Banking and Finance Abu Dhabi fund-led consortium to buy stake in Israeli financial firm A consortium led by Abu Dhabi state holding firm ADQ is in advanced negotiations to acquire a controlling stake in Israeli financial firm Phoenix Group, according to a statement on Wednesday. US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold 33.4 percent of the Israeli firm, are in talks to sell about […] December 15, 2022
Banking and Finance Emirates REIT refinances sukuk with $380m issue Emirates REIT said on Wednesday it has issued $380 million in Islamic bonds, completing a refinancing of its existing sukuk after the Dubai-based company was unable to do so last year. The sharia-compliant real estate investment trust rescinded in June 2021 an offer to holders of its $400 million sukuk, issued in 2017, to exchange […] December 15, 2022
Banking and Finance Gulf central banks increase key rates, mirroring US Fed move Most Gulf states raised key interest rates by half a percentage point on Wednesday, following the Federal Reserve’s decision to increase rates by the same. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the US dollar. Saudi Arabia and the […] December 15, 2022
Analysis Banking and Finance Corporate tax will make UAE ‘more open for investors’ The UAE’s decision to introduce a corporate tax will make the business environment more transparent and attractive for investors, according to experts. The tax, announced in January this year, will levy a standard rate of 9 percent on taxable profits of more than AED375,000 ($102,110). Profits up to that threshold will not be taxed in […] December 14, 2022
Markets Adnoc invites banks to pitch for planned gas business IPO Abu Dhabi National Oil Company (Adnoc) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for proposals to […] December 14, 2022
Bank of China lists $300m bonds on Nasdaq Dubai Bank of China, one of China’s top four state-owned banks, has listed $300 million bonds on Nasdaq Dubai, the United Arab Emirates’ state news agency WAM said on Tuesday. The bank issued the bonds, maturing in 2025, through its Dubai branch at a yield of 4.84 percent. The bonds, which have a coupon of 4.75 […] December 14, 2022
Cyprus watchdog to extend FTX EU licence suspension Cyprus’s securities regulator plans to extend the suspension of the licence of FTX EU and will meet to discuss the matter next week, a spokesperson said on Tuesday. “CySEC is taking all the necessary actions to safeguard the interests of investors of FTX EU and is working closely with the administrator in the US under […] December 14, 2022
Banking and Finance Pakistan seeks financial aid and oil facilities from Saudi Arabia Pakistan is seeking financial help from Saudi Arabia that will include doubling the current deferred oil payment facility given by Riyadh to $2.4 billion per year, finance minister Ishaq Dar said on Tuesday. Pakistan is struggling to meet its external financing obligations in the face of low foreign exchange reserves that barely covered a month […] December 14, 2022
Economy Oil and gas lift Qatar’s budget surplus past $8bn in Q3 Qatar posted a budget surplus of QR30 billion ($8.2 billion) in the third quarter of 2022, according to its Ministry of Finance. Revenues for the quarter stood at QR81.8 billion and 93 percent of the total – QR76.3 billion – came from oil and gas, the ministry announced on Tuesday, via the state-run Qatar News […] December 13, 2022
Banking and Finance PIF said to buy Egypt’s United Bank for $600m Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire Egypt’s state-owned United Bank, Bloomberg reported, citing informed sources. The deal may be closed by month-end, they said. The sovereign wealth fund has nearly completed due diligence on the transaction, with plans to purchase the bank through its Egypt-based investment management firm, Saudi […] December 13, 2022
Markets Luberef’s market cap at $4.4bn after final offer price Oil giant Saudi Aramco’s base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at SAR 99 ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion ($4.44 billion), the company said in a […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Banking and Finance UAE wealth fund to invest up to $400m in India’s Lenskart UAE’s sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks to invest $350 million to $400 million in India’s Lenskart, valuing the eyewear retailer at $4.5 billion, the Economic Times newspaper reported on Monday. The investment, which could give ADIA an almost 10 percent stake in Lenskart, is likely to be in […] December 13, 2022
Economy Pakistan expects nearly $4bn support from Saudi this month Pakistan will likely secure a multibillion-dollar financial support package from long-time ally Saudi Arabia this month, two sources said, as the country’s ninth review of a $7 billion International Monetary Fund (IMF) bailout ran into snags. The two finance ministry officials said the Saudi package would include deposits boosting the country’s foreign reserves and oil […] December 13, 2022
Markets Americana shares surge in market debut after $1.8bn IPO The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut surged in its stock market debut on Monday, after raising $1.8 billion in an initial public offering and a subsequent dual listing in Abu Dhabi and Riyadh. Americana Restaurants’ shares jumped 12.6 percent to AED 2.95 at the open on the […] December 13, 2022
Banking and Finance Nomura expands into Dubai to offer wealth management services Nomura Holdings’ global wealth management business is opening a branch in Dubai as it expands into the fast growing Middle East hub to cater to an affluent pool of clients. Nomura said in a statement on Tuesday it had received in-principle approvals from the Monetary Authority of Singapore and Dubai Financial Services Authority (DFSA) to […] December 13, 2022
Analysis New Dubai plan to support overseas expansion a ‘win-win’ A new initiative to support the expansion of Dubai-based businesses into international markets has been described by experts as a “win-win situation”. Dubai Chambers has launched In Focus, which aims to drive its members’ interest in selected regions as potential destinations for their global expansion plans. At the same time, it has launched new representative […] December 12, 2022
Analysis UAE-Israel trade could reach $4bn after countries ratify deal Bilateral trade between the UAE and Israel could touch $4 billion next year after both governments ratified their comprehensive economic partnership agreement (Cepa) on Sunday. That’s the view of Dorian Barak, co-founder of the UAE-Israel Business Council, who told AGBI that the deal “builds on the unprecedented interest among Emiratis and Israelis in taking this […] December 12, 2022
Economy China signed ‘$50bn of deals’ with Gulf nations in three days China signed investment deals worth an estimated $50 billion with Gulf nations during President Xi Jinping’s three-day visit to Saudi Arabia last week. The $50 billion figure was reported by Bloomberg, citing the Saudi investment minister Khalid Bin Abdulaziz Al Falih, but details of the agreements struck during the first Arab-China summit have not been […] December 12, 2022
Opinion Banking and Finance The three sources of risk GCC banks must look out for in 2023 The cost of risk in the Gulf is expected to normalise and bank earning levels should recover to near pre-pandemic levels by the end of 2022 December 12, 2022
Economy US inflation may see ‘substantial’ reduction in 2023 US treasury secretary Janet Yellen on Sunday forecast a substantial reduction in US inflation in 2023, barring an unexpected shock. “I believe by the end of next year you will see much lower inflation if there’s not … an unanticipated shock,” she told CBS’ “60 Minutes” in an interview released Sunday. Asked about the likelihood […] December 12, 2022
Food & Drink Mubadala-backed Getir buys fast grocery rival in $1.2bn deal Turkish delivery company Getir has bought German rival Gorillas in a deal worth $1.2 billion that will merge two of the remaining companies in Europe promising groceries in minutes. Serkan Borancili, who founded Istanbul-based Getir in 2015, shared the price tag on Twitter on Friday and said the combined company was now stronger. The deal […] December 12, 2022
