Banking and Finance UAE’s Mashreq bank sells $500m in Tier 2 bonds United Arab Emirates bank Mashreq sold $500 million in Tier 2 bonds on Thursday, a bank document showed, after a Saudi lender brought the region back to the international debt markets the previous day. The bonds, which have a maturity of 10-1/4 years and are non-callable for 5-1/4 years, were sold at 7.95 percent, tightened […] November 18, 2022
Banking and Finance Abu Dhabi-backed fund buys into UAE’s booming pet care industry Aliph Capital, the Gulf’s first female-led private equity firm, has entered the UAE’s booming pet care industry with its first deal. The fund, which raised $125 million last month from Abu Dhabi sovereign wealth fund ADQ, has bought The Pet Shop, the largest retailer of pet food and accessories in the UAE, from Kasamar Holdings. […] November 17, 2022
Banking and Finance Israel banking regulator cautious on profits despite current strength Israel’s banking regulator on Wednesday warned of a possible deterioration of banking system profits stemming from an uncertain economic outlook and higher interest rates that could lead to loan defaults. The Bank of Israel in its semi-annual report was still largely upbeat, saying all of Israel’s banks are maintaining capital ratios that are above the […] November 17, 2022
Banking and Finance Binance CEO says ‘shaken’ crypto market needs ‘a lot more’ scrutiny Confidence in the crypto industry has been “shaken” and it needs to open up to “a lot more” oversight from regulators, the chief executive of the world’s largest cryptocurrency exchange has said. Changpeng Zhao, the CEO and co-founder of Binance, added that the crypto sector should adopt some regulations from the traditional finance industry. Zhao’s […] November 17, 2022
Banking and Finance Saudi-listed Banque Saudi Fransi sells $700m in five-year bonds Banque Saudi Fransi, which is listed on the Saudi Exchange (Tadawul), sold $700 million in five-year bonds on Wednesday in the first public dollar bonds out of the Gulf in nearly a month, a bank document showed. The bonds were sold at 170 basis points (bps) over US Treasuries (UST), tightened from initial guidance of […] November 17, 2022
Banking and Finance Digital bank launches Gulf’s first IPO subscription service Customers of online bank Liv. can now subscribe to an IPO in its app, a first for a digital lender in the region. Liv., which is owned by Dubai’s Emirates NBD, is launching a digital platform that will allow investors to register their interest for upcoming IPOs and will provide information on individual listings, such […] November 16, 2022
Analysis Abu Dhabi’s ADIO signs up Israeli fintechs as bilateral trade rises Two Israeli companies have joined Abu Dhabi Investment Office’s $545 million Innovation Programme, with industry watchers predicting that many more will follow as ties strengthen between the country and the UAE. ADIO is working with fintech company Liquidity Group to establish an R&D centre in Abu Dhabi. The facility will develop Liquidity’s proprietary underwriting algorithm […] November 16, 2022
Analysis Banking and Finance Oman banks ink deal as Mena mergers defy global headwinds HSBC Bank Oman and local rival Sohar International Bank have entered into a binding agreement to consolidate operations as merger and acquisition activity in the Middle East and North Africa (Mena) continues to defy global headwinds. The two lenders said on Wednesday that all assets and liabilities of HSBC Oman will be transferred to Sohar […] November 16, 2022
Economy Saudi inflation at 3% in October 2022 on higher food prices Saudi Arabia’s annual inflation rate eased to three percent in October from 3.1 percent in September, with higher food prices driving the latest price rise, the General Authority for Statistics reported on Tuesday. The consumer price index for October was 0.2 percent higher than a month before, it added. Food and beverage prices in October […] November 16, 2022
Economy IMF says Jordan’s economy growth quickens despite global turmoil Jordan’s growth has quickened in 2022 despite global economic turbulence, driven by strong progress in International Monetary Fund (IMF)-backed structural reforms that have cushioned the economy and strengthened macro-economic stability, the IMF said on Tuesday. Ali Abbas, who headed an IMF mission, told reporters that a post-covid recovery continued to build momentum with expected 2022 […] November 16, 2022
