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Finance & Banking

Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest

Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […]

Leviathan natural gas field

Israel’s long-awaited sovereign wealth fund to start on June 1

Israel’s long-delayed sovereign wealth fund can begin operating on June 1 now taxes on profits from natural gas have passed 1 billion shekels ($301 million), the country’s Finance Ministry and Tax Authority said on Monday. Finance minister Avigdor Lieberman will sign an order to transfer 1.14 billion shekels in levies to the fund on Wednesday, […]

Digitisation costs, but UAE banks need to take the plunge

Banks in the United Arab Emirates are seeing their profits squeezed due to the cost of digitalising their operations, but experts believe lenders still need to invest more to keep up with global benchmarks. The latest S&P Global UAE Purchasing Managers’ Index (PMI), released earlier this month, found that costs are at their highest levels […]

Food, Invertebrate, Animal

Turkey to receive $500m from World Bank for COVID-19 vaccines

The World Bank said on Thursday that its board had approved $500 million in additional financing to support Turkey in its efforts to fight against COVID-19. The funds, which will have a maturity of 10.5 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey, […]

President Volodymyr Zelensky at Davos

Zelensky tells Davos the world is ‘at a turning point’

Ukrainian President Volodymyr Zelensky addressed global business leaders at Davos on Monday, telling them the world faced a turning point and had to ramp up sanctions against Russia as a warning to other countries considering using brute force.  “History is at a turning point… This is really the moment when it is decided whether brute […]

First dirham-denominated bond listed on Nasdaq Dubai

The UAE’s first dirham-denominated treasury bond was listed on Nasdaq Dubai yesterday. Mohamed Hadi Al Hussaini, minister of state for financial affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. […]

Emirates aims to start repaying Dubai $4.1bn in Covid aid

Dubai’s Emirates hopes that it will soon start paying back the 15 billion dirhams ($4.1 billion) in state assistance it receive from the government during the pandemic, its chairman said on Monday. The Dubai government injected billions of dollars into its flagship airline via equity injections over the course of the pandemic that had at […]

Amr Nosseir used to be managing director, chairman and head of Middle East Business Development at CVC Capital Partners

CD&R hires Amr Nosseir, CVC’s top Mideast dealmaker

Private equity firm Clayton, Dubilier & Rice (CD&R) has hired CVC Capital Partners’ top dealmaker for the Middle East as it seeks to bolster its presence and expand relationships with investors in the region. CD&R said yesterday it had appointed Amr Nosseir as senior advisor to the firm. Nosseir previously served as managing director, chairman […]

Khaldoon Khalifa al-Mubarak, Mubadala CEO

Mubadala posts record $33bn income in 2021

Abu Dhabi state investor Mubadala posted a record income of 122 billion dirhams ($33 billion) in 2021, citing strong investment returns, the monetisation of some assets and new partnerships. “2021 was Mubadala’s strongest financial year in its 20-year history,” Group CEO Khaldoon Khalifa al-Mubarak said in a statement. The 2021 result for so-called total comprehensive […]

Japan’s Nikkei hits two-month low after Wall Street slides

Japan’s Nikkei fell to its lowest in almost two months today as technology heavyweights tracked a sharp decline on Wall Street overnight. The Nikkei share average fell 1.77 percent to 25,748.72, the lowest since March 15. The broader Topix fell 1.19 percent to 1,829.18. “It was hard to bet on Japanese stocks after the Nasdaq’s […]

Logo, Trademark, Symbol

Musk incurs regulators’ wrath with late Twitter stake disclosure

US regulators are investigating Elon Musk’s delayed disclosure of his stake in Twitter Inc last month, the Wall Street Journal reported yesterday, citing people familiar with the matter. Musk disclosed a 9.2 percent stake in Twitter to the US Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days since […]

Shopify’s revenue growth slowest in seven years, shares plunge

Canada’s Shopify Inc reported its slowest quarterly revenue growth since going public in 2015 and delivered a big miss on profit, sending the company’s U.S.-listed shares tumbling 17 percent on Thursday. Easing global e-commerce growth from the frenetic pace seen during the peak of the pandemic has hit Shopify, which provides merchants tools and service […]