Video length: 05:09 VIDEO Markets Dubai and Abu Dhabi need some IPO diversity “You want your capital markets to be a mirror of your economy on the ground,” says Saad Chalabi, CEO of brokerage platform xCube. In the UAE, however, that has not been the case. The markets in Dubai and Abu Dhabi are “mostly real estate and banking in terms of weight”, though more oil, utilities and […] July 4, 2024
Economy New oil and finance ministers in Egyptian cabinet reshuffle The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah El Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa […] July 4, 2024
Economy Kuwait expects budget deficit of $18bn Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said. Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister. Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago. NewsletterGet […] July 4, 2024
Finance Indian crypto exchange buys UAE’s BitOasis CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount. CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”. The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 […] July 3, 2024
Analysis Banking and Finance Buy now, pay later growing fast in UAE and Saudi Arabia A tech-savvy society, an expanding ecommerce market and the appeal of flexible financing options is fuelling the UAE and Saudi Arabia’s buy-now-pay-later (BNPL) sector, according to industry experts. BNPL – when people can make immediate online purchases and spread payments over interest-free instalments – has grown in popularity in the Gulf since the Covid-19 pandemic. […] July 3, 2024
EXCLUSIVE Markets Gulf IPOs: what companies must do to go public Owners of private Gulf companies mulling going public should ensure their businesses have a compelling narrative to tell investors and clear separation between shareholders and management, according to the chief financial officer of Dubai-based retailer Spinneys. In May the supermarket chain became the first company registered in the offshore Dubai International Finance Centre (DIFC) to […] July 3, 2024
Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024
Video length: 08:38 Economy Omani lower house approves income tax Oman is on the verge of becoming the first Gulf nation to introduce a personal income tax, as it seeks to diversify revenue streams beyond oil in line with its Vision 2040 plan. The Majlis al-Shura, the lower house of the Omani parliament, approved a draft law last week, forwarding it to the State Council, […] July 3, 2024
Video length: 08:38 Opinion Finance My election forecast: UK nationals in Gulf should brace for tax reforms A new Labour government will need to raise taxes and GCC residents will not be immune July 2, 2024
Banking and Finance Saudi forex reserves at 18-month high in boost to giga-projects Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […] July 2, 2024
Analysis Employment Abu Dhabi court rulings strengthen UAE arbitration Recent court rulings in Abu Dhabi further tighten the UAE’s embrace of arbitration as the go-to mechanism to resolve commercial disputes, according to industry attorneys. Arbitration in the emirates has gone through a “groundbreaking” evolution ever since the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, issued Decree number 34 in September 2021, closing the […] July 2, 2024
Banking and Finance UAE to axe 2,000 procedures in ‘Zero Bureaucracy’ drive The Central Bank of the UAE has announced plans to eliminate at least 2,000 bureaucratic procedures as part of a sweeping “Zero Bureaucracy” plan to enhance efficiency in the country’s financial sector. The change is aimed at reducing administrative burdens on businesses and individuals, according to state news agency Wam. NewsletterGet the Best of AGBI […] July 2, 2024
Trade Trade flourishes between Israel and Arab states Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […] July 2, 2024
Retail ADIA leads Indian beauty retailer’s $120m fundraising The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported. The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported. Overall, Purplle has raised more than $500 million. NewsletterGet […] July 2, 2024
Trade Saudi shipping line to link Jeddah with Chinese ports The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […] July 2, 2024
Economy Saudi PIF is top global investor in first half of 2024 Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […] July 2, 2024
Opinion Economy UAE economic report: good, but can do even better Equity markets and inflation require some extra effort July 1, 2024
Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
Economy Saudi FDI inflow up but still well below target Saudi Arabia recorded a year-on-year increase in foreign direct investment inflow of 0.6 percent to SAR17 billion ($4.5 billion) in the first quarter, still far below government targets as it struggles to find funding for its giga-projects. FDI inflow was also up on the previous quarter’s SAR13 billion. Net inflow was SAR9.5 billion when outflow […] July 1, 2024
Analysis Markets Sustained sell-off makes Qatari stocks more attractive Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […] July 1, 2024
Trade Deals between European and Egyptian companies worth $43bn European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […] July 1, 2024
Banking and Finance Turkey moves out of FATF grey zone Turkey has been removed from an international watch list of countries with lax regulations on international money laundering and countering funding to illegal groups. The Financial Action Task Force (FATF) announced it was taking Turkey off its grey list at the watchdog’s plenary session in Singapore on Friday. It said the country had made significant […] June 28, 2024
