Banking and Finance Senegal gets $436m funding to boost trade with Arab nations The International Islamic Trade Finance Corporation has signed a $436 million financing plan with Senegal and a two-year programme to boost the country’s trade with other African and Arab nations, it said on Monday. The annual financing plan is part of a revised $1.5 billion five-year framework agreement signed in 2021 as part of the […] January 31, 2023
Banking and Finance S&P says rapid credit growth hits Saudi banks’ liquidity S&P Global Ratings said on Monday that rapid credit growth in Saudi Arabia has reduced banking liquidity and it was unclear whether the government would boost deposits with the banking system to lessen pressure. While corporate lending is seen picking up due to projects linked to the “Vision 2030” agenda to diversify away from oil, […] January 31, 2023
Banking and Finance Mashreq profit up 270% to $1bn in 2022 on income growth Dubai-listed lender Mashreq reported a net profit of AED3.7 billion ($1 billion) for 2022, a year-on-year (YoY) increase of 270 percent. Operating profit reached AED4.4 billion, rising 39.2 percent YoY, on healthy operating income growth, the bank said in a statement. Net profit for the fourth quarter of 2022 surged to AED1.126 billion from AED737 […] January 31, 2023
Banking and Finance Abu Dhabi’s IHC plans to invest $381m in Adani Enterprises Abu Dhabi conglomerate International Holding Company on Monday said it would invest AED1.4 billion ($381.17 million) in Adani Enterprises’ follow-on public offer. IHC’s statement comes as the Indian company, owned by Asia’s richest man, Gautam Adani, has faced losses of $65 billion in its companies’ market value after Adani’s rebuttal of a US short-seller’s criticism […] January 31, 2023
Energy Beijing and Brussels ‘go head to head in fight for Mena oil and gas’ The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […] January 30, 2023
Banking and Finance Investcorp to set up ‘multi-billion dollar’ sustainability platform Investcorp has revealed plans to establish a “multi-billion dollar” sustainability platform to capitalise on what co-CEO Rishi Kapoor described as “the most attractive opportunity from an investment perspective that we have seen in a generation”. A report from consultants McKinsey estimates $250 trillion of cumulative spending on physical assets is needed over the next three […] January 30, 2023
Banking and Finance Costcutter owner Bestway buys stake in Qatar-backed Sainsbury’s Retail group Bestway, the owner of Costcutter, has built a 3.45 percent stake in Sainsbury’s, describing the move as an investment and not a step towards making a takeover offer for Britain’s second largest supermarket group. Sainsbury’s shares were up 4.5 percent on Friday, hitting their highest since April and leading gainers on the FTSE […] January 29, 2023
Banking and Finance EV maker Lucid surges on report Saudi PIF to buy remaining stake Lucid Group’s shares surged 43 percent on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker. The speculation originated from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on […] January 29, 2023
Banking and Finance Dubai Investments buys 9% stake in British digital bank Dubai Investments has acquired a nine percent equity stake in Monument Bank Limited, a UK-based digital bank, the Dubai Financial Market-listed said in a statement. Monument Bank is focused on the “mass affluent” segment in the UK and aims to provide core banking and other related services. Dubai Investments’ vice chairman and CEO Khalid bin […] January 27, 2023
Banking and Finance Turkey received highest EBRD funding of $1.7bn in 2022 The European Bank for Reconstruction and Development (EBRD) invested €1.63 billion ($1.7 billion) in Turkey in 2022, the highest volume of annual investment in all the economies where the bank operates. EBRD’s cumulative investment in the country amounted to almost €17 billion, 85 percent of which has been in the private sector, the bank said […] January 27, 2023
Banking and Finance ‘Pent-up demand’ to lift GCC markets, says law firm boss Appetite for GCC debt and equity will pick up this year after a sluggish 12 months, as investors take comfort in a more predictable interest rate environment and the region’s relative political calm. That is according to Jonathan Fried, Middle East managing partner of global law firm Linklaters, who took over the reins heading up […] January 27, 2023
