Finance Tadawul Group to buy 32.6% stake in DME Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […] January 19, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Giga-projects Red Sea crisis a threat to Saudi giga-project investment The Red Sea conflict between western powers and Houthi rebels in Yemen could put Saudi Arabia’s mammoth economic development projects at risk, the sovereign wealth fund advisory Global SWF said this week. The US and UK began airstrikes against targets in Houthi-controlled north Yemen on 12 January to stop them firing missiles at Red Sea […] January 18, 2024
Analysis Finance Bonds to expand in 2024 as governments plug shortfalls Gulf bond issuance this year will exceed that of 2023-24 as governments borrow to bridge budget shortfalls and tight spreads persuade more corporations to raise debt, according to experts. Gulf bond issuance in 2023 was $64.7 billion, up 74 percent year on year, according to data from Refinitiv. Yet last year’s total was still down […] January 18, 2024
Opinion Employment The five trends defining Dubai’s business landscape This year presents an opportunity for employers to explore an untapped talent pool January 18, 2024
Finance Qatar to launch its first bond issuance in four years Qatar will sell its first green bond soon and the first external debt issuance in four years, the country’s finance minister has said. “We’re ready to do it very soon,” Ali Al-Kuwari told Bloomberg Television at the World Economic Forum in Davos. “We are not hungry for money but it will be mainly to send […] January 18, 2024
Economy Oman’s debt repayment pace to slow, says Fitch Oman will continue to pay down government debt, but increasing social spending will slow the pace of debt reduction this year, Fitch Ratings said in a report. The global ratings agency forecasts that the Gulf nation’s surplus will likely fall to 1.8 percent of GDP in 2024 from an estimated 3.3 percent in 2023, based […] January 18, 2024
Banking and Finance Oman pushes $5.2bn plan to boost small business growth Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […] January 17, 2024
Finance Saudi Aramco doubles funds for venture capital arm The Saudi oil giant Aramco said on Wednesday that it had more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies. The additional $4 billion will be given over the next four years to Aramco Ventures, where Aramco had already […] January 17, 2024
Kuwait forms first government under new emir Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […] January 17, 2024
Finance Riyadh’s ‘investor-friendly’ civil code comes into force The new Saudi civil code has now come into effect, marking what the government hopes will be a milestone in encouraging foreign investment to the country. A statement on the website of the cabinet advisory body Bureau of Experts said the law became effective 180 days after its official publication in June last year. A […] January 17, 2024
Economy IMF ‘likely to drop currency demands for loans to Egypt’ The International Monetary Fund is likely to waive its demand that the Egyptian government make the pound free floating in order to receive additional loans, experts said on Tuesday. Cairo agreed a $3 billion IMF support package in December 2022, but received only an initial payment of $347 million. The original deal said Egypt should […] January 17, 2024
Banking and Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Finance Abu Dhabi Commercial Bank to open Riyadh branch Abu Dhabi Commercial Bank (ADCB) will open a branch in Riyadh after obtaining in-principle approval from Saudi Arabia’s cabinet, the UAE’s third-largest lender has announced. The bank will provide services for both corporate and institutional clients, including financing and working capital solutions as per the foreign banking branch licence issued by the Saudi Central Bank […] January 17, 2024
Finance Saudi Arabia not a member of Brics yet says minister Saudi Arabia has not formally become a member of the Brics bloc of countries, the kingdom’s minister of commerce has confirmed. “Saudi Arabia has been invited to attend Brics, we have not yet officially joined Brics,” Majid Al Kasabi told the World Economic Forum in Davos. The minister’s statement comes in response to an earlier […] January 17, 2024
Banking and Finance GCC companies lead early sukuk moves in 2024 Saudi Arabia’s largest healthcare provider has announced plans to issue a riyal-denominated sukuk as analysts predict that $170 billion of the sharia-compliant bonds will be issued this year. Middle East Healthcare Company, the parent of Saudi German Health, said in a filing to the Saudi Stock Exchange that the offering size would be determined later, […] January 17, 2024
Opinion Markets Carbon credit futures can be the next big thing for markets This emerging sector opens up opportunities for financial hubs across the GCC January 17, 2024
Finance UAE starts paying for Indian jewellery imports in rupees The UAE has initiated payment for its gems and jewellery imports from India using Indian rupees, a senior Indian government official has said. India is already paying for gold imports from the UAE in rupees, Moneycontrol, an Indian website, reported. The rupee settlement of trade between India and UAE for selected commodities is being done […] January 17, 2024
Economy Turkey allocates $35.5bn for new projects in 2024 The Turkish government has earmarked 1.07 trillion lira ($35.53 billion) for 12,041 projects in its 2024 budget, according to the country’s official gazette. As part of the investment program, 318.96 billion lira has been allocated to 773 projects in the transportation and communication sector, Daily Sabah newspaper reported. In addition, education takes a share of […] January 17, 2024
Finance QIA will support London’s Canary Wharf says CEO Qatar Investment Authority (QIA) will continue to support London’s Canary Wharf Group (CWG) project as a long-term shareholder, CEO Mansoor Al Mahmoud has confirmed. The sector contains “a little bit of risk” because of the “leverage and cost of funding,” he told Bloomberg Television at the World Economic Forum in Davos. However, the fund has […] January 17, 2024
Analysis Markets Treasury yields fall as traders bet on US rate cuts US 10-year treasury yields have slid from October’s 15-year highs as markets bet the Federal Reserve will start cutting its benchmark interest rate in 2024. Declining 10-year treasury yields, against which many sovereign and corporate bonds worldwide are priced, have led to lower borrowing costs. “We’re starting to see some more new issuance in 2024, […] January 16, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
