Opinion Economy Bridging investment between the Gulf and Africa Building investor confidence in Africa as a viable business destination is paramount October 20, 2023
Trade Vietnam courts Middle East investors after US boost Vietnam is aiming to establish itself as a manufacturing hub to rival China and it is hoping improved relations with the US will be the catalyst for investment from the Middle East. The country is currently engaged in talks with the UAE about a trade agreement. During a visit to Vietnam by President Joe Biden […] October 20, 2023
Finance IMF seeks lower deficit and strong budget from Sri Lanka The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday. Sri Lanka plunged into its worst financial crisis in seven decades last year after its […] October 20, 2023
Economy Chinese ‘decision makers’ at Saudi conference doubles Around 300 Chinese “decision makers” are attending Saudi Arabia’s flagship investment conference this year, organisers said on Thursday, double last year’s attendance as Riyadh deepens its relationship with China despite US concerns. Only around 15 people have cancelled their attendance of the annual Future Investment Initiative (FII), Richard Attias, CEO of the FII Institute said, […] October 20, 2023
Finance UAE’s FAB profit jumps 46% on higher interest income First Abu Dhabi Bank (FAB), the biggest lender by assets in the UAE, reported a 46 percent surge in third-quarter net profit on rising interest income. Net profit stood at AED4.3 billion ($1.17 billion) in the third quarter, compared to AED2.9 billion a year ago. Revenue rose 27 percent to AED7 billion on continued expansion […] October 20, 2023
Employment Saudi Arabia should raise retirement age, study shows Saudi Arabia should raise the retirement age to create a sustainable pension system and institute other much-needed improvements, according to a study released this week. The Global Pension Index by Mercer, a New York professional services company, ranked Saudi Arabia – the leading Arab economy and world’s biggest oil exporter – at 28 out of […] October 20, 2023
Analysis Trade GCC trade deal to help ‘level playing field’ for Pakistan The GCC has signed a preliminary free trade agreement with Pakistan as the South Asian nation looks to boost exports to ease its financial woes. The agreement was signed in Riyadh earlier this month. It aims to increase trade and investment with GCC countries by up to 50 percent by eliminating tariffs on goods and […] October 19, 2023
Finance UAE investor among top shareholders in UK’s Saga A UAE-based investor has acquired a 3.22 percent stake in London Stock Exchange-listed Saga Plc. Eldose Babu, based in Dubai, completed the stake acquisition on October 13, the UK holiday group said in a regulatory filing. The value of the deal wasn’t given. Babu will now be the third biggest shareholder after Roger De Haan, […] October 19, 2023
Analysis Logistics Capacity at Middle East ports set to outstrip demand Ever since the success of Jebel Ali Port in the UAE – which was completed in 1979, but did not hit its stride until 1985 – Middle East planners have been faced with the dilemma of whether to add port capacity at scale, in the hope that it will eventually pay off, or to stand […] October 19, 2023
Construction Raysut Cement faces court over ‘misrepresentation’ An Omani investigation into a “material misrepresentation” in the accounts of Raysut Cement Company is set to go to court. The probe by financial regulator, the Capital Market Authority, related to the company’s unaudited financial reports for the third quarter of 2022. In a filing to the Muscat Securities Exchange, Hamdan Al Shaqsy, chairman of […] October 18, 2023
Analysis Finance Egypt shines as Mena’s top performing bourse in 2023 Egypt’s benchmark stock index soared to another all-time high this week, extending a prolonged rally as investors bought equities to hedge against soaring inflation and a fragile Egyptian pound. The EGX30 Index is the Middle East and North Africa region’s top performer in 2023, rising 51.2 percent to October 17, although in dollar terms its […] October 18, 2023
Trade UAE investment in Turkey nears $6bn since 2002 Foreign direct investment from the UAE to Turkey has surged to $5.6 billion (AED20.6 billion) from 2002 until August 2023, said Mesaid Ahmet Burak Daglioglu, head of the investment office of the Turkish presidency. Nearly 600 UAE companies are operating in Turkey as of the first half of 2023, he told the UAE state-owned Wam […] October 18, 2023
Finance Turkish 2024 budget allocates $37bn for quake-hit regions Turkey has allocated 1.03 trillion lira ($37 billion) in its 2024 draft budget to meet the cost of earthquake-related damage, according to vice president Cevdet Yılmaz. “Our priority is to rebuild our cities destroyed by the earthquakes,” Yılmaz said at a news conference giving details of the government’s 2024 budget proposal. Spending is estimated at […] October 18, 2023
Finance Tunisia to maintain fuel and food subsidies in 2024 Tunisia expects its economy to grow by 2.1 percent in 2024, up from 0.9 percent in 2023, and plans almost the same subsidies for fuel, electricity and food while raising taxes for banks, hotels and liquor firms, a bill on its budget showed on Tuesday. The bill included no reference to an agreement with the […] October 18, 2023
Finance PIF’s sukuk may test investor appetite for Middle East Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza. Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […] October 17, 2023
Markets Egypt issues $500m of green panda bonds in China Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so. The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […] October 17, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Opinion Banking and Finance Bank of England’s Islamic finance facility is hitting the mark The UK provides the most comprehensive variety of investment options of any Western market October 17, 2023
Economy Mena growth to fall as GCC weakness exposed Analysts have predicted a slump in growth for the Middle East and North Africa (Mena) for 2023, prompted by oil production cuts in the GCC and the impact of the Morocco earthquake in September. Both the World Bank and BMI, formerly Fitch Solutions, said Mena growth is likely to fall to 1.9 percent this year, […] October 17, 2023
Finance India-GCC free trade talks ‘to start in November’ India and the Gulf Cooperation Council (GCC) expect to begin discussing a free trade agreement as early as November after the appointment of chief negotiators from both sides, according to Indian commerce ministry officials. The plans to begin talks on an FTA were announced last November, but delayed due to the non-appointment of a chief negotiator […] October 17, 2023
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Markets Belt and Road green bonds listed in Dubai by Chinese bank Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion. The green notes have simultaneously […] October 16, 2023
