Oman’s Sohar International Bank launching business in Saudi Arabia By Andrei Skvarsky. Oman’s Sohar International Bank has been given the go-ahead by the Saudi central bank to launch operations in Saudi Arabia, an Omani newspaper said. Sohar International’s branch in Riyadh will offer a comprehensive range of corporate and retail services, according to Oman Daily… Continue Reading
Kuwait banks’ investing in public services plunges by two-thirds YoY – newspaper
By Andrei Skvarsky. Kuwaiti banks cut investing in public services by 68.8 per cent year-over-year by September 1, a Kuwaiti newspaper said, largely attributing the decline to extensive state control of the public services sector. Kuwait’s banking community put 21.7m dinars ($70.5m) into education, healthcare and other public services in the period from January to… Continue Reading
Agency says 25 states in default on sovereign loans from Kuwait
By Andrei Skvarsky. Twenty-five nations are delaying instalment repayments of sovereign loans from Kuwait, having built up arrears totalling 118m Kuwaiti dinars ($380.24m), a Kuwaiti government agency said. Ninety per cent of the sum are the debts of five countries – Syria, Sudan, Yemen, Cuba and North Korea, – Kuwaiti English-language daily Arab Times cited… Continue Reading
QATAR NEWS
Franklin Templeton to manage multi-asset fund launched by Qatar’s Commercial Bank By Andrei Skvarsky. Global asset management firm Franklin Templeton Investments will manage a global sharia-compliant multi-asset retail fund that has been launched by Commercial Bank of Qatar, CBQ said in a statement. According to the statement, the Shariah Global Multi-Asset Fund project is part… Continue Reading
Bankman-Fried trial big confidence test for cryptos – deVere chief
By Andrei Skvarsky. The current fraud trial of American cryptocurrency tycoon Sam Bankman-Fried is a “formidable” confidence test for cryptocurrencies as its outcome will show whether those investing in cryptos can expect the same extent of regulatory protection as all other investors, according to a prominent financier. U.S. federal legislation under which the founder and… Continue Reading
Bahrain FinTech Bay’s buyout by Benefit to merge two key fintech hubs
By Andrei Skvarsky. Two major fintech hubs in Bahrain are going to merge after the buyout of Bahrain FinTech Bay (BFB), the company managing one of them, by Benefit, the firm running the other, under an agreement announced by the two companies in late September. BFB has incubated more than 116 startups since its inception,… Continue Reading
CEO of deVere: Sustained growth should be No. 1 task of ECB, Bank of England
By Andrei Skvarsky. It should be the main concern of the European Central Bank (ECB) and the Bank of England (BOE) to prevent “already slowing” economic growth from stopping as this would trigger a bunch of woes, according to the CEO of financial consultancy deVere, Nigel Green. In criticising eminent economist Nouriel Roubini for insisting… Continue Reading
Bitcoin one of this decade’s ‘best-performing asset classes’ – deVere CEO
By Andrei Skvarsky. The CEO of financial advisory deVere has made a forceful case for bitcoin, calling the number one cryptocurrency “one of the best-performing asset classes of the decade” and hailing its stabilisation over the past several months as “crucial for its integration” into traditional financial systems. While a disappointment for speculating investors, bitcoin’s… Continue Reading
Inflation in key economies likely to drop faster than expected – deVere chief
Inflation in most major economies, including the United States, is likely to drop faster than many expect, the head of global financial consultancy deVere argues, citing declining real wages, the slow implementation of monetary policies and “weak” economic growth. Interest rates would start falling as a consequence within the next year, Nigel Green, deVere’s founder… Continue Reading
UAE regulator slaps $1.3m fine on forex broker
By Andrei Skvarsky. The United Arab Emirates’ central bank has imposed a fine of 4.8m dirhams ($1.3m) on a foreign exchange broker for “weak” mechanisms to fight money laundering and the financing of terrorism. An inspection showed the exchange house to have “a weak compliance framework regarding the required risk analysis and due… diligence policies… Continue Reading
