Finance Mega-projects aid in upgrade of Ras Al Khaimah’s rating Fitch has upgraded Ras Al Khaimah’s credit rating from A to A+ thanks to the launch of a number of large investment projects. The emirate’s mega tourism projects, including hotels, beach resorts and high-end leisure facilities, offer promising opportunities for investors and are a catalyst to attract new investment, the rating agency added. Fitch forecasts […] May 22, 2024
Economy Red Sea crisis could drop Suez Canal revenue by 60% Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […] May 22, 2024
Banking and Finance Investment app Sarwa fined by Dubai and Abu Dhabi regulators Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech. On the same day, the Financial Services Regulatory Authority […] May 21, 2024
Banking and Finance First Abu Dhabi Bank targets Turkish lender One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets. A report by Reuters on May 21 said sources told it FAB was offering around […] May 21, 2024
Opinion Trade Kingdoms hope to usher in a new era of UK-Saudi trade A change of UK government should not affect a flourishing relationship May 21, 2024
Opinion Finance Lessons for the Gulf’s insurance industry from April’s extreme weather Clearer insights into these phenomena will help enable organisations to prepare and protect themselves May 21, 2024
Analysis Trade UAE and Australia deal in sight with trade almost $10bn The Aussie accent is a familiar one in Dubai, with about 16,000 Australians calling the emirate their home and trade links between Australia and the UAE creeping back to pre-Covid levels. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion in 2022, up 28 percent compared with 2021 and almost double the […] May 21, 2024
Banking and Finance Qatari Islamic bank buys Kazakhstan’s Bereke Bank Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […] May 21, 2024
Trade UAE’s ADQ to invest $5bn in Jordan’s economy Abu Dhabi sovereign wealth fund ADQ has completed plans to invest $5 billion in infrastructure and other projects in Jordan. ADQ has completed the formalities to set up the infrastructure investment fund company, Jordan’s ministry of investment said in a statement. This initiative is part of the agreement signed with the UAE during last year’s visit to […] May 21, 2024
Analysis Real Estate From buyers to sellers: Russians cool on Dubai real estate Russian property owners in Dubai are cashing in and moving to alternative foreign enclaves, pushed out by currency issues and the rising cost of living in the emirate. Emigrants from Russia flocked to Dubai in 2022 at the start of the country’s war with Ukraine. The UAE, although condemning the invasion, proved a safe haven […] May 21, 2024
Finance Saudi listed companies report Q1 profit rise Businesses listed on the Saudi stock exchange, excluding the state energy giant Aramco, reported an 8 percent rise in first-quarter profits this year, highlighting the continued strength of the non-oil sector as hydrocarbon output is cut. Net profit gains in the banking sector, and for telecoms operator STC and state mining company Maaden, helped to […] May 20, 2024
Economy Qatar to use $549m budget surplus to reduce debt Qatar recorded a budget surplus of QAR2 billion ($549 million) in the first quarter of 2024, its finance ministry has announced. The ministry said the surplus would be used to reduce public debt, according to the state-run Qatar News Agency. Total revenue was QAR53.4 billion ($14.7 billion) in Q1, down 22 percent year on year. […] May 20, 2024
Opinion Economy Kuwait’s political crisis adds to economic uncertainty The country's latest standoff is deeply concerning for both the near and long term May 20, 2024
Finance Kuwait’s Beyout targets $147m from IPO Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share. The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […] May 20, 2024
Economy Private sector to propel Sharjah’s economic growth Global ratings agency S&P has affirmed Sharjah’s rating at “BBB-/A-3” and maintained a stable outlook, citing strong private-sector activity as a key driver of economic growth. The emirate, one of seven that makes up the UAE, is expected to average 2.8 percent growth between 2024 and 2027, supported by manufacturing, construction, transport, and trade sectors. […] May 20, 2024
Trade Oman’s trade surplus rises 21% on higher crude exports Oman’s trade surplus rose 21 percent year on year to OMR1.7 billion ($4.4 billion) by the end of February 2024, according to government data. The total value of merchandise exports reached OMR4.4 billion during the period, a 20 percent increase, compared to OMR3.7 billion a year ago, state-run Oman News Agency reported, citing statistics from the […] May 20, 2024
Markets Smasco market cap to hit $800m on Saudi listing Smasco, the Saudi Manpower Solutions Company, has set its final initial public offering (IPO) price at SAR7.50 per share, giving it a market capitalisation of SAR3 billion ($800 million) at listing. The company will offer 120 million shares, or a 30 percent stake, raising SAR900 million from the listing. This month, the indicative price range […] May 20, 2024
Finance PIF slashes Starbucks stake as it cuts US stocks by $15bn Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects. The filing […] May 17, 2024
Economy Soaring olive oil exports help Tunisia balance books Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit. However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […] May 17, 2024
Economy Falling oil prices deepen Iraq’s fiscal imbalances, says IMF Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […] May 17, 2024
Finance Aluminium producer Talco announces Saudi IPO Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […] May 17, 2024
Analysis Real Estate Marbella beckons for Abu Dhabi real estate developers A joint venture with a high-end Spanish residential developer has been launched by two Abu Dhabi real estate companies to build ten hectares of luxury homes in the Golden Mile, a premier area in Marbella. The deal with Mabel Real Estate to co-build Mabel Marbella Residences is the first luxury project in Europe for Bloom […] May 16, 2024