Banking and Finance First Abu Dhabi’s 2022 profit up 7% to ‘historic high’ of $3.65bn First Abu Dhabi Bank, the UAE’s biggest lender, reported a seven percent rise in 2022 net profit on Thursday despite its fourth-quarter profit falling 26 percent from a year earlier. FAB posted AED13.4 billion ($3.65 billion) in net profit for the full year, up from AED12.5 billion in 2021. Fourth-quarter net profit was nearly AED2.5 […] January 27, 2023
Opinion Banking and Finance Why we need to ditch ‘pinkwashing’ in financial services Women need financial advice as much as men but dressing up a service in pink or feminine language is not the solution January 26, 2023
Banking and Finance Emirates NBD’s 2022 net profit rises 40% to $3.5bn Emirates NBD, Dubai’s biggest lender, reported a 40 percent jump in 2022 net profit to AED13 billion ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted overall income. The bank, majority owned by the government of Dubai, made a profit of AED3.9 billion in the fourth quarter, up 94 percent […] January 26, 2023
Banking and Finance Turkey to provide 2% forex conversion support to firms Turkey’s central bank said on Thursday it will provide two percent foreign exchange conversion support to companies that bring forex into the country from abroad, sell it to the central bank and pledge not to buy forex for a period determined by the bank. After selling 40 percent of the forex they bring into the […] January 26, 2023
Banking and Finance Iraqi dinar’s slide triggers price rise in imported goods Hundreds of people demonstrated near central bank headquarters in Baghdad on Wednesday to protest at the recent slide of the Iraqi dinar against the dollar that has triggered a rise in prices of imported consumer goods. Masses from different regions across the country waved Iraqi flags or carried banners demanding government intervention to stop the […] January 26, 2023
Banking and Finance Saudi Arabia sees borrowing at $12bn in 2023 Saudi Arabia, the world’s top oil exporter, expects its financing needs to be around SAR45 billion ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Centre (NDMC) said. Saudi finance minister Mohammed Al Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC […] January 26, 2023
Banking and Finance Abu Dhabi fund snaps up shares in Adani’s secondary share offering Abu Dhabi Investment Authority (ADIA) and Maybank Securities picked up a stake in Adani Enterprises’ $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani Group companies. The anchor portion of the share sale, India’s largest follow-on public offering (FPO), was allocated to high-profile investors at […] January 26, 2023
Banking and Finance Saudi set to privatise four airports in transport investment drive Saudi Arabia is currently preparing to privatise four regional airports in the kingdom, the state-owned Saudi Press Agency (SPA) reported, quoting Saudi minister of transport and logistics, Saleh bin Nasser Al-Jasser. Al-Jasser was speaking at the Municipal Investment Forum held in Riyadh on Tuesday, with SPA reporting that he revealed that there are currently 22 […] January 25, 2023
Analysis Banking and Finance Bargain buys and law reforms tipped to drive deal-making When Oman Qatar Insurance and Vision Insurance signed a merger pact in December, it rounded off a busy year of M&A activity in the Middle East. The proposal, which is still subject to approval from regulators and shareholders, was one of hundreds of deals struck across the region. Global law firm Norton Rose Fulbright predicts […] January 25, 2023
Banking and Finance UAE tops international ranking for green finance commitment The UAE has been recognised for its commitment to financing a green and sustainable future. The Gulf state recorded the highest scores among several key markets in the Financial Services: State of the Nation Survey 2022, which spoke to 758 managers at financial institutions and banks across France, Germany, Hong Kong, Singapore, the UK, the […] January 25, 2023
Banking and Finance Dubai Islamic Bank’s profit rises 26% to $1.5bn in 2022 Dubai Islamic Bank’s (DIB) net profit rose 26 percent year-on-year to AED5.55 billion ($1.51 billion) in 2022 due to higher revenue, prudent cost management and sustained lower impairments. Chairman Mohammed Ibrahim Al Shaibani revealed that DIB achieved its strongest year in its history as total income reached AED14 billion, a 20 percent YoY growth and […] January 25, 2023
