Banking and Finance Algeria to issue its first sukuk in June Algeria intends to issue its first sovereign Islamic bonds or sukuk next month to fund infrastructure and other domestic projects, according to an official. Arrangements for the first such issue by have reached “very advanced stages”, said Ruzaika Mikatli, director of the public debt office at the Algerian finance ministry, according to the Al-Khabr newspaper. […] May 22, 2025
Opinion Trade Trump in the Gulf: There’s substance behind the hype Was it all just for show? The investment agreements 'signed' during the trip are clearly ludicrous May 22, 2025
Analysis Finance ‘Protection gap’ is growing in the Gulf as insurance costs rise It is perhaps no surprise that, after the heaviest rains 13 months ago since records began and billions of dollars in flood damage, the cost of insuring homes in Dubai and Abu Dhabi has jumped. But it is the so-called protection gap in the Gulf insurance market, which the average 10 to 15 percent rise […] May 22, 2025
Banking and Finance Egypt’s EFG Holding revenue falls on previous forex gain Egyptian financial services company EFG Holding’s revenue declined by an annualised 34 percent in the first quarter, due to an exceptional foreign currency gain in the same period of 2024, the company said on Wednesday. Revenue fell to EGP5.6 billion ($112.5 million), while net profit after taxes and minority interests fell 34 percent to EGP1.2 billion […] May 22, 2025
Banking and Finance Turkish bank secures $1bn to support women-led businesses Türk Eximbank, a state-backed export credit institution, has secured $1 billion in new funding to support small businesses. The funds will be used to support women-led small and medium enterprises (SMEs) operating in low-income regions and provide financial support to SMEs exporting green products, the bank said in a post on the social media platform […] May 22, 2025
Economy Owner of Emirates Airline reports climb in profit The Investment Corporation of Dubai (ICD) said profit and the value of its assets rose last year, buoyed by performance in its aviation, real estate and banking portfolio. Net income climbed 6 percent to AED53.2 billion ($14.5 billion) and the value of its assets more than 10 percent to AED1.47 trillion, the sovereign wealth fund […] May 21, 2025
Markets Dubai Holding’s REIT order book tops $15bn The order book for Dubai Holding’s first residential real estate investment trust (REIT) hit AED56 billion ($15 billion), with the initial public offering more than 26 times oversubscribed. The final offer price was set at the top end of the price range at AED1.10 per unit, enabling the company to raise just over AED2 billion. The […] May 21, 2025
Economy Qatar offers $1bn of incentives to boost business investment Qatar is offering $1 billion of incentives to encourage local and international business investment in the gas-rich Gulf state. Under the programme, Qatar will cover up to 40 percent of local expenses for five years, according to a statement on Wednesday. Business setup costs, construction, office leases, equipment and employee-related expenses can be claimed, Invest […] May 21, 2025
Economy Kuwait to generate $1.6bn from government fees increase Kuwait’s strategy to diversify its non-oil revenue by hiking government services fees is reportedly forecast to generate nearly KD500 million ($1.6 billion) a year for the Gulf state. Government offices have a tendency to “re-price” services they offer to the public, following an Emiri decree in early 2025 allowing them to revise such fees, local […] May 21, 2025
Opinion Trade In the Gulf, the US outpaces China where it counts Gulf states know there is more to gain from denser cooperation with US defence and tech companies May 21, 2025
Economy EU clears €4bn loan for Egypt’s economic growth The European Union (EU) has got clearance to disburse €4 billion ($4.2 billion) in financial aid to Egypt to support its economic growth. “The representatives from parliament and the Polish presidency of the council have secured a provisional agreement on providing Egypt with macro-financial assistance,” the EU said in a statement. Egypt will have 35 […] May 21, 2025
Trade Qatar to double US investments Qatar’s $526 billion sovereign wealth fund intends to more than double the value of its investments in the US, CEO Mohammed Al-Sowaidi said this week. At a conference in the Qatari capital, Doha, Al Sowaidi said the Qatar Investment Authority (QIA) will be “probably buying more than double what we’ve been doing for the past […] May 21, 2025
