Finance Aramco retail investors to get a minimum of 10 shares The retail tranche of Saudi Aramco’s secondary share offering has been fully subscribed. The retail offering received a total of 1.33 million subscribers at the final offer price of SAR27.25 ($7.27). A minimum of 10 shares will be allocated to each subscriber, with the remaining shares to be allocated on a pro-rata basis with an average […] June 9, 2024
Opinion Banking and Finance The Gulf is ripe for fintechs to serve the underserved Expanding financial inclusion offers an opportunity for savvy innovators June 7, 2024
Agriculture Citrus produce helps Egypt agricultural exports rise The value of Egypt’s agricultural exports in the first five months of 2024 rose 24 percent year on year, following greater land allocation for produce such as oranges and potatoes. The minister of agriculture and land reclamation, Mohamed Al Sayed Al Quseir, told reporters on Thursday that more than 4.5 million tonnes of agricultural produce, […] June 7, 2024
Economy Kuwaiti businesses struggling to meet demand as orders surge Businesses in Kuwait have accumulated huge backlogs of work and will need to increase capacity and staff levels to meet customer demand, according to ratings agency S&P Global. The monthly purchasing managers’ index (PMI) report for Kuwait revealed companies strengthened employment levels in a bid to satisfy “sharp and accelerated increases in new business” throughout […] June 7, 2024
Analysis Finance UAE car insurers boycott Teslas over high repair costs Insurance companies are refusing to offer fully comprehensive insurance cover for Tesla electric vehicles in the UAE because of the huge cost of repairs, a lack of repair expertise and an increased number of accidents. “The repair invoice for Tesla is almost three times as much as an average car,” said Issam Mouslimani, goodwill ambassador […] June 7, 2024
Finance Drake & Scull wins $10m appeal in Dubai court Drake & Scull International (DSI) has won an appeal to receive compensation worth AED36.7 million ($9.99 million) from a major company in Dubai. The compensation includes bank guarantees, the Dubai Financial Market-listed construction company said on Thursday. In addition, it will receive fees, interest and expenses in the case as per the judgement by Dubai […] June 7, 2024
Economy Abu Dhabi launches unified economic licences Abu Dhabi has unified procedures for registering economic licences across the emirate and its free zones, in a bid to make it simpler to set up a business and increase non-oil trade. The unified economic license is an initiative by Abu Dhabi Department of Economic Development (Added) and Abu Dhabi Free Zones Council. The new […] June 7, 2024
Economy Turkish court rules president cannot sack central bank chief A ruling by Turkey’s highest court striking down the president’s authority to dismiss the head of the central bank is being downplayed by Turkish officials. President Recep Tayyip Erdoğan has sacked the governor of the central bank five times in the past five years. Turkey’s justice minister has insisted the Constitutional Court’s decision did not invalidate […] June 6, 2024
Finance Qatari wealth fund targets expansion in Japan Qatar Investment Authority (QIA), the country’s sovereign wealth fund, is exploring new opportunities in Japan, according to a media report. “It’s a key market for us,” Abdulla Ali Al-Kuwari told Nikkei, a financial daily in Japan. The fund’s investments in Japan have “more than doubled” after it opened an office in Singapore in 2021, he […] June 6, 2024
Banking and Finance Stable lira and bonfire of red tape help Turkish banks Turkish banks are under less operational pressure thanks to a more stable lira, simpler rules and policymakers’ swing back towards economic orthodoxy, Fitch said on Wednesday. Analysts at the credit rating agency warned that rising funding costs would compress lenders’ net interest margins, however. Fitch has raised its long-term foreign-currency issuer default ratings for 18 […] June 6, 2024
Trade Saudi Arabia to set up logistics centre in Djibouti A delegation of 100 Saudi investors visited Djibouti this week to sign a contract for a logistics centre in the country’s free zone, the latest development in Saudi Arabia’s efforts to extend trade ties with Africa. Saudi Logistics City will cover 120,000 sq m in the first phase on a 92-year lease, and will include […] June 6, 2024
Economy Egypt’s business activity rises as inflation pressure falls A softening of inflationary pressures and an increase in the availability of foreign exchange helped improve business activity and confidence in Egypt in May, according to central bank data and an influential survey. But experts warned that government austerity measures, including a rise in the politically sensitive prices of bread and petrol, may dampen business […] June 5, 2024
Markets Turkey to tax crypto and stock market earnings Turkey is planning to tax income earned from cryptocurrency and stock market trades, as the government seeks new revenue streams to help shore up its public finances. The measures were part of a package unveiled by the finance minister Mehmet Şimşek at a gathering of senior officials of the ruling Justice and Development Party on […] June 5, 2024
Video length: 05:11 Opinion Trade Oman and UK remain firm friends in uncertain times Britain is well positioned to lend knowledge-based services and training June 5, 2024
Trade What Modi must do for India-UAE relationship to thrive While Narendra Modi claims a rare third term as India’s prime minister, a raft of issues must be addressed for economic relations with the UAE to thrive. Despite the strong foundations laid, experts highlight ongoing concerns such as bureaucratic red tape, protectionism, sluggish investment and trade growth. The Modi-led Hindu nationalist Bharatiya Janata Party won […] June 5, 2024
Analysis Economy Saudi new mortgage approvals rebound A greater supply of affordable housing and a growing resignation among prospective house buyers that interest rates are unlikely to fall substantially is helping to propel a rebound in new residential mortgages in Saudi Arabia. Under Vision 2030, Saudi Arabia set a target to increase home ownership among the kingdom’s adult citizens to 60 percent […] June 5, 2024
Oil & Gas QatarEnergy signs naphtha deal with Japanese refiner QatarEnergy will supply six million tonnes of naphtha to Japan over the next 10 years starting in July. The state-backed gas producer has signed a supply deal with Idemitsu Kosan Company, a Japanese refining and petrochemicals company. Naphtha is a flammable liquid hydrocarbon mixture commonly used as a solvent. It can also be used in […] June 5, 2024
Analysis Economy 642 million votes counted … now India can get back to business Narendra Modi has claimed victory in India’s election – and many in the Gulf will be delighted at the prospect of a third Modi term. The prime minister’s pro-business credentials and economically liberalising tendencies remain credible, if battered, after 10 years in office. His Bharatiya Janata Party did not perform as well as expected, however, […] June 5, 2024
Economy Saudi point-of-sale transactions on course for record high Growing consumer confidence should lift the value and volume of Saudi Arabia’s point-of-sale transactions to record highs this year, the latest central bank data indicates. Point-of-sale transactions are typically made in person using cash, credit or debit cards, but also include online purchases. As such, point-of-sale data can be interpreted as a proxy for the […] June 4, 2024
Opinion Trade The GCC will benefit from a US-China chill The Gulf's expanding strategic links with Asia mean higher growth at home June 4, 2024
Aviation Sustainability chief calls for tax on oil companies Oil companies should be taxed and renewable alternatives incentivised in order to meet ambitious sustainability targets in the aviation industry, according to the sector’s industry trade body. “It’s too easy today to make money by drilling for oil,” said Dr Marie Owens Thomsen, senior vice president for sustainability and chief economist at the International Air […] June 4, 2024
Finance PIF appoints banks for its sterling debt offering The Public Investment Fund (PIF), Saudi Arabia’s largest sovereign wealth fund, has appointed banks to handle its new debt offering. Barclays, BNP Paribas, HSBC and J.P. Morgan have been mandated as joint global coordinators for the sterling-denominated dual-tranche notes, fixed income news service IFR reported. The 5-year and 15-year senior unsecured notes are part of […] June 4, 2024
