Banking and Finance Qatar National Bank reports strong profit growth Qatar National Bank, the Middle East and Africa’s largest lender by assets, reported a 11 percent rise in fourth-quarter profit on Monday as net interest and fee income increased. QNB, which is 50 percent owned by Qatar’s government, dominates the country’s banking sector and has sizeable operations in Egypt and Turkey. It made a fourth-quarter […] January 13, 2025
Opinion Economy GCC well-placed to be this year’s global growth standout The overall financial position of the region, especially the UAE, Saudi Arabia and Qatar, is strong January 13, 2025
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] January 13, 2025
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] January 13, 2025
Trade End sanctions on Syria, says Saudi Arabia Prince Faisal bin Farhan, Saudi Arabia’s foreign minister, has called for an end to economic sanctions on Syria, as the kingdom looks to repair trade and relations after the overthrow of the Assad regime. Speaking at a ministerial meeting in Riyadh to discuss Syria, Prince Faisal said that “continuing sanctions will hinder the aspirations of […] January 13, 2025
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […] January 13, 2025
Banking and Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025
Oil & Gas Oil may hit $90 on Russia curbs and Iran output cut Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […] January 13, 2025
Finance Saudi Arabia exceeds 2030 target for regional HQs Global companies opening regional headquarters in Saudi Arabia have exceeded the Vision 2030 target, the investment minister has said. The number of companies setting up their main regional base in the kingdom has reached 571, primarily in the industrial sector, Khalid Al Falih told Asharq Business, an Arabic-language financial portal. The Gulf state, he said, […] January 13, 2025
Economy New Lebanese president faces uphill task on economy Joseph Aoun, the new Lebanese president who was elected on Thursday, faces an uphill task of pulling his country out of the worst financial crisis since independence, according to analysts. After a presidential vacuum of more than two years, the 60-year-old Maronite Christian and former army commander takes over the Baabda presidential palace against the […] January 10, 2025
Energy PIF-backed Tabreed explores Saudi listing this year Tabreed District Cooling is planning to launch an initial public offering (IPO) on the Saudi stock market this year, according to a news report. Backed by the Public Investment Fund (PIF), the refrigeration and cooling company has hired Citigroup and SNB Capital for a potential flotation, Bloomberg reported, citing informed sources. While no final decisions […] January 10, 2025
Economy Lebanon’s bonds rally after new president elected Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country’s parliament voted in a new head of state for the first time since 2022. Lebanese lawmakers elected army chief Joseph Aoun as president. It came after 12 failed attempts to pick a president and boosted hopes that the country might finally be able to start addressing […] January 10, 2025
Banking and Finance Order book for Aldar hybrid notes hits nearly $5bn Aldar Properties, which trades on the Abu Dhabi Securities Exchange (ADX), said the order book for its inaugural $1 billion hybrid capital issuance exceeded $4.9 billion from global institutional investors. The issuance, oversubscribed by 3.8 times, will provide the developer with financial stability and resilience. The proceeds will support the transformational growth plan and strategic […] January 10, 2025
Analysis Banking and Finance Gulf still struggling to attract private cash for public projects Lower oil prices are driving Gulf countries, particularly Saudi Arabia and the UAE, to involve private companies in financing critical infrastructure projects worth tens of billions of dollars. Despite some successes, the expansion of public-private partnerships (PPPs) is being hampered by inconsistent project delivery and changing regulatory frameworks that are holding back investor confidence, experts […] January 10, 2025
Trade Trump tariffs: Middle East braces for pain after gain Middle East exporters to the US are likely to see a short-term increase in business ahead of the much talked about trade tariffs which are expected to be announced when Donald Trump returns to the White House this month. The US president-elect campaigned on a protectionist America-first agenda, promising to introduce sweeping tariffs globally. Trump […] January 10, 2025
Trade Turkey hopes trade deals will protect it from Trump’s tariffs Turkey’s network of trade agreements, combined with its pivotal role as a major regional logistics and services provider, should help it weather any trade policy shifts by Washington in the coming years, according to the country’s finance minister. Speaking at a meeting hosted by the Independent Industrialists and Businessmen’s Association in Istanbul on January 8, […] January 9, 2025
Finance Saudi Arabia’s PIF invests $200m in JP Morgan fund Saudi Arabia’s Public Investment Fund has invested $200 million in a recently launched exchange-traded fund that tracks dollar-denominated bonds and sukuk issued by the kingdom’s government and quasi-state entities. The JP Morgan Saudi Arabia Aggregate Bond UCITS ETF, created in mid-December, is the first internationally listed fixed-income Saudi Arabian ETF. As such, it “further deepens […] January 9, 2025
Trade Jet fuel makes UAE Kenya’s second largest exporter The UAE has moved ahead of the US, Pakistan, Netherlands, Tanzania and the UK to become Kenya’s second largest export market, according to latest government figures. The Emirates are second, behind Uganda, after exports from the Gulf state more than doubled, the Kenya National Bureau of Statistics (KNBS) said in its latest report. However, the […] January 9, 2025
Economy Egypt’s inflation reached two-year low in December Egypt’s annual urban consumer price inflation rate fell to 24.1 percent year on year in December, as expected, from 25.5 percent in November, its lowest in two years, data from statistics agency Capmas showed on Thursday. Inflation began surging in 2022 following the Russian invasion of Ukraine, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. It […] January 9, 2025
Real Estate Qatari investment company to help Indonesia build 1m homes The Qatari investment company Qilaa International Group has signed an agreement with Indonesia’s government to build one million affordable homes. Sheikh Abdulaziz bin Abdulrahman Al Thani, chairman of Qilaa International Group, signed the memorandum of understanding at Indonesia’s presidential palace alongside the country’s housing minister Maruarar Sirait. Qilaa International Group will finance and manage the […] January 9, 2025
Economy Oman’s GDP projected to reach $102bn in 2025 Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024, according to a media report. The Sultanate recorded a GDP increase of 1.9 percent to OR28.15 billion by the end of the third quarter of 2024, compared to […] January 9, 2025
Infrastructure Arab Energy Fund-led group buys Dubai-based Metito A consortium led by the Arab Energy Fund (TAEF), formerly Apicorp, has acquired a 100 percent stake in Metito Utilities, a Dubai-based water and wastewater project developer. The acquisition was carried out in collaboration with Saudi Arabia’s Zamil Group Investment Company and the Ghandour family, the founders of Metito. No financial details were given. Metito […] January 9, 2025
