Economy Moody’s upgrades Turkey’s credit rating by two notches Turkey’s efforts to improve its economic credentials and attract investment have been given a boost by the credit ratings agency Moody’s, after what the agency said was a return to a more balanced economic policy programme. In a statement on July 19, Moody’s said it had upgraded Turkey’s long-term foreign and domestic currency issuer and […] July 22, 2024
Finance SMEs in Oman to get emergency fund loans The Oman government has set up an emergency fund to support small and medium enterprises after the impact of a tropical cyclone last October. The loan fund is intended to ensure the continued and sustainable operation of SMEs and aid in overcoming any emergency situations, the state-run Oman News Agency reported, quoting the Authority for […] July 22, 2024
Construction Three Saudi companies acquire fund behind world’s tallest tower The Saudi Arabian fund behind what will be the tallest tower in the world has been acquired in a $1.8 billion (SAR6.8 billion) deal. Kingdom Holding Company, Sumuo Holding Company and Jeddah Economic Company (JEC) have signed an agreement to take ownership of the Al Inma Jeddah Economic Fund, which is currently wholly owned by […] July 22, 2024
Finance Abu Dhabi-backed Egyptian fintech raises $160m Egyptian fintech MNT-Halan, backed by Chimera Abu Dhabi, a private investment company, has raised $157.5 million to support regional expansion. The International Finance Corporation, the World Bank’s private investment arm, invested $40 million in the fundraising round. The remaining was contributed by Lunate, an Abu Dhbai-based asset management company, Development Partners International, Lorax Capital Partners, […] July 22, 2024
Markets Saudi stock operator profit rises 56% on strong revenue Saudi Tadawul Group, the kingdom’s stock exchange operator, reported a 56 percent surge in second-quarter profit on higher trading activity. Net profit after zakat – the obligatory charity donation – reached SAR164 million ($44 million) in the April to June period, compared to SAR105 million a year earlier. Operating revenues reached SAR354 million, an increase […] July 22, 2024
Analysis Economy Egypt seeks to treble foreign direct investment to $30bn Egypt’s new cabinet, formed earlier this month, wants to treble foreign direct investment into the country from the record $10 billion of FDI inflows recorded in 2022-23. The ambitious target of $30 billion in FDI during the current financial year, which began on 1 July, has been set as Egypt cuts budgets and slows down […] July 22, 2024
Banking & Finance BlackRock-led investors to refinance Aramco Pipelines stake Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network. The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […] July 19, 2024
Opinion Markets Regional debt issuance boosts Islamic bond take-up Large Muslim countries have skewed global sukuk markets July 19, 2024
Education Amanat to list its education platform Amanat Holding, an investment company in Dubai, has announced plans to list its education platform. The move will be the third education-related initial public offering in the UAE in the last two years, following the listing of Dubai’s Taaleem in 2022 and Abu Dhabi’s Alef Education earlier this year. Amanat, which specialises in healthcare and […] July 19, 2024
Economy ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […] July 19, 2024
Banking & Finance Rakbank plans first bond to fund social projects The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […] July 19, 2024
Finance Sharia standard 62 may disrupt sukuk market, says S&P Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to credit rating agency S&P. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions standard 62 guidelines as they have been presented could disrupt the market,” it said in a new report. The […] July 19, 2024
Opinion Banking & Finance Georges Elhedery, ‘one of our own’ at helm of HSBC New bank CEO will reinforce Middle East's position as a global financial fulcrum July 18, 2024
Finance Masdar taps green debt market to finance expansion Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […] July 18, 2024
Trade Iraq resumes talks to join World Trade Organization Iraq has resumed discussions to join the World Trade Organization, almost 20 years since first applying for membership. Negotiation teams from Iraq began preparatory meetings at the Geneva headquarters of the WTO this week. The country’s first application was submitted in 2004 with the creation of a working party, although there has been little movement […] July 18, 2024
Banking & Finance Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […] July 18, 2024
Finance ADGM to cut fees for non-financial business by 50% Abu Dhabi Global Market (ADGM), a financial free zone in the UAE capital, will cut fees for non-financial businesses by 50 percent to minimise potential disruptions for businesses in Al Reem Island during the zone’s expansion phase. Starting January 1, 2025, fees for new registrations for non-financial licences will fall from $10,000 to $5,000, the […] July 18, 2024
Video length: 04:06 VIDEO Banking & Finance GCC investors in UK warned of new tax liabilities The newly elected Labour government is expected to introduce a range of tax changes that will impact British expatriates living overseas, non-doms and the UK’s community of wealthy foreign investors. Tax consultants suggest that GCC investors considering selling their UK assets should do it “sooner rather than later” to escape the hikes that could significantly […] July 17, 2024
Finance Turkey targets business with steep taxes to raise revenue Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […] July 17, 2024
Economy IMF lowers Saudi growth forecast over oil output cuts The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy. In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […] July 17, 2024
Analysis Aviation Damascus resumes Saudi flights but sanctions stifle trade Syria has resumed weekly flights from Damascus to Saudi Arabia as commercial relations warm up further after diplomatic ties were restored last year. But Syrian integration into regional economies is still moving slowly, because of US sanctions. Syrianair began the once-weekly flights to Riyadh on July 10, adding its list of Gulf destinations including Dubai, […] July 17, 2024
Finance Egypt to float Suez Canal subsidiary next year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […] July 17, 2024
