Banking and Finance UAE froze $123m in assets linked to crime in 2022 The UAE froze assets valued at AED 452.5 million ($123 million) in 2022 related to crimes such as money laundering and financing of terrorism, new data shows. The UAE’s Financial Intelligence Unit (FIU), a special unit of the UAE Central Bank, released its annual report this week and revealed that it conducted “freeze orders” targeting […] February 8, 2024
Finance Turkey’s lira flat ahead of quarterly inflation report The Turkish lira was flat against the dollar on Thursday, and hovered near a record low hit earlier this week, as investors kept to the sidelines ahead of a quarterly inflation report in which the central bank is expected to raise its forecast. The lira stood at 30.6050 against the greenback at 05:46 GMT, slightly […] February 8, 2024
Finance ADIA gets nod for $5bn fund in India’s new business hub The Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4 billion to $5 billion fund in India’s latest special economic zone. The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news […] February 8, 2024
Economy Egypt increases monthly minimum wage by 50% Egypt has launched its “largest social protection package” worth EGP180 billion ($5.83 billion) as part of its move to tackle mounting inflationary pressure, according to a local media report. President Abdel Fattah El Sisi has ordered monthly minimum wages to increase by 50 percent to EGP6,000 from March as part of a new social protection […] February 8, 2024
Markets Qatar sets up $200m fund to drive trade in Doha stocks Qatar Investment Authority has launched a $200 million fund for Doha-listed stocks as part of plans to reinvigorate trading on the country’s bourse. Trading turnover on the Qatar Stock Exchange has dropped from QAR160.4 billion ($44.1 billion) in 2022, when Russia’s invasion of Ukraine boosted the prices of Gulf hydrocarbon exports, spurring local, regional and […] February 8, 2024
Analysis Banking and Finance Saudi stock market Nomu poised for listings flurry Saudi Arabia’s lower-tier stock market, Nomu, is poised for a further flurry of new listings this year as an increasing number of the kingdom’s small and mid-sized companies opt to go public to raise money and improve corporate governance standards. Since launching in 2017, Nomu, which means growth in Arabic, has swelled to 79 listed […] February 7, 2024
Trade Saudi Arabia buys South Korean missile system Saudi Arabia has signed a $3.2 billion deal to buy a mid-range surface-to-air missile defence system from South Korean company LIG Nex1, South Korea’s Ministry of National Defence said this week. The agreement was made in November but finalised via a memorandum of understanding signed on February 6 by Saudi defence minister Khalid bin Salman […] February 7, 2024
Markets Increased staffing drives up Dubai Taxi profits Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff. The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent. It resulted in a net profit of AED345 million and an 18 percent […] February 7, 2024
Economy OECD predicts modest growth but conflict risk remains Global growth is holding up and inflation is falling, but conflict in the Middle East represents a significant near-term risk, the Organisation for Economic Cooperation and Development (OECD) has said. In its interim outlook published on Monday, the Paris-based organisation projected that GDP expansion worldwide would remain moderate at around 3 percent in 2024-2025. Energy […] February 7, 2024
Analysis Trade Middle East revenues hit record high for top UK firms Middle East revenues as a proportion of global sales for top UK companies have climbed to a new high, analysts have announced. Companies listed on the FTSE 100 and FTSE 250 indexes (the top 100 and the top 101st to 350th companies by market cap on the London Stock Exchange) saw their Middle East revenues […] February 6, 2024
Trade UAE’s Invictus seeks takeover of Moroccan grain trader Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa. The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding. The deal is […] February 6, 2024
Analysis Markets Saudi Arabia and UAE to dominate Mena IPOs in 2024 Nearly 30 companies in the Middle East and North Africa plan to launch initial public offerings this year, despite mixed share price performance from many regional businesses that went public last year, a report has found. Businesses from Saudi Arabia and the UAE will again dominate Mena IPOs in 2024, according to the report by […] February 6, 2024
Economy Saudi ministry posts then removes budget data Saudi Arabia’s ministry of investment has removed incorrect data from its website after news media published erroneous fiscal data suggesting a large budget surplus for 2023. In an apparent glitch, the ministry’s monthly data update on February 5 showed an estimated budget surplus of SAR16 billion ($4.27 billion) in 2023, including the fourth quarter, according […] February 6, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Economy Turkey’s inflation rises to 64.86% in January Turkey’s annual inflation rate reached 64.86 percent in January and increased 6.7 percent month on month, as the country’s new central bank governor pledged to ensure disinflation. Hotels, cafes and restaurants saw the highest annual increase of 92.27 percent, followed by health (78.57 percent) and education (79.81 percent), the latest data from the Turkish Statistical […] February 6, 2024
Finance Fitch affirms Saudi rating on its robust balance sheet Fitch Ratings has maintained Saudi Arabia’s rating at “A+”, supported by the kingdom’s robust fiscal and external balance sheets, including stronger debt-to-GDP ratio and sovereign net foreign assets. The affirmation is supported by significant fiscal buffers and other public sector assets. This reflects improved governance through ongoing social and economic reforms and efforts to enhance […] February 6, 2024
Markets Gulf markets attracting more international investors International investors are increasingly considering opportunities in Gulf markets, according to traders and observers. The only exception is China, where interest in investing in the Gulf remains relatively low. GCC countries raised $6.8 billion through 29 offerings during the first nine months of 2023, buoyed by a privatisation push in Dubai, several record-breaking listings from […] February 6, 2024
Markets Appetite high for Aramco’s $10bn second listing Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […] February 5, 2024
Economy Red Sea attacks dent Mena business activity The attacks on shipping in the Red Sea are depressing economies across the Middle East and North Africa, as supply chain disruption takes its toll on business activity. The latest economic monthly bulletins for the UAE, Saudi Arabia and Egypt all show a drop in operating activity for January. Houthi rebels in Yemen have been […] February 5, 2024
Trade Saudi Arabia signs defence deal with South Korea Saudi Arabia has signed an agreement on defence cooperation with South Korea under which Seoul could sell weapons to Riyadh. It could also help Saudi Arabia to develop its own armaments industry. The memorandum of understanding was signed on February 4 by Saudi Arabian minister of defence Prince Khalid bin Salman bin Abdulaziz and South […] February 5, 2024
Opinion Real Estate School’s in: UAE education is ripe for investment The listing of more education-based real estate investment trusts will diversify UAE capital markets February 5, 2024
Trade Morocco’s 2023 trade deficit contracts on lower imports Morocco’s trade deficit narrowed 7.3 percent year on year to $28.6 billion in 2023, the country’s foreign trade watchdog, Office des Change (OE), said in a report. The improvement was due to an annual 2.9 percent reduction in imports, reaching $71.5 billion, and a marginal 0.2 percent rise year on year in export values to […] February 5, 2024
