Banking & Finance UAE’s top bank FAB cautious after flat second quarter profit First Abu Dhabi Bank (FAB) , the United Arab Emirates’ biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit. Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly […] July 29, 2022
Economy Egypt and IMF working out ‘remaining points’ on loan Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday. Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, […] July 28, 2022
Analysis Food & Drink Poor Arab nations face hunger despite Ukraine grain deal Middle East and African countries dependent on Ukrainian grain face the prospect of crippling food insecurity, hunger and misery, despite a deal to restart exports blockaded amid the Russian war. Moscow’s promises may prove unreliable, while skyrocketing grain prices could spell dire outcomes for the region’s hungriest and most vulnerable nations, experts told AGBI. The […] July 28, 2022
Analysis Retail Net zero is old hat, says the mall owner that wants to go bigger Sustainability is high on the agenda of the region’s major retailers, and in early July, Majid Al Futtaim gave an insight into what it is doing to limit its environmental impact, with the release of its latest environmental, social and corporate governance (ESG) report. The retailer, which owns and operates 29 shopping malls across the […] July 27, 2022
Economy Egypt adds 1m more people to social support programme Egypt will add one million families to a social safety net programme that provides cash transfers, bringing the total number of beneficiaries to more than 20 million, the presidency said in a statement on Tuesday. The “Solidarity and Dignity” programme began in 2015 with World Bank funding. Payments to families start at 350 Egyptian pounds […] July 27, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Economy Fears for Tunisian democracy as Saied holds referendum Tunisians began voting on Monday in a referendum on a new constitution that critics of President Kais Saied fear will dismantle the democracy that emerged from a 2011 revolution by handing him nearly total power. The vote is being held on the first anniversary of Saied’s ousting of an elected parliament, when he established emergency […] July 25, 2022
Economy FACTBOX: Signs of a Tunisian economy in trouble Public finances are under strain and prices are soaring in Tunisia, presenting big economic challenges to President Kais Saied as he plans to overhaul the political system in a constitutional referendum on Monday. Here are some of the troubles affecting the economy, which was hit particularly hard by the COVID-19 pandemic due to its reliance […] July 25, 2022
People & Lifestyle 20 MENA innovators to watch Meet the young game changers who have set their sights on transforming the Middle East and North Africa July 20, 2022
Markets Gulf bourses extend rebound as Saudi outperforms Saudi Arabia’s stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth. The benchmark index in the kingdom advanced 1.8 percent, led by a 2.1 percent rise in Riyad Bank and a 2 percent increase in […] July 20, 2022
Energy Djibouti explores geothermal energy to power country Icelandic engineering firm Verkis is conducting a feasibility study for the direct use of geothermal energy at Assal Lake in Djibouti, one of the 22 countries of the MENA region. The study will provide guidance for international best practices regarding the sustainable use of geothermal resources. The project will be carried out for the Djiboutian […] July 19, 2022
Retail Factfile: Companies that have sold their businesses in Russia Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […] July 19, 2022
Israeli general makes first visit to Morocco to explore defence deals The chief of Israel’s armed forces is visiting Morocco in the highest-profile military engagement between the countries, which upgraded ties in 2020 under a US diplomatic drive. Lieutenant-General Aviv Kochavi’s trip on Monday has been presented by Israel as part of emerging defence cooperation with the North African country, but Rabat has also been trying […] July 19, 2022
Nigeria’s United Bank for Africa opens branch in Dubai Nigeria’s United Bank for Africa (UBA) has set up operations in the United Arab Emirates, it said on Monday. The new branch, located in the Dubai International Financial Centre, will serve customers across the region and focus on correspondent banking, relationship management and advisory services, UBA said in a statement. Group chairman Tony O. Elumelu […] July 19, 2022
Markets Major Gulf bourses gain, while Union Coop falls 9% on debut Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment, with the Saudi index leading the gains. Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia. The benchmark Saudi […] July 19, 2022
Real estate group MNHD rebuffs takeover bid by UAE-backed rival Egyptian property company Madinet Nasr for Housing and Development has rebuffed a takeover bid by rival SODIC, saying on Sunday the offer did not represent the company’s true value and calling on SODIC to reconsider it. MNHD’s board said it was prepared to restart work to conclude a deal if SODIC put forward an offer […] July 18, 2022
Markets Saudi index hits 6-month low amid US recession fears Most stock markets in the Gulf fell on Thursday, with the Saudi index wiping out its gains so far this year, as a red-hot US inflation reading bolsters the case for supersized rate hikes by the Federal Reserve. Wednesday’s data showed US consumer prices jumped 9.1 percent year-on-year in June, the largest annual increase in […] July 15, 2022
Manufacturing UAE’s Agthia to buy 60% stake in Egypt snacks firm Abu Auf United Arab Emirates food and beverages group Agthia said on Thursday its board approved a proposed acquisition of 60 percent of Egyptian snacks company Abu Auf Holding worth 2.92 billion Egyptian pounds ($154.99 million). Agthia, majority owned by the Abu Dhabi government through state investor ADQ, has since late 2020 made a string of acquisitions […] July 15, 2022
Markets Most Gulf indexes drop ahead of concerns over new Fed rate hike Most stock markets in the Gulf slipped into negative territory on Wednesday, as traders awaited US inflation data for cues on a large Federal Reserve rate hike this month. Saudi Arabia’s benchmark index fell 1.1 percent to a near six-month low, with oil behemoth Saudi Aramco losing 3.4 percent and Sahara International Petrochemical Co plunging […] July 14, 2022
Tech Qatar spends $162m on Swiss air defence systems for stadiums Swiss arms exports rose more than 40 percent to CHF 516 million in the first half of this year, the Economy Ministry said, with CHF 159.8 million ($162.74 million) in sales of air defence systems to Qatar to protect stadiums during the soccer World Cup making a decisive contribution. After Qatar, the top five buyers […] July 13, 2022
Markets Emaar, Aldar help push UAE bourses to post-Eid gains Stock markets in United Arab Emirates closed higher on Tuesday, as they reopened after Eid holidays, with Abu Dhabi index snapping losses in straight seven sessions. Dubai’s benchmark index rose 0.6 percent, buoyed by a 1.5 percent jump in sharia lender Dubai Islamic Bank and a 1.2 percent gain in Blue-chip developer Emaar Properties. In […] July 13, 2022
Banking & Finance IMF says it held productive talks on new programme for Egypt The International Monetary Fund (IMF) said on Friday it had held productive discussions during a staff visit to Egypt on economic policies and reforms to be supported by an extended fund facility. “In the period ahead, we are continuing our close engagement with the authorities towards reaching staff-level agreement,” the IMF statement said. The IMF […] July 12, 2022
