Banking & Finance Dubai lender Mashreqbank hires banks for dollar bonds Dubai lender Mashreqbank has hired banks to arrange the sale of US dollar-denominated Additional Tier 1 bonds, a document showed on Monday. It mandated BofA Securities, Citi, Emirates NBD, JPMorgan, Mashreq, Societe Generale and Standard Chartered Bank to arrange a global investor call and a series of fixed income investor calls, the document said. June 28, 2022
Banking & Finance Dubai’s TECOM raises $463m from IPO Dubai business park operator TECOM Group said today it had raised 1.7 billion dirhams ($463 million) from investors via its initial public offering. The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, announced on June 8 that it would sell a 12.5 percent stake by offering […] June 27, 2022
EXCLUSIVE Banking & Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022
Abu Dhabi part of $10.2bn deal to take US software giant private Zendesk Inc on Friday agreed to be taken private by investment firms led by Hellman & Friedman and Permira in a $10.2 billion deal, a turn of events that comes just weeks after the company concluded it would remain public. The San Francisco-based software company said shareholders will receive $77.50 per share in cash, representing […] June 27, 2022
Iraqi PM in Iran to push for revival of Tehran-Riyadh talks Iran and Iraq have agreed to seek stability in the Middle East, Iraqi Prime Minister Mustafa al-Kadhimi said in Tehran on Sunday, a day after he visited Saudi Arabia in a bid to revive talks between the regional rivals to ease years of hostility. Iran and Saudi Arabia, the leading Shi’ite and Sunni Muslim powers […] June 27, 2022
Analysis Banking & Finance UK Islamic fintech wants to take on the world UK fintech has enjoyed meteoric growth in recent years, and Islamic fintech has been a key part of that success. AGBI speaks to industry experts to get the inside track on the sector’s development UK fintech investment hit $37.3 billion in 2021, up sevenfold from $5.2 billion in 2020, according to figures published by global […] June 24, 2022
Qatar’s Tamim to visit Egypt for first time since boycott Qatar’s ruler will visit Egypt on Friday, his first trip to the country since Egypt and Qatar agreed last year to end a long-running regional feud, diplomatic sources said. Emir Sheikh Tamim bin Hamad al-Thani, who last visited Egypt in 2015, will hold a formal meeting with Egypt’s President Abdel Fattah al-Sisi in Cairo on […] June 24, 2022
Lebanon’s Mikati named PM, urges action to secure IMF deal Lebanon’s Najib Mikati was named prime minister on Thursday, urging fractious politicians to set aside differences to secure an IMF deal which he said was the only chance to save the country from financial collapse. Facing a politically difficult path to agreeing on a new cabinet, the billionaire tycoon who led three previous governments said Lebanon […] June 24, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Banking & Finance UAE eyes dollar bonds to fill $600m 2022 budget deficit The United Arab Emirates is in the market with a two-tranche U.S. dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. Initial price guidance was around 125 basis points (bps) over U.S. Treasuries (UST) for the 10-year paper and around 200 bps over UST for the Formosa […] June 23, 2022
Analysis Electric vehicles cost more to insure than petrol cars in the UAE Electric vehicles (EVs) are more expensive to insure in the UAE than their traditional fuel-powered alternatives. This is due to the higher number of claims, cost of repairs and parts, and the fact that some drivers are not used to them, industry experts told AGBI. “It’s true that some insurers price electric and hybrid car […] June 23, 2022
Oman offers to buy $1.75bn of outstanding bonds Oman has announced a tender offer to purchase for cash up to a total of $1.75 billion of several of its outstanding bonds, excluding accrued interest, a bank document showed on Wednesday. Oman reserves the right to increase or decrease the aggregate tender amount and accept or reject any offers, the document from one of […] June 22, 2022
Banking & Finance Abu Dhabi firms invest $25m each in Elon Musk’s SpaceX Two Abu Dhabi-listed firms have invested $25 million each in California-based rocket manufacturer SpaceX, which was founded by Elon Musk, the world’s richest man. International Holding Company first invested in SpaceX in 2020 through private equity fund Falcon CI IV and yesterday confirmed it had put in an additional $25 million. “We are pleased to […] June 22, 2022
Jordan hopes for $3bn in deals from Saudi crown prince visit Saudi Crown Prince Mohammed bin Salman met with Jordan’s King Abdullah on Tuesday amid a thaw in relations after years of tension due to divergent views on regional conflicts and unfulfilled pledges of aid. The first visit to Jordan in years by the de facto ruler of Saudi Arabia comes at a time, officials say, […] June 22, 2022
Saudi crown prince to meet Erdogan to help repair relations Saudi Crown Prince Mohammed bin Salman visits Turkey for the first time in years on Wednesday for talks with President Tayyip Erdogan aimed at fully normalising ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. In April, Erdogan went to Saudi Arabia after a months-long drive to mend relations between the regional […] June 22, 2022
Britain launches free trade talks with Gulf countries Britain on Wednesday will launch talks over a new free trade deal with six Gulf states, the trade ministry said, in the latest set of negotiations aimed at increasing non-EU ties after Brexit. Trade minister Anne-Marie Trevelyan will visit Riyadh to begin discussions with the Gulf Cooperation Council (GCC), which is made up of Bahrain, […] June 22, 2022
Bahrain’s sovereign wealth fund eyes McLaren IPO within 3 years Bahrain’s sovereign wealth fund, Mumtalakat, which has a 60 percent stake in McLaren, expects the British racing team and supercar maker to go public in two to three years, its chief executive told Reuters on Tuesday. “The racing team has benefited from the growth and viewership so that side of the business has been doing […] June 22, 2022
Opinion New savings scheme could halt spend now, worry later culture Mindsets need to change if retirees are to enjoy their later years June 22, 2022
Opinion Banking & Finance Crypto scams are widespread – here’s how to protect yourself The UAE's standardisation of crypto transactions has boosted their leverage to buy real-world assets – but there are reasons to remain wary June 22, 2022
Analysis Banking & Finance Crypto crisis will weed out the Gulf’s weak players, say analysts The region’s cryptocurrency industry has grown rapidly – and is now being hit hard by the worldwide plunge in prices, but experts and businesses are welcoming the shake-up The value of the cryptocurrency market has slumped by more than $2 trillion since November, with bitcoin’s price dropping 70 percent and some in the sector laying […] June 22, 2022
Kuwait’s $700bn fund says global markets will ‘go down further’ Kuwait Investment Authority (KIA) is waiting for a further expected decline in global markets before deploying investments and believes that will be before the end of the year, Managing Director Ghanem Al-Ghenaiman said on Tuesday. Ghenaiman, speaking at the Qatar Economic Forum organised by Bloomberg, said he believes markets will “go down further from here”. […] June 21, 2022
Egypt, Saudi Arabia sign 14 deals worth $7.7bn Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday. Saudi Arabia has provided billions of dollars in financial support since Egypt’s President […] June 21, 2022
