Markets Turkey’s MNG Airlines to list on New York Stock Exchange Turkey’s MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp, a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said […] December 8, 2022
Banking and Finance Egypt expects approval of $3bn IMF package next week Egypt is expecting approval of a new $3 billion extended fund facility package from the International Monetary Fund (IMF) next week, deputy finance minister Ahmed Kouchouk said on Wednesday. Egypt’s finances remain fragile despite two major currency devaluations this year and the IMF package, which was announced in October as Egypt pledged to shift to […] December 8, 2022
Banking and Finance Israeli bank regulator predicts profit slowdown after 2022 gains Israeli bank profits will slow somewhat next year after a robust 2022, the country’s banking regulator said. Big profits have angered some consumers who say fees for basic services like deposits and withdrawals are too high and banks have not raised rates on deposit accounts quickly enough. Israel’s top five banks posted combined net profit […] December 8, 2022
Banking and Finance Saudi central bank governor says monetary conditions ‘reassuring’ Saudi Arabia’s central bank governor said that the country’s monetary conditions are “reassuring” due to prudent monetary policy and that its banking sector enjoyed good liquidity. In a statement, Governor Fahad Almubarak said that the Saudi Central Bank would continue to manage foreign exchange reserves based on “balanced investment policies”. He noted that despite the […] December 8, 2022
Economy Saudi 2023 surplus to narrow amid global uncertainty Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84 percent from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues. The kingdom approved a SAR 1.114 trillion ($296 billion) budget for 2023 on Wednesday, forecasting a […] December 8, 2022
Analysis Banking and Finance Global fintechs target Dubai but Mena expansion still elusive Dubai is seeing elevated levels of interest from fintech companies based in Singapore, southeast Asia and Asia-Pacific as the emirate builds its status as a regional hub. Dubai International Financial Centre said that during the first nine months of 2022, the number of fintech and innovation firms joining DIFC exceeded the total for the whole […] December 8, 2022
Economy UAE’s non-oil foreign trade hits record high of $159bn The UAE’s non-oil foreign trade reached AED583 billion ($159 billion) in the third quarter of this year – a record in any financial quarter for the country. The figure represents an 11 percent increase on Q2 2022 and a 23 percent rise from the same period last year. “Importantly, our Q3 exports hit AED97 billion […] December 7, 2022
Banking and Finance Saudi firms partner to boost SME involvement in supply chains Banque Saudi Fransi has formed a tie-up with Saudi Aramco-backed fintech firm Lamaa pledging to develop products and services to aid supply chain management and cut costs. Under a memorandum of understanding signed on Wednesday, the two companies agreed to collaborate to develop, evaluate and launch “supply chain solutions” that will streamline the process for […] December 7, 2022
Opinion Economy Impact of EU sanctions for European companies in the Gulf GCC entities navigate a legal minefield if seen to be assisting EU companies in breaching sanctions against Russia December 7, 2022
Analysis Xi Jinping visits Saudi as GCC looks east on trade When President Xi Jinping of China arrives in Saudi Arabia on Wednesday, it is likely to add further momentum to a flourishing relationship with the GCC that surpassed trade with the US and Europe combined last year. Three summits are planned during the three-day visit with over 20 agreements worth more than $29.3 billion expected […] December 7, 2022
Banking and Finance UK-based activist investor seeks ouster of BlackRock CEO Tiny activist investor Bluebell Capital Partners is taking aim at BlackRock and wants to replace longtime CEO Larry Fink, criticising the world’s largest asset manager as being inconsistent in its focus on environmental, social and corporate governance (ESG) issues. Bluebell, with roughly $250 million in assets, said BlackRock, which invests over $8 trillion, and Fink […] December 7, 2022
Banking and Finance Sovereign and pension funds with $3trn on books fear stagflation Global public pension schemes and sovereign wealth funds managing more than $3 trillion in assets fear a combination of economic slowdown and higher inflation in the next 12-24 months, a survey showed on Tuesday. The investors face huge challenges in switching their portfolios to cope, according to think tank OMFIF, which carried out the survey […] December 7, 2022
Economy Lebanon economy ‘on hold’ after fleeting summer resurgence Lebanon’s private sector cut jobs in November as declining orders spurred companies to reduce spending amid prolonged political uncertainty, according to the latest purchasing manager’s index (PMI) report. The BLOM Lebanon PMI slumped to a seven-month low of 48.1 last month, down from 49.1 in October. A reading above 50.0 shows improving business conditions, while […] December 6, 2022
Opinion Banking and Finance Spare a thought for founders fundraising over the holidays For startup founders in the throes of raising investor funds, holidays like Christmas and Ramadan can be a difficult time December 6, 2022
Analysis Banking and Finance Iraq: a hidden gem for bargain-hungry tech investors Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […] December 6, 2022
Banking and Finance Australia central bank raises rates to 10-year high Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve Bank of Australia […] December 6, 2022
Banking and Finance Moody’s sees ‘very high’ foreign exchange risk for Turkish banks Banks in countries such as Turkey and Ukraine face a “very high” risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody’s Investors Service said in a report on Monday. Belarus, El Salvador, Nigeria, Kyrgyzstan and Tajikistan complete the list of countries also exposed to high levels […] December 6, 2022
Economy Turkey’s inflation falls below 85% after a 17-month surge Turkey’s official inflation rate eased to 84.4 percent in November, its first fall in 17 months, in a sign that the economic upheaval caused by President Tayyip Erdogan’s unorthodox policies could moderate in time for elections in six months. The annual rate was just below forecast at 84.39 percent, down from a 24-year high of […] December 6, 2022
Economy UAE to launch free trade talks with Ukraine The UAE is launching negotiations for a free trade deal with Ukraine. Dr Thani Bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, and Yulia Svyrydenko, Ukraine’s first deputy prime minister and economy minister, issued a statement signalling their plan to work towards a comprehensive economic partnership agreement. The CEPA (Comprehensive Economic […] December 5, 2022
Banking and Finance MAF clinches $1.25bn sustainability-linked loan UAE-based retail group Majid Al Futtaim (MAF) has secured its second sustainability-linked loan as part of its strategy to become ‘net carbon positive’ by 2040. The $1.25 billion-equivalent revolving credit facility with First Abu Dhabi Bank was agreed on Monday. MAF, which owns and operates 29 shopping malls across the Middle East and Africa as […] December 5, 2022
Analysis Banking and Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
Economy Egypt private sector shrinks in November after devaluation Egypt’s non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 […] December 5, 2022
