Economy Egypt plans UAE dirham bonds to lower funding costs Egypt plans to issue bonds in UAE dirham, Indian rupees, and Hong Kong dollars, the country’s finance minister said. The bonds in various currencies are part of the government’s efforts to diversify its financial strategy, Egypt Today newspaper reported, citing Mohamed Maait. “The move will contribute to diversifying Egypt’s debt portfolio and attract international investors at […] January 30, 2024
Banking and Finance Mashreq’s net profit surges 130% to $2.3bn in 2023 Dubai-listed Mashreq reported a net profit increase of 130 percent year on year to AED8.6 billion ($2.34 billion) in 2023, as net interest income grew 69 percent year on year. Earnings growth was driven by robust client margins, a continued high-interest rate environment, and positive one-off impacts related to loan loss provisioning. The lender’s non-interest […] January 30, 2024
Logistics Saudi Arabia to establish shipping route with Iran Saudi Arabia is planning to establish shipping links between Dammam on the Gulf coast and the Iranian port of Bandar Kangan, an Iranian official said this week, following the resumption of diplomatic ties between the two countries last year. The Iranian port, which lies across from Dammam in the Gulf, is currently undergoing renovations to […] January 29, 2024
Construction RAK commercial district aims for ‘new era’ of growth Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces. Construction work is scheduled […] January 29, 2024
Opinion Markets Markets face bumpy ride rather than soft landing Persistent inflation, high interest rates and slow growth will dog 2024 January 29, 2024
Banking and Finance Debt markets in UAE and Saudi Arabia hit $630bn Debt capital markets in the GCC’s two biggest economies, the UAE and Saudi Arabia, are expected to grow again this year after double digit expansion in 2023 saw their combined total reach $630 billion. Fitch Ratings said Saudi Arabia-based corporates are expected to issue more debt this year after a 14.5 percent rise in the […] January 29, 2024
Finance Lebanon passes 2024 budget without crucial reforms Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […] January 29, 2024
Economy UK leads Oman’s FDI growth of 27% to nearly $13bn Foreign direct investment (FDI) in Oman rose 26.6 percent year on year to OR4.8 billion ($12.6 billion) in the third quarter of 2023. The United Kingdom emerged as the leading contributor to FDI, injecting OR2.4 billion ($6.2 billion), Oman Daily Observer news outlet reported, citing data from the National Centre for Statistics and Information. The […] January 29, 2024
Banking and Finance Profit of Omani-listed banks rises 19% to $1.17bn in 2023 Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of OMR453.5 million ($1.17 billion) in 2023, an annual increase of 18.6 percent. The preliminary financial results showed that all seven banks listed on the stock exchange posted higher profits, the state-run Oman News Agency reported. Bank Muscat led the rankings with a […] January 29, 2024
Employment Dubai’s $136m boost to drive global growth of SMEs Dubai has allocated AED500 million ($136.13 million) to support small and medium-sized enterprises (SMEs) with ambitions to scale up globally. The initiative was launched in partnership with Emirates NBD, the UAE state-run Wam news agency reported. The Dubai international growth initiative will support the global expansion of SMEs founded in the emirate, Dubai Crown Prince […] January 29, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
Employment Dubai launches small business plan to support Emirati retirees Retired emiratis are being incentivised to run their own companies after the launch of the Dubai Retiree Projects Support programme this week. The scheme is part of the Dubai Social Agenda 33, which aims to create a more proactive social system. Benefits include priority for government contracts, financing of future projects, exemption from service fees […] January 26, 2024
Health Saudi biotech strategy aims to dominate regional industry Saudi Arabia has launched a National Biotechnology Strategy with the aim of becoming the region’s biotech leader by 2030 and a global leader by 2040, contributing 3 percent, or SAR130 billion ($35 billion), to non-oil GDP. The strategy was unveiled by Crown Prince Mohammed bin Salman with the aim of improving Saudi health standards, helping […] January 26, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
Video length: 05:04 Video Finance Middle East unicorns will flourish, predict VCs For the first time since 2015, there were no deals worth more than $100 million last year in the UAE. Despite this, venture capitalists predict the region will see the creation of at least 10 unicorns – defined as a privately held startup company with a value of more than $1 billion – within the […] January 26, 2024
Opinion Banking and Finance Strong results likely from Gulf banks – but there’s more to success than profit Expect healthy returns for 2023, yet look beyond the financials for 2024 January 26, 2024
Economy Turkey hikes rate to 45% to maintain disinflation Turkey’s central bank has raised its benchmark one-week policy rate by another 250 basis points to 45 percent, continuing with its aggressive monetary tightening policy. “The monetary tightness required to establish the disinflation course is achieved and that this level will be maintained as long as needed,” the central bank governor Hafize Gaye Erkan said […] January 26, 2024
Economy Tunisia debt repayment reaching ‘crunch point’ Just days after Tunisia announced it had cleared its debts from 2023, an expert is warning the country remains at real risk of a sovereign default, with extensive repayments due to creditors over the next two years. Finance minister Sihem Nemsia revealed earlier this week that the North African country had settled all domestic and […] January 26, 2024
EXCLUSIVE Finance UK steps up hunt for Mena projects with £50bn budget The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […] January 25, 2024
Aviation Saudi will top Gulf business travel chart, says Wego boss Business travel to and from Saudi Arabia is expected to surpass neighbouring UAE, according to the CEO and co-founder of online travel marketplace Wego. As of the start of this month, foreign companies hoping to gain access to billions of dollars worth of government contracts must have their regional headquarters in Riyadh. The regional HQ […] January 25, 2024
Finance Emirates NBD 2023 profit rises 65% to $5.9bn Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 thanks to asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income. Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago. Total income rose 32 percent to AED 43 billion […] January 25, 2024
Finance Qatar National Bank raises $1bn from 5-year eurobonds Qatar National Bank, the Gulf region’s biggest bank by assets, has raised $1 billion through its eurobond medium-term note programme. The bond was issued on January 23 2024 and matures on January 30 2029, with a coupon rate of 4.875 percent a year, the state-owned Qatar News Agency reported, quoting a statement by the bank. […] January 25, 2024
