Biden: US-Asean pact to address ‘biggest issues of our time’ Southeast Asian heads of government held talks on Saturday with visiting global leaders including US president Joe Biden, who hailed the launch of a new US-Asean pact as a critical step towards tackling “the biggest issues of our time”. In his first visit to Southeast Asia as president, Biden said the region was at the […] November 13, 2022
Banking and Finance Turkey central bank firms grip on lira as election approaches Turkey’s central bank has put the finishing touches to a reserve-management system that has stabilised the lira currency ahead of elections in 2023, thanks to nearly 100 new regulations this year, industry sources and officials said. The policy, adopted in the wake of a historic currency crash a year ago, relies largely on foreign funds […] November 13, 2022
Banking and Finance Saudi bank not concerned about Credit Suisse’s governance Saudi National Bank (SNB) said on Friday it had not come across any information that might raise concerns over the governance of Credit Suisse and was supportive of the transformation plan announced by the bank on October 27. The comments came in response to concern from two other investors over the Swiss bank’s handling of […] November 13, 2022
Analysis Banking and Finance Wealthy fintechs will find it hard to buy Gulf banks, says expert Wealthy financial technology (fintech) companies won’t find it easy to buy banks in the Middle East or other developed economies, no matter how much money they’re willing to put on the table. A top banking executive expressed this view as reports that Binance, the world’s biggest crypto exchange, may go on a $1 billion acquisition […] November 11, 2022
Analysis Banking and Finance Influx of millionaires stokes UAE demand for private bankers An influx of affluent migrants is fuelling demand for wealth management services in the UAE, with some private bankers joining their clients in the seven-figure-salary club as competition for their expertise soars. Andrew Amoils, head of research at Johannesburg-based analyst New World Wealth, told AGBI that the number of centi-millionaires – people with fortunes of […] November 11, 2022
Banking and Finance Lebanon could still sign IMF deal despite executive vaccum Lebanon could still finalise a deal with the International Monetary Fund (IMF) for a $3 billion bailout despite having no president and no fully-empowered government, caretaker prime minister Najib Mikati said on Thursday. Beirut signed a draft agreement with the IMF in April but has been slow to implement a series of reforms required by […] November 11, 2022
Economy Egypt’s headline inflation jumps to 16.2% in October 2022 Egypt’s annual urban consumer inflation accelerated faster than expected in October, climbing to a four-year high of 16.2 percent, data from the statistics agency CAPMAS showed on Thursday. Year-on-year inflation increased to its highest since October 2018, when it hit 17.68 percent, from 15.0 percent in September. Core inflation rose to 19 percent in October […] November 11, 2022
Markets PIF to sell 10% stake in Saudi stock exchange owner Saudi Arabia’s Public Investment Fund (PIF) is selling a 10 percent stake in Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, via an accelerated bookbuild offering, according to a regulatory filing on Thursday. PIF, a sovereign wealth fund with over $600 billion in assets, has hired HSBC and Morgan Stanley to […] November 11, 2022
Banking and Finance Saudi Arabia works with Lazard on funding Mecca mega-project Saudi Arabia’s Public Investment Fund (PIF) is working with Lazard on funding options and a potential initial public offering (IPO) of Masar, a $27 billion mega-project in the holy city of Mecca. The kingdom’s sovereign wealth fund, which has over $600 billion in assets, is working with the US financial advisory on Masar, and several […] November 10, 2022
Banking and Finance Saudi Twitter backer KHC enjoys 996% soar in profits Shares in Prince Alwaleed Bin Talal’s Kingdom Holding Company (KHC) rose 3.2 percent in early trading today as the Saudi firm on Wednesday reported a 996 percent year-on-year increase in earnings for the first nine months of 2022. The investment holding firm, which is 16.87 percent owned by the Saudi sovereign wealth fund, the Public […] November 10, 2022
Exclusive Saudi Arabia Vision 2030 Serco expects 50% of Middle East revenue to come from Saudi London-based public service provider Serco expects to draw 50 percent of its Middle East revenue from Saudi Arabia by 2026. Daniel McGregor, corporate development director at Serco Middle East, told AGBI that this ambitious plan is already in motion — and it is being formulated to capitalise on Saudi Arabia’s huge investment in public infrastructure, […] November 10, 2022
