Finance Royalty levy change is ‘non-event’ for UAE telcos Changes to the way royalties are levied on the UAE’s telecom operators will make little difference to their earnings, the companies affected say. This week, Emirates Telecommunications Group Co, which rebranded as e& and is widely known as Etisalat, announced that for the three years starting January 1 2024 it will pay a royalty of […] November 9, 2023
Exclusive Banking and Finance UK fintech firm Revolut sets up in UAE The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […] November 9, 2023
Trade Saudi Arabia says 180 HQs moved to Riyadh so far Saudi Arabia has issued licences to 180 companies to set up regional headquarters inside the country, as a January deadline approaches for international businesses to move or be cut out of lucrative contracts. The kingdom’s investment minister, Khalid al-Falih, gave the figure, which he said exceeds the target of 160, at the Bloomberg New Economic […] November 9, 2023
Finance ADIB raises $500m from its first-ever green sukuk Abu Dhabi Islamic Bank (ADIB) has raised $500 million through a green sukuk offering, the first ever green USD-denominated sukuk issued by a financial institution. The lender priced the five-year senior sukuk at a profit rate of 5.695 percent annually, payable semi-annually. The sukuk will be listed and traded on London Stock Exchange’s international securities […] November 9, 2023
Finance Turkish banks seek inflation-adjusted accounting rules Turkish banks plan to urge treasury authorities to allow them to use inflation-adjusted accounting, rather than exempting them and ramping up taxes for the sector as the government currently plans, three senior bankers told Reuters. Last week, finance minister Mehmet Simsek said Turkey would move to the inflation-adjusted accounting method for companies, but that financial […] November 9, 2023
Economy Saudi Arabia quadruples FDI figure to $33bn in 2022 Foreign direct investment to Saudi Arabia amounted to $33 billion in 2022, the Saudi investment ministry said on Wednesday, revising a previous lower estimate of about $8 billion. The corrected Saudi number would rank Saudi Arabia 10th amongst G20 economies last year. It also puts Saudi Arabia far ahead of the UAE’s 2022 total of […] November 8, 2023
Banking and Finance Bahraini ‘repo’ platform targets GCC-wide trading A new platform focused on repurchase agreements has launched in Bahrain with the aim of increasing trading liquidity for bonds across the Gulf. A repurchase agreement, also known as a “repo”, is a form of short-term borrowing, mainly in government securities. Repo transactions between banks allow them to manage their liquidity. One side with excess […] November 8, 2023
Finance Dubai Investments ups stake in UK digital bank Dubai Investments has upped its stake in Monument Bank Limited, a UK-based digital bank, to 16.93 percent by acquiring an additional 7.68 percent. The company acquired a 9.25 percent stake in Monument Bank in January this year. “The investment solidifies Dubai Investment’s presence in the dynamic digital banking landscape,” said Khalid Bin Kalban, Vice Chairman […] November 8, 2023
Finance European bank offers $100m for Turkey’s quake recovery The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs). The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme. Nearly $80 […] November 8, 2023
Infrastructure Saudi Electricity profit falls 8% on rising finance costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported a net profit of SAR5.84 billion ($1.55 billion) in the third quarter of 2023, down 8.33 percent year on year. The profit decline was driven by higher finance costs, mainly due to high global interest rates and the additional funding needed to finance […] November 8, 2023
Video length: 06:16 Banking and Finance UAE to clamp down on unlicensed crypto operators Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […] November 8, 2023
Finance Mena IPOs drop but analysts still bullish for 2024 Listings on Middle East and North African stock markets slowed during the third quarter, but analysts remain upbeat for 2024 despite concerns over the Israel-Gaza conflict. There were six initial public offerings (IPOs) in Q3, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared […] November 7, 2023
Economy New body created to manage Riyadh economic zones Saudi Arabia said this week it was establishing a new body to manage economic zones in the capital Riyadh. The Center for Riyadh Special Economic Zones was announced by the Royal Commission for Riyadh City to “create a regulatory ecosystem and build a competitive environment for business growth”, the official Saudi Press Agency said. The […] November 7, 2023
Employment Moroccan graduates struggle as unemployment rate soars Almost one-fifth of graduates in Morocco cannot find work in the country as the number of jobless continues to soar. The unemployment rate increased to 13.5 percent in the third quarter of the year compared to the same period last year, according to Morocco’s statistics office, HCP. The total number of unemployed stood at 1.625 […] November 7, 2023
Economy Dubai’s 2024-26 budget sets total spend at $67bn The Dubai government has approved the budget for 2024 to 2026, with total expenditure projected at AED246.6 billion ($67.14 billion). Estimated expenses for next year stand at AED79.1 billion, the UAE state-run Wam news agency reported. The government has forecast that public revenue will reach AED90.6 billion, of which AED85.1 billion will be allocated to […] November 7, 2023
Economy Ajman reports 11% rise in business licences in Q3 Ajman issued 1,428 licences in the third quarter of 2023, an increase of 11 percent year on year, as business activity reported strong growth, the emirate’s department of economic development said. Professional licences accounted for the largest share at 51 percent of the total permits, followed by commercial licences (44 percent) and industrial licences (four […] November 7, 2023
Banking and Finance GCC attracts growing level of global capital Members of the Gulf Cooperation Council are emerging as prime destinations for capital deployment from across the world, as countries in the GCC look to domestic investment opportunities to fund growth beyond hydrocarbons. Private capital assets under management (AUM) in the countries that make up the GCC hit $12.3 billion in 2022, from $1 billion […] November 6, 2023
Economy Lay-offs in Egypt as economy continues to contract Businesses in Egypt cut staffing levels for the first time in three months as inflationary pressures hurt demand, although foreign exchange reserves rose slightly, according to the central bank. Egypt’s non-oil private sector contracted for the 35th consecutive month, according to the latest headline Purchasing Managers’ Index (PMI) survey from S&P Global. However net foreign […] November 6, 2023
Finance Saudi employment hits 9-year high as businesses thrive Strong businesses in the Saudi Arabian non-oil economy led to an increase in employment during October, which reached a nine-year high, Riyad Bank said in its latest PMI report. Business activity continued to grow for the fourth quarter due to higher client orders and strengthening economic conditions. A steep uplift was seen in hiring activity […] November 5, 2023
Finance Turkish inflation marks first decline in three months Turkish annual consumer price inflation dipped for the first time in three months to 61.36 percent in October, official data showed on Friday, as fallout eased from both the lira’s sharp summer decline and post-election tax hikes. Month-on-month, inflation was 3.43 percent. Price rises in clothing and shoes, houses and hotels, and restaurants drove the […] November 5, 2023
Finance Fitch downgrades Egypt on growing government debt Fitch Ratings has lowered Egypt’s long-term foreign-currency issuer default rating (IDR) to B- from B on increased financial risks and rising government debt. “The downgrade reflects increased risks to Egypt’s external financing, macroeconomic stability and the trajectory of already-high government debt,” the rating agency said in a report. The slow progress on reforms, including the […] November 5, 2023
Opinion Banking and Finance Mena climate tech offers opportunities for investors There are innovative ways to produce energy and improve lives without accelerating the climate crisis November 3, 2023
