Finance Sovereign funds struggle to channel trillions into climate finance Sovereign wealth funds that control nearly $12 trillion in assets are unlikely to quickly dismantle the hurdles in the way of urgently needed increases to their climate investments, even as Cop28 talks seek to close the funding gap. Funds such as those of Norway and the UAE Cop28 host, face obstacles including mandates that require […] December 7, 2023
Analysis Banking & Finance Late-year flurry could boost the sukuk market Sukuk issuance fell in the first nine months of 2023 – but this year’s total could yet equal that of 2022, Fitch Ratings’ Islamic finance chief told AGBI. Gulf governments and corporations are issuing sharia-compliant bonds to diversify their funding and ease their reliance on bank borrowing. Sukuk were developed as an alternative to conventional […] December 7, 2023
Finance Egyptian billionaire moves family office to Abu Dhabi Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported. Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported. Sawiris, Egypt’s wealthiest man, has […] December 6, 2023
Video length: 06:23 EXCLUSIVE Banking & Finance Mashreq will ‘follow science’ for fossil fuel fund phase-out The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a senior executive. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating AED110 billion in […] December 6, 2023
Banking & Finance UAE extradites Sanjay Shah to Denmark over tax fraud The UAE on Wednesday ordered the extradition of Sanjay Shah, a UK citizen, to Denmark to face charges of massive tax fraud and money laundering. Shah was extradited to Denmark’s security mission following a decision by Dubai’s Court of Cassation, the UAE state-run Wam news agency reported. The UAE justice minister has also approved the […] December 6, 2023
Finance Turkey’s total reserves reach record high of $140bn The Turkish central bank’s total reserves have jumped to a record level exceeding $140 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox policies following May elections. The rising reserves, alongside 3,150 basis points in interest rate hikes since June, have marked a departure from years of unorthodox and […] December 6, 2023
Finance Qatar to sell $644m worth of shares in Barclays Qatar Holding is looking to sell around £510 million ($643.72 million) of shares in Barclays, one of the banks acting on the deal said on Monday, cutting back on its crisis-era investment in the British bank. The deal is set to price at 141 pence per share, or a discount of about 1.4 percent to […] December 5, 2023
EXCLUSIVE Banking & Finance UAE sets up bankruptcy court to rule on disputes The UAE is overhauling its bankruptcy and restructuring law, introducing a specialist court to oversee disputes. The legislation – formally Federal Law Decree No 51 of 2023 – comes into force on May 1, 2024, and replaces the 2016 bankruptcy framework. It will emphasise the importance of amicable resolutions, broadening the scope for debtors to […] December 5, 2023
Video length: 06:23 Banking & Finance How banks are navigating fossil fuel financing Banks are navigating a complex battleground over fossil fuel phase-out: deciding whether or not to fund companies in oil and gas and other high-emitting sectors, they told a Dubai event staged in parallel with the Cop28 summit. The chief executive of ING, the Netherlands’ biggest retail bank, said the company had stopped providing dedicated finance […] December 4, 2023
Banking & Finance UAE banks to increase green financing to $272bn Major national banks in the UAE are to boost their green financing commitments, aiming to exceed a collective AED1 trillion ($272 billion), sources have told AGBI. The banks aim to accelerate financing in areas such as assisting businesses in transitioning to zero carbon emissions, particularly in harder to abate and small and medium-sized enterprise sectors. […] December 4, 2023
Tech Tax-friendly UAE beckons blockchain businesses The UAE is becoming a preferred destination for blockchain technology companies, ranking third globally as a crypto centre, according to a survey. Immigration consultancy Henley & Partners used six criteria to arrive at a global ranking and placed Singapore first because of its government’s close cooperation with banks, businesses and the public in developing its […] December 2, 2023
Sustainability BlackRock targets ‘repair and prepare’ climate investments BlackRock, one of the largest fund managers in the world, has identified investment opportunities in companies that are preparing for or repairing climate-related damage. UAE President Sheikh Mohammed Bin Zayed has also announced that the government is to launch a $30 billion climate-related investment fund with asset management companies BlackRock, TPG and Brookfield announced as inaugural […] December 1, 2023
Finance UAE extends $1bn deposit with Egypt until 2026 The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half […] December 1, 2023
Finance Saudi Arabia extends term of $3bn deposit to Pakistan The Saudi Fund for Development (SFD) has extended the period for its deposit of $3 billion to Pakistan for another year. The agreement, signed in 2021, was rolled over in 2022, the State Bank of Pakistan said in a statement. The deposit into Pakistan’s central bank was intended to boost its foreign exchange reserves and […] November 30, 2023
Finance Turkey says interest rate hikes ‘cooled’ inflation Turkey’s interest rate hikes have helped lower inflation expectations and improved visibility on prices, attracting Western fund inflows that have boosted depleted FX reserves, central bank governor Hafize Gaye Erkan said on Wednesday. Interest in Turkish lira deposit accounts and assets has increased since June, Erkan told the Istanbul Chamber of Industry, after years of […] November 30, 2023
Banking & Finance Brevan Howard to double Abu Dhabi headcount Brevan Howard, one of the world’s biggest hedge funds with assets exceeding $33 billion, is to double its workforce in Abu Dhabi next year. The UK company initiated its Middle East expansion by opening an office in Abu Dhabi Global Market in February, joining an increasing number of hedge funds drawn to the region’s substantial […] November 29, 2023
Finance Kingdom Holding ups stake in Citigroup with Alwaleed deal Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […] November 29, 2023
Finance US private equity giant General Atlantic opens Gulf offices Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […] November 29, 2023
Trade UAE and China renew $4.9bn currency swap deal The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news […] November 29, 2023
Banking & Finance PIF buys 10% stake in UK’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) will acquire a 10 percent stake in the parent company of London Heathrow, the UK’s busiest airport. Spanish infrastructure major Ferrovial will sell its entire 25 percent stake in FGP Topco for £2.37 billion ($3.01 billion), the company said in a statement. Paris-based private equity fund Ardian will buy the remaining […] November 29, 2023
Banking & Finance Aster DM to sell majority stake in Gulf business for $1bn UAE-based hospital chain Aster DM Healthcare will sell a majority stake in its Gulf business to a regional consortium for $1 billion as part of a plan to separate the unit from its Indian operations. A consortium led by state-backed Fajr Capital will own 65 percent of the Gulf business, while Azad Moopen, the founder […] November 29, 2023
Finance Turkey’s total reserves hit record high $137bn The Turkish central bank’s total reserves rose $2 billion last week to a record of $136.5 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox monetary policy since June. The central bank has raised interest rates by 3,150 basis points since June, when President Tayyip Erdogan appointed former Wall […] November 29, 2023