UAE government offers spending boost to budget The UAE’s federal government aims to increase spending by AED1.23 billion ($334.9 million) in the 2022 budget, the Federal National Council said on Twitter today. The UAE estimates revenues will be AED374.98 million higher. The increased spending will come from the federal government’s general reserves, the council added. The UAE in October approved a 2022 […] June 14, 2022
Markets UAE stock markets target London in foreign investment push Stock markets in Dubai and Abu Dhabi are targeting London as they aim to strengthen their status as key destinations for international investors. Both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have completed investor roadshows in the British capital, holding hundreds of meetings with some of the world’s largest asset […] June 14, 2022
Opinion Banking & Finance What I learned from five years at the top The outgoing chairman of the British Business Group Dubai discusses the importance of loyalty, advocacy and resilience for companies and individuals June 14, 2022
Banking & Finance Mauritius Bank to open Nigeria office in Africa growth plan Mauritius Commercial Bank (MCB), the Indian Ocean island nation’s largest bank, will open a representative office in Nigeria in months as it seeks to expand beyond oil and gas deals to cover renewables and mining, a senior executive said. MCB, which has $850 million in exposure in Nigeria, already has representative offices in Nairobi and […] June 14, 2022
Analysis Banking & Finance Arbitrageurs: the funds making tons from messy markets ‘Arb trading’ is not for everyone but can be profitable The crypto market’s a hot mess, leaving many investors struggling to turn a buck. Enter the arbitrageurs. Bitcoin and other cryptocurrencies have either been shackled to ranges or in decline since January, leaving your regular buy-and-hold investor with little option but to sell or to […] June 14, 2022
Banking & Finance First Abu Dhabi Bank to launch new brand in Egypt First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […] June 14, 2022
Markets Emaar Properties shares down 4.9% as Gulf markets drop Stock markets in the Gulf ended lower on Monday, in line with global equities as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a Covid-19 warning from Beijing added to concerns about global growth. Dubai’s main share index retreated 2.7 percent, its biggest one-day fall in a month, dragged […] June 14, 2022
Israel and India set to restart free trade talks Israel and India are preparing to resume talks on a free trade agreement, Israel’s economy ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal […] June 13, 2022
Markets India rupee at record low, bonds rise to three-year high India’s rupee hit a record low in opening trade on Monday while bond yields spiked to their highest levels in more than three years as a sharper jump in US inflation raised concern over the Federal Reserve resorting to steeper rate increases. Soaring food and energy prices drove the largest year-on-year gain in US consumer […] June 13, 2022
Banking & Finance Egypt may postpone sovereign sukuk issue to its new fiscal year Egypt may postpone the issuance of its first sovereign sukuk till its new fiscal year due to turmoil in global markets, Abu Dhabi-based Sky News Arabia TV reported on Sunday citing Finance Minister Mohamed Maiit. Egypt’s fiscal year runs from July 1 to June 30. The news comes as Egypt’s annual urban consumer inflation accelerated […] June 13, 2022
Banking & Finance Saudi Telecom shares rise after $8bn capital increase proposal Saudi Telecom said on Sunday its board had proposed increasing the company’s share capital by 30 billion riyals ($8 billion), or 150 percent, driving the share price nearly 10 percent higher. The Riyadh-listed company had earlier announced the proposed capital increase would involve issuing 30 billion new shares, with shareholders offered 1.5 new shares for […] June 13, 2022
Analysis Space tech gives Gulf nations a launchpad for local talent Saudi Arabia aims to emulate UAE’s success In 1985, Sultan Bin Salman Bin Abdulaziz Al-Saud, a former Royal Saudi Air Force pilot, became the first Arab to go into space, flying aboard a US Space Shuttle mission as a payload specialist. He was appointed chairman of the Saudi Space Commission in 2018 and although he […] June 13, 2022
UAE splashes out more foreign investment than it receives The UAE ranked first in the Gulf for foreign direct investment (FDI) inflows in 2021, but the amount the emirates invested overseas overtook this figure during the same period. The rising oil price is likely to see this trend continue, experts said. The newly released United Nations Conference on Trade and Development’s (UNCTAD) World Investment […] June 13, 2022
Banking & Finance Egypt repays $24bn to cover foreign debt, departing investors Egypt paid $24 billion in the first five months of 2022 to service foreign debts and to cover foreign investors withdrawing funds from the country, Egypt’s state news agency MENA reported on Wednesday. Of the amount, $10 billion went to service foreign debt and another $14 billion to foreign investment funds, it quoted an unnamed central bank […] June 10, 2022
Turkey unveils latest salvo against soaring inflation Turkey’s government launched a series of steps meant to harness its banks and bond markets to cool soaring inflation and stabilise a sliding currency, doubling down on President Tayyip Erdogan’s aversion to raising interest rates. While the Treasury said fighting inflation remained its “top priority”, some analysts said the measures – announced late Thursday and […] June 10, 2022
Markets ‘Russia cannot be fenced in,’ says Putin President Vladimir Putin has said that no Iron Curtain would fall over the Russian economy despite the sanctions imposed by the West because Moscow would not close itself off from the world like the Soviet Union did. The sanctions imposed by the West over Russia’s invasion of Ukraine have tipped Russia, one of the world’s […] June 10, 2022
Israeli PM visits UAE, as countries eye $5bn in trade Israeli Prime Minister Naftali Bennett visited the United Arab Emirates (UAE) on Thursday, where he met President His Highness Sheikh Mohamed bin Zayed Al Nahyan at Al Shati Palace. Bennett said he looked forward to working jointly with the UAE to expand cooperation between the two countries, and the peoples of the region, UAE state […] June 10, 2022
Canada cracks down on $314m of Russian assets Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […] June 10, 2022
Analysis Markets Boom time as TECOM leads the Gulf IPO resurgence As Dubai announced plans to sell a 12.5 percent stake in business park operator TECOM today – its second public offering this year after Dubai Electricity and Water Authority (DEWA) – Middle Eastern bourses have generally defied the downward international trend with increases in trading activity and values amid a robust pipeline of initial public offerings […] June 9, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Abu Dhabi invests in Swedish fintech’s $100m funding round Swedish fintech firm Juni has raised $100 million in a funding round led by Abu Dhabi state investor Mubadala, and another $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital. Juni’s existing investors – EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global – also participated in the funding round. Getting […] June 9, 2022
Egyptian currency touches five-year low Egypt’s currency weakened to 18.71 to the U.S. dollar on Wednesday, a five-year low, before strengthening again, Refinitiv Data showed. The pound was bid at 18.71 to the dollar, its weakest since Feb. 2, 2017, when it weakened to as low as 18.78 pounds. Egypt has been suffering from a shortage of foreign currency since […] June 9, 2022
