Banking and Finance World’s richest families are shifting investments to Gulf Qatar’s World Cup, Saudi’s Vision 2030 and UAE’s dynamism are all helping attract wealthy family investors to the region, says UBS Investments in the Middle East by ultra-high-net-worth family offices will increase by at least 50 percent over the next decade, a senior executive at the Swiss global wealth manager UBS told AGBI. Family offices, […] July 25, 2022
Analysis Banking and Finance Kingdom Holding bucks European investment exit trend Saudi Arabia’s Kingdom Holding Company is investing $269 million in British insurance and asset management firm M&G Plc, despite the trend towards Middle East sovereign wealth funds backing away from Europe. M&G has over $370 billion in assets under management. Kingdom is part-owned by Saudi Arabia’s Public Investment Fund (PIF), manages a global portfolio of […] July 22, 2022
Analysis Banking and Finance Saudi bank assets hit $879bn thanks to mortgages and oil Saudi Arabian bank assets grew by 10 percent to reach SR3.3 trillion in assets ($879.43 billion) in 2021, buoyed by the kingdom’s booming mortgage market and a sharp rebound in oil revenues. That’s according to global rankings from The Banker published earlier this month, which also shows that the kingdom’s credit grew by 15.5 percent […] July 22, 2022
Economy Dubai welcomes 45,000 new businesses in 2022 … so far Dubai has seen a 25 percent rise in the number of new company licences issued in the first six months of 2022, highlighting the impact of the government’s new business incentive initiatives. “As a corporate services provider, I have seen first-hand a significant rise in foreign direct investment into the UAE from several geographies directly […] July 22, 2022
Opinion Markets Three ways to keep your cool in a bear market Volatility should not blow your mind, it's important to hold fast and remain focused July 22, 2022
Banking and Finance Saudi Arabia helps fund $100m emergency food aid for Sudan The World Bank has agreed to provide the UN’s World Food Programme with $100 million for an “emergency safety net project” to address food insecurity in Sudan, it said in a statement on Thursday. The programme, whose funding comes from the European Union, United Kingdom, Saudi Arabia and several other Western nations, aims to provide […] July 22, 2022
Banking and Finance Gulf bond hopefuls wait in wings after plunge in volumes Middle East companies waiting for a favourable window to sell bonds face some tough choices in terms of when to tap the market, a situation that has already contributed to an 80 percent plunge in issuance volumes in the region in the first half. Some issuers in the Gulf, which typically makes up some 40 […] July 22, 2022
Analysis Economy Mixed reception for UAE’s Golden Visa discount programme Some experts accuse initiative of being mere ‘window dressing,’ while others praise its ingenuity Dubai has bolstered its Golden Visa scheme with associated discounts to help attract high-level entrepreneurs, doctors, academics and creatives to its shores. The government announced this week that it would provide its Esaad privilege card – originally only for public sector employees […] July 21, 2022
Analysis Banking and Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Economy Britain launches free trade talks with Israel following Brexit Britain has launched free trade talks with Israel, aimed at boosting service and tech sector ties as it seeks new deals after leaving the European Union. The current trade deal between the two countries is based on an old EU deal that has no specific provisions on services, Britain said, adding that the trading relationship is currently worth $6 billion a year. “The UK and Israel are […] July 20, 2022
Opinion Economy British firms tread fine line against rising inflation in the UAE The ‘discount culture’ is making it harder for businesses to maintain quality in a crowded market July 20, 2022
Markets Porsche faces uphill drive in race to public listing Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public offering to fund a costly makeover […] July 20, 2022
Economy Turkish lira tumbles to weakest point since December 2021 The Turkish lira weakened to 17.579 against the dollar on Tuesday, as the strong US unit and concerns over high domestic inflation and low interest rates dragged the currency to its weakest level since a full-blown currency crisis in December. Since the historic crash last year, the central bank has used its foreign exchange reserves […] July 20, 2022
Markets Gulf bourses extend rebound as Saudi outperforms Saudi Arabia’s stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth. The benchmark index in the kingdom advanced 1.8 percent, led by a 2.1 percent rise in Riyad Bank and a 2 percent increase in […] July 20, 2022
Economy Oman decrees locals to take over 200 professions from expats Oman’s Ministry of Labour (MoL) is to Omanise 207 professions. The decision regulates the practice of professions including administrative director, director of personnel affairs, director of public relations, security supervisor, general manager, deputy director, social service specialist, social welfare specialist, social psychology specialist, social worker, student activities specialist and flight operations inspector. The decision also […] July 19, 2022
Analysis Economy Sheikh Mohamed underlines ties with France on first foreign trip The Louvre Abu Dhabi is perhaps the most visible symbol of the flourishing relationship between the UAE and France. The museum on Saadiyat Island, which opened in 2017 under an agreement between the two governments, is said to be France’s largest cultural project abroad. Given this backdrop of cultural and commercial ties, France was a […] July 19, 2022
Analysis Banking and Finance One in 10 financial transactions in UAE are malicious cyberattacks An average of one in 10 financial transactions in the UAE are malicious attacks carried out by cybercriminals, with the number of such attacks on the rise in the last 12 months, according to an industry survey. The UAE’s rapid digitisation of company operations, and the rise in popularity of e-commerce platforms during the pandemic […] July 19, 2022
Think women make bad bosses? Think again, says Visa senior VP Is a man better at running a business than a woman? The Visa Entrepreneur Study, commissioned by the global payments giant, found that nearly four in 10 (38 percent) of male business owners surveyed in the UAE believed men have better business instincts than women. Furthermore, 34 percent said businesses founded by women couldn’t compete […] July 19, 2022
Banking and Finance India to invest more in Sri Lanka on top of $3.8bn already given India is willing to make more investments in neighbouring Sri Lanka after supporting it with $3.8 billion this year, New Delhi’s envoy in Colombo told the Indian Express newspaper. “The idea is to respond to Sri Lanka’s requests for enabling them to meet their foreign exchange crisis,” said Gopal Baglay, India’s high commissioner in Sri […] July 19, 2022
Nigeria’s United Bank for Africa opens branch in Dubai Nigeria’s United Bank for Africa (UBA) has set up operations in the United Arab Emirates, it said on Monday. The new branch, located in the Dubai International Financial Centre, will serve customers across the region and focus on correspondent banking, relationship management and advisory services, UBA said in a statement. Group chairman Tony O. Elumelu […] July 19, 2022
Markets Major Gulf bourses gain, while Union Coop falls 9% on debut Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment, with the Saudi index leading the gains. Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia. The benchmark Saudi […] July 19, 2022
Banking and Finance Crypto giant OKX plans ‘long-term play’ in UAE after licence win Crypto trading app OKX plans to make Dubai its regional hub and hire 100-plus people in the UAE July 18, 2022
