Interview Nomo Bank sees increasing appetite for Islamic investments, ETFs Paul Szumilewicz, chief revenue officer at UK-based Nomo Bank, said there is a growing demand from the bank’s clients to invest in exchange-traded funds (ETFs) — a pre-defined group of bonds, stocks or commodities poured into a fund and listed on the stock exchange. With Paul Szumilewicz Nomo Bank Chief Revenue Officer
Global stocks tank over fears of Middle East war, US recession On Wall Street, the S&P 500 lost 3.1% while the tech-focused Nasdaq Composite Index lost 3.7% of its value after markets opened in New York Monday morning. Israel
Gulf investment in UK real estate to hit $4B annually, says BLME Research predicts that demographic trends and supply shortages will make the UK's real estate sector a more popular option for investors in the future. Saudi Arabia
Turkey returns $5B deposit to Saudi Arabia amid economic recovery The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira. Turkey
Turkey sees 157% wealth growth despite economic malaise By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
What’s behind Saudi Public Investment Fund’s $17.2B profit? The sovereign wealth fund’s turnaround following the loss in 2022 is due in large part to the stock market rebounding. Saudi Arabia
Barclays plays down Israel military links as protesters target branches More than 15 branches of the bank across England and Scotland were found with windows smashed and red paint daubed over the buildings as part of a protest calling on the bank to divest from arms companies that sell to Israel as well as from fossil fuel businesses. Palestine
Saudi Arabia joins China and UAE in digital currency project The kingdom is joining the Switzerland-based Bank for International Settlements' central bank digital currency platform. Saudi Arabia
Qatar National Bank says GCC banks have more liquidity than global rivals An executive at the Qatari lender said that Gulf countries will have to compete with the rest of the world for billions of dollars in equity to finance infrastructure projects, of which there is a higher demand than supply. Saudi Arabia
Poverty in Lebanon tripled to 44%, as high as 62% in rural areas: World Bank In a recent report, the World Bank revealed a three-fold increase in poverty rates in Lebanon, which is hard hit by an economic crisis and financial meltdown, with nine out of every 10 Syrians displaced in the country living under the poverty line. Lebanon
Dubai beats Singapore, London as top city for 'greenfield' FDI projects FDI Markets data, compiled by the Financial Times, found the UAE's financial capital ranked top overall in global "greenfield" FDI projects attracted in 2023. United Arab Emirates
Bahrain's Investcorp, China's CIC launch $1B Sino-Gulf investment platform The companies the fund will target are expected to have high growth potential in attractive sectors, including consumer, health care, logistics and business services, the Bahrain-based alternative asset manager said. Bahrain
US unveils sanctions on Hamas spokesperson Abu Ubaida The US Treasury Department also targeted Hamas members linked to the group’s cyber and drone operations in Lebanon and Gaza. Israel
Interview Incoming legislation to make 'big difference' for Egypt's fintechs, MNT-Halan CEO says Mounir Nakhla told Al-Monitor that although financial inclusion has increased in Egypt over the past few years, much of the country's population is still unbanked. With Mounir Nakhla CEO of MNT-Halan
Saudi Arabia, UAE amp up Africa investments amid growing competition Africa is seeing a major uptick in investments from the UAE, Qatar and Saudi Arabia, which presents the possibility of 'greater returns' for the Gulf states. Saudi Arabia
Saudi private equity investment peaked at $4B in 2023 amid rising buyouts The kingdom's deep-pocketed sovereign wealth fund was involved in the top three private equity transactions between 2019 and 2023. Saudi Arabia
Switzerland reports violation by Lebanon’s Audi bank in Riad Salameh probe The action by FINMA concerns connections around disgraced former Lebanese Central Bank governor Riad Salameh. Lebanon
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