UAE regulator strikes off forex broker, remittance firm
By Andrei Skvarsky. The United Arab Emirates Central Bank (CBUAE) said on August 9 that it had revoked the licences of foreign exchange broker Dirham Exchange and remittance specialist RMB Commercial Brokers for “serious regulatory misconduct”. The delicensing was a penalty for offences “including AML [anti-money laundering] misconduct”, the CBUAE said in an English-language statement.… Continue Reading
Ministry: Alleged scammers made to pay back Emiratisation allowances
By Andrei Skvarsky. An Emirati ministry said on August 9 that 107 Emiratis were made to pay back an equivalent of a total of $632,700 they were accused of obtaining fraudulently as allowances under the Emiratisation programme, a scheme aiming to promote local talent and skills in a country where expatriates make up 88.5 per… Continue Reading
EVENTS: Events in Hong Kong, Amsterdam, Florida on Oct 12-13, Nov 6-8, Dec 6-8
The following financial summits are planned to be hosted by event management company marcusevans in the last three months of 2023: Hong Kong, The Ritz-Carlton, Kowloon: ~ Private Wealth Management APAC Summit, October 12-13, Amsterdam, Netherlands, Hotel Okura: ~ European Pensions & Investments Summit, November 6-8, ~ Elite Summit, November 6-8, Palm Beach, Florida, USA, all at Eau Palm… Continue Reading
EVENTS: Four marcusevans-hosted summits in Dallas in September
Event management company marcusevans is going to host four investment summits in Dallas, Texas, this September. The conferences, all of which will take place on September 18-20, are: Venture Capital Investors Summit Private Equity Investors Summit Private Wealth Management Summit Real Estate Investors Summit. All the summits will be held at the Las Colinas Resort,… Continue Reading
S. Korea’s MBK Partners creating fund to target China home market
By Andrei Skvarsky. South Korean private equity firm MBK Partners, which has $25.6bn in assets under management, is putting together a 10-trillion-won ($7.6bn) buyout fund to target the Chinese domestic market. MBK co-founder and partner Michael Kim has been in talks with South Korean pension institutions in seeking inputs from them into what would be… Continue Reading
Sotheby’s uses Dubai bourse to unveil arguably unique ruby, diamond
By Andrei Skvarsky. The Dubai Diamond Exchange (DDE) was the venue for the recent unveiling by Sotheby’s of what are considered the largest ruby and the most vivid pink diamond in world auction history and are expected to be offered at a planned Sotheby’s auction in New York on June 8. The 55.22-carat (11.04-gram) Estrela… Continue Reading
India withdrawing 2,000-rupee notes, says they will remain legal tender provisionally
By Andrei Skvarsky. India is withdrawing its 2,000-rupee ($24) note from circulation, but this highest-denomination banknote is going to remain legal tender for four months. The central bank said in a statement on June 19 that the measure is part of its “clean note policy”, a strategy to keep India’s paper cash clean, undamaged and… Continue Reading
Abu Dhabi Islamic Bank to provide numerous services for SMEs in Dubai free-trade zone
By Andrei Skvarsky. Abu Dhabi Islamic Bank (ADIB) and the authority of one of Dubai’s free-trade zones (FTZs) are planning an agreement that would make a wide range of ADIB services available to small and medium-sized enterprises (SMEs) doing business in the zone. The services would include digital solutions tailored to SME needs, ADIB said… Continue Reading
Applying online to speed up account opening at Abu Dhabi Islamic Bank
By Andrei Skvarsky. Abu Dhabi Islamic Bank (ADIB) and an Abu Dhabi government agency are planning a deal to simplify and speed up setting up an account with ADIB for investors and companies by digitising the account application procedure. It would take between three and five business days to open an account with ADIB via… Continue Reading
EVENTS: Boston to host venture capital, private equity, real estate investment forums on June 5-7
