Middle East
LATEST ARTICLES
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Euromoney recently sat down in Dubai with the heads of investment banking for HSBC in the Middle East. The conversation focused on the burgeoning trade and deal flow between the Gulf region and Asia, what investors on both sides are looking for and why they like what they see.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Bankers in the Middle East are intensifying their focus on succession planning as the first wave of intergenerational wealth transfer looms.
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Abu Dhabi and Dubai sell themselves as international hubs for tech companies, with new initiatives to support start-ups and scale-ups, but rules around eligibility for equity listings will hinder the Emirates’ tech sectors if they aren’t changed.
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Barclays hopes to win over investors with new return targets and buyback commitments next February, but it really needs a revival in investment banking.
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Regulators are starting to take a more messaging-based approach to sustainable finance, but stopping greenwashing won’t automatically lead to a transition to net zero.
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The 28th Conference of the Parties starts in Dubai tomorrow. Dubbed the finance COP, conflicting priorities could turn it into a fossil fuel investor roadshow.
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The local sector is in good shape to weather a short-term conflict. If the war drags on and spreads throughout the region, however, the position is far less clear.
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Data hoarding, ESG illiteracy and credit risk are roadblocks for regional banks looking to establish sustainable supply-chain financing programmes in the Gulf, just as COP28 approaches.
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Turkey’s central bank took another step on the path to normalization when penalties for exceeding interest-rate caps on lending were scrapped last week. It is good news for banks, but will it last?
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The risk of a new war with Israel will derail any fledgling economic recovery for Lebanon as it attempts to convince private-sector investors of its gas and renewable energy potential.
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Ahead of COP28, the sector needs to focus on lending for energy efficiency in the emerging markets before climate tech startups in developed markets, if decarbonization is the goal.
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Digital sukuk issuance still faces the issue of uneven Shariah interpretation.
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The relaxation of visa rules has turbocharged the recent flow of wealth into Dubai. The nature of these flows can, however, make them a mixed opportunity for the UAE’s private bankers.
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The Lebanese diaspora has come home to pump fresh cash into the country’s economy, but the resulting price surge is a further blow to the lira-earning population.
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ADIB’s almost 10-times oversubscribed additional tier-1 issuance shows interest in the product is alive and well for the right issuer, but demand won’t be the same for every bank.
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Wealth management had a tough 2022. Assets under management fell across the board, undermined by global uncertainty. But one region is not struggling. More wealth than ever is being formed in the Middle East, and more of it than ever is staying there. Private banks are hiring as fast as they can and expanding their repertoire in Shariah-compliant asset classes.
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The Kingdom’s government has announced that international firms – many of whom are based in Dubai – that want to work with the state will need to base their regional headquarters in Saudi.
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2023 is shaping up to be the year of the pause for the region’s capital markets.
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Several Gulf Cooperation Council countries have bank consolidation at the core of economic visions. As governments push for national champions, pressure is building across the industry as banks jostle for position.
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If Olam Agri’s planned dual-listing IPO goes ahead in June it will have a bit of everything: a Singapore-Saudi listing, geopolitics and sovereign funds jostling to defend their nations against strain in global food security.
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As the Gulf IPO boom subsides, will better allocations for international investors, dual listings and better secondary-market liquidity be enough to ensure that the region’s equity capital markets can mature?
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Jordan Kuwait Bank has issued the country’s first green bond, a key milestone for sustainability driven capital investments in the country. But getting momentum going in the sector will be an uphill battle.
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Both Egypt and Turkey have recently been able to tap dollars more cheaply through sukuk.
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First Abu Dhabi Bank’s recent interest in a bid for Standard Chartered and an ill-fated investment in Credit Suisse by Saudi National Bank have put the spotlight on Middle East banks as potential acquirers of international firms.
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SLLs offer more flexibility for borrowers targeting sustainability, but the structure is coming under scrutiny around the world for potential greenwashing concerns.
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A month ago, First Abu Dhabi Bank said it had looked at Standard Chartered but decided against a bid. Now, it is believed to have changed its mind. What has changed?
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Across the Middle East and North Africa, Egypt and its banks boast august credentials when it comes to climate and sustainability. But frameworks and agreements are one thing, creating substantive change across an entire financial sector is quite another.
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First Abu Dhabi Bank looked long and hard at Standard Chartered, and others will do the same so long as it’s cheap. But any suitor must win the approval of Temasek.
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The Middle East’s capital markets were awash with plus-sized IPOs in 2022, with a growing belief in its future.
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Noor Sweid, founder of Global Ventures – a young Dubai-based venture capital fund with $200 million of AuM – sees company founders with great businesses starved of finance.
