Exclusive Banking and Finance UK fintech Total Processing to expand to Saudi and Egypt Online payments firm Total Processing plans to start operating in Saudi Arabia by the middle of 2023 and then in Egypt, after achieving 30 percent month-on-month revenue growth since it launched in Dubai in 2021. The company, headquartered in the UK, has witnessed strong growth in the Mena e-payments sector as e-commerce booms and governments […] January 3, 2023
Banking and Finance Mena professionals vow to build up their savings in 2023 Saving money is the top new year’s resolution for Mena professionals, a survey has found. In the poll by jobs site Bayt.com, almost two-thirds (63 percent) of the 2,988 respondents said building a nest egg was their No 1 priority for 2023. Keren Bobker, a Dubai-based independent financial adviser and senior partner at Holborn Assets, […] January 2, 2023
Banking and Finance Egyptian sovereign fund attracts investments worth $1.5bn The Sovereign Fund of Egypt has attracted 43 percent of total foreign direct investment, or EGP37 billion ($1.49 billion), since 2018, Ahram Online newspaper reported, citing a statement by Egyptian presidential spokesman Bassam Rady. The money has been invested in 14 projects across several economic sectors, including green hydrogen, water desalination and education. “This will […] January 2, 2023
Banking and Finance Qatar Financial Centre manages assets worth $28bn Assets managed by the Qatar Financial Centre (QFC) have reached $28.3 billion, with over 1,500 local and global enterprises operating in the financial and non-financial sectors, the centre’s CEO Yousuf Mohamed Al Jaida told Qatar News Agency. In 2018, the centre announced its objectives for growth by 2022, including registering more than 1,000 companies on […] January 2, 2023
Banking and Finance Israeli bank freezes mortgage rates for hard-hit homeowners Israel’s Bank Hapoalim will not pass on to customers the central bank’s next increase to interest rates, citing the struggles of homeowners faced with higher mortgage payments amid a broad spike in the cost of living. The Bank of Israel has raised its benchmark interest rate to 3.25 percent from 0.1 percent since April, resulting […] January 2, 2023
Banking and Finance Dubai-listed Salama to acquire Aman insurance portfolio Islamic Arab Insurance Company (Salama) has signed a deal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Co. (Aman), which includes its motor, medical, non-motor and group life insurance business (target portfolio), the company said in a statement to Dubai Financial Market. The target portfolio generated AED98.59 million gross written contribution (GWC) […] December 29, 2022
Banking and Finance Turkish banks to pay dividends after record 2022 profits Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and the country’s BDDK banking watchdog is considering the request, three banking sources familiar with the issue said. Each year the BDDK makes recommendations regarding banks’ profit distribution. In 2021, dividends were up to 10 percent of lenders’ net […] December 29, 2022
Opinion Banking and Finance Antti Arponen: Fintech payment solutions will be catalyst for growth With emerging markets in the Middle East and Africa continuing to leapfrog old technology, fintech payment solutions are in the right place at the right time December 28, 2022
Banking and Finance Gold prices hit all-time high in Egypt as local currency weakens The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say. Figures from the Federation of Egyptian Chambers of Commerce’s (FEDCOC) gold division show the price of 21-carat gold surpassing EGP […] December 28, 2022
Banking and Finance Saudi Arabia’s investments in Egypt hit over $6bn Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported. The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir. Bilateral trade exchange rose […] December 27, 2022
Banking and Finance Sanctions forcing Russia’s Sberbank to close UAE office Russia’s dominant lender Sberbank will be forced to close its office in the UAE early next year, first deputy chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure. Sweeping Western sanctions targeted Russia’s financial system after Moscow sent troops into Ukraine on February 24. Sberbank is one of several major Russian banks to have been […] December 27, 2022
Banking and Finance Bloomberg has no plans to buy Dow Jones or Washington Post Bloomberg LP has no interest in acquiring either Dow Jones or the Washington Post, a spokesman has said. “There have been no conversations with anyone or either organisation about an acquisition,” spokesman Ty Trippet said in the tweet, which was retweeted by billionaire owner Michael Bloomberg. News website Axios reported on Friday that Bloomberg was […] December 26, 2022
