Analysis Banking & Finance Influx of millionaires stokes UAE demand for private bankers An influx of affluent migrants is fuelling demand for wealth management services in the UAE, with some private bankers joining their clients in the seven-figure-salary club as competition for their expertise soars. Andrew Amoils, head of research at Johannesburg-based analyst New World Wealth, told AGBI that the number of centi-millionaires – people with fortunes of […] November 11, 2022
Opinion Banking & Finance Islamic insurers face a turbulent year While growth prospects of Islamic insurers in the GCC remain favourable, weak profitability has been an issue for the sector November 2, 2022
Banking & Finance Jared Kushner’s firm leads $200m funding for Dubizzle’s owner UAE-based unicorn Emerging Markets Property Group (EMPG) has completed a $200 million investment led by Affinity Partners, a global firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner. EMPG owns leading UAE classifieds platforms Bayut and Dubizzle, along with several platforms across emerging markets focused on Mena, South and Southeast Asia. The investment round […] October 28, 2022
Analysis Tech IHC sets out plan to create Mena’s largest tech company International Holding Company (IHC), the Abu Dhabi-based conglomerate, plans to create the largest tech holding company in the Middle East and North Africa (Mena) region. IHC said it wants to scale up its IT businesses as part of the long-term strategy to grow its capacity in the tech industry across different sectors. The company added […] October 24, 2022
Analysis Banking & Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
Royal seal of approval for Polish firm to solve Gulf’s tech issue A member of the royal family in the UAE is backing a Polish firm’s entry to the Gulf as it aims to address the severe skill shortage in the region’s technology sector. Future Collars is a digital IT training company that has worked with Amazon, Accenture and BNP Paribas to train highly skilled workers. Headquartered […] October 19, 2022
Opinion Ethereum has switched. Your move, bitcoin It's been more than a month since the ethereum switch, and while its market cap has fallen and bitcoin's has stayed flat, many think it's only a matter of time October 18, 2022
Analysis Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022
Analysis Economy Abu Dhabi sets up KEZAD Group to bolster its industrial ambitions AD Ports Group has set up a new business, KEZAD Group, to expand its economic cities and free zones offering. KEZAD, which stands for Khalifa Economic Zones Abu Dhabi, merges the operations of Khalifa Industrial Zone Abu Dhabi (KIZAD) and Specialised Economic Zones (ZonesCorp). It operates 12 economic zones with a total area of 550 […] September 20, 2022
Banking & Finance A gleam of light, deep in the murky crypto mines Bitcoin mining consumes more energy each year than some countries, but the crypto industry is working on ways to become more sustainable September 14, 2022
Exclusive Business of Sport Samba in the sand: Arab investors set sights on Brazilian football A 51 percent stake in Atletico Mineiro could fetch $200m Liverpool legend John Barnes says European-sized deals unlikely Libra league expects broadcasting revenues to rise 56% to $1bn A new law allowing Brazil’s soccer clubs to seek foreign investment is already attracting investors from the Middle East. But experts say Brazilian teams are unlikely to […] September 8, 2022
EXCLUSIVE Gulf investors in talks to snap up UK metaverse business Talks between a virtual events company and MENA investors are in their early stages, but a deal is expected 'some time in Q1 of 2023' September 6, 2022
Analysis Something old, something new: The Quran goes NFT In a novel merging of yesterday and tomorrow, one million people have been invited to purchase a non-fungible token (NFT) version of a rare copy of the Quran. MetaDee, a London-based digital NFT marketplace offering artworks and rare collectibles from around the world, has tokenised an exclusive handwritten Holy Quran manuscript by the personal scribe […] September 4, 2022
Energy Oman puts partial privatisation of power distribution firm on hold The proposed partial privatisation of Oman’s power distribution provider, Muscat Electricity Distribution Company (MEDC), is currently on hold pending a review of options for the broader restructuring of the country’s distribution companies, according to a local media report. The decision to hold the intended privatisation came from the Authority for Public Services Regulation, Hamdan Al […] August 24, 2022
Dubai ranks as most expensive city for mobile data Dubai has taken the unenviable top spot as the most expensive city for affordability of mobile data, with the average cost of 1GB equating to 0.55 percent of personal disposable income, said a new study. In second place is Auckland with 0.37 percent, followed by Seoul (0.32 percent), Buenos Aires (0.32 percent) and Manila with 0.31 […] August 15, 2022
Analysis Food & Drink The sky’s the limit for cloud kitchens in the Gulf While many businesses suffered due to the coronavirus pandemic, cloud kitchens – companies that prepare food solely for home delivery without having sit-down restaurant space – were beneficiaries of the online ordering boom. The GCC has been a hotspot for this growth with companies including Sweetheart Kitchen, Kitopi, KLC Virtual Restaurants and kaykroo overseeing delivery […] August 12, 2022
Analysis Banking & Finance Traditional UAE banks must snap up neobanks to survive The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […] August 11, 2022
Banking & Finance Reforms draw North American investors to the Gulf North America-based entities were the most active investors in Middle East and North Africa merger and acquisition (M&A) deals in the first half of 2022. Attracted by ongoing economic reforms in the region, US and Canadian firms took part in 30 percent of inbound M&A activity, with a particular focus on technology-related investments. The latest […] August 10, 2022
Analysis Banking & Finance Gulf’s $2bn buy-now-pay-later sector shrugs off global slump Despite the global pessimism surrounding buy-now-pay-later (BNPL) finance providers, the Gulf region continues to push forward with related acquisitions and expansion plans. The recent string of big ticket global BNPL casualties highlights several companies with direct links to the UAE. Abu Dhabi-backed Swedish operator Klarna last month managed to raise $800 million in new funding, […] August 4, 2022
Energy Global investor Actis turns focus on Dubai solar platform Actis, a London-headquartered investor in global sustainable infrastructure, has announced an agreement to acquire a controlling stake in Dubai-based Yellow Door Energy Limited (YDE). Yellow Door Energy is a major solar platform in the Middle East and Africa region with around 200MW of secured production capacity. The transaction, the value of which has not been […] August 1, 2022
Banking & Finance Gulf banks move step closer to creating $115bn new lender Kuwait Finance House (KFH) has made a firm offer to buy Bahrain’s Ahli United Bank (AUB). The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. In a statement on the Bahrain Stock Exchange on Monday, AUB said it had received a notice of firm intention from KFH to acquire 100 […] July 26, 2022