Business of Sport Formula One appoints Shaila-Ann Rao as new interim head Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […] June 2, 2022
Analysis Banking & Finance How London became the Islamic finance capital of the West London has in recent years cemented its position as a vital hub for Islamic finance thanks to history, circumstance and a concerted effort by the government to support the sector. With its strong financial infrastructure and burgeoning fintech space, the UK capital is primed to dominate Western Islamic finance for the foreseeable future. “London and […] June 2, 2022
Markets Finland and Sweden to continue NATO talks with Turkey Finland and Sweden said on Wednesday they would continue a dialogue with Turkey over their bids for NATO membership, but did not say whether there had been progress on overcoming Ankara’s objections to their joining the military alliance. The Nordic neighbours applied to join NATO last month in response to Russia’s invasion of Ukraine, but […] June 1, 2022
Retail Dubai’s Aramex in $265m deal to buy US e-commerce firm Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […] June 1, 2022
Banking & Finance After a slow start, Gulf firms are winning at ESG As the world’s largest producer of hydrocarbons, the Middle East region has been slow to adopt environmental social governance (ESG) practices. But momentum is picking up, according to industry experts. “It’s fair to say that the Middle East is considered somewhat behind the curve on ESG,” said Jessica Robinson, senior advisor for ESG and sustainability […] June 1, 2022
Analysis Banking & Finance Opening a bank account still the ‘biggest hurdle’ for UAE startups Some bank accounts taking up to a year to set up Startups waiting, despite obtaining a business licence Lack of consistency on requirements, rules for new businesses Opening a bank account is “still the biggest hurdle” entrepreneurs and business founders face in the United Arab Emirates (UAE), with some waiting as long as a year […] June 1, 2022
Markets What’s eating meal delivery stocks? Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. Whatever happened to these lockdown winners? Meal delivery companies had a great run in the early days of the COVID-19 epidemic and strived as growth and tech stocks led the rebound from the COVID-19 market crash. Things couldn’t be more different […] June 1, 2022
Markets Dubai bucks the trend, as Gulf bourses fall on inflation fears Most Gulf bourses ended lower on Wednesday, in line with global peers as rising inflation fears around the globe deepened worries over growth prospects, with Dubai bucking the trend.Soaring food and energy costs drove euro zone inflation to a record high of 8.1 percent in May, figures on Tuesday showed, stoking concern about interest rate […] June 1, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
Manufacturing UK manufacturing growth hits 16-month low in May British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […] June 1, 2022
Banking & Finance Why Pyypl power will accelerate MENA fintech growth The founder and CEO of Pyypl tells AGBI about ambitious expansion plans for the UAE-based company Already one of the fastest-growing fintechs in the Middle East and Africa region, UAE-based Pyypl is planning to “inject more petrol into the tank” in a new phase of expansion. Antti Arponen, founder and CEO, told AGBI that the […] June 1, 2022
Tech Africa’s online platforms take on Silicon Valley African startups challenge giants like Facebook, Twitter Innovators say local knowledge is key to meeting needs Platforms prioritize indigenous languages, data rights By Kim Harrisberg and Menna A. Farouk Plan a funeral, call out corruption or start a business – tough jobs all now made easier by a generation of tech-savvy Africans tackling local problems […] June 1, 2022
Abu Dhabi leads $725m fundraising by US insurance broker Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11 percent on average in the first quarter, according […] June 1, 2022
Tourism Qatar Airways ready to see $1bn Airbus dispute through to trial Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […] June 1, 2022
Sharjah’s Arada Developments set to raise $350m with debut sukuk Arada Developments, the largest developer in Sharjah in the United Arab Emirates, was set to raise $350 million in its debut foray in the debt markets, a document showed on Tuesday. The yield was set at 8.12 percent, tightening from initial price guidance of around 8.25 percent. The Islamic bonds, or sukuk, received more than […] June 1, 2022
Banking & Finance Bahrain’s GFH commences trading on Abu Dhabi bourse Bahrain investment bank GFH Financial Group commenced trading today on the Abu Dhabi Securities Exchange (ADX) after the listing of its shares on the stock market under the ticker ‘GFH’. It marks the investment bank’s fourth regional listing; its shares are already listed and actively traded on the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market. Today’s listing is set to further expand GFH’s […] June 1, 2022
Abu Dhabi Borouge’s $2 billion IPO set to be ADX’s biggest Abu Dhabi-based petrochemicals company Borouge raised more than $2 billion on Tuesday after demand for its initial public offering topped $83.4 billion. The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday under the symbol BOROUGE, the largest listing to date on the exchange which has seen a string […] May 31, 2022
Opinion How payments tech will supercharge government digitisation The CEO of UAE-based payment solutions firm Network International says the near-zero cost of digital platforms will increasingly optimise public sector services May 31, 2022
Analysis Banking & Finance Gulf SWFs are back on a roll but beware Russian ties Buoyant oil prices are keeping Gulf treasuries full following the pandemic The past few years may have been decidedly mixed for Gulf sovereign wealth funds (SWFs), but with a recent surge in oil prices and lockdowns ending the pressure is now easing. During the Covid-19 pandemic many funds found their reserves heavily depleted by governments […] May 31, 2022
Israel’s long-awaited sovereign wealth fund to start on June 1 Israel’s long-delayed sovereign wealth fund can begin operating on June 1 now taxes on profits from natural gas have passed 1 billion shekels ($301 million), the country’s Finance Ministry and Tax Authority said on Monday. Finance minister Avigdor Lieberman will sign an order to transfer 1.14 billion shekels in levies to the fund on Wednesday, […] May 30, 2022
