Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Finance Avalon Pharma’s market value at $437m on listing Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has priced its initial public offering (IPO) at the top of its range at SAR82 ($21.87), implying a market capitalisation of SAR1.64 billion ($437.33 million) on listing. The recorded orders during the institutional book-building stood at SAR68.27 billion, representing a coverage of 138.76 times. The retail […] January 25, 2024
Banking and Finance Turkey plans credit card restrictions after 160% surge Restrictive measures are likely to be imposed on credit cards, which saw surging growth last year, the chairman of Turkey’s banks association said. Credit card sales rose 159 percent in 2023, while overall loan growth increased 54 percent, the Daily Sabah newspaper reported, citing Alpaslan Çakar. “It is evident that there is a need for […] January 25, 2024
Opinion Trade Pressing of palms is at the heart of UAE-India ties A deeply rooted mercantile ethos underpins today’s relationship between the two nations January 24, 2024
Analysis Economy Oman expects a ratings rebound but oil’s grip is strong Oman is on course to regain its investment-grade rating but analysts say challenges remain in reducing the economy’s dependence on hydrocarbons. Standard Chartered has forecast that Oman’s continued improvements in fiscal performance, de-leveraging (lowering debt) and commitment to reform could see the sultanate’s rating rebound “as early as 2024”. The bank’s Global Focus 2024 report […] January 24, 2024
Tech Saudi IT company invests $5m in OpenAI The Saudi IT company Al Moammar Information Systems has announced an investment of $5 million in the US artificial intelligence (AI) research company OpenAI. Al Moammar recently established a portfolio to invest in international companies in the field of artificial intelligence. Bloomberg reported in December that in early January OpenAI would complete a tender offer […] January 24, 2024
Finance Saudi remittance levels to reach $43bn by 2028 Saudi Arabia’s outbound remittance market is expected to rise to $42.7 billion by 2028 from $38.56 billion in 2022, a compound annual growth rate (CAGR) of 1.7 percent, according to a report. The growth will be driven by cross-border monetary transactions from the kingdom, according to Research and Markets, a consultancy based in Dublin. The […] January 24, 2024
Oil & Gas Uganda in talks with UAE firm on $4bn oil refinery Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said. The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added. Negotiations to finalise commercial details between the Ugandan […] January 24, 2024
Finance Energy costs push bitcoin mining in Iran underground Rising energy costs and onerous government regulations are forcing much of Iran’s once-blossoming bitcoin mining sector to operate clandestinely, a top industry executive has told AGBI. Bitcoin’s price surged to $46,900 in early January ahead of the launch of bitcoin exchange-traded funds (ETFs) in the US, up from a two-year low of about $15,800 in […] January 24, 2024
Finance Saudi Arabia opens new civil code court Saudi Arabia opened an administrative enforcement court this week that will have binding authority over government entities. The move is part of legal reforms aimed at encouraging foreign investment and assuaging concerns about justice in the kingdom. The new body is an arm of the complaints court where commercial disputes are normally heard, complaints court […] January 23, 2024
Opinion Banking and Finance Saudi funds, serial founders and more trends to shake up startups Saudi Arabia will lead the region, while corporates will play a growing VC funding role January 23, 2024
Trade Saudi-Morocco fund to drive investments – and closer ties Saudi Arabia and Morocco are setting up a joint investment fund as part of a deal to strengthen co-operation between their private sectors. The Saudi-Moroccan Economic Forum, held in Riyadh on Sunday, also included an agreement on direct shipping line projects. In addition, Saudi companies will get more support in accessing North African and European […] January 23, 2024
Economy Tunisia pays off all 2023 debt Tunisia has repaid all of its 2023 domestic and external debts despite constraints on public finance and difficulties in accessing foreign funding, according to finance minister Sihem Nemsia. It had been feared that the North African country was headed towards a default on its debt repayments. Speaking at the opening of a debate on the […] January 23, 2024
Finance PIF order book for new bonds issuance hits $27bn Saudi Arabia’s Public Investment Fund (PIF) has launched a triple-tranche bond sale totalling $5 billion, according to a news report. The bond issuance has generated strong demand, with orders exceeding $27 billion, the capital markets publication IFR reported. The final spreads for the bonds tightened from initial guidance to 115 basis points (bps) over US […] January 23, 2024
Banking and Finance Dubai on track to tackle $78bn debt, analysts say Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […] January 23, 2024
Markets Saudi US treasuries holdings hit two-year high Saudi holdings of US treasuries surged to a two-year high of $128.1 billion in November from a six-year low of $108.7 billion in June, according to newly released data from the US Department of the Treasury. Treasuries are government debt instruments issued by the Treasury and auctioned by the US Federal Reserve, and are considered […] January 22, 2024
Trade Bahrain’s trade deficit increases 200% Bahrain’s trade deficit increased by 212 percent in the fourth quarter of last year following a drop in exports and re-exports from the kingdom. The trade balance, which shows the difference between exports and imports, recorded a deficit of BD276 million ($733.2 million) in the fourth quarter, up from BD88 million in the same period […] January 22, 2024
Opinion Logistics The Saudi ecommerce surge is transforming logistics A young, digitally savvy population is changing the way the kingdom does business January 22, 2024
Real Estate Turkey home sales hit nine-year low on rising interest rates Sales of residential properties in Turkey fell to their lowest levels in nine years in 2023 due to rising interest rates and inflation. Home sales declined 17.5 percent year on year to 1.23 million in 2023, Daily Sabah newspaper reported, citing Turkish Statistical Institute (TurkStat). The central bank has raised its policy rate by 3,400 […] January 22, 2024
Finance No income tax on individuals, says Saudi finance minister Saudi Arabia has no plans to impose an income tax on individuals, the country’s finance minister has confirmed. “There is no intention at all in Saudi Arabia to impose income tax on individuals. That has been our position very clearly,” Mohammed Al-Jadaan told Bloomberg TV at the World Economic Forum held in Davos. The minister […] January 21, 2024
Finance Saudi Arabia to hold WEF meeting in April Saudi Arabia plans to host a World Economic Forum meeting in April, the first WEF gathering outside the Swiss ski resort of Davos since the Covid-19 pandemic. Saudi Arabia’s economy minister Faisal Alibrahim told Reuters on 18 January, during the current meeting in Davos, that the meeting will be held on 28-29 April. It aims […] January 19, 2024
Opinion Markets Frogs, dogs and elephants – the zoology of business talk Sometimes only an animal analogy will do to describe complex corporate concepts January 19, 2024
