Trade India’s Jindal SAW to invest in Abu Dhabi facility Jindal SAW, a manufacturer of steel pipes for the energy, transportation and water sectors, will invest $118 million to expand its operations in the Middle East and North Africa (Mena). The company will establish a facility in Abu Dhabi for $105 million, with an annual production capacity of 300,000 tonnes of seamless pipe, the company […] June 11, 2025
Analysis Retail Majid Al Futtaim IPO could ease succession strains Taking Majid Al Futtaim Holding public could provide a way to resolve the succession challenges facing the Dubai-based family conglomerate, but also risks fracturing the tight-knit structure that has long defined one of the Gulf’s most prominent family businesses. “The best way to solve family disputes is [to] list all the shares,” says Obediah Ayton, […] June 10, 2025
Trade Nigeria’s $5bn Aramco loan delayed by oil price drop Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria’s largest oil-backed loan to date and Saudi Arabia’s first participation […] June 10, 2025
Banking and Finance UAE exchange houses fined over money laundering failings The Central Bank of the UAE has imposed financial penalties on six exchange houses in the UAE for failing to comply with anti-money laundering controls. The exchange houses, whose names were not revealed, were fined AED12.3 million ($3.4 million), the central bank said in a statement. The sanctions were imposed based on the findings of […] June 10, 2025
Analysis Tax GCC braces for effects of Trump’s ‘Big, beautiful bill’ A proposal under consideration in the US Congress to impose new levies on sovereign wealth funds and other foreign investors is unlikely to harm GCC-based entities directly, experts have told AGBI. It could, however, have enough of a knock-on effect on the global attractiveness of US assets to convince large Gulf players to reassess their […] June 10, 2025
Opinion Finance The UAE’s debut stablecoin has real-world significance Stablecoins have hitherto operated in a regulatory grey zone, hindered by vague and inconsistent rules June 10, 2025
Infrastructure Emirates NBD and Siemens to finance green infrastructure Emirates NBD (ENBD), Dubai’s largest bank by assets, and German multinational Siemens have signed an agreement to provide finance for green infrastructure projects in the UAE. The agreement aligns with the UAE’s Net Zero by 2050 strategic initiative. Siemens will develop and design the administrative, technical and structural aspects of the agreement, the UAE […] June 10, 2025
Banking and Finance European bank’s $86m aid to create jobs in Turkey The European Bank for Reconstruction and Development (EBRD) will provide a €75 million ($86 million) loan to Türkiye Sınai Kalkınma Bankası (TSKB), the country’s development bank, to support businesses that offer opportunities to women and young people. The funding will also back companies impacted by the 2023 earthquakes. At least 15 percent of the funds […] June 10, 2025
Analysis Banking and Finance Gulf banks fight back to beat buy-now-pay-later advantage Gulf banks are moving aggressively to claw back billions of dollars in market share from buy-now-pay-later fintechs, turning to new payments infrastructure to reassert control at checkout, according to industry executives. Visa is working with lenders in the UAE and Saudi Arabia to expand its “Installment Solutions” platform, which allows credit cardholders to split payments […] June 10, 2025
Analysis Banking and Finance Banks slash IPO fees in Gulf scramble for market share Investment banks in the Gulf are cutting or even waiving fees to secure roles in regional initial public offerings (IPOs). As activity cools elsewhere, companies in the world’s largest oil producing region are selling shares to fund expansion. With IPO activity slowing in the US, Europe and China, legal and financial advisors say the Gulf, […] June 10, 2025
Economy Egypt economy The latest economic and demographic indicators for Egypt, including GDP, inflation, trade, population, unemployment and more June 9, 2025
Economy Turkey economy The latest economic and demographic indicators for Turkey, including GDP, inflation, trade, population, unemployment and more June 9, 2025
Opinion Markets Looming ‘5 on 10’ crunch will concentrate minds in the Gulf The yield on 10-year US Treasury bills is creeping up towards 5% June 9, 2025
Economy Growth for Saudi Arabia, but challenges emerge Saudi Arabia raised its economic growth estimate for the first quarter, driven by expansion in the non-oil sector. The General Authority for Statistics (Gastat) said on Monday that real GDP grew by 3.4 percent in the three months to March 31, compared with the same period last year. That also compared with its earlier estimate of […] June 9, 2025
Banking and Finance Oman’s Islamic banks outpace conventional competitors Islamic banks in Oman are growing at a faster pace than their conventional competitors, according to a report by the central bank. The sultanate’s two Islamic banks, Bank Nizwa and Alizz Islamic Bank, and sharia-compliant units at other banks recorded higher growth in loans and deposits in the year to April 30, the report showed. […] June 9, 2025
Finance Dubai takes control of Majid Al Futtaim amid succession dispute The Government of Dubai has stepped in to take control of Majid Al Futtaim (MAF) Holding, a pillar of Dubai’s consumer economy. A new board has been appointed to lead the group in an emirate-backed effort to resolve a long-running family succession battle. Founded in 1992, MAF is one of the largest closely held companies […] June 9, 2025
Opinion Trade Turkey can turn crisis into catalyst for global trade power Success requires abandoning traditional approaches for bold, decisive action June 9, 2025
Markets GCC debt issuance plunges but enthusiasm remains New debt issuance in the GCC fell by more than a fifth in the first five months of the year, led by a decline in Saudi sovereign sales, London Stock Exchange Group (LSEG) data shows. Corporate sales of both conventional bonds and sharia-compliant bonds known as sukuk took up some of the slack. In total, […] June 9, 2025
Trade Trump tariffs squeeze UAE businesses as costs mount UAE businesses are starting to feel the impact of US tariffs, with cost pressures mounting and revenue forecasts dipping, industry studies have found. Around 65 percent of UAE-based companies surveyed by HSBC reported rising operational costs linked to tariffs announced by President Donald Trump in April. Some of the “Liberation Day” levies have since been […] June 9, 2025
Analysis Banking and Finance GCC banks impress with earnings in first quarter Major banks in the six-country Gulf Cooperation Council (GCC) generated more than $13 billion in net profit in the first quarter of 2025. This was up by nearly one-tenth compared to a year earlier as increased lending and low loan defaults boosted the banks’ bottom lines. AGBI analysed the earnings of 21 banks across the […] June 9, 2025
Finance EIB to seek trading halt on Dubai bourse Emirates Islamic Bank (EIB) said it will seek suspension of its share trading on the Dubai Financial Market (DFM) from June 10, as it prepares to be fully merged with a rival lender. The decision comes after EIB or Emirates NBD (ENBD), Dubai’s largest bank by assets, received no objections to the latter’s mandatory acquisition announced […] June 9, 2025
Banking and Finance Syria to reconnect to Swift ‘within weeks’ Syria will be fully reconnected to the Swift global payment system within weeks, central bank governor Abdulkader Husrieh has confirmed in a media interview. The move comes after the US last month lifted its sanctions after 14 years, which will allow the rebuilding of the war-torn nation to commence. Husrieh said the return to the […] June 9, 2025
