Economy Egypt warns commodity hoarders of legal action as inflation rises Egyptian Prime Minister Mostafa Madbouly has warned against stashing, overpricing, or monopolising commodities in the local market on higher inflation, Ahram Online reported, citing a cabinet statement. He stated that violators will face strict legal action, and vowed to continue implementing monitoring mechanisms to manage the market and provide commodities. The prime minister ordered the […] October 30, 2022
Economy Tunisia to start tough economic reforms soon for IMF package Tunisia will soon enact difficult economic reforms that have been delayed for years, the central bank governor said on Saturday, adding that financial authorities were trying to keep the dinar currency stable. Tunisia this month reached a preliminary agreement with the International Monetary Fund (IMF) for a $1.9 billion rescue package that could be finalised […] October 30, 2022
Opinion Banking and Finance Soft diplomacy rose to new levels at Saudi Arabia’s sixth FII forum The Future Investment Initiative was a networking forum for entrepreneurs and leaders shaping the global economy October 28, 2022
Banking and Finance Jared Kushner’s firm leads $200m funding for Dubizzle’s owner UAE-based unicorn Emerging Markets Property Group (EMPG) has completed a $200 million investment led by Affinity Partners, a global firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner. EMPG owns leading UAE classifieds platforms Bayut and Dubizzle, along with several platforms across emerging markets focused on Mena, South and Southeast Asia. The investment round […] October 28, 2022
Media & Advertising Musk’s Twitter ownership starts with firing of top executives Elon Musk became Twitter Inc’s owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. “The bird is freed,” he tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer […] October 28, 2022
Analysis Energy Ukraine war brings oil and gas underinvestment into sharp focus Oil and gas companies have slashed capital expenditure since a 2014 price crash and underinvestment will likely persist, despite the sector’s record profits this year, industry experts have warned. Saudi Aramco’s second-quarter net income of $48.4 billion was its largest since going public in 2019. ExxonMobil and Chevron and many other international oil companies also […] October 28, 2022
Analysis Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Economy Turkey’s central bank hikes 2022 inflation forecast to 65.2% Turkey’s central bank has lifted its inflation forecast for the end of 2022 to 65.2 percent from 60.4 percent, governor Sahap Kavcioglu said on Thursday, marking the fourth rise this year, as he conceded that the bank had not been “very successful” in curbing price growth. Turkish annual inflation climbed to a 24-year high of […] October 28, 2022
Banking and Finance Credit Suisse seeks billions from investors in make-or-break deal Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding. Chairman Axel Lehmann dubbed the plan a “blueprint for success”, but it fell […] October 28, 2022
Banking and Finance IMF confirms $3bn loan for Egypt, as currency hits record low The International Monetary Fund (IMF) said on Thursday it had agreed a $3 billion Extended Fund Facility (EFF) over 46 months with Egypt, welcoming a move to “durable exchange rate flexibility” regime and commitments to boosting social protections. Egypt’s currency fell by about 13.5 percent to a record low against the dollar on Thursday, Refinitiv […] October 28, 2022
Banking and Finance Egyptian banks follow currency devaluation with high-yield CDs Egypt’s three biggest state banks on Thursday offered three-year certificates of deposit with a 17.25 percent annual yield, a move designed to absorb liquidity and contain inflation after a devaluation of the currency. The move by National Bank of Egypt (NBE), Banque Misr (BM) and Banque du Caire followed a 200 basis points rate hike […] October 28, 2022
Banking and Finance ADNOC Distribution to refinance existing debt via $2.25bn loans ADNOC Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, said its board has approved loan agreements worth about $2.25 billion, which it plans to use to refinance existing debt or for general corporate purposes. The firm, the largest operator of petrol stations and convenience stores in the United Arab Emirates, approved unsecured senior […] October 28, 2022
Emirates NBD’s Q3 2022 profit climbs 51% on higher income Emirates NBD, Dubai’s biggest bank, reported on Thursday a 51 percent rise in net profit in the third quarter of 2022 on higher income, including net interest income and from transactions. Emirates NBD made net profit of AED3.8 billion ($1.03 billion) in the quarter from AED2.5 billion in the third quarter of 2021. EFG Hermes […] October 28, 2022
Banking and Finance Israel’s Bank Leumi interested in investments in Saudi Arabia Israel’s Bank Leumi would like to tap into investment opportunities in Saudi Arabia, Chairman Samer Haj Yehia told a business forum in Riyadh, which he is attending in the latest sign of a potential thawing in Saudi-Israeli relations. The presence of Bank Leumi, one of Israel’s two largest banks, at the kingdom’s flagship investment event […] October 28, 2022
Banking and Finance Dubai Aerospace sues 11 insurers over 19 jets stuck in Russia Aircraft leasing firm Dubai Aerospace Enterprise (DAE) has filed a London lawsuit against 11 insurers, including Lloyd’s of London, AIG, Chubb and Swiss Re, two months after it wrote off almost $600 million for 19 aircraft stuck in Russia. The High Court claim also names Fidelis Insurance Ireland, HDI Global Speciality, Abu Dhabi National Insurance […] October 28, 2022
Markets Abu Dhabi’s Bayanat IPO draws robust demand of $15.65bn Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it drew robust demand of AED 57.5 billion ($15.65 billion) for its initial public offering (IPO). Bayant is offering 22.22 percent of its share capital at AED1.1 per share, valuing the stake at AED628.6 million ($171.15m). Shares will begin trading on Monday. […] October 28, 2022
Analysis Abu Dhabi sovereign wealth fund to deploy more into private credit Abu Dhabi Investment Authority (ADIA) is upping its exposure to private credit to boost its returns, the world’s fifth largest sovereign wealth fund revealed in its 2021 annual review published on Thursday. Private credit has flourished since the 2008 global financial crisis as banks became more risk averse in their lending and interest rates plunged, […] October 27, 2022
Banking and Finance Islamic finance to grow 10%, but struggles in new markets The global Islamic finance industry will expand by 10 percent in 2022 and 2023 thanks to strong economic growth in core markets, high commodity prices and relatively little impact from the Russia-Ukraine war. However, data from S&P Global Ratings forecasts shows that the sector has struggled to make inroads in non-traditional markets outside the Gulf. Excluding […] October 27, 2022
Opinion Banking and Finance Five financial tips: How to beat the inflation crunch Our new personal finance columnist explores ways to manage your money through turbulent times October 27, 2022
Banking and Finance PIF launches regional entities to invest $24bn in multiple sectors Saudi Arabia’s Public Investment Fund (PIF) plans to set up five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, crown prince and fund chairman Mohammed bin Salman said in a statement. The announcement, made on the second day of Riyadh’s flagship Future Investment Initiative (FII) conference, comes after the PIF established an investment […] October 27, 2022
Analysis Economy 70 multinationals secure Riyadh licence after Saudi HQ ruling A total of 70 international companies have so far been issued licences to relocate their regional headquarters to the Saudi capital Riyadh as part of a major push to attract more overseas investment. The updated figure, revealed in a new report by Saudi Arabia’s Ministry of Investment (Misa), represents a significant increase compared to a […] October 27, 2022
Manufacturing Mercedes-Benz lifts profit forecast as luxury cars boom Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year. The German automaker said it now expected group earnings to rise at least 15% this year, compared with a previous forecast of 5%-15% growth, after profits […] October 27, 2022
