Central Bank of Egypt Raises Key Interest Rates by 2% to Combat Soaring Inflation

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On Thursday, the Central Bank of Egypt (CBE) announced a two percent (200 bps) increase in key interest rates, the first of 2023, in an effort to manage soaring inflation. The CBE said that the overnight deposit rate, overnight lending rate, and main operation rate would all increase by 200 bps to 18.25 percent, 19.25 percent, and 18.75 percent, respectively, while the discount rate would also be raised to 18.75 percent.

 This increase was in line with analysts’ predictions, who anticipated a hike of between two and three percent, given record inflation figures in Egypt. The CBE explained that supply chain disruptions, the depreciation of the Egyptian pound, demand side pressures, and high broad money growth out-turns, among other factors, were contributing to this inflation.

TAQA and Presight AI lead gainers in Abu Dhabi as Commercial Bank of Dubai and Emaar boost DFM main index in Dubai.

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The FADGI index in the UAE capital closed higher at 9,478.640 pts, with TAQA and Presight AI gaining 3.350% and 3.1% respectively, while other gainers included ALPHADHABI, BURJEEL, and RAKBANK in Abu Dhabi. In Dubai, Commercial Bank of Dubai and Emaar were among the top performers, rising 2.650% and 2.330% respectively, leading the DFM main index to close at 3,425.569 pts, up by 0.732%.

The Ritz-Carlton Residences, Dubai, Business Bay: Another Exclusive Branded Residence by Marriott

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Dubai is set to welcome yet another exclusive residential project bearing the Marriott stamp, with The Ritz-Carlton Residences, Dubai, Business Bay set to open its doors in 2025. The development will cater to those seeking luxury living with a range of bespoke services, including butlers, personal chefs, and staff for booking private jets. With 73 units, including penthouses and a villa, the project will feature a gym, spa, resident-only theatre, and café. 

Developed by Khamas Group and designed by Ana Moussinet, sales and marketing will be managed by Devmark Group and Knight Frank. Mohamed Khamas, MD of Khamas Group, expressed pride in partnering with Marriott International, saying the new project will offer “nothing but the best”. Meanwhile, Sean McCauley, CEO of The Devmark Group, highlighted the growing demand for luxury branded residences in Dubai.

NEOM’s Shushah Island to Become a World Center for Coral Reef Preservation and Regenerative Tourism.

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NEOM’s Shushah Island, first mentioned in 2021, is set to become a luxurious island destination with a marina, hotels, villas, a beach club, a museum, and the world’s largest coral garden, complete with a nursery and research center. The island is part of NEOM’s vision to develop in harmony with nature and promote sustainability, with the coral garden serving as a centerpiece to showcase innovations in coral reef preservation amidst climate change.

The island’s floating marina will feature 43 berths and two airplane docks, while the hotels will include a standalone 300-key tower, an upscale boutique hotel of 60 keys, and a luxury boutique hotel of 70 keys, along with village apartments, a floating research center, villas, and a beach club. NEOM aims to make Shushah Island a regenerative tourism landmark, offering a unique R&D opportunity for coral preservation and attracting international scientists, researchers, and eco-conscious travelers.

Moreover, the coral nurseries on the island will serve as the world’s largest repository for Red Sea species, utilizing Maritechture Technologies developed by scientists at KAUST’s Red Sea Research Center and Coastal and Marine Resources Core Lab. This innovative technology will be employed in on-shore coral nurseries and used to populate the coral gardens, benefiting the region for generations to come. NEOM envisions Shushah Island as a bold landmark for regenerative tourism.

ADQ-backed Wio Bank and Paymentology partner to enhance SME banking

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ADQ-backed Wio Bank has partnered with Paymentology, an issuer-processor, to enhance its digital banking model and provide customer-centric payment card services. The partnership is aimed at removing friction for small and medium-sized enterprises (SMEs), allowing them to open business accounts instantly and utilize services immediately with physical and virtual cards. Paymentology’s payment card issuing platform and data analytics capabilities will enable Wio Bank to launch financial products at scale and provide the latest digital banking solutions to empower businesses and consumers. Wio Bank’s first digital banking application, Wio Business, provides startups, freelancers, and SMEs with simplified and fully digital financial services. 

The neobank has also partnered with Abu Dhabi Global Market, Stripe, Flat6Labs, and First Abu Dhabi Bank to enhance banking services for SMEs and provide them with greater access to key banking services quickly and efficiently.

