Finance Capital and reserves of UAE banks rise 13% to $131bn The total capital and reserves of banks operating in the UAE increased 13.3 percent to AED481.5 billion ($131 billion) by the end of November 2023, compared to AED425 billion a year ago, the Central Bank of the UAE’s (CBUAE) data showed. Banks’ aggregate capital and reserves increased 12.3 percent or AED53 billion during the first […] February 25, 2024
Video length: 01:24 Analysis Banking and Finance UAE removed from FATF ‘grey list’ The Financial Action Task Force (FATF) said on Friday that it had removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. Experts told AGBI the cleared status is expected to restore the UAE’s correspondent banking ties with institutions which had withdrawn services over the […] February 25, 2024
Trade UAE and Kenya complete Cepa negotiations The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […] February 23, 2024
Opinion Markets Shaping the fate of the Gulf’s capital markets Economic diversification provides a shot in the arm but conflict is concerning February 23, 2024
Tourism Dubai introduces multiple-entry visa for Indian nationals Dubai has introduced a five-year multiple-entry visa for Indian nationals to strengthen economic, tourism and business ties with India, the Dubai Department of Economy and Tourism (DET) has said. The decision follows closely on the heels of prime minister Narendra Modi’s visit to the UAE, marked by significant developments including the opening of the Middle […] February 23, 2024
Banking and Finance Dubal Holding net yearly profit down by half Dubal Holding, the investment company owned by the Dubai government, has announced a 50 percent drop in net profit for 2023 compared to the previous year. Dubal Holding, which invests in the commodities, mining, power, energy and industrial sectors, recorded a net profit of AED 1.79 billion ($487 million) for 2023, down from the previous […] February 23, 2024
Sustainability Climate transition galvanises ties between UAE and France Climate transition is becoming a central focus of economic cooperation between the UAE and France as the countries agreed to establish a “Bilateral Climate Investment Platform”. The platform aims to accelerate joint projects and investments in clean energy sectors, with a particular focus on advancing the decarbonisation of industries such as steel, cement and petrochemicals. […] February 22, 2024
Trade UK cheese sales buck trend in F&B exports to the GCC British cheese continues to grow in popularity with regional consumers, but it could not prevent total food and drink exports from the UK to the GCC declining in 2023. Exports were down by almost 7 percent year on year to £816 million ($1 billion). The UK’s Department for Environment, Food and Rural Affairs attributed the […] February 22, 2024
Banking and Finance Saudi remittances fall as expats invest domestically Expatriate remittances from Saudi Arabia have fallen over the past two years, despite a rise in the number of overseas workers needed to develop the kingdom’s slate of huge giga-projects. Some experts have predicted the slump in funds sent back home could be as a result of improved investment opportunities inside the kingdom. Yearly remittances […] February 22, 2024
Renewable Energy Dewa and Masdar secure funding for sixth phase of solar park Dubai Electricity and Water Authority (Dewa) and Abu Dhabi’s renewable energy major Masdar have achieved the financial closing of the 1,800-megawatt (MW) sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The funding has been jointly provided by Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered […] February 22, 2024
Trade UAE’s Cambodia trade deal sets $1bn non-oil target The UAE’s comprehensive economic partnership agreement (Cepa) with Cambodia has come into force as the countries aim to more than double non-oil trade by the end of the decade. The agreement will remove or reduce tariffs on more than 92 percent of product lines, eliminating barriers to trade and improving market access for service exports. […] February 22, 2024
Banking and Finance HSBC’s Middle East unit increases lending in Q4 HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […] February 21, 2024
Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024
Economy Financial services help Bahrain to record $1.7bn in investments Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […] February 21, 2024
Finance Vodafone dividend helps push e& to record profit Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […] February 21, 2024
Markets Saudi stock exchange to hold Hong Kong forum in May The Saudi stock exchange operator Tadawul has chosen Hong Kong for its first capital market forum outside the country, part of a drive to make the Gulf state a global financial centre for attracting foreign capital. “For the first time we’re taking the Saudi Capital Market Forum beyond Saudi borders in collaboration with the Hong […] February 21, 2024
Trade Telegraph scrutiny unlikely to deter Gulf investors in UK Gulf investment in the UK is unlikely to be affected by the British government’s probe into an Abu Dhabi-backed plan to buy the Telegraph newspaper, a leading official has said. Oliver Christian, UK trade commissioner for the Middle East and Pakistan, told AGBI that Emirati investments into the UK to date have exceeded £16-17 billion […] February 21, 2024
Opinion Banking and Finance Gulf’s neobanks must hone the user experience Digital banking in the region must learn from European pioneers and innovate further February 20, 2024
Banking and Finance VC firm Shorooq focuses on AI, biotech and gaming Venture capital company Shorooq Partners will target companies specialising in sectors such as artificial intelligence, biotech and gaming, a senior executive told AGBI. Shorooq is based in Abu Dhabi and manages about $350 million in assets and invests in startups in the Middle East and North Africa and beyond. It is focused on on fintech […] February 20, 2024
Analysis Economy Lebanon’s EDL harnesses the power of ‘dollarisation’ Lebanese citizens will soon be able to pay their electricity bills in US dollars as the unofficial “dollarisation” of the nation’s economy continues. The decision by Électricité du Liban (EDL) to allow customers to choose to pay their bills in USD instead of Lebanese lira was ratified by the electricity provider’s board of governors this […] February 20, 2024
Trade Rising US exports to the UAE support 125,000 jobs Exports from the United States to the UAE rose by nearly a fifth last year as bilateral trade increased to more than $31 billion. Figures released by the US Department of Commerce Census Bureau show that US exports to the UAE totalled nearly $25 billion in 2023. For the 15th year in a row the UAE was […] February 20, 2024
Markets IPO requests in Saudi Arabia rise by 30% Saudi Arabia’s Capital Market Authority said this week that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations. State oil major Saudi Aramco is also likely to issue a bond this year. CMA chief Mohammed ElKuwaiz told a capital markets forum in Riyadh on February 19 that the applications […] February 20, 2024
