Banking and Finance Aramco’s Wa’ed Ventures invests in Pasqal’s $109m funding round France-based quantum computer startup Pasqal has secured a €100 million ($108.93 million) equity Series B raise led by new investor Singapore’s investment firm Temasek, European Innovation Council Fund, Saudi Aramco’s Wa’ed Ventures and Bpifrance. The company will use the funding to further develop its neutral atoms quantum computing platform, which it believes will deliver major […] January 25, 2023
Banking and Finance Egyptian banks to support local SMEs with $120m funding Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank, is planning to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE), Egypt Today newspaper reported. Funds will help small and medium enterprises (SMEs) and provide integrated […] January 25, 2023
Banking and Finance Hindenburg says holds short positions in India’s Adani Short-seller Hindenburg Research said on Wednesday it holds short positions in India’s Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments. The seven listed companies of the Adani Group, which is controlled by the world’s third richest man Gautam Adani, have an 85 percent downside on a fundamental basis due to sky-high valuations, Hindenburg […] January 25, 2023
Banking and Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Banking and Finance Gulf stock markets rise with optimism about China’s economy Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world’s second largest economy, China, and smaller interest rate hikes from the US Federal Reserve. The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady […] January 24, 2023
Analysis Banking and Finance Saudi SMEs look to sharia funding to balance cash flow In Saudi Arabia, small to medium-sized companies are increasingly turning to sharia-compliant funding to raise money for their businesses. But rather than borrow from banks, these SMEs instead rely on the kingdom’s nascent fintech sector to obtain bridging loans, invoice financing and other kinds of niche financial support. “SMEs are underserved by the banking sector, […] January 24, 2023
Banking and Finance Sri Lanka expects to complete debt restructuring in six months Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country’s central bank chief P. Nandalal Weerasinghe said on Tuesday. “There has been good progress this month with India already pledging financing assurances. We expect assurances from China and Japan soon,” […] January 24, 2023
Banking and Finance Lazard says Saudi base to be Mena investment banking hub Investment bank Lazard Ltd said on Monday it hired Wassim Al-Khatib as chief executive officer of the bank’s investment banking business for the Middle East and North Africa (Mena). Al-Khatib will also be CEO of Lazard Saudi Arabia, the statement said, adding that the bank plans to make its presence in the kingdom as its […] January 24, 2023
Banking and Finance Turkey plans draft law for debt restructuring Turkey’s ruling AK Party is preparing a draft law to let people and companies restructure debt to public institutions, President Tayyip Erdogan said on Monday, one of a string of eye-catching measures promised ahead of elections. The changes would waive late payment fees incurred over unpaid tax bills, social security debt and other liabilities, Erdogan […] January 24, 2023
Banking and Finance Qatari sovereign fund ups stake in Credit Suisse to just under 7% Qatar’s sovereign wealth fund has increased its stake in Credit Suisse to just under seven percent, becoming the Swiss bank’s second-largest shareholder after Saudi National Bank, in a sign that its Gulf investor base is growing in importance. The Qatar Investment Authority (QIA) bought 139.03 million shares in the Swiss lender, Refinitiv data shows based […] January 24, 2023
Banking and Finance Payments firm optimistic after World Cup and Saudi launch Digital payments giant Network International expects to find its revenues grew by more than a quarter in 2022 following the expansion of operations in Saudi Arabia, Egypt and Africa. Preliminary audit results will be released in March but the company believes earnings for last year will reach $438 million. The Dubai-based firm, which operates in […] January 23, 2023
Banking and Finance Top hedge funds earned less for clients in 2022 The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data shows. The top 20 managers, led by Ken Griffin’s Citadel, Bridgewater Associates and DE Shaw Group, made less than half […] January 23, 2023
Banking and Finance Egypt signs $1.5bn financing pact for energy and commodity imports Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation. Last year Egypt signed a similar agreement also worth $1.5 billion with the ITFC, which is […] January 23, 2023
Banking and Finance UAE is in ‘first division’ of financial literacy The UAE is in the ‘first division’ when it comes to financial literacy, according to Alex Fraser, CEO of the London Institute Banking and Finance (LIBF). With just one third of adults worldwide being financially literate, according to Standard & Poor’s Ratings Services Global Financial Literacy Survey, the LIBF is involved in the global challenge […] January 22, 2023
Banking and Finance OPEC development fund raises $1bn with first-ever bond The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries nearly 50 years ago, has raised $1 billion by selling its first-ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the three-year bond, which will pay investors an interest […] January 22, 2023
Banking and Finance India’s Adani Group plans spin off and dismisses debt concerns India’s Adani Group, which is controlled by billionaire Gautam Adani, said it plans to spin off more businesses by 2028 and dismisses any debt concerns. The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said chief financial officer Jugeshinder Singh said. “The criteria is for […] January 22, 2023
Exclusive Banking and Finance Mena is Binance’s fastest growing region for institutional investors Binance reported a 34 percent rise in the number of new Middle East and North Africa institutional investors adopting its cryptocurrency technology during the last quarter of 2022, the highest growth of all regions. The world’s largest crypto exchange attributed the results to strong appetite for digital banking and financial solutions in the region. This […] January 20, 2023
Di Caprio-backed fintech to set up offices in Abu Dhabi California-based fintech company Aspiration Inc. will be setting up offices at Abu Dhabi Global Market. Aspiration is supported by Access Abu Dhabi, the business expansion program by Maven Global Access and Abu Dhabi Investment Office (ADIO), which serves as a conduit to fast-track entry to the UAE capital, the company said in a statement. The […] January 20, 2023
Analysis Banking and Finance Rising global interest sets Dubai IPOs on course for strong 2023 Global stock markets may have suffered heavy losses but bourses in the Middle East and North Africa are thriving, recording 42 listings in 2022 and with a healthy pipeline of activity planned for the year ahead. According to Bloomberg data, Mena initial public offerings (IPOs) raised over $18 billion in 2022. This represents 47 percent […] January 20, 2023
Banking and Finance Russia adds Egyptian pound and UAE dirham to exchange rate list Russia’s central bank has added nine currencies to its list of exchange rates against the ruble, including the UAE dirham, Qatari riyal and Egyptian pound (EGP), from January 18, Ahram Online reported. The other six are Thai baht, Vietnamese dong, Serbian dinar, New Zealand dollar, Georgian lari and Indonesian rupiah, the news portal said, citing a […] January 20, 2023
Banking and Finance Israel’s Playtika offers $738m for Angry Birds maker Playtika Holding Corp on Thursday sweetened its offer for Finnish game maker Rovio, best known for its “Angry Birds” franchise, to €683 million ($737.50 million), as a consolidation in the industry gathers pace. The offer values each share of Rovio at €9.05, about 60 percent higher than the company’s closing price on January 19. It […] January 20, 2023
Banking and Finance Turkey’s central bank holds interest rate at 9% Turkey’s central bank held interest rates at nine percent for a second straight month on Thursday, and analysts said it could return to easing in the run-up to May elections given inflation is expected to drift lower from 64 percent last month. The central bank (CBRT) said the inflation level and trend have improved due […] January 20, 2023
