Finance Egypt’s central bank keeps key interest rates steady Egypt’s central bank, as widely expected, left its key overnight interest rates unchanged on Thursday, saying both economic growth and core inflation were slowing. The bank kept its lending rate at 20.25 percent and its deposit rate at 19.25 percent. The median forecast in a poll of 17 analysts had been for the bank’s monetary […] September 22, 2023
Finance Turkey hikes rates to 30% to strengthen hawkish turn Turkey’s central bank raised its key interest rate by a lofty 500 basis points to 30 percent on Thursday, marking a second month of aggressive tightening after President Tayyip Erdogan set aside his long opposition to tight policy. The bank reiterated it is ready to raise rates further as needed to rein in inflation that […] September 22, 2023
Finance Egypt in talks with UAE bank to fund wheat purchase Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, three traders told Reuters. The move could give Egypt a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt’s wheat since last year but recently blocked a deal for a […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Tech Mena companies can tap $1bn HSBC climate tech fund HSBC has set aside $1 billion to help finance early-stage climate tech companies around the world, and “transformative investment opportunities” exist in the Middle East and Turkey, according to its regional chief. “The Middle East has a key role to play in the transition to a net zero global economy,” said Patricia Gomes, regional head […] September 21, 2023
Economy Fed interest rate pause will help GCC non-oil sector The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […] September 21, 2023
Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Finance PIF-backed Ades Holding’s order book hits $76bn Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […] September 21, 2023
Entrepreneurs Funding options on the rise for Palestine startups Palestine is home to a wealth of entrepreneurial talent but its startups have struggled to gain access to funding. A number of initiatives are aiming to change all that by doubling the amount of startup funding available and offering mentoring opportunities. Support is also being offered to Palestinians living in the Middle East and North […] September 20, 2023
Analysis Trade UAE-Serbia talks begin in Dubai as trade speeds up “I want to have Dubai as a base for my business and innovation,” says Novak Djokovic. “I love the champion mentality.” The world tennis number one, arguably Serbia’s most famous son, describes the emirate as his “second home”. Emirati officials, who launched trade talks with the European country on Monday, will be hoping Djokovic’s compatriots […] September 20, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Tech Digital assets startup Fuze raises $14m in seed round UAE digital assets provider Fuze has raised $14 million in a funding round, in what it claims is the “largest” seed investment in a digital assets startup in the Middle East and North Africa. The investment was led by Abu Dhabi-based Further Ventures, with participation by US-based Liberty City Ventures. The startup enables banks, fintechs […] September 20, 2023
Tech Israeli cybersecurity startup Cato Networks raises $238m Israeli cybersecurity company Cato Networks said on Tuesday it had raised $238 million in a private funding round that valued the company at $3 billion. The round, one of Israel’s largest this year and Cato’s biggest, was led by LightSpeed Venture Partners, with the participation of Adams Street Partners, Softbank Vision Fund 2, Sixty Degree […] September 20, 2023
Environment IMF lends Morocco $1.3bn to fight climate change The International Monetary Fund is to lend Morocco $1.3 billion to help the country guard against climate-related risks. The staff-level agreement was confirmed by Kristalina Georgieva, managing director of the IMF, who said the funding would be used to build resilience against future climate disasters. “Climate change is already dramatically affecting us,” Georgieva said in […] September 20, 2023
Health Al Jaber: climate change health risks need more investment Cop28 participating nations must increase financing to identify and mitigate climate change’s risks to human health, the summit’s president designate Sultan Al Jaber has said. “The connection between health and climate change is evident, yet it has not been a specific focus of the Cop process – until now,” Al Jaber told the UN General […] September 19, 2023
Banking & Finance Saudi crowdfunding takes off as loans double in 2022 The number of new businesses taking on debt through crowdfunding platforms has soared in Saudi Arabia. The value of loans raised has more than doubled to SAR771 million Saudi riyals ($206 million) in 2022, the Saudi central bank (Sama) said in a new report. Crowdfunding is a process in which multiple investors lend money to […] September 19, 2023
Analysis Trade Dubai Chamber opens offices in France and Italy Dubai has opened new representative offices in Paris and Milan as part of the UAE’s ambitions to build trade and investment opportunities with the European Union. Dubai International Chamber made the move on the back of more than $53 billion of trade between the UAE and Europe last year, up $11 billion on 2021. The […] September 19, 2023
Markets Saudi Tadawul to launch four Size Indices The Saudi stock exchange (Tadawul) is launching four new indices based on company size and public listing performance. The four Size Indices are the Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index and the Tadawul IPO Index. The maximum weight for any single stock will be 15 percent, following Tadawul All […] September 19, 2023
Banking & Finance UAE’s $1.5bn bond issue oversubscribed five-fold The order book for the UAE government’s US dollar-denominated $1.5 billion bond issue exceeded $7.4 billion, representing strong demand from domestic, regional and international investors, the finance ministry said in a statement. The 10-year bond, maturing on September 2033, was issued with a yield of 4.91 percent. This represented a spread of 60 basis points […] September 19, 2023
Finance China’s Alibaba plans $2bn investment in Turkey China’s e-commerce major Alibaba Group is planning to invest around $2 billion in Turkey, according to a local media report. The plan was shared by Alibaba president Michael Evans during a meeting with President Recep Tayyip Erdoğan, Daily Sabah newspaper reported, citing a statement from the company’s Turkish unit. No timeframe was given but the […] September 19, 2023
Finance Dubai plane lessor increases credit facility to $1.6bn Dubai Aerospace Enterprise (DAE) has signed a new facility worth $1.6 billion with a group of 26 financiers, its largest bank loan financing to date. The transaction was increased to more than twice the proposed initial target following significant investor demand, the state-owned company said in a statement published on the UAE Wam news agency. […] September 19, 2023
Finance Egypt’s new capital developer plans IPO in 2024 Egypt is planning to float five to 10 percent of the shares of the company building its vast new capital 45 km east of Cairo by the second quarter of 2024, its chairman said on Monday. The sale on the stock exchange of shares in the Administrative Capital for Urban Development (ACUD), now owned 51 […] September 19, 2023
