Finance Union Properties issues final notice to former chairman Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […] February 14, 2024
Finance Remittances to Pakistan from Saudi Arabia and UAE reach $6.5bn Total remittances from Saudi Arabia and the UAE to Pakistan reached $6.5 billion between July 2023 and January 2024, a Pakistani local daily reported. Saudi Arabia led the list of nations with remittance inflows to Pakistan, reaching nearly $4 billion in the first seven months of fiscal year 2024, Dawn news outlet reported, citing State […] February 14, 2024
Trade Hundreds of companies consider Saudi Arabia A survey of 660 companies described as high-growth and from more than 50 countries around the world found more than two thirds were considering expanding into Saudi Arabia. Of the 450 across 37 sectors looking to move into the kingdom, half of them plan on doing so within the next six months. Ease of doing […] February 14, 2024
Finance Al Ansari profit falls 16% as remittance takes a hit UAE remittance and foreign exchange house Al Ansari Financial Services reported a 16 percent year on year decline in profit due to a drop in the remittance segment and increased expenses. The company reported a net profit of AED495 million for 2023, hoping the newly announced remittance fee hike will help offset costs and strengthen […] February 14, 2024
Finance Egypt-Turkey trade hits nearly $6bn in 2023 Trade between Egypt and Turkey reached nearly $6 billion in 2023, Egypt’s trade and industry minister, Ahmed Samir, has disclosed. Egypt’s exports to Turkey rose 28 percent year on year to nearly $3 billion last year. “Turkey has become Egypt’s largest recipient of exports in 2023 and one of its key trading partners,” Egypt Today […] February 14, 2024
Trade Maharashtra plans food security corridor with UAE The central Indian state of Maharashtra is working to develop a food security corridor with the UAE. The government of Maharashtra, which has 11 million farmers, has linked up with US fund manager Pegasus Capital Advisors for the food trade project. Under their agreement, the Maharashtra authorities will share an operational plan within three months, […] February 14, 2024
Finance Egypt’s 144 reforms propelled private sector says Madbouly The Egyptian government has implemented 144 reforms since May 2022 to support the private sector and attract foreign and local investors, according to Prime Minister Mostafa Madbouly. More than 1,000 private sector companies are participating in state-run programmes to boost the Egyptian economy and promote private sector engagement, Egypt Today newspaper reported, citing Madbouly in […] February 13, 2024
Finance Ooredoo’s 2023 profit reaches all-time high of $824m Qatari telecom major Ooredoo reported an all-time high net profit of QAR3 billion ($824 million) in 2023, up 28 percent year on year thanks to solid performances in Iraq, Kuwait, Algeria and the Maldives. Revenue increased by two percent year on year to QAR23.2 billion, the company, which trades on the Qatar stock exchange, said […] February 13, 2024
Banking and Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Banking and Finance UAE remittance fee to rise 15% for first time in five years UAE foreign exchange and remittance houses have received permission for a minimum increase of 15 percent, or AED2.50, for the first time in five years. This is the first “optional” fee increase due to the evolving regulatory landscape and related cost increases, the UAE state-run Wam news agency reported, citing the Foreign Exchange and Remittance […] February 13, 2024
Analysis Trade $112bn of trade with India ‘ready to be tapped’ Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […] February 12, 2024
Opinion Markets Stock-picking in Chinese, American and Middle Eastern markets China’s economy is looking weaker than it has for decades February 12, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Finance Egypt says Gulf bond issuances still under review Egypt is still evaluating the issuance of bonds in the Gulf markets as part of its broader strategy to diversify funding sources, according to finance minister Mohamed Maait. Cairo has issued debt instruments in three tranches in November and December 2023 worth $1.5 billion, the minister told the UAE state-run Wam news agency on the […] February 12, 2024
Economy IMF chief says oil cuts weigh on Mena GDP growth Gross domestic product (GDP) growth for the Middle East and North Africa (Mena) is expected to reach 2.9 percent in 2024, which is higher than last year, but still below October 2023 projections, International Monetary Fund (IMF) managing director Kristalina Georgieva said. “This is largely due to short-term cuts in oil production, the Gaza-Israel conflict, […] February 12, 2024
Finance OECD rates UAE’s free zone corporate tax ‘non-harmful’ The UAE free zone corporate tax (CT) regime has been recognised as ‘non-harmful’ by the Paris-based policy forum Organisation for Economic Co-operation and Development (OECD), the Gulf state’s finance ministry said. The findings were disclosed in the results from an October 2023 meeting on harmful tax practices, the UAE state-owned Wam news agency reported. The […] February 11, 2024
Finance Saudi Arabia taps banks for new Aramco share sale Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion. Bloomberg and Reuters reported that the kingdom is in talks with several banks as it […] February 9, 2024
Markets Emirates NBD tops Gulf dividend yield rankings Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […] February 9, 2024
Economy Lebanon switches to new exchange rate policy The Lebanese government is now using a dollar exchange rate closer to that of the parallel market when calculating taxes and fees for other administrative charges. The 2024 budget law, which was passed on January 26, ditches all references to the official LBP15,000 and LBP1,508 rates on which the bulk of government revenue was previously […] February 9, 2024
Food & Drink Kuwait’s Alshaya in talks to sell Starbucks stake Kuwait’s Alshaya Group is in talks to sell a minority stake in its regional Starbucks business that covers the Middle East, North Africa and central Asia, according to reports. The Kuwaiti retailer operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries. US private […] February 9, 2024
Manufacturing China and Russia beaten by South Korea at Riyadh arms show China and Russia displayed their wares and Iranian officials toured the exhibits, but South Korea took the top prize at the Riyadh arms show. Saudi Arabia’s second World Defense Show, held in Riyadh this week, was a stark indicator of a military procurement strategy that is not only relying more on local manufacture, but also […] February 9, 2024
Banking and Finance UAE likely to escape FATF grey list this month The UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – […] February 9, 2024
