Banking & Finance Qatari bank says US dollar ‘safe haven’ amid geopolitical risks Qatar National Bank (QNB), the Gulf’s largest lender by assets, has described the US dollar as a “safe haven” instrument, especially in light of the geopolitical turbulence in Europe and Asia, the state-onwed Qatar News Agency reported, citing a weekly report by the lender. It predicted that the advanced economies would likely remain in a […] August 28, 2022
Banking & Finance Dubai launches Emirati savers programme for women In the run up to Emirati Women’s Day on August 28, National Bonds, which is owned by Dubai’s sovereign wealth fund, has launched a new initiative designed for female Emirati investors and savers. This follows its survey findings that more than half of Emirati women do not invest any of their money and 30 percent […] August 27, 2022
Banking & Finance UAE banks’ exposure to real estate sector declines UAE banks have seen a reduction in real estate and construction exposure as cash buyers dominate the market. Exposure to property sectors decreased by 30 basis points quarter-on-quarter to 19.8 percent, according to the latest UAE Banking Pulse Q2 2022 by professional services firm Alvarez & Marsal (A&M). “We have been following this from Q1 […] August 26, 2022
Banking & Finance Cash-rich Germany criticised by watchdog over money laundering Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe’s biggest cash centres. The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to […] August 26, 2022
Banking & Finance Turkish central bank’s net forex reserves drop to $13.88bn The Turkish central bank’s net international reserves fell $1.8 billion to $13.88 billion in the week to August 19, central bank data showed on Thursday, after hitting their highest level since late April a week earlier. The exchange rate used by Reuters on Thursday was 17.9688. Last month, the net forex reserves dropped to $6.07 […] August 26, 2022
Banking & Finance Egypt central bank increases cash withdrawal limits Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to EGP 50,000 ($2,600), but now will allow withdrawals of up […] August 26, 2022
Analysis Quotas for funding women-led startups could address male bias Experts have deemed the regional venture capital industry as “fundamentally biased against women” as new data shows female startups and entrepreneurs secured just 0.1 percent of the $105 million of the available Middle East funding pot last month. In a bid to equalise gender opportunities, the UAE recently mandated that all listed companies must have […] August 25, 2022
Construction Emaar shares rise on plan to scrap limit on foreign ownership Emaar Properties, the developer behind the Dubai Mall and Burj Khalifa, saw its shares soar in early trading on Thursday after its announced plans to consider removing a limit on foreign ownership. The developer’s shares rose 4.7 percent to AED6.25 ($1.70), its highest level since early May. Foreigners invest $4.2bn in UAE stocks since start […] August 25, 2022
Banking & Finance Turkey lowers reference interest rate for September Turkey’s central bank lowered its reference interest rate to 15.34 percent for September, from 16.32 percent in August, according to an official document, in a move that is likely to lower interest rates on corporate loans. On Saturday, the central bank unveiled new required bond holdings for lenders meant to address the widening gap between […] August 25, 2022
Banking & Finance Qatar Investment Authority aims to invest $3bn in Pakistan The Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, the Qatari ruler’s office said on Wednesday, lending support to the South Asian nation’s cash-strapped economy. Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than […] August 25, 2022
Banking & Finance Teen banking app Zywa targets Saudi after funding boost Zywa, a teen-focused fintech startup in the Middle East and North Africa, has announced plans to expand into Saudi Arabia following a seed funding round of $3 million. The startup, which is part of Hub71, Abu Dhabi’s global tech ecosystem, offers a prepaid card for teenagers and an app to manage and save money. The […] August 23, 2022
Banking & Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […] August 23, 2022
Banking & Finance Bond yields tumble after Turkey unveils latest credit tweaks Turkish benchmark bond yields fell by around 300 basis points on Monday after the central bank adopted its latest regulations meant to boost certain types of corporate credit in the face of months of rising lending rates. On Saturday, the central bank unveiled new required bond holdings for lenders, boosting demand on Monday. The measures […] August 23, 2022
Gulf buy now, pay later firm Tamara says it raised $100m Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF. The series ‘B’ funding would support the Saudi-based startup to expand into new markets, and introduce new services and […] August 22, 2022
Analysis Banking & Finance Motor insurance stalls despite UAE premium growth UAE listed insurance companies reported that the value of premiums rose 7.64 percent year-on-year to AED15.676 billion ($4.27 billion) in the first half of 2022, but industry experts said the motor segment continues to struggle. A total of 13 insurers listed on the Dubai Financial Market accounted for 56.1 percent of the total premiums of […] August 22, 2022
Opinion Banking & Finance The UAE must up its fight against money laundering A rise in enforcement actions proves the Emirates' commitment to leaving the Financial Action Task Force grey list August 22, 2022
Banking & Finance New Zealand wants rates above ‘neutral’ to tame inflation Reserve Bank of New Zealand Deputy Governor Christian Hawkesby said on Monday that policymakers want rates to be “comfortably above neutral” to help lower core inflation. Hawkesby told Reuters in a phone interview the RBNZ had “certainly considered 25 or 75” basis point increases last week before ultimately deciding to raise the cash rate by […] August 22, 2022
Banking & Finance Palestinians working in Israel strike over new payment methods Tens of thousands of Palestinians employed in Israel staged a one-day strike on Sunday in protest at a decision to pay their salaries into bank accounts rather than in cash. The new payment method was agreed between Palestinian and Israeli authorities looking for a more efficient and secure way to pay salaries, but workers fear […] August 22, 2022
Banking & Finance UAE investment in Egypt up 169% to $1.9bn in first six months UAE investments into Egypt increased to $1.9 billion (AED 6.98 billion) during the first half of the fiscal year 2021-2022, rising 169 percent year-on-year, UAE state-owned news agency WAM reported, citing Egyptian government data. According to the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS), the value of the trade between Egypt and the […] August 22, 2022
Banking & Finance US warns Russia trying to bypass Western sanctions via Turkey US Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Finance Minister Yunus Elitas that Russian entities and individuals were attempting to use Turkey to bypass Western sanctions imposed over Moscow’s war in Ukraine, the Treasury Department said. In a phone call, the two also discussed ongoing efforts to implement and enforce the sanctions against Russia, […] August 21, 2022
Banking & Finance PIF-backed real estate refinance firm to acquire $133m portfolio Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, […] August 19, 2022
Banking & Finance Egypt central bank holds rates steady after change of governor The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […] August 19, 2022
