Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Analysis Economy Egypt needs more dollars before devaluation, warn experts Egypt will devalue its currency further after December’s presidential election, as the country needs more time to increase its dollar reserves and give it a better chance of stabilising its ailing currency, analysts told AGBI. The Egyptian pound is linked to a basket of currencies in which the dollar is dominant. Policymakers have slashed the […] October 25, 2023
FII Banking and Finance Neom investment fund backs US futuristic transport firms The newly launched investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom has made its first commitments, backing two US-based transport companies. The Neom Investment Fund (NIF) announced on Wednesday that it had made a $100 million investment in the global autonomous driving company Pony.ai. A joint venture will be set up between the […] October 25, 2023
Banking and Finance Morocco signs $280m deals with African Development Bank Morocco has signed three agreements with the African Development Bank (AfDB) worth more than MAD2.9 billion ($280 million). The deals will improve access to healthcare, support increased social security coverage and provide emergency help in the wake of September’s devastating earthquake in Al Haouz, according to an announcement by the government. The first agreement, worth […] October 25, 2023
Banking and Finance US banks lead pack for M&A advice in Middle East US banks have been the top advisers for mergers and acquisitions in the Middle East and Africa this year, research has found. Bank of America advised on deals with a combined value of $9.9 billion in the first nine months of 2023, followed by JP Morgan at $7.6 billion and Citi at $6.3 billion. “Bank […] October 25, 2023
Finance Oman’s inflation accelerates on rising cost of living Oman’s inflation accelerated to 1.27 percent in September from 0.82 percent the previous month after a surge in the cost of living. Prices in the food and non-alcoholic beverages sector rose 3.41 percent last month as the cost of fish and seafood surged 11.26 percent, while cheese and eggs were 8.63 percent more expensive, fruits […] October 25, 2023
Finance S&P revises Israel’s outlook to ‘negative’ from ‘stable’ S&P Global revised Israel’s outlook to “negative” from “stable” on Tuesday, blaming risks that the Israel-Hamas war could spread more widely, with a more pronounced impact on the economy and security situation in the country. Last week another big credit ratings agency, Fitch, placed Israel’s sovereign debt rating of “A+” on rating watch negative and […] October 25, 2023
Finance Norway’s wealth fund posts $34bn loss in Q3 2023 Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, posted a 374 billion crown ($33.8 billion) loss in the third quarter, the fund said on Tuesday, after seeing heavy drops in the value of equities and bonds. The fund’s return on investment was minus 2.1 percent for the July-September period, 0.17 percentage points stronger than […] October 25, 2023
Video length: 07:23 FII Banking and Finance World Bank to Wall Street, FII attracts financial elite Slickly choreographed dancers clad in futuristic outfits and a teenage boy in a shiny tuxedo singing a power ballad set the stage for the seventh Future Investment Initiative (FII) in Riyadh, and all at nine o’clock in the morning. However, there were immediately more serious themes at play at the event, which opened on Tuesday. […] October 25, 2023
Banking and Finance Gulf’s ‘copycats’ still attractive to Silicon Valley Copycat companies in the Middle East are still an attractive acquisition option for Silicon Valley giants because the risk of trying to establish themselves in the region is too high, according to Thiel Capital managing director Jack Selby. The Middle East has been criticised for mimicking startups from other parts of the world, rather than […] October 24, 2023
Banking and Finance Investcorp Capital to list on Abu Dhabi Securities Exchange Investcorp Capital has revealed plans to offer 643 million ordinary shares in an initial public offering on the Abu Dhabi Securities Exchange. The shares, which represent an estimated 29.34 percent of issued share capital after the IPO, will have a nominal value of $0.50 (AED1.84), according to a statement from the Bahrain-based alternative investment company. […] October 24, 2023
Trade Riyadh to host first GCC-Asean investment summit Riyadh will host the first GCC-Asean Economic and Investment Conference next year amid calls for the two regions to negotiate a free trade agreement. The conference, planned for the first half of 2024, was announced in a joint statement following the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (Asean) summit held […] October 24, 2023
Finance Saudi National Bank profit up 6% on higher income Saudi National Bank (SNB) reported a six percent year on year rise in net profit for the third quarter of 2023, driven by higher operating income and lower impairment charges. The kingdom’s biggest lender by assets made a net profit of SAR5.01 billion ($1.34 billion) in the third quarter. Total operating income improved by three […] October 24, 2023
Trade UAE non-oil trade with BRI nations hits $305bn Non-oil trade between the UAE and Belt and Road Initiative (BRI) countries reached $305 billion in the first half of 2023, growing more than 13 percent year on year, according to economy minister Abdulla bin Touq Al-Marri. Trading with BRI nations accounted for 90 percent of the UAE’s non-oil trade during the period, the UAE […] October 24, 2023
Opinion Banking and Finance FII flexes its convening power in tumultuous times It is one of the world's premier investment gatherings – but this year's event could be unlike any other October 23, 2023
Analysis Trade GCC chief predicts China free trade deal ‘soon’ China and the GCC will sign a free trade agreement “soon”, according to a Gulf official, nearly 20 years after negotiations began. Jasem Mohamed Albudaiwi, the GCC’s secretary general, has predicted the deal will be “wrapped up during the next short period”, adding that its fruits “will be reaped as soon as possible”. His comments […] October 23, 2023
Tourism GCC ministers agree to unified tourist visa A unified GCC tourist visa is to be launched within the next two years as the region targets $188 billion from the industry by the end of the decade. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said the visa, which will allow holders to travel across the six Gulf nations – Bahrain, […] October 23, 2023
Finance Turkey’s finance minister to embark on second Gulf tour Turkey’s finance minister Mehmet Şimşek is to embark on a second tour of Gulf countries as part of his government’s drive to attract foreign investment. “Our meetings with investors will continue next week with visits to Gulf countries,” Daily Sabah newspaper reported, quoting a post by Şimşek on X, formerly Twitter. Şimşek will visit Abu […] October 23, 2023
Finance S&P lowers Egypt’s rating as funding pressures mount S&P Global Ratings has lowered Egypt’s long-term sovereign credit rating to B- from B. The downgrade is based on the recurring delays in implementing monetary and structural reforms, which are worsening imbalances in the currency market, S&P said in a statement. The agency added that Egypt’s net foreign asset position was deteriorating, with a delay […] October 23, 2023
Analysis Economy Oman labour reforms raise cost concerns for businesses Oman’s reforms to its labour laws run the risk of making the sultanate a less attractive place to invest and do business, experts have warned. New legislation – which aims to enhance worker protection and promote Omanisation – expressly permits the termination of expatriate employees in favour of appointing Omani nationals. Concerns have been raised […] October 23, 2023
Opinion Economy Davos without the fondue – the WEF Global Future Councils The GFC is an insightful introduction to the World Economic Forum – and a nerd’s paradise October 20, 2023
Video length: 3:34 VIDEO Tech New sectors to drive e& growth as telecoms becomes ‘saturated’ UAE tech and telecoms company e& – formerly Etisalat – is looking at more acquisitions in the GCC as well as Africa and Eastern Europe. “We are in processes as we speak,” said Salvador Anglada, CEO of e& enterprise, during an exclusive roundtable at Gitex. The telecoms major rebranded from Etisalat last year to become […] October 20, 2023