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Qatari banks are eager to demonstrate their commitment to sustainable banking amid growing public scrutiny of the environmental cost of hosting the World Cup.
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Three-quarters of a century ago, the state of Israel didn’t exist. Today, it is a leader in technologies ranging from plant-based meat to cybersecurity. Huge sums of new wealth are being created by ambitious entrepreneurs, much of it recycled into new ideas by risk-taking investors.
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Qatar has spent 12 years and more than $200 billion preparing for the World Cup, which kicks off on November 20. What happens when the games end and the tourists leave?
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The World Cup is set to kick off in Doha on November 20 against the backdrop of recession, war, inflation and rising interest rates elsewhere.
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Islamic finance has a choice: continue on its existing path and consolidate its hard-earned gains in market share, or shake the whole thing up. One proposal calls for an end to the fractional-reserve banking system.
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As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.
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War-induced instability in commodity markets has been a boon for Kuwait and its banking sector. But it only serves to underscore how reliant the country still is on hydrocarbons.
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Banks in the Gulf are embracing blockchain, fintech, cryptocurrencies and AI as they look to cater to changing consumer demands and a rapidly evolving financial landscape.
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Egypt’s supportive regulation, together with the impact of Covid, saw cashless payments in the country grow by more than 230% last year. Now fintechs, banks and state-owned platforms all want a piece of the action.
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Rate rises, combined with the soaring price of oil, mean that Saudi banks enjoy unprecedented liquidity. This will accelerate the change already under way in the sector.
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The event was a showcase for both sustainability and trade agreements.
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Why do Saudi Arabia and Malaysia still overwhelm every other state in Islamic asset management?
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It’s rare to see a sovereign fund backing a digital bank before its launch.
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Investment banking underpinned a strong year for First Abu Dhabi Bank, as the UAE-based lender benefited from its long-standing investment in digital and led the way on a host of big-ticket capital market transactions.
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At the end of each year, Euromoney takes a close look at the performance of 25 key institutions that we cover. Speaking to senior executives at these firms, we assess what went right and what didn’t, together with what might lie ahead. This year, we have also examined the views of those at the top on two important factors for 2022: their own and others’ asset quality, and the disruptive threat of China. Their observations are discussed in the two features below, followed by our reports for 2021 on the Euromoney 25.
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The tie up between Masraf Al Rayan and Al Khalij Commercial Bank could be the first of many as cost cutting and profitability top the banking agenda.
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Ahmed Abdelaal is the first non-Ghurair family member to lead Mashreq Bank. His first two Covid-marred years in charge as chief executive were a baptism of fire, but he has hired well and decisively, putting in place a cosmopolitan management team that is transforming the Dubai-based lender.
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Sovereign wealth involvement in football clubs has a chequered history. Saudi’s intentions with Newcastle are clearly about more than investment, but can these deals ever work?
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Can multilateral development banks fight climate change while still promoting economic development in emerging markets? The European Bank for Reconstruction and Development is the first to set out concrete plans on how to do this.
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The Abu Dhabi Investment Authority’s latest annual report has some unusually precise detail in it. It tells us about positions, internal structures, use of external managers and views around infrastructure and private equity at one of the world’s most powerful institutional investors.
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Ajmal Ahmady, governor of Da Afghanistan Bank, Afghanistan’s central bank, gives Euromoney the inside story on his escape from the stricken country.
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The $15 billion merger that created Saudi National Bank is tipped to kick-start a cycle of consolidation in the Kingdom’s banking sector.
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Norway pulls out of West Bank-linked companies; Mubadala and Temasek invest in tech and energy.
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The country’s model of financing relentless consumption from dwindling oil revenues is under attack from all sides. Covid-related credit relief has hit the banks’ bottom lines and they are joining the call for diversification.
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The UAE was already a fintech pioneer but Covid turned it into a leader. Banks and government agencies are furiously rolling out blockchain-backed services that do everything from seamless KYC checks to detecting fraud in supply chain financing.
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The Israeli fintech grew fast through the pandemic turmoil. As it prepares a full launch in the US, it will be listed on Nasdaq, but not through an IPO.
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A corporate restructuring is one of the final steps in readying Tadawul for an IPO this year. CEO Khalid Al-Hussan says the moment for listing is almost at hand.
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Ever since the launch of Vision 2030, housing has been a key priority for Saudi Arabia. Along with the home building has come a vibrant mortgage market, the formation of a secondary liquidity provider and the building blocks that will lead to a new securitized asset class in global markets.
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Outwardly different, Singapore and Dubai have transformed themselves into international wealth management hubs, overseen by clear-minded regulators. They are now starting to compete for business with Europe’s far older private wealth centres.