Banking and Finance Israel awards licence to investors to set up new digital bank Israel’s banking regulator on Sunday approved a conditional licence and control permit to a group of entrepreneurs to establish a new online bank, the second addition to the highly concentrated banking sector in three years. The Bank of Israel said its banking supervision department had completed the inspection process for the new institution named Esh […] December 26, 2022
Banking and Finance ECB must be ready to take the heat and raise rates further The European Central Bank (ECB) must be prepared to take the heat and raise interest rates further, including by more than the market expects, if that is needed to bring down inflation, ECB policymaker Isabel Schnabel said in an interview published on Saturday. The ECB raised rates for a fourth straight time last week and […] December 25, 2022
Banking and Finance World Bank approves $500m to expand social security in Egypt The World Bank’s executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country’s economy, the international cooperation minister said on Friday. The funds will support the government’s Takaful and Karama conditional and unconditional […] December 25, 2022
Banking and Finance Qatar to invest $2bn in Turkish eurobond issue in January Qatar is expected to buy $2 billion worth of Turkish eurobonds next month, delivering on an earlier agreement to shore up Ankara’s forex reserves, said two officials with knowledge of the matter. The Turkish economic officials, who requested anonymity, said Doha had already invested some $1 billion as part of that broader deal. In November, […] December 25, 2022
Analysis Banking and Finance Dubai key as 30% of UK’s VC investors target Mena in 2023 Nearly one in three UK-based investors plan to look towards the Middle East and North Africa for venture capital deals next year, according to new research. The region is the third most popular destination for planned investments during 2023 by UK decision makers who invest in venture capital, after their home market and North America. […] December 23, 2022
Analysis Banking and Finance UK and Saudi Arabia plant seed for closer ties on green finance Saudi Arabia has signed an agreement with the UK to foster greater cooperation on green finance as the kingdom looks increasingly at ethical funding for its transformative giga-projects. Jeremy Hunt, the UK’s chancellor of the exchequer, and Mohammed Al-Jadaan, the Saudi minister of finance, met on Tuesday in London to sign a memorandum of understanding […] December 23, 2022
UAE-based Fintech Galaxy acquires Egypt’s Underlie UAE-based Fintech Galaxy has acquired Underlie, an Egypt-based open banking platform offering application programming interfaces (APIs) to banks and businesses. The deal will help set up the company’s open finance and banking across the region, develop and launch new digital solutions and push financial inclusion forward. No financial details were given. Egypt is quickly becoming […] December 23, 2022
Banking and Finance Turkish central bank expands bond holding requirements Loans given to Turkish companies’ small- and medium-sized enterprise (SME) subsidiaries will be included when calculating the amount of bonds that lenders are mandated to hold, according to new regulations from the central bank. In a letter sent to banks and seen by Reuters, the central bank said that for the loans to be considered […] December 21, 2022
Banking and Finance Oman sovereign fund targets $5bn spend in 2023 Oman Investment Authority (OIA), a sovereign wealth fund, aims to spend OMR 1.9 billion ($4.95 billion) on investment projects in 2023, state media reported on Tuesday. The OIA said financing for the investment projects will come from the local and foreign private sector, from financing institutions, or from the agency itself or its subsidiaries. The […] December 21, 2022
Banking and Finance EBRD provides $80m to support Turkey’s hospital infrastructure The European Bank for Reconstruction and Development (EBRD) will provide a €75 million ($80 million) long-term convertible loan to a subsidiary of Turkey’s Ronesans Holding for investment in hospital infrastructure. Ronesans Saglik Yatirim, the unit of the conglomerate that runs hospitals, will undertake to complete the newly acquired hospital project in their portfolio, EBRD said. […] December 20, 2022
