Finance European central bank says inflation to stay at 2% by 2025 Inflation should still land at the European Central Bank’s (ECB) target of around two percent by 2025 despite the violence in Israel weighing on commodity prices, ECB policymaker Francois Villeroy de Galhau said on Tuesday. In an interview with franceinfo radio, Villeroy said the ECB was particularly wary about oil price developments but added those […] October 11, 2023
Finance Qatar National Bank profit up 8% on high loan growth Qatar National Bank (QNB), the Gulf’s biggest bank by assets, reported an 8 percent increase in third-quarter 2023 net profit to QR4.31 billion ($1.18 billion) from QR3.99 billion a year earlier, spurred by higher loan growth. Net profit reached QR11.9 billion, up eight percent year on year in the first nine months of 2023, as […] October 11, 2023
Finance Mubadala Capital’s second Brazil fund raises $710m Mubadala Capital, the wholly owned asset management subsidiary of Abu Dhabi’s Mubadala Investment Company, has closed its second flagship investment fund in Brazil, with total commitments of over $710 million. Brazil Special Opportunities Fund II has raised capital from a range of global investors, including a public pension fund, family offices, corporates, private equity funds […] October 11, 2023
Analysis Banking and Finance Islamic finance set to grow 10% in 2023 The Islamic finance industry is set to grow by 10 percent this year, driven by Saudi Arabia and Kuwait, according to a new report by ratings agency S&P Global. This is despite a slowdown in growth in the Gulf region caused by Opec+ oil production cuts. “We generally expect sukuk issuance volume to diminish […] October 11, 2023
Opinion Economy What the Riyadh Expo bid says about Saudi Arabia Bid aims to showcase and advance the kingdom's transformation October 10, 2023
Finance Dubai’s Shuaa Capital shares plunge to all-time low Shares in Dubai’s Shuaa Capital plunged to a record low on Tuesday after the indebted investment bank said it would launch a rights issue to increase its capital as part of attempts to bolster its finances. Shuaa’s stock was trading at AED 0.271 at 12:53 UAE time (09:53 GMT), down the maximum 10 percent. The […] October 10, 2023
Finance China funds look to Middle East as US investments wane Chinese funds are seeking new capital sources in the Middle East and other markets, according to managers. It is a shift that could reshape investment flows as diplomatic tensions and other risks drive many US investors out of the country. Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion […] October 10, 2023
Finance UAE approves federal budget of $52bn for 2024-26 The UAE government has approved AED192 billion ($52.27 billion) for the federal budget 2024-26, prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said on Monday. The 2024 budget estimates revenues at AED65.73 billion, up 3.3 percent over fiscal year 2023, and total estimated expenses at AED64.06 billion, an increase of 1.6 percent […] October 10, 2023
Finance Dubai regulator halts unapproved crypto sale Dubai’s Virtual Assets Regulatory Authority has halted the sale of Islamic Coin (ISLM), a crypto token touting its adherence to sharia and ethical principles. The intervention demonstrates the emirate’s balance of innovation and regulatory oversight, say legal insiders. In a market alert, Virtual Assets Regulatory Authority (Vara) highlighted that Bored Gen DMCC, the fintech software […] October 9, 2023
Banking and Finance Late-stage funding tumbles for UAE tech startups Late-stage funding for UAE technology startups has declined sharply in recent months as the region’s risk-averse venture capitalists shy away from larger, high-stakes investments. The latest report by Indian market intelligence platform Tracxn showed only $25 million was allocated to late-stage startups in Q3 2023, a year-on-year drop of 75 percent. It reflects investors’ growing […] October 9, 2023
Finance Oman’s OQ Gas plans to raise $771m from IPO Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771 million initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks […] October 9, 2023
Finance Egypt’s bonds fight back after Moody’s downgrade Egypt’s government bonds fought back from an initial heavy tumble on Friday after Moody’s had downgraded the country’s credit rating to a new low and the head of the IMF had warned Cairo against delaying another currency devaluation. Moody’s, which had been eyeing up a possible downgrade for months, concluded the process late on Thursday […] October 8, 2023
Analysis Finance Middle East whisky investors toast strong returns Investors in rare whisky could be forgiven for raising a glass to the success of their investment over the past 10 years. Just maybe not using the expensive stuff. The latest Knight Frank Luxury Investments report revealed the value of rare whisky has soared by 322 percent in that time. That is a higher return […] October 8, 2023
Economy World Bank drops growth forecast for Tunisia further Tunisia’s economic growth forecast has been downgraded further by the World Bank amid concerns over the drought-hit agricultural sector, as well as uncertainties over debt financing and the weak momentum of structural reforms. In its report, Balancing act: Jobs and wages in the Middle East and North Africa when crises hit, the World Bank noted […] October 6, 2023
Video length: 05:10 VIDEO Finance Explained: Green bonds and how they work The aggregate listing value of green bonds and sukuks on Nasdaq Dubai stands at around $24 billion, according to Christian Kunz, DIFC’s chief strategy, innovation and ventures officer. Regional conglomerates, as well as global companies, have recently used the exchange to raise funds to finance their green projects. Retail giant Majid Al Futtaim raised $500 […] October 6, 2023
Economy Saudi economy will contract due to oil output cuts says World Bank The World Bank has forecast that the Saudi economy will contract by 0.9 percent this year with a budget deficit of 2 percent of GDP. This is a slightly more hawkish assessment than Saudi Arabia’s most recent estimations of an economic slowdown. Analysts and ratings agencies have been revising their assessments in light of oil […] October 6, 2023
Analysis Trade Shark Tank’s O’Leary touts Abu Dhabi as crypto centre Venture capitalist Kevin O’Leary believes Abu Dhabi could soon eclipse the US as the global centre of crypto innovation. While regional insiders told AGBI they agreed the UAE is set to be a significant digital assets hub, they said overtaking the US remains a tall order. In a Fox Business interview this week, O’Leary said […] October 6, 2023
Analysis Banking and Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
India and UAE to expand rupee-dirham trade India and the UAE are actively exploring opportunities to expand the rupee-dirham trade, resulting in an expected five percent saving on all bilateral trade, India’s commerce and industry minister Piyush Goyal said. The two countries are also working to lower the remittances cost from the UAE to India, the state-owned Press Trust of India news […] October 6, 2023
Finance Iraq to end all dollar cash withdrawals by January Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of US sanctions on Iran, a top Iraqi central bank official said. The move aims to stamp out the illicit use […] October 6, 2023
Finance Moody’s downgrades Egypt on rising borrowing costs Moody’s Investor Service has downgraded Egypt’s credit rating to “Caa1” from “B3”, citing high inflation and rising domestic borrowing costs. The downgrade also reflects the persistence of foreign currency shortages due to increasing external debt service payments over the next two years. “An inability to arrest a further drawdown in foreign currency liquidity in the […] October 6, 2023
Finance Egyptian banks suspend overseas use of debit cards At least two Egyptian banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency as the country’s currency shortage worsens. Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several […] October 6, 2023
