Listing of biggest 100 Arab Banks
A recent edition of The Banker magazine published a list of the biggest 100 Arab banks, ranked by Tier 1 capital. We reproduce the list and make some comments.
Listing of largest GCC companies: 19 have market cap over $10bn
Nineteen GCC companies had market capitalisations of $10bn or more at the end of 2017, according to an end of year by SICO. At $81.6bn, SABIC was nearly twice as big as the second, Etisalat.
Contract list for Egyptian banks' management teams
One of our Corporate Members has shared with us a contact list for the most senior managers at Egyptian banks and we are publishing it here.
S&P Reports Chart Increasing Bond and Sukuk Issuance in GCC
Two recent reports from Standard & Poors analyse the reasons for increased bond and sukuk issuance in the GCC, and identify the key risks facing issuers in the region over the next year.
IIFM Publishes Global Sukuk Report
The International Islamic Financial Market has published its 6th Sukuk Report, containing data on recent issuance and sukuk structures.
New S&P Report Describes Outlook on Middle East Sovereign Ratings
S&P has downgraded ratings on three Middle East governments since January 2017. A new report describes rating trends and contains useful data.
Briefing on the Qatar Sanctions
Two ABA members have prepared legal briefings on how businesses could respond to the sanctions imposed on Qatar by some Arab countries. Vivien Davies, a partner at Fieldfisher, prepared one; and Dr. Nicolas Bremer, a partner with Alexander & Partner Rechtsanwalte, prepared the other.
New Leadership for Gatehouse Bank
Gatehouse Bank, the London-based Shari'ah-compliant bank that focusses on real estate financing, has made some new senior appointments, including a new CEO.
Review of GCC bank mergers
Mergers are rare in Gulf banking, but there are currently three significant mergers at various stages of consideration or completion. The ABA's editor takes a look, and provides some statistics.
Al-Tuwaijri provides details on bonds, privatisation and budget plans
Mohammed al-Tuwaijri, Saudi Arabia's Vice Minister of Economy and Planning, has given an interview with Bloomberg in which he provided some details on the Kingdom's plans to issue more debt, privatise state companies and balance the budget.
Citigroup Receives Investment Banking License in Saudi Arabia
Thirteen years after selling its remaining stake in Saudi American Bank, Citibank is to have a physical presence in Saudi Arabia through an investment banking license, granted by the Capital Market Authority.
Meeting Regulators' Expectations when Managing Client Relationships
The Arab Bankers Association spoke to Shakeel Aslam, a Director with Grant Thornton and its head of Emerging Markets / Middle Eastern Markets, about the advice he gives clients on how to manage new and existing client relationships.
New Appointments to Samba, Bank Nizwa, Saudi Tadawul and KIA
New executives have been appointed to lead Samba Financial Group and Bank Nizwa, the Saudi Stock Market (Tadawul) and the Kuwait Investment Authority.
Saudi central bank wins award for risk management and compliance
The Saudi Arabian Monetary Authority will be honoured at the Central Banking Awards Ceremony, to be held in London in March, for its work to strengthen internal risk management and compliance.
Saudi Government Budget for 2017: Analysis and Statistics
Saudi Arabia's budget for 2017 projects a sharp rise in revenue and a halving of the deficit. Expenditure is due to rise by 8%. The ABA's Editor, Andrew Cunningham, analyses the Saudi budget statement and provides some statistical tables.
Egypt and Investment Corp Dubai start road shows for bond issues
Egypt began marketing five and 10 year notes on Tuesday 17 January, while the Investment Corporation of Dubai began its roadshows on 19 January. Kuwait and Saudi Arabia are expected to come to the market with sovereign issues soon.
Round-up of Iran Economic News
Fieldfisher has published a new note on Iranian sanctions in the light of Donald Trump's victory; the Central Bank is proposing to change Iran's unit of currency from the Riyal to the Toman; Boeing will supply 80 aircraft to Iran; and a new report by APICORP analyses the prospects for increased Iranian oil production. The ABA's Editor presents a round-up...
