Banking and Finance PIF-backed real estate refinance firm to acquire $133m portfolio Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, […] August 19, 2022
Economy Public sector paralysed amid Lebanon’s economic implosion It’s a weekday, but 50-year-old Lebanese finance ministry employee Walid Chaar is not at work and hasn’t been since June. He rushes to water the garden at his home in the hills south of Beirut, using the single hour of rationed state power to run the sprinkler. He then phones his mother, who is struggling […] August 19, 2022
Banking and Finance Egypt central bank holds rates steady after change of governor The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […] August 19, 2022
Economy Turkey shocks markets by cutting interest rate, as inflation soars Turkey’s central bank shocked markets on Thursday by cutting its main interest rate by 100 basis points to 13 percent, saying it needed to keep driving economic growth despite inflation hitting nearly 80 percent and a monetary tightening trend among its peers worldwide. The lira dropped as much as 1.2 percent to 18.15 per dollar […] August 19, 2022
Economy Arab countries to record 5.4% economic growth in 2022 Arab countries are expected to see a 5.4 percent in economic growth in 2022, up from about 3.5 percent in 2021, due to rising oil prices, an increase in crude production and the continuation of growth reforms, the Arab Monetary Fund (AMF) said in its latest report. However, economic growth in Arab countries is expected […] August 19, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Economy From chicken to weddings, Saudi prices continue to soar From meat and vegetables to the cost of events such as weddings, consumer prices in Saudi Arabia continue to rise, as inflation reached 2.7 percent year-on-year in July. The biggest increase was in the food and beverage segment, which rose 3.9 percent, mainly on the back of meat prices increasing 5.1 percent, the General Authority […] August 18, 2022
Economy Turkey to re-appoint ambassador to Israel Turkey and Israel will mutually re-appoint ambassadors, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday, marking a milestone in the two countries’ efforts to normalise ties. “Appointment of ambassadors was one of the steps for the normalisation of ties. Such a positive step came from Israel as a result of these efforts, and as Turkey, […] August 18, 2022
Economy Tunisia to submit reform plan to IMF in September Tunisia will submit a national reform programme to the International Monetary Fund (IMF) in September, the economy minister said on Wednesday, part of efforts to secure a bailout to rescue strained public finances. Economy Minister Samir Saied was quoted by state news agency TAP as saying the programme would be submitted to the IMF board. […] August 18, 2022
Banking and Finance Egypt’s central bank governor resigns a year early Egypt’s central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah Al-Sisi said on Wednesday, just over a year before the completion of Amer’s final term. There was no announcement of a replacement for Amer, who has been appointed as a presidential adviser. The central bank governor is one of […] August 18, 2022
Banking and Finance HSBC appoints new head of Middle East global banking HSBC has appointed Julian Wentzel as head of global banking for its Middle East, North Africa and Turkey (MENAT) business, according to an internal memo seen by Reuters on Wednesday. Wentzel will be based in Dubai and a search is ongoing to find a successor for his previous role as head of global banking for […] August 18, 2022
Banking and Finance Brazil’s Burger King owner opposes Mubadala takeover bid The owner of Burger King Brazil, Zamp SA, said on Wednesday its board of directors opposes Abu Dhabi state investor Mubadala Capital LLC’s takeover bid for the firm, voicing its objection weeks before shareholders decide on the deal. Zamp, previously known as BK Brasil Operacao e Assessoria a Restaurantes SA, is the master franchisee of […] August 18, 2022
Economy Saudi Arabia and Uzbekistan sign investment deals worth $12bn Saudi Arabia and Uzbekistan have signed around 10 investment agreements worth over SAR45 billion ($12 billion), local media reported. “Over 10 agreements were signed between the Kingdom and Uzbekistan in several sectors, with a value exceeding SAR45 billion,” Arab News reported, citing Saudi Minister of Investment Khalid Al-Falih. The signed agreements aim to explore investment […] August 18, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Economy IMF urges Saudi to explore new taxes to boost non-oil revenues Saudi Arabia should investigate new taxes, including on income and property, as it aims to boost its non-oil revenues. While significant change has already been undertaken by the kingdom, with a tripling of VAT to 15 percent during the coronavirus pandemic, more can be done, said Amine Mati, assistant director and mission chief for Saudi […] August 17, 2022
Dubai bank metaverse Banking and Finance Dubai bank enters metaverse to support $4bn tech push Emirates NBD, Dubai’s biggest bank, today announced its first play in the metaverse as part of the emirate’s ambition to become one of the world’s top 10 virtual economies. Its global accelerator programme, in partnership with the Dubai International Financial Centre (DIFC) Fintech Hive and powered by Microsoft, is for metaverse startups and aims to […] August 17, 2022
Banking and Finance New Zealand central bank does not expect recession Reserve Bank of New Zealand Governor Adrian Orr said on Wednesday that while growth would slow he did not expect a recession, adding that the central bank believed it was on top of inflation, which has hit three-decade highs. “Through our projection period ahead, while we do not forecast a recession … we do forecast […] August 17, 2022
Economy Strong Israel GDP and inflation may lead to 75 bps rate hike A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […] August 17, 2022
Markets Foreigners invest $4.2bn in UAE stocks since start of 2022 The net investments of non-Arab foreigners in UAE stocks rose to over AED 15.54 billion ($4.22 billion) since the start of 2022, UAE state-owned news agency WAM reported. According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED 70.276 billion from the beginning of 2022 to the end of […] August 17, 2022
Banking and Finance Saudi invests $7bn in US giants from Microsoft to Starbucks Saudi Arabia’s sovereign wealth fund continued its massive investment in US equities in the second quarter of 2022 despite global recession fears. At a time when the kingdom’s income from oil almost doubled, it snapped up $7.6 billion of stocks in technology, e-commerce, retail and finance companies – from Microsoft and Amazon to Costco, Starbucks […] August 16, 2022
Opinion Economy GCC markets offer opportunities in face of global recession Amid global economic gloom, the GCC not only enjoys high oil prices, but production increases August 16, 2022
Analysis Banking and Finance How Oman has moved from protests to surplus in a year Last June Oman was facing protests over job layoffs and poor economic conditions as the sultanate suffered from the double shock of the coronavirus pandemic and a slump in oil prices. Just 14 months later Fitch Ratings has upgraded Oman’s long-term foreign-currency issuer default rating to ‘BB’ from ‘BB-‘, with a stable outlook. Fitch said […] August 16, 2022
