Banking and Finance Saudi National Bank profit rises 8% to $5.3bn in 2023 Saudi National Bank (SNB), the biggest lender by assets in the kingdom, said net profit rose eight percent year on year to SAR20.01 billion ($5.34 billion) in 2023. Total operating income increased 4.8 percent year on year, mainly due to a 2.7 percent rise in net special commission income and a 5.1 percent growth in […] February 5, 2024
Finance Iraq bans eight local banks from US dollar transactions Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency, days after a visit by a top US treasury official. The banks are banned from accessing the Iraqi central bank’s daily dollar auction, a main source of hard […] February 5, 2024
Banking and Finance Merger activity tipped to rebound in Middle East Mergers and acquisitions executives are expecting activity in the Middle East to rebound this year, a survey has found. M&A deals slumped last year as rising borrowing costs, global recessionary fears and geopolitical uncertainty made prospective buyers more wary. In the first half of 2023, there were 318 deals worth a combined $43.8 billion in […] February 5, 2024
Banking and Finance Turkey names new central bank governor Turkey’s first female central bank governor, Hafize Gaye Erkan, has resigned, citing personal reasons. Deputy governor Fatih Karahan was appointed as her successor on Saturday, local newspapers reported, citing the official gazette. “A major reputation assassination has recently been organised against me,” Erkan said in a post on the social messaging platform X. She added […] February 5, 2024
Economy UAE and India to sign new investment treaty Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan are to sign a bilateral investment treaty (Bit) during the former’s visit to the emirate this month. The UAE is India’s third-largest source of foreign direct investment and the seventh-largest trade partner. The Indian government cleared the treaty on February 1, after which the […] February 5, 2024
Banking and Finance Fintech Sarwa beefs up investment platform Sarwa Digital Wealth, an Abu Dhabi-based fintech, will this year add several new asset classes including private equity and real estate to its robo-advisory platform, the company’s CEO told AGBI. This development is indicative of a broader trend among fintech companies in the region, which are evolving from addressing isolated banking challenges to diversifying their […] February 2, 2024
Opinion Economy Gulf is resilient as Fed holds interest rates Once the cuts come, GCC central banks will follow February 2, 2024
Infrastructure Turkey power retailer gets $100m to upgrade network The European Bank for Reconstruction and Development (EBRD) will provide a loan of up to $100 million to a Turkish electricity distribution and retail company to upgrade its power network in the country’s earthquake-hit region. The Turkish company Enerjisa Enerji will use the investments to modernise and reconstruct its distribution network in the Toroslar region. […] February 2, 2024
Economy Egypt announces first interest rate hike of 2024 The monetary policy committee (MPC) of Egypt’s central bank has raised its key policy rates by 200 basis points (bps), marking the first increase of 2024. The overnight deposit rate has now increased to 21.25 percent, the central bank said in a statement. Overnight lending and main operation rates stand at 22.25 percent and 21.75 […] February 2, 2024
Analysis Trade Saudi-US trade banks sign deal despite kingdom’s China links The export-import banks of Saudi Arabia and the US have signed a new agreement that seeks to build on bilateral trade of SAR130 billion ($34.7 billion) between the two countries in 2022. Saudi Exim Bank said the deal with US Exim will focus on facilitating more trade financing, supporting exports, and promoting investment opportunities in […] February 2, 2024
Trade Saudi Arabia ‘still has not joined Brics’ Saudi Arabia is still considering an invitation to become a member of the Brics bloc of countries after being asked to join by the group last year, a Saudi official source told Reuters. The comment comes after South Africa’s foreign minister Naledi Pandor said the kingdom and five other countries have joined the bloc. “Saudi […] February 2, 2024
Analysis Banking and Finance Kuwait banks boosted by likely mortgage law reform Kuwait bank stocks are hitting highs as traders bet that a long-awaited liberation of the country’s mortgage laws will come into force and provide a windfall for lenders. Currently only the government-controlled Kuwait Credit Bank (KCB) provides financing to Kuwaiti citizens and companies for them to buy real estate, and commercial banks are not permitted […] February 2, 2024
Trade UK agrees instant two-year visas for Saudi nationals Saudi Arabian nationals can obtain instant two-year multiple entry visas to the UK for business, tourism and study visits following a deal made during a British business delegation trip to the kingdom this week. “The new visa offers a validity period of up to two years and multiple entries during the validity period, in addition […] February 1, 2024
Economy Egypt ‘close to IMF loan of $9bn’ Egypt has reached a staff-level agreement with the International Monetary Fund for an extended fund facility (EFF) two or three times bigger than the existing deal, according to various Egyptian news outlets. Al Borsa newspaper was among those reporting that a new deal could be announced “in hours or days”. Sources told Al Shorouk newspaper […] February 1, 2024
Banking and Finance FAB to pay out record $2.1bn cash dividend The board of First Abu Dhabi Bank, the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020. At AED 7.8 billion ($2.12 billion), the dividend represents around half of FAB’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion. Total income increased 32 percent […] February 1, 2024
Economy UAE economy to grow 5.7% despite global challenges The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, according to the Gulf state’s finance ministry undersecretary Younis Haji Al Khoori. “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and […] February 1, 2024
Economy Egypt ends tax privileges for state enterprises The Egyptian cabinet has approved regulations to eliminate various tax and fee exemptions for state-owned enterprises, aligning with a condition set by the International Monetary Fund (IMF). The cabinet approved the law in June but the executive regulations needed for implementation were recently formulated, Reuters reported. As part of a $3 billion financial support agreement signed in […] February 1, 2024
Analysis Oil & Gas Oil output to shield Libya from $1.8bn flooding bill Libya’s economy will be largely shielded from the multi-billion-dollar costs of catastrophic flooding by an increase in oil production, a report has predicted. The cost of reconstruction and recovery is estimated at nearly $1.8 billion, according to research from the World Bank, United Nations and European Union. Damage and economic losses are said to total […] February 1, 2024
Economy IMF predicts 2025 rebound for Saudi GDP The International Monetary Fund this week lowered its 2024 forecast for GDP in Saudi Arabia to 2.7 percent, down from 4.0 percent forecast last October. The IMF cited the kingdom’s lower oil production, a day after state oil company Saudi Aramco surprised markets by scrapping plans to expand maximum output capacity to 13 million barrels […] January 31, 2024
Markets Dubai bourse operator’s 2023 profit up 124% to $90m Dubai Financial Market Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year. The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors. Total revenue reached AED541.6 million in 2023, an increase of 54 percent […] January 31, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024
