Analysis Banking and Finance Lebanon’s new bank rules offer ‘lollar’ accounts respite The Banque du Liban (BDL), Lebanon’s central bank, has issued a circular limiting fees and commissions that commercial banks can impose on so-called “lollar” accounts. Circular No. 679 prohibits the imposition of commissions that were established after October 31, 2019 on dollar deposits made before September 3, 2019. It also obliges banks to publish their […] October 5, 2023
Leisure & Hospitality Dubai hotelier’s $350m green bond to fund Ibiza expansion Hospitality group Five Holdings has listed a $350 million green bond on Dubai’s Nasdaq. A spokesperson for Five told AGBI the company would use the proceeds of the bond to fund its acquisition of Ibiza’s Universo Pacha, which owns the famous Pacha nightclub, as well as Destino Hotel and El Hotel Pacha on the Spanish […] October 5, 2023
Trade India and UAE to discuss investment challenges Government officials from India and the UAE will hold discussions this week to address challenges impacting bilateral investments and review the trade agreement signed between the two countries last year. India’s commerce and industry minister Piyush Goyal will commence a two-day visit to the UAE on Thursday and co-chair the 11th India-UAE high-level task force […] October 5, 2023
Finance UAE entities explore green finance prospects An Abu Dhabi sovereign fund and Dubai’s largest listed bank are working on promoting and exploring green finance as part of their commitment to a sustainable future. Emirates NBD Bank, Dubai’s largest lender, intends to raise $750 million from its first five-year green bonds. The spread for the debt sale has been set at 120 […] October 5, 2023
Finance Egypt posts current account surplus as imports plunge Egypt’s current account turned to a surplus in the April-to-June quarter as imports plunged and revenue from tourism and the Suez Canal rose, its second quarterly surplus in less than a year, the central bank said on Wednesday. Egypt devalued its currency by more than half in the year to March, making imports more expensive. […] October 5, 2023
Finance UAE company to take over 60% of Telkom Kenya UAE-based Infrastructure Corporation of Africa LLC (ICA) will take over 60 percent of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. On Tuesday, the Kenyan cabinet rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing “governance challenges” […] October 5, 2023
Finance Finance invitees dominate Cop28 thematic programme The finance sector dominates a list of those invited to attend the thematic programme of Cop28 in Dubai later this year, AGBI can reveal. The presidency of the UN Climate Change Conference has unveiled a two-week agenda of topics to deliver on a four-pillar climate action plan. It will run alongside the negotiations process and […] October 4, 2023
Analysis Economy UAE double digit surplus to continue until 2025 The UAE’s current account surplus will narrow this year but remain in double figures until 2025, analysts predict. It will be boosted by stronger than expected growth in non-oil exports, re-exports and tourism in the first six months of the year. The surplus will slip from nearly 15 percent last year. But experts have raised […] October 4, 2023
Economy New business in UAE increases at pre-Covid levels New orders for non-oil businesses in the UAE increased beyond pre-pandemic levels in September. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI), which measures operating conditions in the non-oil private sector, registered 56.7, rising from 55.0 in August. The index remains well above the 50.0 mark that separates economic growth from contraction. The increase, […] October 4, 2023
Finance Abu Dhabi’s IHC raises stake in India’s Adani Enterprises Abu Dhabi-headquartered International Holding Company (IHC) has increased its stake in India’s Adani Enterprises Limited to more than five percent after selling stakes in two other Adani Group companies last week. With investments in airports, data centres, green hydrogen, and various other verticals, Adani Enterprises is “poised to capitalise on India’s robust growth journey”, the […] October 4, 2023
Finance Turkey’s inflation rate pace slows but hits high of 62% Turkey’s annual inflation rate hit 61.53 percent in September 2023, compared with 49.86 percent in the same month last year, according to the Turkish Statistical Institute. Although inflation reached a new high, the pace of increase has slowed, pointing to the positive impact of the shift in economic policymaking post-election. The month-on-month rise slowed to […] October 4, 2023
Banking and Finance Saudi turns to discounting as costs rise in Qatar and Egypt Increased competition has led Saudi Arabian businesses to embrace discounting, despite an increase in the price of raw materials and higher wages amid the rising cost of living. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) indicated that “competitive pressures” had limited sales for some businesses, resulting in a decrease in prices […] October 4, 2023
Analysis Economy Turkey’s bounced cheques, loan and card defaults soar The value of bounced cheques in Turkey is soaring as small and medium-sized enterprises grapple with resurgent inflation. Personal loan and credit card defaults are also at 2023 highs following a borrowing splurge ahead of May’s elections. Veteran leader Recep Tayyip Erdoğan had pushed state-owned banks to expand lending in the run-up to the parliamentary […] October 3, 2023
Economy Telecoms and transport drive Bahrain’s non-oil growth Bahrain’s non-oil sector grew to 82.9 percent of the kingdom’s GDP in the second quarter of this year, driven by sharp increases in the transport and telecommunications industries. Bahrain’s GDP was up 2 percent in Q2. This included a 2 percent increase in the non-oil sector and a 2.2 percent rise in oil-related activities, according […] October 3, 2023
Finance Oman’s total foreign assets rise 27% to $18bn Total foreign assets at the Central Bank of Oman (CBO) increased 27.4 percent year on year to OMR 6.86 billion ($17.82 billion) by the end of July 2023. Local liquidity stood at OMR21.36 billion, an increase of 4.9 percent year on year, state-owned Oman News Agency reported, citing National Centre for Statistics and Information (NSCI). […] October 3, 2023
Finance Saudi fund SVC’s $30m to energise Middle East startups State-owned Saudi Venture Capital (SVC) is investing $30 million in a fund that will invest in startups and growth-stage companies from the Middle East. Fund III will be managed by Impact46, a Riyadh-based asset management and advisory firm, state-run SPA news agency reported. The SVC fund will invest in Saudi growth-stage companies and businesses up […] October 3, 2023
Analysis Economy Egypt’s investment rules need to be clearer, analysts warn Egypt has long struggled to attract foreign investors, in large part because of concerns about its investment rules. The need to allay potential investors’ fears is becoming ever urgent, as the country’s foreign currency shortage intensifies. Net foreign assets hit a record deficit of EGP837.3 billion ($27.09 billion) in June. Last month, rating agency Capital […] October 3, 2023
Economy Abu Dhabi’s non-oil GDP grows 12% in second quarter Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors. Non-oil GDP in Q2 was up by more than 12 percent on the same quarter of 2022, contributing to a 3.5 percent year-on-year increase in total GDP, according to Statistics […] October 2, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Opinion Real Estate Could Dubai property meet its nemesis in 2024? Global macro forces suggest an overheated real estate sector, reminiscent of 2008's tipping points October 2, 2023
Analysis Economy Sustained rate hikes fail to reverse Turkish lira slump Turkey’s near-quadrupling of interest rates in the past three months has slowed but not yet reversed a long-term slump in the country’s currency, the lira. It is widely expected to tumble to further record lows before the end of 2023. The currency’s ongoing weakness spells trouble for efforts to rebalance the economy, and the country’s […] October 2, 2023
Finance Saudi Arabia to report budget deficits until 2026 Saudi Arabia, the world’s largest oil exporter, expects to report budgetary deficits each year until 2026, the kingdom’s finance ministry said. It added that GDP is likely to rebound after taking a hit this year from extended oil production cuts. The Arab world’s largest economy anticipates real GDP to grow by 0.03 percent in 2023, […] October 2, 2023
