Trade Philippines is next stage of UAE’s Asean trade push Negotiations on a free trade agreement between the UAE and the Philippines began this week as the Gulf state turns its focus to the Association of Southeast Asian Nations bloc (Asean). Manila is hoping to seal a deal before the end of this year, said Allan Gepty, undersecretary for international trade at the Department of […] May 7, 2024
Logistics Red Sea disruption to hit capacity by 20% says Maersk Danish shipping major Maersk expects Red Sea disruption to lead to a 15 to 20 percent industry-wide capacity loss on the Asia to North Europe and Mediterranean routes in the second quarter of 2024. The complexity of the situation in the Red Sea has intensified over the last few months, the company said in an […] May 7, 2024
EXCLUSIVE Finance Binance clamps down on suspicious UAE crypto trades Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […] May 7, 2024
Economy Saudi budget deficit rises fourfold in Q1 2024 Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects. The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget […] May 6, 2024
Banking & Finance Card payments market in UAE to be worth $139bn in 2024 Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […] May 6, 2024
Finance Profit doubles in Q1 for stock exchange operator Tadawul The operator of the Saudi stock exchange has reported that its profit more than doubled in the first quarter of 2024, with higher revenues across all business segments. The net earnings of Saudi Tadawul Group Holding Company stood at SAR201.5 million ($53.7 million) in the three months to March 2024, compared to SAR90.8 million a […] May 6, 2024
Finance Saudi fintech Rasan to sell 30% stake in IPO Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares. Book building for institutional investors will start on May 12 to 16, while bids […] May 6, 2024
Banking & Finance Alpha Dhabi explores buyouts despite profit drop Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, reported a net profit of AED4.6 billion ($1.3 billion) for the first quarter of 2024, a decrease of 37 percent year on year. Revenue rose 11 percent annually to AED14.2 billion and total assets rose 5 percent year on year at AED147 billion at […] May 6, 2024
Economy Egypt’s outlook revised up as external financial risks ease Fitch Ratings has upgraded Egypt’s outlook to “positive” from “stable” citing lower external financing risks and increased foreign capital inflow. The $35 billion Ras El-Hekma deal with the UAE, a flexible exchange rate, and tightening of monetary policy have reduced near-term external financing risks, the global rating agency said in a report. “The Ras El-Hekma investment underscores the […] May 6, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
Markets Saudi stock trading slumps as interest jumps in US stocks Saudi trading in US stocks trebled in the fourth quarter of 2023 compared with the previous year to SAR58.7 billion ($15.6 billion), as the kingdom’s interest in US equities revived following the Covid pandemic. Total trading in foreign and domestic markets remains historically low. The transactions in the US market accounted for more than 97 […] May 5, 2024
Exclusive Finance Tim Draper: UAE benefits from US crypto ‘overregulation’ Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […] May 5, 2024
Opinion Economy In times of conflict, spare a thought for the non-Gulf economies Confidence and growth have taken hits – but the tide is turning for some nations, if not all May 3, 2024
Banking & Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024
Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Opinion Banking & Finance Spinneys IPO – like selling one-dirham steaks The grocery store is a Dubai institution – but are its shares too cheap? May 3, 2024
Mining Saudi industry minister tempts investors with funding incentives Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers. Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […] May 3, 2024
Economy Flooding dents UAE business confidence but optimism remains Business and consumer confidence in the UAE was hamstrung by last month’s heavy rain and flooding, leading to the slowest increase in orders since February 2023, according to a business sentiment survey published on Friday. Private business activity in the non-oil sector still showed significant growth in April amid a “robust” economic landscape and the […] May 3, 2024
Finance Profit up 15% at Dubai’s free zone operator Tecom Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […] May 3, 2024
Markets Dubai focuses on pre-IPO stage for startups Dubai Financial Market (DFM) is focusing on supporting startups in the pre-initial public offering (IPO) stage to raise capital and connect them with potential investors, CEO Hamed Ali has said. “Diversifying the investor base is one of the top priorities for DFM,” Ali was quoted as saying in an interview with the UAE state-owned Wam […] May 3, 2024
Analysis Finance Growth doubts over Islamic finance despite trillions in assets Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond. S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year. The agency expects the […] May 3, 2024
Markets Institutions snap up share of Fakeeh Care Group IPO in minutes Institutional investors snapped up their slice of shares in the Saudi healthcare conglomerate Fakeeh Care Group within minutes of the start of the book-building process for the company’s IPO. Fakeeh Care Group, which was founded in Jeddah in 1978, has set the price range for its initial public offering (IPO) at between SAR53 ($14.13) and […] May 2, 2024