Banking and Finance Sudan borrowing limited amounts from central bank Sudan’s finance minister said on Wednesday said the government was borrowing limited amounts from the central bank, but was still able to control inflation. Sudan’s economy has been in crisis for years. That crisis has deepened and the economic activity has stagnated since a military takeover in October 2021 derailed a political transition that was […] November 10, 2022
Cop28 US plan to sell carbon credits to private firms gets mixed reaction With the opening speeches out of the way, day four of Cop27 was the first of the “thematic days”, as member parties moved into the back rooms out of view of the cameras to conduct the real negotiations. The biggest announcement of the day came via the US climate envoy, John Kerry. A new carbon […] November 10, 2022
Dubai school operator Taaleem sets IPO price range Dubai schools operator Taaleem Holdings has announced a price range of between AED2.95 and AED3 ($0.80- 0.82) per share for its upcoming initial public offering. The company plans to list up to 25.32 percent of its share capital with the set price range implying a market capitalisation of between AED2.96 billion and AED3 billion at […] November 10, 2022
Banking and Finance Qatar transfers $1bn to Egypt to meet interim finance needs Qatar Investment Authority has deposited $1 billion with Egypt’s central bank amid talks to acquire stakes in some state-owned entities, Bloomberg reported, citing unnamed informed sources. Due diligence on the assets and finalising a deal will likely take time; therefore, the $445 billion sovereign fund deposited the cash to help Egypt meet its interim finances, […] November 10, 2022
Banking and Finance Crypto’s FTX CEO looking at all options as Binance deal collapses FTX chief executive officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. The proposed deal between Bankman-Fried and rival Binance chief executive officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as […] November 10, 2022
Markets Empower raises nearly $724 mln following book-building process Emirates Central Cooling Systems Corporation (Empower) has set the final offer price for its initial public offering (IPO) at AED 1.33 per share, at the top of the price range, raising nearly AED 2.7 billion ($724 million). This comes following the successful completion of the book-building and public subscription process for its IPO, the UAE […] November 10, 2022
Banking and Finance Calculating hyperinflation is ‘top priority’ for Islamic banks Islamic banking’s top rule maker is racing to create a new accounting standard to calculate the impact of hyperinflation. Changes to sharia-compliant accounting practices could make some account holders liable for banks’ losses related to soaring prices. Under IFRS accounting standards, which are commonly used worldwide, there is a clause, IAS 29, that covers hyperinflation. […] November 9, 2022
Analysis Employment Tech and tax jobs fuel UAE’s strongest job growth in 6 years The UAE has recorded its strongest employment growth since 2016 in a jobs boom fuelled by technology and professional services. But despite a growing number of vacancies and intense domestic and regional competition for the best candidates, analysts have warned that salaries — while rising — are failing to keep up with the red-hot jobs […] November 9, 2022
Cop28 Developing countries call for new taxes on oil and gas producers By the end of the second full day of Cop27 the tone of the conference had been set. One after another, leaders of developing countries took to the plenary stage to voice their frustration and demand that rich nations offer more support to help combat the effects of climate change. After Barbadian prime minister Mia […] November 9, 2022
Banking and Finance Saudi Arabia’s PIF to invest additional $915m in Lucid Lucid Group Inc. has entered into an agreement with its majority stockholder, and a unit of the Saudi sovereign wealth fund, the Public Investment Fund (PIF), for an additional investment worth $915 million, the American electric vehicle company said in a statement. PIF affiliate Ayar Third Investment Company (Ayar) will purchase shares in one or more […] November 9, 2022
Banking and Finance Turkey raises $1.5bn with five-year dollar bond Turkey raised $1.5 billion in its latest dollar-denominated international bond sale that offers investors a 10 percent yield for a five-year bond, defying a difficult backdrop for lower-rated issuers. The latest bond issue which is set to mature in 2028 attracted some $5 billion of bids and brings Ankara’s fund raising on international capital markets […] November 9, 2022
