Trade World’s biggest law firm sets up in Saudi Arabia Law firm Kirkland & Ellis is to open its first Middle East office in Riyadh ahead of new legislation which aims to make it easier for businesses operating in the kingdom. The office will serve as its regional headquarters. Kirkland & Ellis is the world’s largest international law firm by revenue and completed nearly 800 […] November 3, 2023
Finance Mena startup exit shortage looming – VC fund CEO The Middle East faces a looming shortage of startup exits, despite a substantial pool of capital available in the region, according to a leading venture capital fund CEO. In mature markets such as the US, private corporations routinely make multibillion-dollar bids to acquire potential future rivals or emerging startups poised for substantial growth. But this […] October 31, 2023
Energy Borouge quarterly profit falls 9% on lower sales prices Net profit at the Abu Dhabi petrochemicals firm Borouge for the third quarter 2023 fell 9 percent year-on-year to $282 million (AED1.04 billion) on a 15 percent drop in average selling prices. However, the company’s profits rose 22 percent quarter on quarter, driven by robust production performance and cost management. Third-quarter revenue fell 11 percent year on […] October 30, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Analysis Economy Egypt needs more dollars before devaluation, warn experts Egypt will devalue its currency further after December’s presidential election, as the country needs more time to increase its dollar reserves and give it a better chance of stabilising its ailing currency, analysts told AGBI. The Egyptian pound is linked to a basket of currencies in which the dollar is dominant. Policymakers have slashed the […] October 25, 2023
FII Banking & Finance Neom investment fund backs US futuristic transport firms The newly launched investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom has made its first commitments, backing two US-based transport companies. The Neom Investment Fund (NIF) announced on Wednesday that it had made a $100 million investment in the global autonomous driving company Pony.ai. A joint venture will be set up between the […] October 25, 2023
Banking & Finance US banks lead pack for M&A advice in Middle East US banks have been the top advisers for mergers and acquisitions in the Middle East and Africa this year, research has found. Bank of America advised on deals with a combined value of $9.9 billion in the first nine months of 2023, followed by JP Morgan at $7.6 billion and Citi at $6.3 billion. “Bank […] October 25, 2023
Finance Saudi National Bank profit up 6% on higher income Saudi National Bank (SNB) reported a six percent year on year rise in net profit for the third quarter of 2023, driven by higher operating income and lower impairment charges. The kingdom’s biggest lender by assets made a net profit of SAR5.01 billion ($1.34 billion) in the third quarter. Total operating income improved by three […] October 24, 2023
Employment Saudi Arabia should raise retirement age, study shows Saudi Arabia should raise the retirement age to create a sustainable pension system and institute other much-needed improvements, according to a study released this week. The Global Pension Index by Mercer, a New York professional services company, ranked Saudi Arabia – the leading Arab economy and world’s biggest oil exporter – at 28 out of […] October 20, 2023
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Video length: 23:02 Video Business of Sport Business of sport: Where the Middle East money goes The World Economic Forum has reported that the Middle East’s sports industry is expected to grow by 8.7 percent by 2026, compared with global sector growth of 3.3 per cent over the same period. AGBI recently hosted the Business of Sport roundtable covering a wide range of pressing topics, including M&A activities; outbound vs inbound […] October 15, 2023
Video length: 05:10 VIDEO Finance Explained: Green bonds and how they work The aggregate listing value of green bonds and sukuks on Nasdaq Dubai stands at around $24 billion, according to Christian Kunz, DIFC’s chief strategy, innovation and ventures officer. Regional conglomerates, as well as global companies, have recently used the exchange to raise funds to finance their green projects. Retail giant Majid Al Futtaim raised $500 […] October 6, 2023
Analysis Banking & Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
Banking & Finance Abu Dhabi insurer Adnic takes over Saudi’s Allianz SF Abu Dhabi National Insurance Company (Adnic) is to take a majority stake in one of Saudi Arabia’s top insurance companies as it looks to increase its presence in the kingdom. Adnic announced to the Abu Dhabi Securities Exchange (ADX) on Thursday that it plans to acquire 51 percent of share capital of Allianz Saudi Fransi […] September 28, 2023
Markets Abu Dhabi deal could bolster ‘blank cheque’ companies The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […] September 22, 2023
Real Estate Dubai real estate is ‘fairly valued’ says UBS Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed. But according to one real estate expert, residents in the emirate could soon be priced out of the market if the ongoing supply and demand imbalance continues. In the year leading […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Business of Sport Saudi-backed martial arts league aims for $1bn business The Middle East arm of the Professional Fighters League will be a billion-dollar entity within the next decade, according to its founder. Mixed martial arts (MMA) organisation PFL Middle East is set to launch in the second quarter of 2024, spurred by a reported $100 million cash injection from Saudi Arabia’s SRJ Sports Investments. It […] September 18, 2023
Banking & Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
People & Lifestyle Amanat and Mada to develop Saudi health PPPs Amanat Holdings has partnered with Mada International Holding to develop public-private partnerships (PPPs) in the healthcare industry across Saudi Arabia. Amanat, a Dubai-listed healthcare and education investment company, and Saudi developer Mada are already considering a tender for the 900-bed PPP post-acute care facilities in Riyadh and Dammam. The tie-up is expected to fuel Amanat’s […] September 11, 2023
Energy Solar power scaled up at Amaala giga-project Saudi developer Red Sea Global has signed a 25-year concession agreement with France’s EDF and UAE’s Masdar to service its Amaala giga-project on the northwestern coast of the kingdom. The off-grid renewable energy system will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households, the companies said in […] September 11, 2023
People & Lifestyle Saudi’s Care buys Jeddah hospital for $52m Saudi Arabian hospitals operator National Medical Care Company (Care) has agreed to buy Saudi Medical Care Group’s 100 percent stake in a hospital in Jeddah for SAR193.22 million ($51.51 million). The acquisition of the Chronic Care Specialized Medical Hospital will support Care’s health service expansion strategy and take advantage of the growth opportunities available in […] September 11, 2023
