Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Analysis Real Estate Canary Wharf’s evolution is a nod to QIA change of strategy The futuristic designs for the former HSBC Holdings headquarters in London’s Canary Wharf may provide a glimpse into the strategy in recent years of one of its major shareholders – the Qatar Investment Authority. Reportedly a casualty of the Covid pandemic and subsequent shift to remote working, 8 Canada Square is to be turned into […] July 26, 2024
Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
Trade Brazil’s JBS to open Saudi food factory as trade ties deepen Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […] July 25, 2024
Banking & Finance First Abu Dhabi Bank revenue rises on overseas growth First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […] July 25, 2024
Economy Kuwait turns to budget deficit as oil income drops Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue […] July 25, 2024
Finance Turkey repays $5bn Saudi deposit to cut liabilities Turkey’s central bank has repaid a $5 billion deposit by Saudi Arabia as part of its plan to lower external liabilities. The amount was returned to the Saudi Fund for Development, received in 2023, the central bank said in a statement. “Our external liabilities have recently improved by $7 billion through the reduction of deposit […] July 25, 2024
Analysis Finance From taxes to FDI rules – how India’s budget affects the Gulf Prime Minister Narendra Modi’s first budget of his third term brings welcome news for international investors but mixed outcomes for non-resident Indians. Notable initiatives include abolishing the contentious “angel tax”, simplifying foreign direct investment (FDI) rules, increasing capital gains taxes and cutting gold import duties. Angel tax abolition: relief comes too late India’s finance minister […] July 25, 2024
Oil & Gas Israel to develop more natural gas exports UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […] July 24, 2024
Banking & Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Economy Tunisia approves $54m loan from Italy Tunisia has officially approved a €50 million ($54 million) loan from Italy to support its state budget for the current financial year. The loan was originally signed in April. It will be repaid over 40 years with a 31-year grace period and a zero percent interest rate. Tunisia’s current account deficit narrowed to 2.3 percent […] July 24, 2024
Retail ADIA considers $1bn funding in Nestlé ice cream Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé. The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company. The […] July 24, 2024
Banking & Finance UAE bank to bolster presence in Central Asian economy Abu Dhabi Commercial Bank (ADCB) is bolstering its Islamic banking services in Kazakhstan. The Abu Dhabi-listed bank will establish a sharia-compliant corporate banking services centre to gain a foothold in the $1.8 trillion Central Asian economy. Al Hilal Islamic Bank, a subsidiary of the bank in Kazakhstan, will be rebranded and offer corporate financial products […] July 24, 2024
Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Opinion Finance Climate finance moves to the top of the Cop29 agenda The world is still a long way from raising the $2 trillion-plus needed annually to achieve climate goals July 23, 2024
Economy Egypt external debt makes record drop Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […] July 23, 2024
Trade UAE to revive EU trade talks before year-end The UAE plans to restart trade talks with the European Union by the end of the year despite a broader agreement with GCC remaining on hold, according to a news report. The UAE has initiated the discussion both through the GCC and bilaterally, Reuters reported, quoting trade minister Dr Thani bin Ahmed Al Zeyoudi. “We are […] July 23, 2024
Media & Advertising Du quarterly profit jumps 46% as subscribers rise Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin mobile brands in the UAE, reported a 46 percent jump year on year in net profit to AED581 million ($158 million) as subscriber numbers increased. Revenue grew 7 percent to AED3.6 billion in the April to June period, compared to AED3.3 billion a year […] July 23, 2024
Finance Signs of US recovery prompt Saudi Arabia to buy treasury bonds Saudi Arabia’s holdings of US bonds rose by 22 percent year on year in May, as the kingdom banked on an economic recovery in the United States. The May figure of $136.3 billion, released by the US Department of the Treasury, is the highest level of Saudi bond holdings since January 2022. The kingdom is […] July 23, 2024
Analysis Markets Looming ‘vision’ project deadlines spur GCC bond market growth Gulf countries are racing to complete ambitious “vision” agendas, pushing the total value of GCC bond and sukuk issuances since 2014 to more than $1 trillion. Each GCC country is working towards its own goals – whether that be the Saudi Vision 2030, We the UAE 2031, or Kuwait Vision 2035 – with the aim […] July 23, 2024
Economy Mena economic data The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey July 22, 2024
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain July 22, 2024