Walid Niazy: An Appreciation
Walid Niazy, a prominent member of London's Arab Banking community and a founder of the Arab Bankers Association, died recently. In the attached article, we offer an appreciation of his life. The Arab Bankers Association extends its condolences to Walid's family and his friends.
GCC Bond Issuance Reaches Record Levels
With GCC fixed income issuance reaching record levels, the Arab Bankers Association spoke to Anita Yadav, head of Fixed Income Research at Emirates NBD, about the the trends in the market and the outlook for 2017.
Saudi Bond Road Show Shines Light on Saudi Economy
Saudi officials completed the road show for the Kingdom's debt bond issue on 18 October. The ABA's editor, Andrew Cunningham, scrutinises the Prospectus for clues Saudi Arabia's financial position.
Egypt's IMF Deal: What Chance of Success?
The IMF's Executive Board is expected to approve a $12bn loan to Egypt in early October. We spoke to Hugh Miles about the contents of the Egypt-IMF deal, and its prospects for success.
New CEO for Saudi Arabia's Riyad Bank
Riyad Bank has appointed Abdulmajid Abdulla al-Mubarak as its CEO, replacing Talal al-Qudaibi.
Fieldfisher Provides Update on Iranian Sanctions/Business Opportunities
ABA Corporate member, Fieldfisher, has published an update on remaining US sanctions on Iran, and the opportunities that are opening up for both US and non-US firms to do business with Iran.
Saudi Arabia's Vision 2030: key points
Deputy Crown Prince Mohammed bin Salman announced the Vision 2030 on 25 April. Read more to see how the Vision is structured and for details of some of its key points. We also have a link to the full English text.
Trade Finance in the Maghreb: an interview with Nabil Frik
The Arab Bankers Association spoke to Nabil Frik of British Arab Commercial Bank about the growing opportunities for banks to finance trade with the countries of the Maghreb and the type of business that his bank is developing, particularly in Algeria and Morocco.
Major Middle East Energy Projects Continue, Despite Low Oil Prices
Hundreds of billions of dollars will be spent on new energy projects in the Middle East over the next five years, according to an analysis by Apicorp Energy Research.
Ratings on GCC states under pressure as oil price stays low
Bahrain and Oman have been downgraded, but Kuwait, Qatar and Abu Dhabi hold on to AA ratings. Opinions differ on Saudi Arabia. The Arab Bankers Association reviews recent rating actions, and provides a table listing current ratings and outlooks.
China's Economic Slowdown, Perceptions and Reality: Guest Article
There has been a lot of talk about China's economic slowdown in recent weeks, but the reality of what is happening in China is complex. In a guest article, written for the ABA's website, Stephen Timewell, Editor Emeritus of The Banker magazine, and a frequent visitor to China, considers the positives and negatives of the Chinese economy and its banking...
Update on Egyptian Devaluation & Interest Rate Moves
Egypt devalued its currency by 14% on 14 March and then raised interest rates. The Central Bank has announced a foreign reserves target of $25 bilion and a commitment to single digit inflation. The ABA's Editor, Andrew Cunningham, summarises the recent moves in Egyptian monetary policy.
MENA fixed income issuance rises to $106 bn in 2015 on Saudi bonds
Saudi Arabia's bond issuance programme took total MENA fixed income issuance to more than $100 bn in 2015, but Egypt remains the region's biggest fixed income borrower, a new report from Kamco says.
Platinum: Medium Term Forecast and Market Trends
The World Platinum Investment Council has published a report by David Jollie of Glaux Metal giving medium term supply and demand forecasts for the platinum market.
Saudi Budget for 2016: the figures
The Saudi budget for 2016 projects a 14% cut in expenditure compared to actual spending for 2015 (and a 28% cut on budgeted expenditure). Yet, a review of budgeted and actual expenditures over recent years, shows how difficult it is to predict Saudi spending and revenue patterns.
