Analysis Economy Muslims defy pandemic to spend $2trn globally in 2021 Bucking the global trend of tightening the purse strings, the world’s 1.9 billion Muslims spent the equivalent of $2 trillion at the height of the Covid pandemic. This spending reflects an 8.9 percent year-on-year growth from 2020 across a range of sectors offering halal food, pharmaceuticals, cosmetics, fashion, travel, and media/recreation. According to the 2022 […] July 13, 2022
Banking & Finance Latest $11.6bn bank merger to create Gulf’s 7th largest lender Kuwait Finance House (KFH) has agreed to buy Bahrain’s Ahli United for about $11.6billion. The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share – a 13 percent […] July 7, 2022
Employment Tech workers reap big salaries amid urgent skill shortage Dubai-based software engineers can earn up to 30 percent more than similar workers in rival tech hubs in Europe, due to an ongoing skills shortage within the sector across the Middle East. Amanda Line, a partner at global consultancy firm PwC, said that the Middle East and North Africa (MENA) region needs to create 300 […] July 7, 2022
Banking & Finance Egypt in ‘race against time’ with privatisation drive Egypt’s economy is facing a perfect storm of economic headwinds. While its currency is plummeting, its budget deficit is rising along with its borrowing costs. In an effort to counter rapidly growing external imbalances, Egypt’s government devalued its currency, the Egyptian pound, by 10 percent in March and subsequently requested a support package from the […] June 15, 2022
Analysis Banking & Finance Foreign government workers to benefit from new saving scheme A new savings scheme for foreign employees working in Dubai Government, which aims to enhance the end-of-service benefits system, is set to come into effect on July 1. Dubai International Financial Centre (DIFC), the entity responsible for supervising the implementation of the Savings Scheme for Foreign Employees in the Government of Dubai, has held several […] June 15, 2022
Banking & Finance First Abu Dhabi Bank to launch new brand in Egypt First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […] June 14, 2022
UAE splashes out more foreign investment than it receives The UAE ranked first in the Gulf for foreign direct investment (FDI) inflows in 2021, but the amount the emirates invested overseas overtook this figure during the same period. The rising oil price is likely to see this trend continue, experts said. The newly released United Nations Conference on Trade and Development’s (UNCTAD) World Investment […] June 13, 2022
Analysis Banking & Finance Gulf SWFs are back on a roll but beware Russian ties Buoyant oil prices are keeping Gulf treasuries full following the pandemic The past few years may have been decidedly mixed for Gulf sovereign wealth funds (SWFs), but with a recent surge in oil prices and lockdowns ending the pressure is now easing. During the Covid-19 pandemic many funds found their reserves heavily depleted by governments […] May 31, 2022
Banking & Finance Oman’s wealth fund considers IPO for water company Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), is considering a public share sale for water company Majis Industrial Services. The OIA has invited banks to pitch for roles in Majis’s initial public offering, said two sources, declining to be named. The OIA and Majis did not respond to Reuters’s requests for comment. The […] May 23, 2022
Analysis Lifestyle Get ahead in the Gulf with our networking advice This month’s guide on how to succeed in the Middle East offers essential tips on business practices and social etiquette The Middle East is rich in opportunity for businessmen and women, but entrepreneurs keen to forge partnerships need to remember that norms and practices can vary from those in Europe or the US. The region […] May 23, 2022
Analysis Banking & Finance UAE needs bigger but fewer banks, says expert The United Arab Emirates (UAE) has too many banks and the sector needs to see more consolidation, especially as profits are squeezed and costs continue to rise, an industry expert told AGBI today. “I think it would be helpful to have fewer banks [in the UAE]. I have been an advocate of that,” Asad Ahmed, […] May 20, 2022
Exclusive Interviews Make some noise for Anghami’s Elie Habib The Lebanese music streaming mogul talks to AGBI about the meteoric rise of his Nasdaq-listed company, its battles with music pirates, relocation to Abu Dhabi and his ambition to launch Arab music stars Elie Habib fell in love with coding early. He started selling software at the age of 17 and launched several companies in […] May 18, 2022
Sheikh Khalifa Remembered Sheikh Khalifa, ‘master statesman’ who put UAE on the map Analysts pay tribute to the visionary leader who transformed his region “The UAE is almost unrecognisable from 20 years ago and has developed into a vibrant and dynamic place where individuals and businesses can flourish,” according to Scott Livermore, chief economist at research group Oxford Economics Middle East. That is the legacy of Sheikh Khalifa […] May 16, 2022
Analysis Media & Advertising $4.4bn sounds a lot but e& has made the right call on Vodafone Vodafone and e&, formerly known as Etisalat, will look to launch new products globally while working together to make greater efficiencies following the UAE telco’s deal to buy a $4.4 billion stake. Following the announcement that the UAE’s biggest telecoms operator has acquired a 9.8 percent stake in British mobile operator Vodafone Group, AGBI spoke […] May 16, 2022
Banking & Finance UAE’s first SPAC on launch pad as alternative to IPO Abu Dhabi’s ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), on Tuesday announced its initial public offering (IPO) subscription period will start on Thursday. Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX). […] May 11, 2022
Banking & Finance What is a SPAC and how do they work? Special purpose acquisition companies (SPACs) raise capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO. According to PwC, this approach offers […] May 11, 2022
EXCLUSIVE Banking & Finance Could crowdfunding seed the Gulf’s next Unicorn? Democratised funding is set to breed a new generation of innovative regional businesses, say experts Crowdfunding, the alternative funding concept, represents an exciting reality in the Gulf region following a flurry of regulatory reforms. This innovative practice of funding a venture by raising smaller amounts of money from a large number of people is a […] May 9, 2022
Opinion Old friends, new vision: the Gulf and UK are shaping the future The Gulf's ambition, energy and skill coupled with Britain's heritage in innovation creates a formidable partnership that promises exceptional opportunities May 9, 2022
Tech firm lands tasty deal FOODICS, a cloud-based technology firm serving restaurants in the Middle East, has raised $170 million from investors led by Prosus and Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF. The series ‘C’ funding would support regional and international expansion by FOODICS, including its merger and acquisition (M&A) strategy to increase market […] April 20, 2022
