Analysis Banking and Finance UAE pension plans aim to ease end-of-service headaches Pensions are a headache for governments, companies and employees alike. How to provide staff with a comfortable retirement that could last for decades? Historically, staff leaving UAE companies receive a substantial one-off payout from their employer, the amount increasing significantly the longer the period of service. But this “defined benefit” system can cause financial difficulties […] February 20, 2025
Trade Qatar to invest $10bn in India and launch free trade talks Qatar has agreed to invest $10 billion in India as trade ties between the two deepen. The countries have committed to double the level of imports and exports to $28 billion in the next five years and to establish a free trade agreement. A joint statement said Qatar would explore investment opportunities in sectors including […] February 19, 2025
Economy Public wage bill cuts into infrastructure spend, Kuwait bank says Kuwait’s government is spending too much money on wages and not enough on pressing infrastructure needs, the country’s largest bank has said. “Kuwait is still facing structural challenges in its fiscal policy because allocations for wages and social aid account for nearly 80 percent of total spending,” the National Bank of Kuwait (NBK) said. Kuwait, […] February 19, 2025
Banking and Finance CEO of $320bn Saudi pension fund to step down The CEO of Hassana Investment Company, which manages Saudi Arabia’s $320 billion social security and pension fund, will step down later this year. Saad Al Fadly will leave Hassana, the investment manager for General Organization for Social Insurance (Gosi), on July 1, the company said in a statement. He will remain a board member. Al […] February 19, 2025
Banking and Finance HSBC to sell Bahrain retail banking operations Hong Kong-listed HSBC has agreed to sell its retail banking operations in Bahrain to Bank of Bahrain and Kuwait (BBK) as part of a global restructuring at the bank. The deal will see a transfer of retail loans, deposits and accounts of about 76,000 customers to Bahrain-bourse listed BBK, which is majority owned by the governments […] February 19, 2025
Analysis Banking and Finance Share price rally tipped to keep rolling for UAE banks A year-long rally in share prices for major UAE banks still has some steam in it, underpinned by loans growth and attractive dividend yields, analysts have said. In the 12 months to February 11, the share price of Abu Dhabi Commercial Bank (ADCB) surged by almost 40 percent. Shares in Emirates NBD, Mashreq and Dubai […] February 19, 2025
Opinion Banking and Finance If you’re looking for bad news, DIFC is not the place It was another record year for the company, including a mind-boggling 68 percent leap in net profits February 18, 2025
Banking and Finance Number of hedge funds doubles at DIFC The number of hedge funds registered at Dubai International Financial Centre doubled in the last year as the district brushed off the challenge of neighbouring Abu Dhabi and Riyadh. Overall 1,823 new companies registered within the financial district, up 25 percent year on year. It is now home to 6,920 active companies, including 75 hedge […] February 18, 2025
Trade UAE-Ukraine trade deal to increase GDP by $1bn The UAE and Ukraine have signed a comprehensive economic partnership agreement (Cepa) that is expected to increase GDP in the two countries by $1 billion over the next six years. The Cepa allows 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE to be exempt from customs […] February 18, 2025
Banking and Finance Arab banks draw up plan to rebuild Syria’s ailing banking sector A three-year plan to restructure Syria’s ailing banking sector, which is suffering from massive non-performing loans, is being prepared by the Union of Arab Banks (UAB), an industry association, with the help of unnamed European institutions. The Beirut-based UAB’s secretary general, Wisam Fatouh, told the Saudi Arabic language daily Aleqtisadia on Monday that the restructuring plan involves […] February 18, 2025
ADVERTORIAL Banking and Finance Mashreq: inspired by your vision, empowering your success Founded in 1967, Mashreq is the UAE’s oldest bank. Its deep-rooted industry knowledge and experience in an increasingly dynamic financial landscape make it uniquely equipped to meet its corporate clients’ needs. Operating across key regions including Mena, Asia, Europe and the US, Mashreq Corporate leverages its international network, industry insights and operational flexibility to help […] February 18, 2025 Advertorial
Banking and Finance Mubadala puts $436m into BlackRock’s bitcoin ETF Mubadala has invested $436 million in BlackRock’s bitcoin exchange-traded fund. The Abu Dhabi sovereign wealth fund acquired 8.2 million shares in the iShares bitcoin ETF during the fourth quarter of 2024, according to Mubadala’s latest filing to the US Securities and Exchange Commission. iShares, managed by BlackRock, is one of the world’s largest providers of […] February 17, 2025
Markets PIF invests in delivery app DoorDash and drops Walmart Saudi Arabia’s Public Investment Fund has sold its stake in US retailer Walmart and more than doubled its holdings in ecommerce giant Amazon, it has announced. PIF also invested in food delivery business DoorDash in the three months to December 31, according to the sovereign wealth fund‘s latest filing to the US Securities and Exchange […] February 17, 2025
Analysis Trade Gulf-South America trade surges as economies grow When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […] February 17, 2025
Banking and Finance Mubadala buys stake in Germany’s Apleona Abu Dhabi’s Mubadala Investment Company will acquire a minority stake in Apleona, a German facility management services company. Mubadala’s investment was made through a consortium led by Bain Capital’s private equity team and will support Apleona’s growth and development across Europe. The transaction is subject to regulatory approvals. No financial details were given. Apleona provides […] February 17, 2025
Markets Mecca project developer targets $533m from Saudi listing Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, expects to raise between SAR1.8 and SAR2 billion ($480-$533 million) through an initial public offering (IPO) on the Saudi stock exchange. The company has set the IPO price range between SAR14 and SAR15 per share. This month […] February 17, 2025
Economy New Kuwait debt law could unlock billions for projects Kuwait is close to finalising long-moribund legislation around government borrowing that will allow it to take more debt and better finance infrastructure and other projects, its finance minister said. Speaking to local reporters on Sunday, Noura Al-Fassam said the borrowed money would be used in partnership with the private sector. “The debt law is now […] February 17, 2025
Banking and Finance Iraq bans five local banks from US dollar deals Iraq’s central bank will ban five more local banks from engaging in US dollar transactions following meetings with US treasury officials. The move is in line with efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters on Sunday. Meetings were held in Dubai last […] February 17, 2025
Economy Saudi Arabia’s anti-corruption efforts paying off Bribery and abuse of influence are the leading corruption offences in Saudi Arabia’s public sector, according to a new report. Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), formed in 2011, arrested 1,708 people last year on corruption charges, according to legal, risk and regulatory advisory company Secretariat. Charges included embezzlement, money laundering, forgery and misuse […] February 17, 2025
Opinion Trade Gulf-China relations are strictly business Expecting a major Chinese presence beyond the economic realm is wishful thinking February 16, 2025
Energy Oman secures $100m loan to join GCC power grid Qatar Development Fund has signed a $100 million loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to help finance the connection of the regional power grid to Oman. The project is expected to cost more than $700 million. It involves the construction of two 400 kilovolt (kV) overhead transmission lines connecting the GCCIA’s […] February 14, 2025
Analysis Trade Gulf likely to escape Trump tariffs, analysts say Saudi Arabia, the UAE and the other Gulf Arab states are likely to escape US President Donald Trump’s tariff ire, analysts say. This is because the world’s largest economy by and large runs a trade surplus with them, their value added tax (VAT) is relatively low and they peg their currencies to the US dollar. […] February 14, 2025
