Banking and Finance First Abu Dhabi Bank launches $500m 5-year Islamic bond First Abu Dhabi Bank, the largest lender in the United Arab Emirates (UAE), has launched a $500 million Islamic bond, or sukuk, a document reviewed by Reuters showed, pricing tighter than guidance on strong demand for the issue. The spread on the five-year sukuk was set at 90 basis points (bps) over US Treasuries at […] January 10, 2023
Banking and Finance Mena to host first IPO summit with listings in high demand The Middle East’s first IPO-focused summit will take place in Dubai later this month after recent listings in the emirate proved a huge draw for international investors. Dubai Financial Market and the Dubai World Trade Centre (DWTC) have partnered to host the Mena IPO Summit – Dubai, which aims to unite the entire IPO value […] January 9, 2023
Banking and Finance Goldman Sachs to start cutting thousands of jobs Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. The sources […] January 9, 2023
Banking and Finance China’s Alibaba planning $1bn investment in Turkey Chinese e-commerce giant Alibaba Group Holding Ltd is planning a logistics hub at Istanbul Airport and a data centre near the Turkish capital Ankara with an investment of more than $1 billion, its president, Michael Evans, was cited as saying. Turkey’s Sabah newspaper reported Evans as saying in an interview that the company was looking […] January 9, 2023
Banking and Finance Qatar’s forex reserves rise 12.4% to $63bn in 2022 Qatar’s international reserves and foreign currency levels increased by 9.6 percent to QR 230.026 billion ($63.18 billion) in 2022, compared to QR 209.932 billion in 2021, state-run Qatar News Agency reported, citing figures from the central bank. December recorded a monthly growth of 2.7 percent quarter-on-quarter. The bank’s official international reserves stood at QR 172.092 […] January 8, 2023
Banking and Finance Tesla owners in China demand rebate after surprise price cuts Hundreds of Tesla owners gathered at the automaker’s showrooms and distribution centres in China over the weekend, demanding rebates and credit after sudden price cuts they said meant they had overpaid for electric cars they bought earlier. On Saturday, about 200 recent buyers of the Tesla Model Y and Model 3 gathered at a Tesla […] January 8, 2023
Banking and Finance Abu Dhabi Islamic Bank’s stake in ADIB Egypt reaches over 52% Abu Dhabi Islamic Bank (ADIB) has announced the increase of its ownership in ADIB Egypt to more than 52 percent, the UAE state-run WAM news agency reported. In a disclosure to the Abu Dhabi Securities Exchange, ADIB stated that it had acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB […] January 8, 2023
Banking and Finance Turkish merger and acquisition deals hit $4.6bn in 2022 The total value of mergers and acquisitions (M&A) in Turkey amounted to 86.2 billion lira ($4.59 billion) in 2022, Daily Sabah newspaper reported, citing the Competition Authority. Most M&A deals took place in the electricity production and distribution sector, followed by the transportation sector, the report said. Privatisation deals were completed in the electricity production […] January 8, 2023
Analysis Banking and Finance Rising demand for green bonds, despite ‘bleaching’ Global issuance of green bonds has increased by an average of 70 percent each year between 2016 and 2021. The market for environmental, social and corporate (ESG) governance finance in the Middle East and North Africa (Mena) region remains small compared to elsewhere, but it is growing quickly. Saudi Arabia’s Public Investment Fund issued $3 […] January 6, 2023
Banking and Finance Egypt’s currency weakens further amid higher dollar demand Egypt’s currency weakened on Thursday by about 2.3 percent against the US dollar, though bankers said trading was thin and demand for dollars high following the third effective devaluation of the pound in less than a year. The Egyptian pound (EGP) closed at 27.11 per dollar, according to the central bank, after fluctuating more than […] January 6, 2023
Banking and Finance Dubai’s Emirates NBD launches $272m bond issue Emirates NBD, Dubai’s biggest lender, has launched a AED1 billion ($272 million) three-year bond, according to a document seen by Reuters. The senior, unsecured bond received more than AED1.65 billion in orders and was launched at 5.125 percent. Abu Dhabi Commercial Bank, Emirates NBD Capital, HSBC and Industrial and Commercial Bank of China Limited were […] January 6, 2023
Banking and Finance FAB says no longer planning bid for Standard Chartered First Abu Dhabi Bank (FAB), the United Arab Emirates’ biggest lender, said it had considered a bid for London-listed Standard Chartered (StanChart) but was no longer doing so. Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving […] January 6, 2023
Banking and Finance Motor and medical sectors driving Saudi’s insurance business Motor and medical segments are helping to drive Saudi Arabia’s insurance industry, according to the latest report from global consultants KPMG. Insurance companies in the kingdom recorded continued growth in the third quarter, with aggregate gross written premiums standing at SAR39.28 billion ($10.45 billion), an increase of 26.8 percent on Q3 2021. Although most categories […] January 5, 2023
Banking and Finance Egypt bonds jump after latest currency devaluation Egypt’s government bond prices jumped and Egyptian pound non-deliverable forwards (NDFs) climbed 5.5 percent to seven percent to 29.4-32.4 per dollar on Wednesday after the central bank devalued the currency for the third time in less than a year. Egypt’s central bank allowed the pound to weaken to 26.49 to the dollar earlier from about […] January 5, 2023
Banking and Finance Israel names new finance ministry chief as 2023 budget work starts Israeli finance minister Bezalel Smotrich has named attorney Shlomi Heisler as director general of the finance ministry. Heisler was most recently head of the National Infrastructure Committee and is now the most senior civil servant at the treasury. He replaces Ram Belinkov, who on Tuesday said he was stepping down amid the new government taking […] January 5, 2023
Banking and Finance New UAE partnership to cut red tape of business bank accounts Opening a bank account is listed as “the biggest hurdle” entrepreneurs and business founders face in the UAE, but a new scheme is aiming to address this. A report last year by identity verification platform IDnow Middle East, which surveyed more than 1,000 people, found that nine out of 10 UAE respondents think it takes […] January 4, 2023
Analysis Banking and Finance Indian families shift wealth to UAE in ‘unprecedented numbers’ Indian families are coming to Dubai and other UAE cities in “unprecedented numbers” to set up financial structures to relocate their wealth. Industry experts say the Emirates is attracting significant numbers of Indian family offices thanks to “compelling characteristics” such as the relaxation of business ownership rules, residency options and the promotion of golden visas. […] January 4, 2023
Banking and Finance Dubai regulator upholds nearly $136m fine on Abraaj founder Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors […] January 4, 2023
Banking and Finance Emirates NBD to issue 3-year dirham-denominated bond Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium-term notes programme, will be issued subject to market conditions following a series of investor calls, which were scheduled to begin on Tuesday. […] January 4, 2023
Analysis Banking and Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
Banking and Finance UK announces cash support for low-income households Millions of low-income households in Britain will receive cost-of-living support from the government of up to £900 ($1,084) over the financial year, the country’s Department of Work and Pensions said on Tuesday. The money will directly go to claimants’ bank accounts in three payments over the financial year, the department said in a statement. The […] January 3, 2023
Banking and Finance Bank of Israel raises key rate and seeks fiscal restraint The Bank of Israel raised its benchmark interest rate by half a point on Monday, and will likely continue its increases a bit more in coming months, saying it seeks to curb inflation running above five percent. The central bank as expected lifted its key rate to a 14-year high of 3.75 percent from 3.25 […] January 3, 2023
