Banking and Finance Saudi Arabia close to making $5bn deposit with Turkey Saudi Arabia and Turkey are discussing Riyadh placing a $5 billion deposit at Turkey’s central bank, a Saudi ministry of finance spokesperson said on Tuesday. “We are in final discussion to make a $5 billion deposit with the central bank of (Turkey),” the spokesperson said in an emailed response to a Reuters query. The Turkish […] November 23, 2022
Economy Turkish consumer confidence rises for fifth month in November 2022 Turkey’s consumer confidence index rose by 0.6 percent to 76.6 points in November, official data showed on Tuesday, continuing a rebound from a record low of 63.4 in June despite a continuing surge in inflation. The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months, which rose […] November 23, 2022
Banking and Finance Egypt and Turkey among nations facing high-risk currency crises Nomura has warned that seven countries – Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary – are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, […] November 23, 2022
Banking and Finance Dubai Islamic Bank sells $750m in debut sustainable sukuk Dubai Islamic Bank sold $750 million of its debut sustainable Islamic bond on Tuesday, a bank document showed. The sukuk, which mature in five years, were sold at 155 basis points (bps) over US Treasuries, tightened from initial guidance of around 175 bps over after demand topped $1.6 billion, the document showed. Bank ABC, Dubai […] November 23, 2022
Banking and Finance Citigroup targets more IPO deals in UAE and Saudi Arabia Citigroup Inc’s investment banking team has increased by 50 percent over the past two years and more people are being added in the United Arab Emirates (UAE) and Saudi Arabia, joining rivals seeking to take advantage of a red-hot Gulf IPO market. The Gulf region has become a bright spot for public share sales this […] November 23, 2022
Banking and Finance Bank of Israel says more rate hikes needed to cool inflation The Bank of Israel on Monday raised its benchmark interest rate by half a point and said it believes more hikes were needed to cool inflation, still running above five percent, while the economy remains strong and the labour market is tight. The move was expected to be one of the last in an aggressive […] November 22, 2022
Banking and Finance Lebanon to unify exchange rates for US dollar from February 2023 Lebanon’s central bank will adopt an exchange rate of 15,000 Lebanese pounds ($9.95) per US dollar as of February 1 as part of a process to unify the country’s multiple exchange-rate system, Lebanese central bank governor Riad Salameh said on Monday. The central bank’s official rate has been set at 1,507 pounds per US dollar […] November 22, 2022
Markets Saudi’s PIF hires banks for $1bn IPO of oil and gas drilling firm Saudi Arabia’s sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public. The Public Investment Fund (PIF) has selected JPMorgan , […] November 22, 2022
Banking and Finance Colombian food maker’s shares slump after UAE firm’s failed bid Shares in Nutresa, Colombia’s largest food producer, closed 28.6 percent lower on Monday following a failed public offer for a large portion of shares in the company. Nutresa shares closed at 38,990 pesos in comparison to a close of 54,600 per share on Friday. An offer for Nutresa shares by Abu Dhabi’s International Holding Company […] November 22, 2022
Analysis Employment We can work it out: the future for the GCC’s labour markets “Help wanted” signs are going up all over the Gulf as employers seek to expand their workforces and attract migrant labourers. This hiring spree is not the kind of free-for-all seen in previous oil booms, however. In Saudi Arabia, for example, overseas workers make up more than 70 percent of the labour market, but their […] November 22, 2022
Banking and Finance Buffett’s Berkshire ups stakes in Japan’s biggest trading houses Berkshire Hathaway Inc, run by billionaire Warren Buffett, has raised its stakes in each of Japan’s five biggest trading houses by at least one percentage point to more than six percent, regulatory filings showed on Monday, sending shares higher. The move is line with Berkshire’s statement in 2020 that its investments in the Japanese trading […] November 21, 2022
Banking and Finance FTX begins strategic review, seeks court relief to pay critical vendors Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical […] November 20, 2022
Banking and Finance Egyptian expat remittances fall slightly to $20.9bn Remittances from Egyptian expatriates reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion a year earlier, Egypt Today reported, citing data from the Central Bank of Egypt (CBE). Remittances from Egyptian expatriates fell to $2.2 billion in August 2022. Money inflow from Egyptian expatriates increased by 1.6 percent during the […] November 20, 2022
Banking and Finance Abu Dhabi’s IHC fails bid to buy Colombian food producer An offer by Abu Dhabi’s International Holding Company (IHC) for shares in Colombian food producer Nutresa was declared void on Friday after it failed to receive the minimum number of shares, Colombia’s stock exchange said in a statement. IHC’s offer attracted sales of 7.71 percent of Nutresa, the statement said. The Abu Dhabi-based fund had […] November 20, 2022
Banking and Finance School operator Taaleem up next in string of Dubai IPOs UAE schools operator Taaleem Holdings is the latest in Dubai’s string of initial public offerings (IPOs) as the emirate continues to open up key state-owned assets for investment. Dubai’s privatisation drive this year to raise revenue and boost investor interest includes the listing of 18 percent of utility company Dewa on the Dubai Financial Market. It […] November 18, 2022
Analysis Banking and Finance Inside Riyadh’s plan to be a global fintech player Saudi Arabia is poised to launch three digital banks over the next 12 months, plus new regulations, as part of its aim to become a major player in the financial technology (fintech) industry. The sector is “on the cusp of being propelled onto the global stage,” said Nezar Alhaidar, director of Fintech Saudi – an […] November 18, 2022
Banking and Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Economy Japan calls off Tokyo business forum after Saudis cancel trip A business forum of Japanese and Saudi government and business leaders set to take place in Tokyo next Monday has been called off after the Saudi delegation cancelled its trip, event organiser Japan External Trade Organisation (Jetro) said. Saudi minister of investment Khalid Al-Falih was among the delegation that had been expected to attend the […] November 18, 2022
Markets KFC Mena franchisee Americana doubles UAE retail size of IPO Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, has doubled the UAE retail offer for its initial public offering (IPO) from five percent to 10 percent of the total offering. The move makes the UAE retail offer equivalent to Saudi Arabia, the company said in a statement. […] November 18, 2022
Banking and Finance Asia’s richest man Gautam Adani eyes family office in Dubai Asia’s richest person Gautam Adani is considering opening a family office in Dubai or New York to manage his wealth, Bloomberg reported, citing informed sources. The group’s founders are in the process of hiring a full suite of specialised family office managers, a source said. The move comes after a $58 billion surge in Adani’s […] November 18, 2022
Economy Asia must not become arena for ‘big power contest’: China’s Xi The Asia-Pacific is no one’s backyard and should not become an arena of big power rivalry, China’s president Xi Jinping said on Thursday, warning against Cold War tensions in a region that is a flashpoint of competition between Beijing and Washington. Xi’s remarks ahead of an Asia-Pacific Economic Cooperation (APEC) summit in Bangkok were an […] November 18, 2022
Banking and Finance Jordan says IMF-backed reforms yielding ‘best results’ Jordanian Finance Minister Mohamad Al Ississ said on Thursday Moody’s’ upgrade of the kingdom’s rating outlook to positive from stable showed that its International Monetary Fund (IMF)-backed fiscal reforms were “producing the best results”. “Our fiscal reform has shown that fair and equitable reform is not only good policy, but produces the best results as […] November 18, 2022
