Sustainability Investment in Mena climate tech hits record $270m in 2022 Venture capital funding into climate tech startups across the Middle East, North Africa (Mena) and Turkey reached a record $270 million in 2022, although investments have been lower in the year to date, a study shows. Climate tech VC in the region was up 50 percent annually compared to 2021, said the report by CE […] October 31, 2023
Video length: 05:38 VIDEO Banking and Finance Standard Chartered chief aims for ‘100 years’ in Egypt As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil. “If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, […] October 31, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Finance Dubai taxi operator to raise $300m in IPO next month Dubai Taxi Corporation, a unit of the Road and Transport Authority (RTA), aims to raise nearly AED1.10 billion ($300 million) from a share sale in November, Bloomberg reports. The taxi operator intends to distribute a dividend of AED71 million in April for the fourth quarter of 2023, the news agency reported, citing an investor. Dubai […] October 31, 2023
Economy Pakistan central bank keeps key rate unchanged at 22% Pakistan’s central bank kept its key interest rate unchanged on Monday, as expected, and forecast inflation would ease in the months ahead after a sharp jump last month. The decision to keep its main policy rate at 22 percent comes ahead of a visit by a delegation of the International Monetary Fund (IMF) on Thursday […] October 31, 2023
Finance Egyptian stock-tracked fund reports best week in 11 years Investors have flocked to an exchange-traded fund tracking Egyptian shares to ride a rally in the country’s stocks as domestic investors worried about soaring inflation and a potential currency devaluation take refuge in equities. The VanEck Egypt Index ETF, tracking the MVIS Egypt Index, jumped nearly 19 percent last week, its best weekly performance since […] October 31, 2023
Finance DFM profit doubles to $51m as trading volume surges Dubai Financial Market (DFM) reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier. The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors, according to […] October 31, 2023
Finance Mena startup exit shortage looming – VC fund CEO The Middle East faces a looming shortage of startup exits, despite a substantial pool of capital available in the region, according to a leading venture capital fund CEO. In mature markets such as the US, private corporations routinely make multibillion-dollar bids to acquire potential future rivals or emerging startups poised for substantial growth. But this […] October 31, 2023
Video length: 06:16 Opinion Finance Once off the grey list, UAE can really work on its image The UAE deserves credit for its rapid response to being placed on the financial crime watchdog's enhanced monitoring, but it has unfinished business October 30, 2023
Economy Emirates economy grows 3.7% in first half of year The UAE economy grew 3.7 percent in real terms in the first half of the year, buoyed by strong tourism revenues and increased activity in other non-oil sectors. “While this may seem modest, it represents a robust growth against a backdrop of global and regional uncertainty,” minister of economy Abdulla bin Touq Al Marri told […] October 30, 2023
EXCLUSIVE Trade Scotland to forge GCC trade links independently of UK Scotland will continue to build relations throughout the region even after a long-awaited trade deal between the UK and the GCC is signed, according to a government minister. Neil Gray, Scotland’s cabinet secretary for wellbeing economy, fair work and energy, signed a memorandum of understanding in the UAE last week with Dr Thani bin Ahmed […] October 30, 2023
Video length: 06:16 Banking and Finance UAE set to come off financial crime watchdog’s grey list The UAE is poised to come off the so-called grey list, a category that means financial institutions must conduct more research on individuals and companies based in the country to combat money laundering. The Financial Action Task Force, an international watchdog that monitors compliance with rules on anti-money laundering (AML) and countering the financing of […] October 30, 2023
Finance HSBC to buy back $3bn of shares London-based HSBC Holdings reported on Monday a 240 percent increase in third-quarter pre-tax profit as higher interest rates boosted the bank’s profitability and helped it fund a fresh $3 billion share buyback. Europe’s largest bank posted a pre-tax profit of $7.7 billion for the July to September quarter, versus $3.2 billion a year earlier, but […] October 30, 2023
Finance Mubadala’s first-ever green bond order book hits $6bn Abu Dhabi state fund Mubadala Investment has issued its first-ever green bond for $750 million with a tenor of 10.5 years. The order book peaked at more than $6 billion with an oversubscription 9.1 times, with robust demand from local, European, Asian, and American investors, state-owned WAM news agency reported. “The depth, diversity, and strength […] October 29, 2023
Banking and Finance Saudi Arabia set for FDI top 20 after Misa revises measures Saudi Arabia has reworked its methods of measuring foreign direct investment and will publish updated data in the middle of next month that will show the kingdom among the top 20 recipients globally, according to a senior official. Historically, the central bank, still widely known as Sama, published the FDI data using statistical modelling techniques. […] October 27, 2023
VIDEO FII A look inside the Future Investment Initiative Energy transition, artificial intelligence and the burgeoning role of the Global South were just some of the key themes covered at the seventh edition of the Future Investment Initiative (FII) held in Riyadh, Saudi Arabia. Held under the theme “The New Compass”, the three-day conference concluded with total investments worth $17.9 billion made. FII 2023 […] October 27, 2023
Banking and Finance Turkey embraces crypto amid currency woes Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […] October 27, 2023
Finance Turkey hikes rates sharply to 35% to tame rising inflation Turkey’s central bank raised its policy rate by 500 basis points to 35 percent as expected on Thursday, tightening aggressively for a third straight month as it steps up efforts to rein in the country’s inflation, which has soared for years. The bank’s policy committee repeated that it was ready to raise rates further as […] October 27, 2023
Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
FII Trade Saudi Arabia to enforce 2024 regional HQ deadline The January 2024 deadline for global companies to move their regional headquarters to Saudi Arabia will be implemented without delay as scheduled, the kingdom’s finance minister has confirmed. Saudi Arabia announced in February 2021 that it will no longer sign contracts with foreign companies that do not have a regional headquarters in the country before […] October 26, 2023
FII Economy Egypt targets $35bn foreign investment in next five years Egypt expects foreign direct investment of $35 billion over the next five years as the government aims to boost economic growth. The government aims to attract around $12 billion in foreign direct investment in 2023/2024, with a projected annual increase of 15 percent and 20 percent, Egypt Today reported, citing General Authority of Free Zones […] October 26, 2023
Finance Investments by UAE banks hit new record of $158bn Investments by UAE banks in financial instruments hit a record high of AED580 billion ($157.91 billion) in August, the Central Bank of the UAE said. Investment rose 19.5 percent year on year to AED585.4 billion until the end of August from AED489.8 billion a year earlier, the UAE state-run Wam news agency reported. Bonds held […] October 26, 2023
