Opinion Banking & Finance Spinneys IPO – like selling one-dirham steaks The grocery store is a Dubai institution – but are its shares too cheap? May 3, 2024
Mining Saudi industry minister tempts investors with funding incentives Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers. Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […] May 3, 2024
Economy Flooding dents UAE business confidence but optimism remains Business and consumer confidence in the UAE was hamstrung by last month’s heavy rain and flooding, leading to the slowest increase in orders since February 2023, according to a business sentiment survey published on Friday. Private business activity in the non-oil sector still showed significant growth in April amid a “robust” economic landscape and the […] May 3, 2024
Finance Profit up 15% at Dubai’s free zone operator Tecom Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […] May 3, 2024
Markets Dubai focuses on pre-IPO stage for startups Dubai Financial Market (DFM) is focusing on supporting startups in the pre-initial public offering (IPO) stage to raise capital and connect them with potential investors, CEO Hamed Ali has said. “Diversifying the investor base is one of the top priorities for DFM,” Ali was quoted as saying in an interview with the UAE state-owned Wam […] May 3, 2024
Analysis Finance Growth doubts over Islamic finance despite trillions in assets Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond. S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year. The agency expects the […] May 3, 2024
Markets Institutions snap up share of Fakeeh Care Group IPO in minutes Institutional investors snapped up their slice of shares in the Saudi healthcare conglomerate Fakeeh Care Group within minutes of the start of the book-building process for the company’s IPO. Fakeeh Care Group, which was founded in Jeddah in 1978, has set the price range for its initial public offering (IPO) at between SAR53 ($14.13) and […] May 2, 2024
Economy Lebanon to receive $1bn in financial aid from the EU A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen. The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […] May 2, 2024
Banking & Finance ADQ’s first $2.5 billion bond issue four times oversubscribed Sovereign wealth fund ADQ has issued its first bonds, selling $2.5 billion of debt on the London Stock Exchange, in what the company says marks a “significant step” in diversifying its funding sources. Founded in 2018, ADQ – Abu Dhabi Developmental Holding Co – is one of three major Abu Dhabi sovereign funds and has […] May 2, 2024
Opinion Economy Is it back to the 1970s as global macro storm clouds loom? Even the rises in US Treasury bond yields and dollar have not derailed the bull market in gold May 2, 2024
Analysis Industry UAE considers R&D tax incentives to help SMEs The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law. The consultation will be open […] May 2, 2024
Finance Flood insurance in Dubai under threat says expert Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […] May 2, 2024
Analysis Markets Hope for more private UAE listings follows Spinneys IPO The record-breaking interest in supermarket giant Spinneys’ upcoming listing on the Dubai Financial Market could start a rush of private listings in the UAE, industry experts have predicted. The country’s privatisation strategy has led to a raft of government-owned entities being listed on the Dubai and Abu Dhabi stock exchanges. Last year there were 48 […] May 2, 2024
Trade Dubai free zone to build on UAE-Japan trade A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […] May 2, 2024
Economy Saudi economy contracts for third quarter in a row Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show. The country’s GDP fell for the third quarter in a row, although the drop eased from the 4.3 percent contraction in […] May 1, 2024
Trade UAE and Iran to meet in Abu Dhabi after 10 years The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […] May 1, 2024
Banking & Finance International business drives Q1 growth at First Abu Dhabi First Abu Dhabi, the UAE’s largest bank by assets, has reported revenue of AED8 billion ($2.2 billion) for the first quarter of 2024 after its international operations grew by a third. FAB announced on Wednesday that revenue from outside its home market grew by 33 percent to AED2 billion. It makes up about a quarter […] May 1, 2024
Infrastructure Report links e& to acquisition of $8.6bn Dutch telco The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […] May 1, 2024
Finance PIF and BlackRock launch $5bn Saudi capital markets platform Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are to launch a new investment platform to accelerate growth of the kingdom’s capital markets. The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from PIF. The investment is subject […] May 1, 2024
Banking & Finance Qatar’s Ooredoo profit falls despite 4% rise in revenue Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024 The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. However, revenue […] May 1, 2024
Economy Demand for gold soars as Turkish investors seek safe haven Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […] May 1, 2024
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024