2023
Analysis Banking and Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
Opinion Banking and Finance The bumpy VC ride continues, but hope is on the horizon The Middle East will be central to investing this year February 1, 2023
Banking and Finance Egypt’s net foreign assets climb by $2bn in December 2022 Egypt’s net foreign assets (NFAs) improved by EGP47.28 billion in December 2022, marking a second month of increases after it allowed its currency to depreciate sharply in October, central bank data showed. NFAs improved to a negative EGP494.3 billion from a negative EGP541.5 billion in November. This works out to an improvement of about $2.06 […] February 1, 2023
Banking and Finance US investment funds buy $1.1bn bad loans from UAE bank Investment management firm Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from UAE-based Abu Dhabi Commercial Bank worth AED4.2 billion ($1.14 billion). “The transaction represents the first sale of a significant portfolio of non-performing loans by ADCB and is thought to be the largest such transaction effected to date […] February 1, 2023
Banking and Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
