Banking & Finance Central banks try to calm markets after UBS buys Credit Suisse Some of the world’s largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal. UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion […] March 20, 2023
Banking & Finance A make-or-break weekend for Credit Suisse Credit Suisse Group AG chief financial officer Dixit Joshi and his team will hold meetings over the weekend to assess strategic scenarios for the embattled Swiss bank as it enters a make-or-break weekend. Credit Suisse was thrown a $54 billion lifeline by the Swiss central bank on Thursday to shore up liquidity after a slump […] March 19, 2023
Energy Rolls-Royce sees Mena as ‘driver’ for green power growth The Middle East and Africa’s rapid urbanisation and push to decarbonise power generation is a “great economic driver” for Rolls-Royce, the British engineering firm’s regional chief told AGBI. Rolls-Royce is one of the world’s top aero engine manufacturers, supplying civilian and military craft, although its power systems division provided 26.4 percent of its £12.69 billion […] March 17, 2023
60 seconds with... Alison Milton, Ambassador of Ireland to the UAE Alison Milton has been the Ambassador of Ireland to the UAE, Qatar and Kuwait since August. Before then she worked as the British-Irish director, in Ireland’s Department of Foreign Affairs. What does your company do? I work for the Embassy of Ireland in Abu Dhabi covering the UAE, Kuwait and Qatar. I also have responsibility […] March 17, 2023
Banking & Finance Saudi National Bank has liquidity to withstand Credit Suisse shock Saudi National Bank has enough liquidity to withstand any losses arising from the troubled Credit Suisse, according to a leading economist. SNB, the kingdom’s biggest lender, took a stake of almost 10 percent in Credit Suisse last year after it participated in the bank’s $4.3 billion capital raise. It became its largest shareholder, with a […] March 17, 2023
Banking & Finance Credit Suisse intends to borrow up to $54bn to boost liquidity Credit Suisse Group AG said on Thursday it intended to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank in what it called “decisive action” to boost its liquidity. Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss […] March 16, 2023
Banking & Finance No more investment in Credit Suisse, says Saudi National Bank Saudi National Bank has ruled out any further investment in Credit Suisse as the troubled Swiss bank shed a quarter of its value on Wednesday. Saudi National Bank (SNB) chairman Ammar Al Khudairy said during an interview with Bloomberg TV that investing any more would then increase its current 10 percent stake in the the […] March 15, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Banking & Finance UAE remains on Financial Action Task Force grey list – for now Last month the Financial Action Task Force upheld the decision to keep the UAE on the grey list, a status it had assigned to it in March 2022. In its February ruling, the international watchdog dedicated to fighting financial crime said the UAE had made “significant progress” on three of seven recommendations to get off […] March 13, 2023
Economy Britain’s finance minister flags back-to-work incentives in budget Finance minister Jeremy Hunt will set out measures to boost Britain’s workforce next week, by offering financial incentives in his budget for parents with young children, disabled people and others to rejoin the workforce. Britain has a chronic labour shortage that is dragging on its economic performance. Foreign workers left the country en masse over […] March 12, 2023
Tourism Landlords benefit as UAE and Saudi embrace Airbnb model The UAE’s introduction of a remote working visa and Saudi Arabia’s plan to allow residents to rent out rooms in their homes has led to the Gulf embracing the Airbnb model and a boom in the short-term rental sector. In March 2021 the UAE cabinet introduced a remote work visa, allowing workers to set up […] March 12, 2023
Opinion Energy Lessons for Europe from Biden, the Gulf and CERAWeek The President's $370bn renewable incentives were the talk of the energy conference in Houston March 10, 2023
Economy UAE edging closer to trade deals with Kenya, Georgia and Ukraine The UAE is close to signing new free trade deals with Kenya, Georgia and Ukraine, while a third round of discussions on a GCC-wide agreement with the UK are set to get under way in Riyadh on Sunday. It follows the recent signing of a comprehensive economic partnership agreement (Cepa) with Turkey earlier this month. […] March 10, 2023
Banking & Finance Abraaj Capital founder loses extradition appeal to the US Arif Naqvi, the founder of what was once the largest private equity firm in the Middle East, has lost a bid to challenge his extradition from London to the US to face fraud charges. US prosecutors allege that the Pakistan-born businessman defrauded investors, including the Bill & Melinda Gates Foundation, by concealing a liquidity crisis […] March 9, 2023
Banking & Finance UK crypto lender Nexo to set up in Emirates UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […] March 9, 2023
Agriculture Morocco can weather storm of fruit and vegetable shortage Recent adverse growing conditions in Morocco have caused shortages of some fruit and vegetable produce in European supermarkets, particularly in the UK, but the impact will not dent economic growth in the North African country this year, the World Bank said. British supermarkets last month introduced rationing of some popular produce as a result of […] March 8, 2023
EXCLUSIVE Energy Oracle Energy looks to the Gulf after Pakistan hydrogen project Oracle Energy – a joint venture between UK-listed Oracle Power and an investment vehicle of Dubai royal Sheikh Ahmed Dalmook Al Maktoum – is “open” to developing clean energy projects in the Gulf. With its debut green hydrogen plant planned in Pakistan, Oracle Energy co-founder Naheed Memon told AGBI: “Expanding in the Middle East is […] March 8, 2023
Economy UAE and Italy elevate trade status in bid to grow $7bn relationship The UAE and Italy have elevated relations to the level of a strategic partnership as the countries aim to build on growing trade figures seen last year. The announcement came after a meeting held on Saturday between President Sheikh Mohamed bin Zayed Al Nahyan and Italy’s Prime Minister Giorgia Meloni in Abu Dhabi during her […] March 7, 2023
Economy Europe to face high core inflation in near term, says Lagarde The European Central Bank (ECB) has already raised rates by three percentage points since July and essentially promised another half a percentage point increase on March 16, but investors have recently speculated on an even bigger move given poor inflation data. ECB president Christine Lagarde said the flagged increase is now “very very likely,” but […] March 6, 2023
Energy Xlinks looks to Europe as UK-Morocco deal stalls Xlinks is in talks with another European country to develop a second renewables project, as it awaits final sign off from the British government on its planned first venture to supply seven million British homes with Moroccan solar and wind power. “There will be an announcement very shortly, but we’ve already set up another company […] March 3, 2023
Energy Portugal’s EDP to invest $27bn to nearly double renewable capacity Portugal’s largest utility, EDP said it will step up investment and spend €25 billion ($27 billion) over four years to nearly double its renewable energy capacity to 33 gigawatts (GW) by 2026. In its strategic plan through 2026 EDP said €21 billion would be invested by its wind and solar unit EDP Renovaveis – the […] March 3, 2023
Business of Sport Abu Dhabi owners reveal $361m Manchester City stadium upgrade Manchester City FC, majority-owned by Abu Dhabi United Group, this week accelerated plans to expand its stadium in the north west of England by launching a formal consultation on the $361 million project. As well as increasing the size of the North Stand by 7,700 people to create a new capacity of 60,000 at the […] March 2, 2023