The marcusevans business intelligence company will host the following U.S.-focused invitation-only conferences in Boston, Massachusetts, on June 5-7, 2023: Venture Capital Investors Summit. The agenda covers subjects such as the future of the venture capital market, opportunities in a “new normal”, alternative investments, ESG compliance and ways of finding the best sources of market information,… Continue Reading
EVENTS: Connected Africa – Africa’s Premier Telecom Summit, Johannesburg, July 25, 2023
This conference, part of the Connected Africa series organised by the International Center for Strategic Alliances (Intercsa), will bring together Vodafone and key African telecom companies. Themed “transforming to telcos of the future”, Connected Africa – Africa’s Premier Telecom Summit will discuss technologies such as 4G LTE, VoLTE and EDGE. It will also take up… Continue Reading
UAE GDP growth pace doubles in 2022 – central bank
By Andrei Skvarsky. The United Arab Emirates’ central bank estimates that gross domestic product grew by nearly 7.6 per cent in 2022 or at double the 2021 pace, CBUAE said on May 10. Inflation in the UAE closed at 4.8 per cent by the end of 2022 compared with the global average of 8.8 per… Continue Reading
EVENT REMINDER: Connected Banking Southern Africa, Johannesburg, May 24
More than 270 companies – banks, insurers, fintechs, non-banking financial organisations, investment funds, asset managers and others – are expected to take part in Connected Banking Southern Africa, a summit in Johannesburg on May 24 that will focus on digital inclusion and sustainable transformation. The agenda includes decentralised finance, the zero trust cybersecurity model and… Continue Reading
Shamsa Al-Falasi takes the helm at Citibank’s UAE division
Citi has appointed Shamsa Al-Falasi chief executive of Citibank’s onshore branch in the United Arab Emirates and chief administrative officer for all on- and offshore Citi entities in the UAE, Emirati newspapers The National, Gulf News and Khaleej Times and other sources cited Citi as saying. After joining Citi in 2004, Al-Falasi had postings in… Continue Reading
UAE’s GDP doubles since 2006 – PM
The United Arab Emirates’ gross domestic product has doubled over the past 17 years, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said. GDP has reached 1.8tn dirhams ($490.1bn) since he became the UAE’s prime minister in February 2006, Sheikh Mohammed, who is also the president of the UAE and ruler of Dubai, was cited by… Continue Reading
UAE payment services firm MBME listed on Abu Dhabi exchange
Emirati payment services provider MBME Group began to trade on April 17 on the Abu Dhabi Securities Exchange (ADX), becoming the United Arab Emirates’ first family-owned fintech to list on the bourse, Dubai-based English language daily Khaleej Times said. MBME shares, which were listed on the Growth Market, the ADX platform tailored to privately owned… Continue Reading
Citi: While offering benefits, CBDCs threaten more competition, big brother practices
By Andrei Skvarsky. Citi warns that, along with major technical and social advantages, there are potential serious downsides to central bank digital currencies (CDBCs), an electronic form of national currencies that more than 100 central banks are developing. One problem is that transactions in CBDC may force central banks to compete with private companies that… Continue Reading
UAE steps up involvement in international project to digitise cross-border payments
By Andrei Skvarsky. The central bank of the United Arab Emirates (CBUAE) last week took a major formal step in implementing a plan to create a digital version of the dirham and thereby step up the UAE’s role in an international project to digitise international payments. At a ceremony in Abu Dhabi, the CBUAE signed… Continue Reading
Prop trader The Trading Pit makes deal with futures broker Edge Clear
Liechtenstein-headquartered proprietary trader The Trading Pit has announced it has formed a partnership with Chicago-based futures broker Edge Clear. A proprietary (or prop) trader is a bank or financial services company that earns its income by investing its own capital rather than through commission on investing client money. Continue Reading