Oman is said to study strategic options for state energy firm OQ

OQ is an integrated energy company with oil and gas exploration and production operations, refineries, a retail network and a large petrochemical business

Saudi bourse restructures itself with eye on IPO in second half

The newly created Saudi Tadawul Group will have four subsidiaries

Khaled Al Tameemi appointed as UAE Central Bank governor

He previously held the central bank’s deputy governor post

Abu Dhabi Islamic Bank posts 38% dip in net profit for 2020; approves 46.6% cash dividend

Its revenues also pared to Dhs5.35bn in 2020

Crypto firms got more funding last quarter than in all of 2020

The funding surge is happening as Bitcoin hits record highs

Islamic Development Bank sukuk Nasdaq Dubai

Saudi’s Islamic Development Bank lists $2.5bn sustainability sukuk on Nasdaq Dubai

The total value of the bank’s sukuk listed on Nasdaq Dubai stands at $17.14bn

Logistics firm Tristar sets price range for second Dubai IPO in three years

The company plans to offer up to 24 per cent of its shares in the IPO

How should regional economies strive today to create the ‘jobs of tomorrow’

A region already suffering from chronic youth unemployment must innovate and train the next generation

Mubadala seizes on 144% stock rally to sell stake in Aldar Properties

Mubadala sold a 12 per cent stake in Aldar to Alpha Dhabi Holding

GCC’s consulting market shrinks 12.4% in 2020

The GCC consulting market is now worth around $2.7bn

Emirates NBD

Dubai’s top bank is said to raise Gulf’s first sustainable loan

Emirates NBD has about $5.7bn of debt maturing this year, according to data compiled by Bloomberg

Saudi firms will cut dividends to fund $1.3 trillion investments

The new plan comes after the coronavirus pandemic and oil market turmoil created a double crisis for Saudi Arabia

How the Gulf region will witness a vigorous recovery in 2021/22

The recent recovery of the crude oil price to the pre-pandemic level of $60-65 per barrel is a huge relief for all the Gulf states

Abu Dhabi Commercial Bank recommends Dhs1.878bn in cash dividends for 2020

The dividend payout equals to 49 per cent of the lender’s net profit for 2020

UAE Indonesia

UAE to invest $10bn in Indonesia’s sovereign wealth fund

The investments will focus on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism and agriculture, among others

Abu Dhabi private equity firm buys two US healthtech companies

Besides health care, Gulf Capital focuses on sectors such as technology and payments, business services and sustainability

Banque Saudi Fransi picks Finastra to automate treasury and trading ops

Bank can connect to Finastra’s open platform which is in line with SAMA’s Open Banking initiative

International reserves increase Dhs12.6bn in UAE banking system during Nov-Jan

Cumulative balance of the country’s international reserves amounted to over Dhs519bn at the end of January 2021

Arabtec Holding

Arabtec confirms filing for bankruptcy in Dubai Court

The bankruptcy judge decided to appoint a panel consisting of seven experts to examine the application

Cryptocurrency Dubai DMCC

Cryptocurrency businesses can now open offices within DMCC freezone in Dubai

Cryptocurrency businesses will be offered bespoke licences by the DMCC Crypto Centre in Dubai

EToro nears $10bn merger with Betsy Cohen SPAC

EToro became a member of the US Financial Industry Regulatory Authority last year

UAE bank

UAE gross bank assets at Dhs3.172 trillion at the end of January

Gross credit in the banking system grew from Dhs1.779 trillion by the end of December 2020 to Dhs1.779.2 trillion in January 2021

Citigroup names key banker on Aramco IPO as Saudi CEO

Wassim Al Khatib will lead Citigroup’s investment banking and markets business in Saudi Arabia

ADNOC Distribution

UAE’s ADNOC Distribution changes share dividend policy

It confirmed a minimum Dhs2.57bn dividend for 2022

UAE Central Bank

Overall liquidity in UAE banking system back to pre-Covid levels – Central Bank

The Central Bank of the UAE projects the country’s real GDP to increase by 2.5 per cent in 2021

Online insurance platform PolicyBazaar raises $75m to fund UAE, Middle East expansion

PolicyBazaar allows users to purchase life and general insurance online

Pure Harvest Smart Farms

UAE-based Pure Harvest Smart Farms raises $60m in new funding round

Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital

Dubai’s DIFC Investments full-year profit declines 74%

Full-year profit net income fell to $31m

Cover story: The key regional investment trends focusing on the wealth of the future

The pandemic has further emphasised the need for diversification among investors, reveal AIX Investment Group’s board advisor Fadi Dabbagh and senior financial advisor Khalid El-Mikhi

Saudi wealth fund raises year’s third-biggest loan for new deals

The $400bn sovereign investor is key to the kingdom’s efforts to revive economic growth