Search results

Doubts are being raised about the wisdom of Dubai’s efforts to become a hub for crypto finance companies, following the high-profile collapse into bankruptcy of the FTX exchange on 11 November. However, officials seem committed to the UAE playing a continuing global role in blockchain initiatives.

Saudi sovereign wealth fund the Public Investment Fund (PIF) has sold a 10% stake in local stock market operator the Saudi Tadawul Group to institutional investors for SR2.3bn ($613m), leaving it with 60%.

Sohar International Bank announced a binding merger deal with HSBC Oman on 16 November. Sohar will take over HSBC Oman’s assets, with the latter’s shareholders paid in cash and Sohar shares.

The Private Department of Sheikh Mohammed Bin Khalid Al-Nahyan, a family office linked to members of Abu Dhabi’s ruling family, raised $300m via a sharia-compliant bond (sukuk) in mid-September. The office had cancelled a much larger sukuk in July 2021, amid a lack of investor interest.

The Kuwait Investment Authority’s London office has seen another senior departure, following a period of bruising court cases in which it has been accused of a cynical approach to employment cases

The Saudi government is setting up a SR300bn ($80bn) fund to support the development of the futuristic city of Neom in the kingdom’s remote north-west corner.

Saudi Arabia’s Ajlan & Brothers (Abilitii) has signed an agreement with Israel-lined SolarEdge to explore renewable energy investments. The rare (possibly so far unique) public Saudi-Israeli deal was finalised on the sidelines of United States President Joe Biden’s mid-July visit to the kingdom by a company whose star has risen on Crown Prince Mohammed Bin Salman’s watch.

GSN Risk Grade – B↓2: Economic growth: An International Monetary Fund (IMF) mission to Saudi Arabia said the country had managed the Covid-19 pandemic well and is well-positioned to weather the risks posed by the war in Ukraine.

Among a number of moves to support African governments challenged by spiralling commodities prices, Saudi Arabia’s Ministry of Finance in mid-April announced the transfer of its $300m deposit with Central Bank of Mauritania into a soft loan, “as part of the kingdom’s ongoing efforts and leadership role in supporting the development and economy of Arab and Islamic states”.

The Muscat Stock Exchange is to allow full foreign ownership of listed companies. In a brief statement issued on 28 March, the bourse said the cancellation of foreign ownership limits would make it more attractive to international investors.

First Abu Dhabi Bank (FAB) made a non-binding offer on 9 February to acquire a majority stake in Egyptian investment bank EFG Hermes.

The Saudi sovereign wealth fund’s first credit ratings, issued in early February, provided further information on the size of the Public Investment Fund’s portfolio, which was boosted a few days later when the government gifted it $80bn of shares in Saudi Aramco.

Heritage Oil, the Jersey-based oil and gas producer owned by Qatar’s former prime minister and foreign minister Sheikh Hamad Bin Jassim Al-Thani (HBJ), has been ordered by the High Court in London to repay the majority of a $6.5m claim by its founder and former chief executive Anthony Buckingham.

GSN Risk Grade – B↑1 Recent developments Bank ratings: Qatari bank ratings could be downgraded due to their high dependence on external funding, which makes them more vulnerable to external shocks. Fitch Ratings, in a report published on 23 November, said the sector was more dependent on international funding than its GCC peers, with foreign liabilities accounting for 48% of funding at end-September.

Sohar International Bank (SIB) has proposed a merger with Bank Nizwa, in the latest effort at consolidation in the banking sector.