Economy Egypt cuts interest rates for first time in 5 years Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […] April 18, 2025
Trade Oman in talks with US to review reciprocal tariff Oman is holding talks with the US to review the implications of reciprocal tariffs, according to a news report. “Despite the existing free trade agreement with the US, the new tariffmeasures have included Omani exports,” Oman Daily Observer, a local news outlet, reported, quoting Shaikh Saud Al Nahari, a board member of Oman Chamber of […] April 18, 2025
Economy Jordan receives $130m from IMF The International Monetary Fund (IMF) has released $130 million to Jordan as part of an extended fund facility of $1.2 billion which was approved in January 2024. “Jordan’s economy continues to show resilience and macroeconomic stability has been maintained, despite considerable external headwinds from the conflicts in Gaza and Lebanon,” the IMF said in a statement. […] April 18, 2025
Banking & Finance Qatar and Russia set up $2bn investment fund The sovereign funds of Qatar and Russia have created a $2 billion joint fund to invest in technology, minerals and healthcare projects. Qatar Investment Authority (QIA) and the Russian Direct Investment Fund (RDIF) will each invest $1 billion, a statement from the RDIF said. In 2014 the two wealth funds launched a $4 billion joint […] April 18, 2025
Banking & Finance Turkey raises interest rates for first time in a year Turkey’s central bank raised its key lending rate for the first time in a year on Thursday, reversing a steady decline this year, on concerns of higher inflation in the coming months. The bank’s monetary policy committee (MPC) increased its one-week repo auction rate to 46 percent on April 17 from 42.5 percent, the rate […] April 18, 2025
Banking & Finance Abu Dhabi investor buys $25m in Trump crypto coins DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World […] April 17, 2025
Banking & Finance Mashreq’s sukuk offer hits $3bn despite challenging markets Mashreq, the UAE’s fifth-largest bank by assets, said its first sukuk issued since US reciprocal tariffs were announced was oversubscribed six times. The Dubai-listed bank raised $500 million through a five-year sukuk at a profit rate of 5.03 percent per annum. The sukuk, rated “A” by global rating agency S&P, will be listed on Euronext Dublin. […] April 17, 2025
Opinion Banking & Finance Service without a smile: Why regional banks must step up Service standards remain poor - this needs to change April 17, 2025
Opinion Banking & Finance There’s no easy fix for Lebanon’s banking collapse New Central Bank governer Karim Souaid needs all the help he can get April 17, 2025
Economy Higher oil output supports Libya’s economic rebound Libya’s economy is projected to rebound in 2025, supported by the expansion of oil production, the International Monetary Fund has said. The growth is likely, however, to moderate in the medium term, it said. Non-hydrocarbon growth will remain at 5 to 6 percent this year, driven by sustained government spending, the IMF predicted. The country’s […] April 17, 2025
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent […] April 17, 2025
Finance Remittances to Egypt rise as reforms instill confidence Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central […] April 17, 2025
Markets Paper firm plans first Saudi IPO since global stock rout Saudi Arabia’s United Carton Industries Company (UCIC), the largest paper packaging company in the Middle East by sales, plans to sell shares to the public to fund expansion. This is the first Saudi announcement of a planned IPO on the Saudi Exchange’s main market since a rout in global markets following Donald Trump’s near tripling […] April 16, 2025
Banking & Finance Turkey’s central bank records second-biggest ever loss The Central Bank of Turkey lost 700 billion lira ($18 billion) last year, its second biggest loss ever after a record 2023. The loss came as the central bank made efforts to defend the Turkish lira while at the same time offering depositors higher interest rates on the local currency versus other currencies, paving the […] April 16, 2025
Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million […] April 16, 2025
Banking & Finance Bank Muscat’s Q1 profit rises as the sector consolidates First quarter net income at Bank Muscat, Oman’s largest bank by assets, rose 8 percent on higher interest revenue from both conventional and Islamic sharia-compliant activities. The rise comes as rival Sohar International Bank, the country’s second-largest bank by assets, seeks to take over a smaller rival, raising concerns about competition in the Omani banking […] April 15, 2025
Markets Saudi health training IPO values company at $19m Future Vision for Health Training sold 2 million shares to the public in an initial public offering last week that valued the Saudi healthcare education company at SAR 70 million ($19 million), according to AGBI calculations. The sale of 20 percent of the company at SAR 7 per share was more than six times oversubscribed, […] April 15, 2025
Economy Inflation in Saudi Arabia hits 20-month high Headline inflation in Saudi Arabia hit a 20-month high in March, the General Authority for Statistics has revealed, although at 2.3 percent, up from 2 percent in February, it remains low by international standards. While housing remains the biggest single inflation driver, other factors included a weakened dollar, to which the riyal is pegged, while […] April 15, 2025
Food & Drink Saudi coffee chain Barn’s plans IPO on Tadawul Barn’s, a homegrown Saudi coffee chain, is planning an initial public offering (IPO) on the Tadawul stock exchange, with an aim to generate funds to finance Middle East expansion. It is working with Saudi regulator Capital Market Authority to meet the IPO criteria and appoint bankers for the potential offering, Bloomberg reported, citing CEO Mohammed […] April 15, 2025
Finance Abu Dhabi fines crypto company $13m for ‘serious’ violations Regulators at Abu Dhabi Global Market (ADGM) have fined crypto payment processor Hayvn, its former chief executive, and related entities nearly $13 million for violations and misconduct. The Financial Services Regulatory Authority (FSRA) investigation found “serious” breaches and misconduct by three related Hayvn companies and former CEO Christopher Flinos. A total fine of $8.9 million was […] April 15, 2025
