Banking & Finance Dubai’s TECOM profit jumps 55% in Q2 2022 on economic rebound Dubai business park operator TECOM Group reported a net profit of AED 237.7 million ($64.72 million) in the second quarter of 2022, up 54.5 percent, from AED153.9 million a year ago, thanks to buoyancy in the emirate’s economy and improving business sentiment. Revenues for the three-month period ending June 30, 2022, jumped 18.5 percent year-on-year […] August 3, 2022
Banking & Finance Saudi Arabia sets up investment promotion agency Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. The Saudi Investment Promotion Authority “will be a strong supporter of the investment system in its quest to achieve the […] August 3, 2022
Banking & Finance Turkey’s lira-protection scheme set to survive confidence test Turkey’s attempt to curb demand for foreign currency by protecting lira deposits looks set to survive its biggest test yet with deposits worth tens of billions of dollars being renewed, sources say, but the cost is rising as the lira slumps. President Tayyip Erdogan’s government introduced the scheme, which compensates depositors for lira losses against […] August 3, 2022
Opinion Banking & Finance Let’s make it faster and cheaper to send money home Millions of families depend on the funds sent by loved ones overseas. Policymakers and industry must simplify the process now August 2, 2022
Abu Dhabi fund leads $300m investment in China’s Taibang China’s Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, the biopharmaceutical firm said on Tuesday. Apart from Platinum Orchid, a subsidiary of the United Arab Emirates’ biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China […] August 2, 2022
Analysis The billion-dollar question: what does it take to make a unicorn? Can the UAE meet its target of being home to 20 unicorns by 2031? Only if entrepreneurs, venture capital and the government work together to build companies that can truly “translate across borders”, according to experts. Today the UAE has just three startups valued at $1 billion: Vista Global, Emerging Market Property Group and Kitopi. […] August 1, 2022
Banking & Finance Fast food operator Americana appoints HSBC to advise on IPO The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has added HSBC to its syndicate of advisers for its potential dual listing this year, two sources familiar with the matter told Reuters. Americana Group has hired HSBC as a joint bookrunner on the initial public offering (IPO), which could value […] August 1, 2022
Banking & Finance Mubadala looks to acquire stake in Burger King’s Brazil franchisee The franchise holder of the Burger King brand in Brazil, Zamp SA, said on Monday that Abu Dhabi state investor Mubadala Capital LLC has launched a tender offer to acquire control of the company. According to a securities filing, Mubadala has offered 7.55 reais ($1.47) per share to buy 45.15 percent of Zamp, which would […] August 1, 2022
Central bank, companies clash over Turkey’s new loan rules A big Turkish business group and the central bank clashed on Friday over recent regulations covering loans, with the Istanbul Chamber of Industry’s (ISO) head saying the measures create “irredeemable” problems. Turkish authorities including the central bank and BDDK regulator have taken steps to limit loans to companies except those that are net exporters, as […] August 1, 2022
Banking & Finance Remittances from Egyptian workers abroad at $2.4bn in May Remittances from Egyptian workers abroad at $2.4 bln in May Remittances from Egyptian workers abroad reached $2.4 billion in May, the central bank said on Sunday. Remittances, one of Egypt’s main sources of foreign currency, were at $2.6 billion in May 2021, the bank added. Egypt’s M2 money supply rose by 23.4 percent year-on-year in […] August 1, 2022
FTX wins full approval to operate crypto exchange in Dubai Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector. The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as […] August 1, 2022
Analysis MENA startup funding poised to recover in second half of 2022 Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […] July 29, 2022
Banking & Finance UAE’s top bank FAB cautious after flat second quarter profit First Abu Dhabi Bank (FAB) , the United Arab Emirates’ biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit. Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly […] July 29, 2022
Analysis Banking & Finance Global Islamic fintech market set to hit $179bn in 2026 The global Islamic fintech market recorded $79 billion in transaction volumes in 2021. And it is expected to grow by around 18 percent annually to reach $179 billion by 2026, according to the Global Islamic Fintech (GIFT) Report 2022 launched on Thursday. “Covid and the subsequent digitisation push has helped to accelerate the pace at […] July 29, 2022
Banking & Finance Dubai’s Emirates NBD profit rises in second quarter Dubai’s biggest lender, Emirates NBD, posted on Thursday a jump of 42 percent in second-quarter net profit, boosted by higher income and lower impairments. Emirates NBD’s net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period. Net interest income rose 27 […] July 28, 2022
Saudi Arabia’s biggest bank almost doubles its Q2 profit Saudi National Bank (SNB) , the kingdom’s largest lender, said on Wednesday its net profit almost doubled in the second quarter due to higher operating income and lower expenses, which include impairment charges. The Saudi lender’s net profit for the three months to June 30 was 4.59 billion riyals ($1.22 billion), compared with 2.32 billion […] July 27, 2022
Manufacturing Kuwait sovereign wealth fund invests in Italian ATM operator Italian fund FSI, the main investors in which include state lender CDP and the sovereign wealth funds of Kuwait and Singapore, has signed a preliminary deal for an investment in payments card and cash machine operator BANCOMAT. FSI and BANCOMAT have agreed the terms under which FSI is set to invest in BANCOMAT “to sustain […] July 27, 2022
Exclusive Banking & Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022
Banking & Finance Huobi heads for Dubai as report dubs UAE ideal location for crypto Hong Kong-based exchange granted provisional licence by Dubai's VARA as UAE is ranked at No 4 in list of world's top 'crypto-ready' countries July 26, 2022
Banking & Finance Gulf banks move step closer to creating $115bn new lender Kuwait Finance House (KFH) has made a firm offer to buy Bahrain’s Ahli United Bank (AUB). The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. In a statement on the Bahrain Stock Exchange on Monday, AUB said it had received a notice of firm intention from KFH to acquire 100 […] July 26, 2022
Deutsche Bank global investment chief to join Abu Dhabi SWF Deutsche Bank’s global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, according to a memo seen by Reuters on Monday. Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking, according to the memo […] July 26, 2022
Analysis Banking & Finance What’s behind Saudi Arabia’s dwindling treasure chest? Saudi Arabian reserves have dwindled by almost half in the last five years, with the government splashing out $70 billion on investment plans amid the coronavirus pandemic. In spite of the kingdom’s depleted treasure chest, analysts expressed confidence that the reserves are being redeployed wisely into funds and giga-projects, as oil prices and foreign direct […] July 26, 2022
