Analysis Economy UAE economic growth brings rise in court disputes, say lawyers Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […] July 9, 2024
Finance ADIA among funds investing $60bn in Indian stocks Two sovereign wealth funds from the GCC and one from Singapore have invested a total of Rs5 trillion ($60 billion) in the Indian stock markets and startups as of March 31, 2024, a news report said. These investors include Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority and GIC Holdings Pte, Mint, an Indian financial newspaper, […] July 9, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Finance Aramco to issue new bonds after $11bn share sale Saudi Aramco has appointed regional and global bankers for a new bond sale just a month after raising more than $11 billion from a secondary share offering. The oil giant, listed on the Saudi stock exchange, will issue senior unsecured US dollar-denominated bonds. The fund will aid in its general corporate purposes or any other […] July 9, 2024
Banking and Finance QNB proposes first interim dividend in 60 years Qatar National Bank (QNB), the largest Gulf bank by assets, has proposed to distribute the first-ever interim dividend in six decades after strong retained earnings and sufficient regulatory reserves. The board plans to pay a 33 percent interim dividend, or QR0.33 per share, payable to shareholders on record at the close of trading on July […] July 9, 2024
Banking and Finance Remittance revival pushes Egypt’s FX reserves to record Egypt recorded its highest foreign exchange reserves ever in June, after remittances rose almost 75 percent year on year. Boosted by the disbursement of loans and investment deals, as well as the return of remittance payments to the formal banking sector, reserves reached $46.38 billion, up from $46.13 billion in May, which itself was also […] July 9, 2024
Analysis Economy Pezeshkian has a strong mandate – and a slew of problems It was not supposed to be this way. Masoud Pezeshkian, the sole reformist candidate, has won the second round of Iranian presidential elections to replace Ebrahim Raisi, and the fears of conservatives in the Iranian regime have come to pass. Conventionally, conservative candidates withdraw at the last minute ahead of a first round of voting, […] July 9, 2024
Economy Oman’s non-oil trade drives GDP growth in first quarter Non-oil activity in Oman increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector. Oman’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OMR10.45 billion ($27 billion), according to data […] July 8, 2024
Analysis Trade The changing face of Morocco-Spain relations For decades now, the start of the European school summer holidays has been the time when thousands of Moroccans living in Europe pile into their cars and head south. This summer is no exception. Around 6 million car-loads of Moroccans resident abroad (MREs) travel back and forth across the Strait of Gibraltar during this annual, […] July 8, 2024
Finance FDI into Morocco up 20% after business-friendly reforms Foreign direct investment into Morocco was up by almost one-fifth year on year through to the end of May 2024, a rise attributed to business-friendly government reforms. Morocco attracted MAD16.1 billion ($1.6 billion) in FDI over the period, believed to be the second highest level in the history of the national economy, according to government […] July 8, 2024
Opinion Trade UK election is a quaint reminder of how democracy can work Starmer will not want to upset investment flows from the Gulf July 8, 2024
Economy Jordan’s economy grows 2% despite regional challenges Jordan’s gross domestic product (GDP) grew 2 percent year on year in the first quarter of 2024 despite regional geopolitical challenges, the state-run Jordan News Agency (Petra) reported. The extractive industries sector reported the highest growth at 6.3 percent, contributing 0.18 percent to GDP. Following this, the agriculture sector grew by 5.7 percent, the electricity […] July 8, 2024
Finance Hong Kong’s Animoca considers Gulf bourses Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […] July 5, 2024
Analysis Finance GCC investors can make money in Starmer’s Britain Labour’s historic win on election day has reinforced the bullish case for investing in UK assets. Sir Keir Starmer promises to bring fiscal discipline to the UK at a time when its $3 trillion economy is just emerging from a technical recession, exports are rising and inflation has fallen sharply from its 11 percent post-pandemic […] July 5, 2024
Finance Saudi CMA fines two for manipulating stocks Saudi Arabia’s Capital Markets Authority (CMA) has fined two Saudi men SAR11.1 million ($3 million) for manipulating the price of 17 stocks through posts on the social media platform X . Mohammed bin Nawaf bin Mohammed Alharbi and Nawaf bin Mohammed bin Jam’an Alsukhaiber Alharbi used X, formerly known as Twitter, to encourage investors into […] July 5, 2024
Infrastructure Japan to increase investment in Iraq Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […] July 5, 2024
Sustainability Adnoc secures $3bn to advance decarbonisation plan State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives. The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported. The facility is part of […] July 5, 2024
Markets Oman’s Asyad Group plans to float shipping subsidiary Asyad Group, Oman’s national logistics company, intends to float its subsidiary, Asyad Shipping, by year-end, according to a media report. The state-backed company has appointed Jefferies Group and EFG Hermes as advisers, Reuters reported, citing unnamed sources. Details on the initial public offering (IPO) were not given. NewsletterGet the Best of AGBI delivered straight to your […] July 5, 2024
Finance Saudi PIF to invest $500m in Hong Kong Chaoshang The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has signed an agreement to invest $500 million in Hong Kong Chaoshang Group, an investment holding company. The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan. Negotiations on the terms of the investment will be completed within three […] July 5, 2024
EXCLUSIVE Markets Hajj company to float in Saudi – with London listing to follow Saudi Arabia’s Ithraa Alkhair Company for Pilgrims Services, a licensed provider of Hajj services for non-Arab African pilgrims, is preparing to launch the first IPO in the kingdom’s religious tourism sector. The company, part of the Ithraa Group, will float an 11 percent stake to institutional investors on the Nomu parallel market, chairman Dr Ahmed […] July 5, 2024
Economy Egyptian business confidence improves but pessimism remains Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […] July 4, 2024
Finance Dubai’s Sidara wins extension in John Wood Group bid Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has been granted an extension in its quest to buy London-listed contractor John Wood Group. Sidara had proposed an offer of 230 pence sterling per share, giving Wood a valuation of £1.58 billion ($2 billion), significantly higher than the first of three bids, […] July 4, 2024
