Skip to content Skip to Search
Skip navigation

Finance

Finance, economics, markets and trade news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]

A market in Cairo. The meeting of the central bank’s MPC was its first since Egypt secured $8 billion in financial support from the IMF in March

Egypt holds interest rate hike despite slowdown

The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […]

Pakistan’s prime minister Muhammad Shehbaz Sharif meets UAE president Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi

UAE commits to invest $10bn in Pakistan’s economy

The UAE intends to invest $10 billion in various economic sectors in Pakistan. “UAE president Sheikh Mohamed bin Zayed Al Nahyan assured the Emirates’ support in all circumstances and made a commitment of investing $10 billion in multiple sectors,” Pakistan’s prime minister’s office said in a statement. The statement was released after the UAE president […]

Turkey's finance minister Mehmet Simsek says he has faith in the country's measures to curb inflation

Turkey tightens monetary policy but holds rate steady

Turkey will continue to maintain a tight monetary stance until a “significant and sustained” decline in monthly inflation is seen, the country’s central bank said. The bank’s monetary policy committee kept the key policy rate steady at 50 percent, adding it remains “highly attentive to inflation risks”.  The central bank raised interest rates by 500 […]

Chinese smartphone

Middle East phone users turn to Chinese budget brands

Middle East consumers are embracing budget-friendly Chinese smartphone brands, as global favourites such as iPhone and Samsung suffer a slump in sales. The Middle East’s smartphone market is flourishing, with shipments excluding Turkey reaching more than 12 million units in the first quarter of 2024, a year on year increase of 39 percent, a report […]

Gulf bank rates

Gulf banks face margin squeeze as funding costs rise

Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Mashreq has injected over $125 million so far into India, signalling its readiness to invest further

Mashreq explores presence in India’s new economic zone

UAE lender Mashreq is exploring setting up an office in India’s special economic zone, according to a media report. The bank is exploring opportunities beyond its current footprint, Tarek El Nahas, group head of international banking at Mashreq told Moneycontrol, an Indian financial news portal. The prospect of setting up a presence in the Gujarat […]

The Adnoc Drilling head office. Adnoc will not be able to sell any more of its stake for at least six months

Adnoc Drilling successfully floats further stake

Abu Dhabi state oil company Adnoc has successfully placed a further 5.5 percent of listed subsidiary Adnoc Drilling, increasing the company’s free float to 16.5 percent. The sale of an additional 880 million shares through a book-building process will boost trading of Adnoc Drilling’s stock on Abu Dhabi’s bourse. Adnoc restricted the share sale to […]

John Kirby, the White House national security communications adviser, said Saudi Arabia and the US were 'closer than we’ve ever been' to a deal

Saudi Arabia ‘close’ to US defence pact and arms deal

Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week.  John Kirby, the president’s national security spokesperson, said on May 20 that the […]

An orange vendor in Cairo. The country will export 2 million tonnes of oranges this year

Egyptian agricultural exports hit record levels

Egypt exported a record 7.5 million tonnes of agricultural produce last year, compared with 6.4 million tonnes in 2022 and 5.6 million in 2021. The total value of agricultural exports in 2023 was $8.8 billion, according to minister of agriculture and land reclamation Al Sayed Al Quseir. Egypt’s total number of export partners has increased […]

The indicative price for EIB's 5-year sustainability sukuk was set at 100 basis points over US Treasuries

Emirates Islamic Bank’s green sukuk orders hit $1.9bn

The Islamic unit of Emirates NBD, Dubai’s largest lender, has launched a $750 million green sharia-compliant sukuk. The indicative price for Emirates Islamic Bank’s (EIB) 5-year sustainability sukuk was set at 100 basis points over US Treasuries, Reuters reported, citing a document from an arranging bank.  The issuance, part of EIB’s $2.5 billion certificate issuance […]

Flag, Outdoors, Water The emirate's mega tourism projects offer promising opportunities for investors and are a catalyst to attract new investment

Mega-projects aid in upgrade of Ras Al Khaimah’s rating

Fitch has upgraded Ras Al Khaimah’s credit rating from A to A+ thanks to the launch of a number of large investment projects. The emirate’s mega tourism projects, including hotels, beach resorts and high-end leisure facilities, offer promising opportunities for investors and are a catalyst to attract new investment, the rating agency added. Fitch forecasts […]

The number of ships traversing the Suez Canal has almost halved and Egypt expects a substantial revenue fall

Red Sea crisis could drop Suez Canal revenue by 60%

Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […]

Investment app Sarwa had more than 180,000 registered users by the first quarter of 2023

Investment app Sarwa fined by Dubai and Abu Dhabi regulators

Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech.  On the same day, the Financial Services Regulatory Authority […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

A farmer feeds her cattle in Come-by-Chance, Australia; meat is one of Australia's largest exports to the UAE

UAE and Australia deal in sight with trade almost $10bn

The Aussie accent is a familiar one in Dubai, with about 16,000 Australians calling the emirate their home and trade links between Australia and the UAE creeping back to pre-Covid levels. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion in 2022, up 28 percent compared with 2021 and almost double the […]

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Jordan's King Abdullah II talk during a meeting in Abu Dhabi in March

UAE’s ADQ to invest $5bn in Jordan’s economy

Abu Dhabi sovereign wealth fund ADQ has completed plans to invest $5 billion in infrastructure and other projects in Jordan. ADQ has completed the formalities to set up the infrastructure investment fund company, Jordan’s ministry of investment said in a statement. This initiative is part of the agreement signed with the UAE during last year’s visit to […]