Finance Payment app Foodics to launch first Saudi fintech IPO Foodics, the cloud-based restaurant management and payment business, is to be the first Saudi fintech to list on the Saudi stock exchange in an IPO next year. “We haven’t decided exactly when but we plan to do an initial public offering during the next year,” Foodics’s general manager, Kamal Mirghalani, told Saudi-owned TV channel Asharq […] December 20, 2023
Finance Bahraini fund in talks to take full ownership of McLaren Bahrain’s sovereign fund is nearing a deal to take full control of the British supercar maker McLaren Group, according to a media report. Mumtalakat Holdings, which holds a 62.55 percent stake in McLaren, is in talks to buy the 20 percent stake held by minority shareholders and convert their equity into warrant-like instruments, Sky News reported. […] December 20, 2023
Analysis Banking and Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Analysis Trade UAE-US trade relations defy region’s pivot to the east The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […] December 19, 2023
Finance Egypt’s Abdel El Sisi wins third term as president Abdel Fattah El Sisi swept to a third term as Egypt’s president in an election where he faced no serious challengers. Monday’s election, in which he took 89.6 percent of the vote according to the National Election Authority, was held as Egypt struggles with a slow-burning economic crisis and tries to manage the risk of spillover from the […] December 19, 2023
Economy Turkish lira expected to weaken further in 2024 Turkey’s currency will weaken by about one-third versus the dollar next year to hit new all-time lows, analysts predict, as a sharp increase in interest rates does little to tame domestic inflation or convince Turks to hold the ailing lira. The tenure of Hafize Gaye Erkan, Turkey’s central bank’s governor appointed in June, may also […] December 19, 2023
Retail Sama issues regulations for growing BNPL sector The Saudi Central Bank (Sama) has issued new rules covering the rapidly expanding buy-now, pay-later (BNPL) retail sector, which analysts predict will double in size to $2.7 billion in annual transactions by 2028. Sama said it was issuing the regulations to ensure sustainable growth, transparency and consumer rights in the BNPL market, as part of […] December 18, 2023
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Renewable Energy Digital platform targets Gulf green energy deal-making A new digital platform aims to facilitate deal-making between institutional investors and deal sponsors as Gulf states ramp up investment in green energy projects both at home and abroad. “When executives announce a pledge of X billion investment, and then start thinking, ‘Okay, how do we actually put that to work?’, they can go onto […] December 18, 2023
Trade ADQ and Azerbaijan invest in $1bn joint venture Abu Dhabi-based ADQ has announced a $1 billion joint venture with Azerbaijan’s sovereign wealth fund to invest in major sectors. The JV with Azerbaijan Investment Holding will focus on agriculture, technology, pharmaceuticals and energy infrastructure. Investments will primarily be concentrated in Azerbaijan, the UAE and Central Asia, with the potential to expand to other countries, […] December 18, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Tech Saudi Arabia ‘leads in luring venture capital to tech’ Saudi Arabia has become a regional centre for venture capital in the tech sector, a government minister told a technology conference in Riyadh this week. “The kingdom has become part of the fabric of the global digital economy,” Mohammed Alrobayan, deputy minister of communications and IT, told the techXpand forum. “Testament to this is the […] December 18, 2023
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Trade AI to be at the heart of UK-GCC free trade talks AI will be at the heart of future bilateral trade between the GCC and the UK, according to Oliver Christian, His Majesty’s trade commissioner for the Middle East and Pakistan. “That [AI investment] will definitely be the story of my tenure here over the coming years in the UAE and across the Middle East,” said […] December 18, 2023
Finance Egypt to restructure debt in 2024, says Morgan Stanley Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note. The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank. […] December 15, 2023
Real Estate ADCB sells 80% stake in property unit for $161m Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million). The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a […] December 15, 2023
Banking and Finance Saudi Arabia seals $11bn syndicated bank loan Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year. The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and […] December 14, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Finance Family companies don’t like to be questioned, says Mishal Kanoo Most family-run companies in the UAE shy away from becoming listed because they are not accustomed to the level of scrutiny and transparency that an IPO entails, according to leading Gulf businessman Mishal Kanoo. Kanoo, chairman of The Kanoo Group, one of the largest independent groups of companies in the Gulf region – and the […] December 14, 2023
Finance UAE and Qatar keep rates steady in line with US Fed The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on […] December 14, 2023
Analysis Trade Turkey sets bold targets for trade with the Gulf Turkish e-commerce marketplace Trendyol has announced a plan to lift sales across the GCC – one of the latest developments as Turkey seeks to increase trade with the Gulf. The fashion and lifestyle platform will be rebranded for Gulf markets under a deal with Saudi retail group Cenomi. The pair hope to increase annual orders […] December 14, 2023
Finance Mena startup funding bounces back in November Startup funding rose sharply in November, reflecting regional and global investors’ renewed confidence in the Middle East and North Africa. Investment totalled $764 million from 42 deals, according to Dubai-based venture capital company Wamda. It was the highest monthly figure in 2023, an increase of 390 percent from October’s figure and a year-on-year rise of […] December 14, 2023
