Banking and Finance Aster DM to sell majority stake in Gulf business for $1bn UAE-based hospital chain Aster DM Healthcare will sell a majority stake in its Gulf business to a regional consortium for $1 billion as part of a plan to separate the unit from its Indian operations. A consortium led by state-backed Fajr Capital will own 65 percent of the Gulf business, while Azad Moopen, the founder […] November 29, 2023
Finance Turkey’s total reserves hit record high $137bn The Turkish central bank’s total reserves rose $2 billion last week to a record of $136.5 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox monetary policy since June. The central bank has raised interest rates by 3,150 basis points since June, when President Tayyip Erdogan appointed former Wall […] November 29, 2023
Finance European fund Amundi dips toe back into Turkey’s lira Amundi, Europe’s largest asset manager and among the top 10 in the world, has started dipping its toe back into the Turkish lira having been impressed by the country’s turnaround efforts since its mid-year elections. The Paris-based firm, which has $2 trillion worth of assets under management, is yet to go all in given the […] November 29, 2023
People & Lifestyle Saudi Arabia wins bid to host World Expo 2030 Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Busan in South Korea and the Italian city of Rome. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau International des Expositions (BIE) held in Paris, the state-run Saudi Press Agency reported. The World Expo […] November 29, 2023
Energy Politicians lack will for climate action, says ex-chancellor Former UK chancellor Sajid Javid has suggested that Western politicians lack the will to follow through on climate commitments – because the costs of energy transition can be unpopular with voters. Speaking in the UAE just three days before the Cop28 summit begins in Dubai, Javid said the cost of living crisis had pushed climate […] November 29, 2023
Banking and Finance Strong upsurge in UAE green sukuk ahead of Cop28 The UAE has witnessed a strong push for sukuk to finance green projects, according to data released by Fitch Ratings. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay interest, and also may finance businesses involved in activities not allowed […] November 29, 2023
Opinion Banking and Finance Israel war tests GCC regional bank resilience GCC governments have been notably proactive in terms of their support to the local banking system November 28, 2023
Real Estate Saudi property prices hold up despite drop in sales The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […] November 28, 2023
Banking and Finance PIF signs first funding deal with an export credit agency Saudi Arabia’s Public Investment Fund (PIF) has signed a financing agreement to raise a term loan of up to $5 billion from a syndicate of nine international lenders, which will be covered by Korea Trade Insurance Corporation (K-Sure). The financing carries a tenor of 13 years and will initially be sized at $3 billion, with […] November 28, 2023
Finance Abu Dhabi’s financial sector to grow 13% in 2023 Abu Dhabi’s financial sector is forecast to grow 13 percent in 2023 as the UAE continues its economic diversification drive. The financial sector surged by 30 percent in the second quarter, the UAE state-run Wam news agency reported, citing Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and Abu Dhabi […] November 28, 2023
Markets Saudi exchange-traded fund to list in Hong Kong Saudi Arabia’s exchange-traded fund (ETF) will be listed on the Hong Kong stock exchange tomorrow. Investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market through the ETF in Hong Kong dollars or renminbi, state-owned Xinhua news agency reported, citing Paul Chan, financial secretary of […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Banking and Finance Saudi’s top 10 banks post 3.8% rise in profits Saudi Arabia’s 10 largest listed banks saw net income rise 3.8 percent to SAR18 billion ($4.8 billion) in the third quarter of 2023, driven by higher loan growth and interest income. In light of the Saudi Arabian Interbank Offered Rate (Saibor) increasing by 13 basis points in the third quarter, aggregate total interest income increased by […] November 27, 2023
Opinion Sustainability Africa should be a prime focus for Cop28 policymakers The continent's climate needs mean it should be seen as a special case November 27, 2023
Employment More women join UAE boards, but progress ‘still slow’ When Maha Abdul Majeed Ismail Ali Al Fahim joined the board of Islamic Arab Insurance Company this year, she became part of a growing trend. Women made up 23 percent of appointments to UAE boards in 2022, from just 12 percent in 2020, according to executive search company Heidrick & Struggles. But campaigners in the Gulf […] November 27, 2023
Tech Binance scandal won’t rock UAE but clarity is needed Industry experts have told AGBI that the UAE needs to address some of its own internal challenges if it is to realise its ambitions to become a global cyptocurrency player. Former Binance CEO Changpeng Zhao’s guilty plea as part of a $4.3 billion settlement with US anti-money laundering authorities is unlikely to lead to major […] November 24, 2023
Oil & Gas Fossil fuel company valuations set to take a hit The International Energy Agency (IEA) has urged the oil and gas industry to actively participate in the fight against climate change by investing more in clean energy, despite the fact the declining demand for fossil fuels will lead company valuations to decrease by up to 60 percent. The IEA predicts that global demand for oil […] November 24, 2023
Economy Turkey’s central bank hikes interest rate to 40% Turkey’s central bank has increased its policy rate by 500 basis points to 40 percent and said the pace of monetary tightening will slow down shortly. “The committee assessed that the current level of monetary tightness is significantly close to the level required to establish the disinflation course,” the bank said in a statement following […] November 24, 2023
Banking and Finance UAE bank profits grow on greater lending and higher interest The UAE’s top 10 banks expanded their combined net profits in the third quarter versus the previous three months thanks to growing demand for corporate and retail borrowing, improved lending margins and lower impairments. A report by consultants Alvarez & Marsal studied the country’s biggest homegrown lenders by assets including leading duo First Abu Dhabi […] November 23, 2023
Analysis Trade Raiven launches fund to strengthen UAE-Canada ties Raiven Capital, a venture capital company based in Toronto, has launched a new $125 million fund in Dubai with a focus on tech-based founders. The fund, set up in Dubai International Financial Centre (DIFC), will invest in entrepreneurs developing artificial intelligence to disrupt sectors including fintech and cybersecurity. “Raiven has ambitious plans for the region […] November 23, 2023
Finance Dubai’s investment arm almost doubles profits Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year. Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged. ICD, which is the Dubai government’s main investment unit, […] November 23, 2023
Finance Turkish deposit rates to rise as liquidity tightens Turkish banks’ deposit rates, already above 45 percent, are expected to continue rising for the remainder of 2023 as the central bank takes additional steps to tighten liquidity and lenders spruce up their year-end balance sheets. Central bank data shows the average return on three-month lira deposits rose to near 46 percent by November 10 […] November 23, 2023
