Banking and Finance Saudi Arabia extends $3bn deposit term to Pakistan Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, state news agency SPA and Pakistan’s central bank said. The deposit was made late last year as a loan to shore up the cash-strapped country’s reserves. The central bank reserves stood at $7.5 billion as of November […] December 4, 2022
Banking and Finance China’s property woes fuel risks to financial system, says Moody’s Risks to the stability of China’s financial system are rising on continued sluggishness in its property sector and an economic slowdown, making smaller banks more vulnerable, rating agency Moody’s said on Friday. China’s property sector has slowed sharply this year after Beijing’s efforts reined in excessive borrowing by developers. The clampdown has triggered falls in […] December 2, 2022
Economy Egypt’s economy may grow 5% on high public investments Egypt’s economy is expected to achieve overall growth of around five percent by the end of the current fiscal year, Ahram Online reported, citing minister of planning and economic development Hala El-Said. The anticipated growth is attributed to the resilience shown by the Egyptian economy due to the expansion in public investments, she said in […] December 2, 2022
Banking and Finance PIF launches new investment firm to boost regional growth Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a […] December 2, 2022
Economy Mexico to hike minimum wage by 20% in 2023 Mexico will raise the minimum wage by 20 percent next year after employers, labour representatives and the government reached an agreement, officials said on Thursday, although some critics warned the move could fuel inflation. The standard minimum wage will rise to around 207 pesos ($10.82) a day from 172.87 pesos ($9.03) a day, labour minister […] December 2, 2022
Analysis Banking and Finance Dubai’s wealth fund hunts for opportunities after H1 profit The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022. Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […] December 2, 2022
Banking and Finance Further slowdown before a rebound, says UAE VC firm Following years of rapid growth, the Gulf’s venture capital (VC) ecosystem has slowed down, in line with global trends. But the region’s underlying strengths and appetite for VC deals mean it will pick back up again late next year, experts from Apex Group have told AGBI. “Up until about three months ago, we were still […] December 1, 2022
Opinion Banking and Finance FTX: One step back for crypto, two steps forward for blockchain FTX's downfall means that even those strongly against the need for crypto regulation may now realise its importance if we really want a trusted safer crypto market December 1, 2022
EXCLUSIVE Banking and Finance Dubai entrepreneur to launch crypto community for nickel A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […] December 1, 2022
Analysis Banking and Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
Economy Cuba says Turkey and other allies pledge to end economic crisis China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban president Miguel Diaz-Canel told state-run media following a rare trip abroad last week. The Communist-run country has yet to recover from a precipitous drop in output during the coronavirus pandemic and […] December 1, 2022
Economy Turkey’s economy up 3.9% on last year but growth is slowing Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a […] December 1, 2022
Economy Egypt’s net foreign assets continued to decline in October Egypt’s net foreign assets (NFAs) fell by EGP 109.9 billion ($4.47 billion) in October, extending a decline that began in September 2021, central bank data showed. The decrease works out to about $228 million after calculating for devaluations during October. Russia’s invasion of Ukraine in February sparked a currency crisis that led to Egypt to […] December 1, 2022
Economy Jordan’s draft budget forecasts lower deficit Jordan’s finance minister Mohamad Al Ississ said on Wednesday that their draft budget for 2023 forecasts 11.4 billion dinars ($16 billion) in state expenditure as the economy’s recovery gathers pace. Al Ississ said in a statement the budget deficit was expected to fall to 2.9 percent of GDP next year from 3.4 percent this year […] December 1, 2022
Analysis World Cup 2022 Saudi and Mexico get back to business after World Cup exit The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […] December 1, 2022
Banking and Finance Saudi wealth fund PIF secures ‘record’ $17bn loan The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […] November 30, 2022
Opinion Banking and Finance The view from the family office It's been a year of geopolitical unrest and economic uncertainty. What does that mean for ultra-high net worth families and their advisers? November 30, 2022
Banking and Finance Israel’s central bank chief defends rate hikes to battle rising inflation Bank of Israel governor Amir Yaron on Tuesday warned lawmakers not to interfere with monetary policy decisions, and said the “magic solutions” they proposed to blunt the impact of interest rate hikes would hurt the weakest sectors of the economy. Yaron’s comments appeared to be a response to the head of the Israeli parliament’s powerful […] November 30, 2022
Economy Syria steps up fuel rationing as shortages hit mobile network Syria announced on Tuesday it would cut the amount of fuel it provides to government employees to help address shortages that have knocked out a number of mobile phone towers. Prime Minister Hussein Arnous ordered a 40 percent cut in the amount of fuel provided to government employees and restrictions on official travel for non-urgent […] November 30, 2022
Economy Turkish trade deficit surges 422% in October 2022 Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, with imports climbing 31.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose three percent to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […] November 30, 2022
Banking and Finance Saudi extends term for $5bn deposit in Egypt’s central bank Saudi Arabia has extended the term for a $5 billion deposit it made to Egypt’s central bank, state news agency SPA said on Tuesday, without saying how long the extension would be. In March, Saudi Arabia made a $5 billion deposit in the central bank as Egypt came under increasing financial pressure following Russia’s invasion […] November 30, 2022
Banking and Finance Investcorp targets mid-sized buys in $500m China investment push The Bahrain-based asset manager has launched a fund with Hong Kong's Fung Capital, to snap up family-owned firms with growth potential November 29, 2022
