Markets Egyptian pound plunges 55% to match black market dollar The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […] March 6, 2024
Opinion Markets We must build investors’ trust in carbon markets. This is how Voluntary carbon markets are recovering after a difficult couple of years, but there's more to do March 6, 2024
Tech Saudi Arabia backs tech startup sector with $888m Saudi Arabia has announced investments worth $888 million to support the local tech startup and venture capital sector. The funds will support industries such as digital payments, e-gaming and artificial intelligence (AI). The announcement was made on the second day of the Leap international technology conference taking place this week in Riyadh. NewsletterGet the Best […] March 6, 2024
Finance Seera makes windfall gains from $101m Uber stake sale Saudi Arabia’s Seera Group Holding has sold its stake in ride-hailing giant Uber Technologies, making more than double in profit. The travel major, listed on the Saudi bourse, sold 1.25 million shares in Uber for SAR380 million ($101 million), making a substantial gain of SAR164.6 million. The divestment is part of Seera’s strategy, which was […] March 6, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Trade Tech deal aims to improve UK-Saudi trade engagement The UK and Saudi Arabia signed an agreement on Monday aimed at elevating science and technology links and trade growth opportunities. Officials said the deal will pave the way for the UK and Saudi Arabia to work together on deep science and technology breakthroughs that underpin progress in tackling challenges such as food security and […] March 5, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
Finance Investcorp leads $130m pre-IPO funding for Saudi startup Salla, a Saudi e-commerce software startup, has raised $130 million in its pre-IPO investment round, led by Bahrain’s alternative asset manager Investcorp. Sanabil Investment, a subsidiary of Public Investment Fund and STV, a venture capital investor and an existing Salla shareholder, also participated in the transaction, Investcorp said in a statement. Bahrain-headquartered Investcorp made the […] March 5, 2024
Finance Dubai’s Parkin valued at $1.7bn on listing Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […] March 5, 2024
Food & Drink Egyptian food producer plans European expansion An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […] March 4, 2024
Opinion Banking and Finance Took them long enough, but at last BlackRock is calling out ESG The US investment giant could have got there sooner if it had listened to the Gulf March 4, 2024
Finance Dubai Airport free zone operator’s profit rises 65% State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues. The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X. “These […] March 4, 2024
Banking and Finance Zain KSA profit at $347m as revenue reaches record high Mobile Telecommunication Company Saudi Arabia (Zain KSA) more than doubled its profit in 2023 to SAR1.3 billion ($347 million). Revenues reached a record high of nearly SAR10 billion, rising 9 percent yearly, fuelled by growth in business-to-business, 5G, digital products, wholesale and fintech unit Tamam. Gross profit increased 10 percent year on year to SAR541 […] March 4, 2024
Finance ADQ explores potential listing of Etihad Airways ADQ, the UAE’s sovereign wealth fund, is considering a potential listing of Etihad Airways, making it the first publicly traded airline in the GCC. The fund has held discussions with banks on a possible floatation deal as soon as this year, Bloomberg reported, citing a source familiar with the deal. ADQ has been weighing the […] March 3, 2024
Opinion Finance Grey list removal is milestone for investor confidence Coming off the FATF list is testament to UAE's willingness to improve overall governance March 1, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
Video length: 04:40 VIDEO Trade UAE companies ‘can do more’ with Brics UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […] March 1, 2024
Opinion People & Lifestyle Fun of the Fair – the wacky world of Art Dubai The annual culture blast is a good barometer of the emirate's economic fortunes March 1, 2024
Banking and Finance Abu Dhabi courts celebrity investors to make its mark Abu Dhabi is increasingly turning to celebrities, from actors and comedians to boxers and writers, to increase its presence on the world stage. The UAE’s capital has attracted entrepreneurs from around the world who are investing and expanding their businesses in the emirate. Among the latest to announce plans to invest in Abu Dhabi are […] March 1, 2024
Trade Brazilian exports to Kuwait rise in readiness for Ramadan With Ramadan around the corner, trade between Kuwait and Brazil has been brisk – the Latin American country plays an important role in supplying the food needed for Iftar, the fast-breaking evening meal that Muslims enjoy during the holy month. Brazilian exports to the Gulf country spiked in November as Muslim importers began to prepare […] March 1, 2024
Banking and Finance Morgan Stanley latest US bank to set up in Abu Dhabi Morgan Stanley is opening an office in Abu Dhabi Global Market in a bid to win more business in the Middle East and North Africa. The latest international bank to set up shop in the UAE capital’s financial centre, Morgan Stanley already has offices in Dubai, Riyadh and Doha. The lender, ranked 31st worldwide in […] February 29, 2024
Analysis Manufacturing Make it in the Emirates ‘needs more SMEs’ More than AED120 billion ($33 billion) has been invested by UAE-based companies to develop hundreds of new product lines under the country’s “Make it in the Emirates” (MIITE) campaign. As the Ministry of Industry and Advanced Technology prepares to host its third forum on local manufacturing, latest statistics show that the number of MIITE products […] February 29, 2024