New report on GCC IPO market in 2015
Kamco, the Kuwaiti investment company, has published a report on the GCC IPO market in 2015. Kamco reports that there were only six IPOs in 2015, compared to 17 in 2015, and they raised $1.5bn in capital.
"Implementation Day" and Iranian Sanctions: a King & Spalding Report
ABA Corporate Member King & Spalding has phblished a report explaining how sanctions imposed on Iran have changed since 16 January: "Implementation Day" of the Joint Comprehensive Plan of Action.
Business Implications of the New Iranian Sanctions Framework
Fieldfisher, the international law firm, has issued a new analysis of the sanctions regime against Iran, following Implementation Day on 16 January, including guidance for firms seeking to engage with Iranian entities.
GCC Stock Markets 2015 Performance Reflects Emerging Markets Decline
Most GCC stock markets declined by about 15% during 2015, according to data published by SICO, the Bahrain-based investment bank. The MSCI Emerging Market Index fell by 16% over the year, SICO said.
Gatehouse and QNB make changes to London management
Gatehouse Bank has announced the departure of its CEO, Henry Thompson, while Simon Walker has left Qatar National Bank, where he was European Regional Manager, based in London.
North African Banks Remain Among Biggest in Africa
North African banks account for 37 of the biggest 100, ranked according to Tier 1 Capital by The Banker Magazine. Egyptian banks account for 15 of the largest 100 and Algerian, Moroccan and Tunisian banks seven each.
Saudi Economic Policy Making: An Interview with Hugh Miles
Hugh Miles is co-founder of Al Shafie Miles (www.alshafiemiles.com), a Cairo-based business intelligence consultancy specialising in the Middle East and North Africa. The Arab Banker recently spoke to Hugh about economic policy making in Saudi Arabia in the light of current low oil prices and the accession of King Salman to the throne in January 2015.
Saudi reserves, deficit and bond issues: some figures
There has been a lot of press coverage recently about Saudi Arabia drawing down its financial reserves and issuing bonds in order to cover its budget deficit. Here are some numbers to help our readers make up their own minds about Saudi Arabia's financial position.
Iranian oil production could increase by 400k b/d during 2016
A new report by Apicorp suggests that Iran could increase its oil production by 400,000 b/d by the end of 2016 and at least another 300,000 by the end of 2017. The report details how such increases could be acheived by emplying storage, restoring old fields and bringing on new fields.
New Study on GCC Bank Performance
Darien Analytics has published its annual ranking of Gulf commercial banks. Sharjah's Investbank tops the ranking, with National Bank of Ras al-Kheimah second and Qatar's Masraf al-Rayan third. The rankings are based on six financial performance ratios.
Strong Showing by North Africa in The Banker's African Bank Rankings
Thirty seven North African banks appear in The Banker magazine's ranking of the biggest African banks, based on Tier 1 capital. The four biggest banks in Africa are all South African, but banks in Egypt, Morocco and Algeria account for nine of the 20 biggest banks.
Islamic Bank of Britain rebranded Al Rayan Bank
Islamic Bank of Britain has been rebranded Al Rayan Bank following its takeover by Qatar-based Masraf Al-Rayan. Al Rayan Bank is based in Birmingham, in the British Midlands.
New Appointments in the Middle East
National Bank of Kuwait has announced new appointments, including a new CEO in Kuwait; Tariq El-Rifai will head Barclays' operations in Egypt; BNY Mellon has changed its ME&A team; and NBAD has a new Global Head of Merchant Banking.
Credit Agricole to Reduce Stake in Saudi Fransi Bank
Credit Agricole has announced that it will sell half of its stake in Saudi Fransi Bank to Prince Walid al-Talal. The Arab Banker's editor reviews the level of foreign bank ownership in the Saudi banking system.
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