Analysis Banking and Finance Fintech competition means UAE banks must change to survive The banking sector in the UAE could grow faster than the nation’s economy but competition from fintechs poses a threat to the survival of banks unless they restructure their operating models, according to a senior industry official. Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, warned that banks will have to change the […] November 15, 2022
Banking and Finance Fintech Pyypl mulls more fundraising amid investor demand Pyypl, the Middle East and Africa (Mena) focused financial services platform, is mulling plans for a new fundraising drive after closing its Series B raise of $20 million. The company said it is considering opening a second tranche for further investment due to interest from investors. Since inception in 2017, Pyypl has raised almost $40 […] November 15, 2022
Banking and Finance Binance pledges to create crypto industry recovery fund Binance chief executive Changpeng Zhao said the cryptocurrency exchange plans to launch a fund to help crypto projects facing a liquidity crisis as the collapse of rival FTX ricochets through the industry. The recovery fund will help ‘reduce further cascading negative effects of FTX’, Zhao said in a tweet on Monday, targeting projects that are […] November 15, 2022
Banking and Finance Oman sovereign wealth fund’s assets reach $41.5bn in 2021 Oman Investment Authority’s (OIA) assets reached $41.5 billion as the wealth fund increased holdings in real estate, technology and logistics, Bloomberg reported, citing its 2021 annual review. The sovereign wealth fund manages assets in 40 countries and has achieved an annual average return of 10.3 percent. OIA invests in stocks, bonds, short-term assets, logistics, service […] November 15, 2022
Energy PIF and BlackRock to explore Gulf infrastructure projects Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […] November 14, 2022
Markets KFC’s Mena franchisee set to raise $1.8bn from dual Gulf listing Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, is set to raise as much as $1.8 billion from its initial public offering (IPO) after the company disclosed an indicative price range on Monday. The price range was set at AED2.50 to AED2.62 per share, the company said […] November 14, 2022
Economy US may skirt recession in 2023 but Europe not so lucky Britain and the euro zone economies are likely to tip into recession next year, Morgan Stanley said, but the US might make a narrow escape thanks to a resilient job market. At the same time, China’s expected reopening after almost three years of coronavirus curbs is set to lead a recovery in its own economy […] November 14, 2022
Banking and Finance Egypt to join Brics’ development bank in coming weeks Egypt is looking to join the New Development Bank (NDB), established by the Brics countries, to improve cooperation in infrastructure and sustainable development, Asharq Al-Awsat newspaper reported, citing a statement from the Egyptian finance ministry. The Egyptian parliament will officially discuss the final procedures to join the bank in the coming weeks. Brics is a […] November 14, 2022
Banking and Finance PIF raises $612m as it reduces stake in Saudi bourse owner Saudi Arabia’s Public Investment Fund (PIF) has sold a 10 percent stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising SAR 2.3 billion ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares […] November 14, 2022
Exclusive Banking and Finance Crypto giant Binance eyes UAE acquisitions and Saudi expansion Crypto exchange Binance is in talks with financial regulators in Saudi Arabia to expand into the kingdom. The company is also eyeing web3 tech investments in the UAE, and has appointed a fund manager based in Abu Dhabi. Binance, which is the world’s biggest crypto exchange, saw a 49 percent year-to-date increase in its Mena […] November 14, 2022
Banking and Finance World Bank chief says global debt levels rose ‘substantially’ in 2021 Debt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66 percent of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries. The World Bank’s annual report on global debt statistics, due out next month, makes clear that […] November 13, 2022
Economy Trade and security on agenda for Xi Jinping’s visit to Saudi Arabia Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. The visit, which two sources said was expected to take place in December, comes at a time when relations between Saudi Arabia […] November 13, 2022