DFM and Dubai Chamber Launch IPO Accelerator Programme to Boost Listings on Dubai’s Capital Markets with Regional and Global Advisors.

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The Dubai Financial Market (DFM) and the Dubai Chamber of Commerce, along with 20 regional and global advisors, have announced the launch of ‘The IPO Accelerator Programme’ to boost listings on Dubai’s capital markets. The programme is part of the Dubai Economic Agenda D33 projects and aims to consolidate Dubai’s position as a global business and financial hub while supporting Middle Eastern businesses in their growth and IPO journeys. The programme is open to family businesses, large private companies, and businesses from sectors that can benefit from Dubai’s capital markets. Local and international advisory firms will conduct workshops and offer one-on-one meetings to prepare businesses and create customised routes towards IPO. 

The programme’s partners include Bank of America, deNovo Partners, EFG Hermes, and others. The launch of the programme follows a record-breaking year for UAE stock markets, which saw 48 IPOs in the GCC region fetch $23.4bn in 2022. The first workshop is scheduled to take place in May 2023 with the participation of 40 private companies from various sectors.

Aldar Properties and Mubadala to Jointly Develop Commercial Assets on Al Maryah Island in Abu Dhabi

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A heads of terms agreement has been signed between Aldar Properties and Mubadala to develop commercial assets on Al Maryah Island in Abu Dhabi. The joint venture will provide space for more businesses to operate on the island and will see the development of commercial office offerings, which continue to experience a surge in demand. Aldar will hold a 60% stake in the joint venture, with Mubadala holding the remaining 40%. The initial office tower will have a total net leasable area of 63,000 square metres and is expected to be completed by the end of 2026. 

The property will be managed by Aldar Investment. The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000 square metres. Aldar also recently launched a limited number of apartments at ‘The Source’, boasting 204 apartments and penthouses with unique offerings for physical and mental wellbeing.

EU moves closer to digitalizing Schengen visa application process

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  • EU moves closer to digitalizing Schengen visa application process

The Schengen visa application process is being digitized by the European Union (EU) to make it easier for UAE residents to apply for visas digitally without having to wait in queues or submit their passports. The move is aimed at making the visa application process more efficient and improving the security of the Schengen area, while replacing the current visa sticker with a digital visa. The proposed new rules will create a visa application platform that will forward all applications for Schengen visas to the relevant national visa systems, where visa applicants can upload their travel and supporting documents and pay their visa fees. 

Visas will be issued in digital format as a 2D barcode, cryptographically signed, which will reduce security risks related to counterfeit and stolen visa stickers. The council presidency will start negotiations with the European Parliament to decide on the final wording of the new rules.

Sunset Hospitality Group Expands into Indonesia with Four New Venues, Including Folie and Attiko

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Sunset Hospitality Group (SHG), based in Dubai, has disclosed its entry into Indonesia with the launch of two new brands, Santana and Mamasita, as well as the debut of Folie and Attiko in the region. In collaboration with Bali’s Mirah Investment and Development, all four venues are expected to open between Q2 and Q3 of 2023. Folie and Attiko will be situated in the Canggu district’s Secana Beachtown and are scheduled to open in Q2 2023. Santana and Mamasita, both located in Canggu, will be launched as standalone venues in July.

 SHG is seeking additional opportunities for further portfolio brands to enter the Bali market. The company plans to open 20 new venues globally by the end of the year and aims to expand its portfolio to over 50 operating venues in 14 countries.

ADNOC Gas reports 37% increase in net profit on pro forma basis in 2022

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ADNOC Gas, the gas business arm of the ADNOC Group, reported a surge in net profit on a pro forma basis, rising by 37% to $4.9bn in 2022. The increase in profitability was due to higher production capacity and a favorable pricing environment. The company’s pro forma adjusted EBITDA for 2022 also increased by approximately 32%, or $2.1bn, to $8.7bn compared to the previous year. ADNOC Gas credited its improved profitability to an approximate 3% increase in sales volumes, and a 27% or $5.2bn rise in pro forma adjusted revenue to $24.7bn in 2022. 

The company proposed a dividend of $3.25bn for the current financial year, with plans to achieve a 5% growth rate per annum between 2024 and 2027. ADNOC Gas was recently listed in the Abu Dhabi Securities Exchange after raising $2.5bn through an IPO, the largest flotation this year.