Thursday 23 March 2023

Sedco exits real estate fund; nets 41pc returns for investors

Sedco Capital, a global shariah-compliant and ESG-led asset management and investment advisory firm, said it has successfully exited its capital built-to-suit real estate fund, delivering a 41% net return on invested capital.   The Fund commenced operations in m


Kyndryl joins UAE Ministry of Economy’s NextGenFDI

Kyndryl, the world’s largest IT infrastructure services provider, has joined the UAE Ministry of Economy's NextGenFDI Programme, which aims to attract digitally enabled businesses from all over the world. They will be provided with the necessary market entry fundamentals to launch a


Saudi venture company boosts investment capital to $1.6bn

The Saudi Venture Capital Company (SVC), a subsidiary of the SME Bank, a development bank affiliated with the National Development Fund, has announced an increase in its investment capital for the coming years, bringing the total investment capital to SR6 billion ($1.6 billion).


GCC banks' energy transition exposure on stable ground: report

Gulf Cooperation Council (GCC) banks' exposure to sectors most subject to energy transition risks has remained broadly stable over the past three years, said an S&P Global Ratings report.   However, the effect of energy transition on oil and gas prices a


Mastercard, Infinios unveil wholesale travel programme

Mastercard and Bahrain-based fintech Infinios Financial Services have partnered to advance the digitization of B2B travel payments between travel buyers and suppliers through the first Mastercard Wholesale Program launch in region. The collaboration will enhance liquidity for tra


Bank pledges $6.4bn funding to Saudi startups, SMEs

Saudi Arabia’s Social Development Bank (SDB) has pledged $6.4 billion to funding entrepreneurs, small and medium-sized enterprises (SMEs), and freelancers across the kingdom over the next three years.    The multibillion-dollar pledge was announced on


Investcorp distributes $1.2 billion to GCC investors

Investcorp, a leading global alternative investment firm, has distributed $1.2 billion in aggregate to its GCC based investors over the past 12 months from several value realisation initiatives across asset classes, including recent exits from its private equity platform in the United States.


Nomo launches multi-currency accounts and card

Nomo, a fully digital Sharia-compliant cross-border bank, has launched new multi-currency accounts, allowing customers to hold, spend and send their money in 6 different currencies – GBP, USD, EUR, KWD, AED and SR. The new accounts help customers to avoid exchange fees at t


Deposits of above AED20m surge 11.4% in UAE banks

Large deposits (greater than AED20 million) made up 59% the total deposits held by the banks based in the UAE that totalled AED2.222 trillion ($605 billion) until the end of 2022, data from the Central Bank of the UAE revealed.   Deposits of greater than AED20 m


Saudi posts highest growth among G20; GDP up 8.7%

Saudi economy achieved 8.7% growth in its gross domestic product (GDP), the highest growth rate among the G20 countries in 2022, despite the difficult economic conditions and challenges, experienced by the world, according to the data released by General Authority for Statistics (GASTAT).&nbs

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