Markets Saudi capital markets hit SAR1 trillion mark in 2024 The value of assets under management in Saudi capital markets surpassed SAR1 trillion for the first time last year. Their value was 21 percent higher than in 2023, according to the Capital Markets Authority’s annual report. It brings Saudi Arabia closer to achieving its Vision 2030 ambitions for the financial sector. Total assets under management […] May 21, 2025
Trade Japan is Qatar’s top international investor Japan was the top international investor in Qatar last year, contributing half of its foreign direct investment, official data published this week shows. Tokyo contributed almost $1.4 billion of Qatar’s total FDI in 2024, according to Invest Qatar’s 2024 report. Japan is the world’s second largest importer of liquefied natural gas and Qatar’s second biggest […] May 21, 2025
Analysis Markets Oman still a long way off emerging market index status Oman’s listing of several government companies on Muscat’s bourse has probably done little to boost the sultanate’s hopes of achieving emerging market status – for now at least. Five state companies have gone public since 2023, raising almost $4 billion in total. Their relatively poor post-listing performance, however, has soured investor sentiment and made further […] May 21, 2025
Markets Mubadala’s US portfolio hit by GlobalFoundries slump Abu Dhabi sovereign wealth fund Mubadala Investment Co suffered a paper loss of $2.7 billion on its majority stake in US semiconductor maker GlobalFoundries in the first quarter, US regulatory filings show. GlobalFoundries’ stock price has fallen by about half from its March 2022 peak, extending its decline this year. This lowered the value of […] May 20, 2025
Economy Kuwait to borrow up to $20bn over next year Kuwait is on the verge of returning to the debt market after an eight-year absence with plans to borrow up to $20 billion during the 2025-2026 fiscal year, according to local media. The loans will be used mainly to fund infrastructure projects worth KD2.3 billion ($7.6 billion) included in the current fiscal year, which started […] May 20, 2025
Banking and Finance Emirates NBD gets nod to set up Indian subsidiary India’s central bank has given an “in-principle” approval to Emirates NBD Bank, Dubai’s biggest bank by assets, to set up a wholly owned subsidiary in India. The Dubai-listed lender currently offers banking services through branches in Chennai, Gurugram and Mumbai, the Reserve Bank of India (RBI) said in a statement. The approval allows Emirates NBD […] May 20, 2025
Finance PIF set to double European investments with Paris office Saudi Arabia’s Public Investment Fund (PIF) is to open its first subsidiary company office in France as it targets doubling its investment in Europe by 2030. The new office underscores the fund’s aim to foster close collaboration with local partners, top companies and institutional investors in Europe, the fund said in a statement. French President […] May 20, 2025
Analysis Markets Saudi IPOs bounce back ‘quicker than expected’ Three initial public offerings launched in the past six weeks stand to raise close to $1.8 billion on the Saudi Exchange – nearly twice as much as the IPOs on the main market in the first quarter. This suggests the lull in Saudi IPOs that followed President Donald Trump’s “Liberation Day” announcement on April 2 […] May 20, 2025
EXCLUSIVE Finance Qatari state faces UK legal action over $6bn debt Swifthold Foundation, a Panama-registered Anglo-Spanish family office, is mounting legal action against the state of Qatar over a $6 billion debt owed by a member of its royal family, the latest stage in a dispute that dates back more than a decade. Swifthold, whose individual founders or beneficiaries are not publicly known due to the […] May 19, 2025
Finance Jordan gets $2bn to support national projects Jordan has secured more than $2 billion in grants and concessional loans to build a series of development projects, according to local media. The agreements were signed last month with the World Bank, Germany’s KfW Development Bank, the Netherlands embassy and the Arab Fund for Economic and Social Development (AFESD), Jordan Times newspaper reported, quoting […] May 19, 2025
