Banking and Finance Careem buys Dubai-based money transfer startup Uber-owned app ride-hailing firm Careem has acquired the assets of Dubai-based money transfer platform Denarii. Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii will enable fintechs like Careem Pay to process quick and affordable international money transfers. Careem will also use the new addition to its Super App to allow customers and Captains […] July 4, 2022
Banking and Finance Digital bank YAP raises $41m as it eyes Saudi Arabia United Arab Emirates-based digital bank YAP said on Monday it had raised $41 million and plans to expand into Saudi Arabia through a partnership with a traditional bank in the kingdom. The investors in the Series A round, which YAP said it intends to close by the end of the year, include Saudi Arabia’s Aljazira […] July 4, 2022
Markets Supermarket chain Union Coop to list on Dubai stock market UAE supermarket chain Union Coop is to list its shares on the Dubai stock market from July 18, it announced today. The retailer suspended the trading of shares on its own portal and when trading resumes on July 18 on the DFM shareholders will be given ten shares for each already held. The company, which […] July 1, 2022
Economy UAE reaches trade pact with Indonesia Indonesia and the UAE today signed a free trade agreement, strengthening economic ties between Southeast Asia’s largest economy and the Gulf state. The Comprehensive Economic Partnership Agreement, signed in Abu Dhabi, will eliminate or sharply reduce duties on most goods traded between the nations. The accord includes chapters on services, investments, intellectual property rights and […] July 1, 2022
Banking and Finance One in five IMF staff say they were ‘unduly influenced’ Nearly 20 percent of International Monetary Fund staff say their work has been “unduly influenced” by supervisors, according to an internal survey released on Thursday as part of a review of data integrity standards that generally found “robust mechanisms” for institutional governance. The review was launched last year by the IMF’s Executive Board following allegations […] July 1, 2022
Banking and Finance Saudi Arabia ‘in early talks to take stake in Aston Martin’ Saudi Arabia’s Public Investment Fund is in early talks with British luxury carmaker Aston Martin about taking a stake in the business that could be worth 200 million pounds ($243.5 million), the Financial Times reported on Thursday. Shares in Aston Martin, which had fallen as much as 20 percent to a record low on Thursday, […] July 1, 2022
Markets Gulf markets fall on fears of another sharp slowdown Most stock markets in the Gulf ended lower on Thursday, as central banks’ aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown. On Wednesday, central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control […] July 1, 2022
Saudi imports from UAE drop 23% in a year Saudi imports from the UAE fell by 23 percent year-on-year in April, with analysts citing last year’s changes to the customs rules as the main reason for the drop. Imports into the kingdom from the six GCC countries, which also includes Oman, Bahrain, Kuwait and Qatar, rose seven percent year-on-year to 6.55 billion riyals ($1.75 […] June 30, 2022
Banking and Finance UK bank losses from fraud scams surge 40% British bank customers were tricked out of 583 million pounds ($712 million) stolen through sophisticated fraud in 2021, up nearly 40 percent on the prior year, according to data published by trade body UK Finance. Lenders have been battling increasingly complex fraud schemes against their customers, as criminals target the growing numbers of people banking […] June 30, 2022
Opinion Banking and Finance MENA’s crypto mining industry needs to catch up The challenges for digital asset mining in the region include the power costs needed in a hot climate June 30, 2022
Banking and Finance Crypto is ‘more like a Rolex than currency’ Crypto assets will not become currencies and global regulators should be concerned about the trillions of dollars lost in the cryptocurrency market, a senior investment executive at one of the UAE’s top financial institutions said yesterday. A major sell-off in cryptocurrencies last month wiped over $200 billion of investor wealth from the market in a […] June 30, 2022
Energy G7 should opt for fuel tax cut over price cap, says Saudi-based analyst A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […] June 29, 2022
Dubai to open 50 commercial offices around the world Dubai is planning to open 50 commercial representative offices around the world as part of its goal to transform the emirate into a truly global trading hub and double its economy in the next five years. The new Dubai Global initiative, launched yesterday, aims to help Dubai-based companies scale up globally and provide them with […] June 29, 2022
Banking and Finance ‘Embrace digital, don’t just change the cushions’ says official Dubai’s biggest companies must embrace digital transformation as a way to advance the financial sector, instead of joining the “innovation theatre”, according to a government official. Hamad Buamim, president and chief executive of Dubai Chamber of Commerce, said large organisations, especially banks, need to steer clear of superficial efforts if they are truly to make […] June 29, 2022
Banking and Finance Volt, Australia’s first online-only bank, shuts down Volt Bank Ltd, the first exclusively online bank to gain an Australian banking licence, said on Tuesday it would shut down, returning deposits and selling its mortgage book after failing to raise sufficient funds to support the business. Its collapse is a further blow to a business model that the Australian government and regulators promoted […] June 29, 2022
Banking and Finance Egyptian microfinance firm closes $150m bond issuance Egyptian microfinance lending and payments company MNT-Halan said on Monday it had closed a securitised bond issuance of approximately $150 million, as part of a $600 million program with Commercial International Bank (CIB). “The proceeds will fuel the company’s accelerated growth across multiple lending business lines,” the company said. “We expect our loan book to […] June 29, 2022
Banking and Finance US mass shooting insurance rates jump as incidents rise The cost of buying insurance protection against mass shootings has spiked more than 10 percent in the United States this year following a string of deadly events, insurers said. The United States witnessed 293 mass shootings so far this year, according to a report by the Gun Violence Archive that defines them as any event […] June 29, 2022
Banking and Finance Saudi foreign direct investment rises 9.5% in first quarter Saudi Arabia recorded 9.5 percent increase year on year in foreign direct investment (FDI) flows during the first three months of 2022, the investment ministry said on Twitter on Tuesday. The FDI inflows were at 7.4 billion riyals ($1.97 billion) in the first quarter of 2022, the ministry added. ($1 = 3.7530 riyals) June 29, 2022
Markets Most Gulf stocks track oil prices higher, with Aramco up 3.3% Most stock markets in the Gulf ended higher on Tuesday, tracking oil prices and global shares as China eased some quarantine requirements for international arrivals which raised hopes for stronger growth and a revival in demand for commodities. China slashed the quarantine time for inbound travellers by half in a major easing of one of […] June 29, 2022
Banking and Finance Binance CEO warns Gulf banks they must adapt Banks that fail to catch up with blockchain and decentralised finance technologies will have a “hard time in the future”, the chief executive of the world’s largest cryptocurrency exchange has warned. Changpeng Zhao, CEO and co-founder of Binance, told a conference in Dubai today that embracing these tech advances allowed entrepreneurs to raise tens of […] June 29, 2022
Erdogan says Turkey to review minimum wage due to inflation President Tayyip Erdogan said he has asked the Labour Ministry to review the minimum wage in Turkey due to persistently high inflation, after hiking it by 50 percent at the end of last year. Speaking after a cabinet meeting, Erdogan said the ministry would finalise work on the issue this week and he would make […] June 28, 2022
Banking and Finance Egypt can no longer depend on foreign money, says minister Egypt’s finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead. “The lesson we have learned (is that) you cannot depend on this type of investment. It is coming just to get high yields, and […] June 28, 2022
