Middle East

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.

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?

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.

Both Egypt and Turkey have recently been able to tap dollars more cheaply through sukuk.

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.

SLLs offer more flexibility for borrowers targeting sustainability, but the structure is coming under scrutiny around the world for potential greenwashing concerns.

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?

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.

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.

The Middle East’s capital markets were awash with plus-sized IPOs in 2022, with a growing belief in its future.

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.

Qatari banks are eager to demonstrate their commitment to sustainable banking amid growing public scrutiny of the environmental cost of hosting the World Cup.

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.

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?

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.

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.

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.

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.

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.

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.

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.

The event was a showcase for both sustainability and trade agreements.

Why do Saudi Arabia and Malaysia still overwhelm every other state in Islamic asset management?

It’s rare to see a sovereign fund backing a digital bank before its launch.

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.

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.

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.

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.

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?

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.