Sova Capital, a London-headquartered emerging markets brokerage, has announced it is now offering trading in forward contracts linked to equities listed on the Tadawul, Saudi Arabia’s stock exchange. Sova already conducts global trading in securities from Russia, the Commonwealth of Independent States, Central and Eastern Europe, Turkey and other emerging markets on behalf of institutional clients.… Continue Reading
Tag Archives: Middle East
Sberbank setting up Mideast subsidiary
By Andrei Skvarsky. Russia’s biggest lender Sberbank is planning an addition to its global network by establishing an investment subsidiary for the Middle East, to practise both conventional and Islamic investment banking, and expects to open it by the end of 2020. Regulators in Russia and the United Arab Emirates have given the go-ahead to… Continue Reading
Emirates NBD, FAB, bulge brackets among arrangers of $2bn loan for Egypt
By Andrei Skvarsky. Investors have pledged $2bn for Egypt in a planned loan arranged by a syndicate of nearly 20 banks that was led by Emirates NBD and First Abu Dhabi Bank (FAB) and included global bulge brackets. The consortium, most of whose members were Gulf-based banks, included Citibank, HSBC, Standard Chartered, Sumitomo Mitsui Banking… Continue Reading
Standard Chartered appoints CFO for Africa and Mideast
Standard Chartered on June 8 announced the appointment of Subhradeep Mohanty, previously the bank’s chief financial officer (CFO) for India, as CFO for Africa and the Middle East (AME). Before joining Standard Chartered in 2014, Mohanty held Singapore- and Hong Kong-based CFO roles at J.P. Morgan, positions at American Express and a job at one… Continue Reading
Islamic Development Bank pledges $100m in aid to Yemen
By Andrei Skvarsky. The Islamic Development Bank Group (IDB) has pledged $100m as part of a global relief effort for Yemen to help it deal with a crisis caused by a five-year civil war and thwart the spread of Covid-19, which spells disaster for a country where half the population has no access to clean… Continue Reading
Standard Chartered: profits up 8 per cent year-on-year but headwinds to affect 2020 performance
By Andrei Skvarsky. Banking group Standard Chartered has reported an underlying profit increase of 8 per cent for 2019 but predicted possible worse performance than expected for this year because of macroeconomic factors and the coronavirus outbreak. Standard Chartered’s earnings per share grew by 23 per cent in 2019, the London-headquartered lender, which is present… Continue Reading
Dubai’s Mashreq hires ex-HSBC banker Joel Van Dusen as head of corporate & investment banking
By Andrei Skvarsky. Mashreq has hired former HSBC and Bank of America banker Joel Van Dusen as head of corporate and investment banking, according to a statement from the Dubai-based lender. At HSBC, where he worked from 2013 to 2016, Van Dusen was the first global head of large corporates, which was a London-based position.… Continue Reading
Sberbank’s intl business to be overseen by Denizbank ex-senior exec Timur Kozintsev
By Andrei Skvarsky. Sberbank International will have a new chief executive as from the start of 2020 with Timur Kozintsev, a former senior figure at Turkey’s Denizbank, replacing Igor Kolomeysky at the helm of the international business division of Sberbank, Russia’s biggest lender. Kozintsev was hired by Sberbank in 2013 and, as its director for… Continue Reading
HYCM broker to run 1-day course on Gulf-centred advanced forex trade
By Andrei Skvarsky. London-headquartered foreign exchange (forex) broker HYCM is going to run a one-day training course in Dubai on November 1 on Gulf-centred advanced forex trade. “Becoming a Pro Trader: Master the Forex Market” will be a three-part course and will be in English. The parts are “embrace fundamental and technical analysis”, “monitor sentiment,… Continue Reading
Mashreq, Emirates NBD launch digital solutions to help UAE’s traditional banking-plagued SME community
By Andrei Skvarsky. United Arab Emirates banks Mashreq and Emirates NBD have launched pioneering digital banking propositions for small and medium enterprises (SMEs) in what can solve a major problem for an economy nearly entirely consisting of SMEs. Abu Dhabi-based daily The National, citing the UAE government, said SMEs account for about 98 per cent… Continue Reading
New FX broker, Finior Capital, joins Abu Dhabi intl financial centre
By Andrei Skvarsky. A new company, foreign exchange (forex) brokerage Finior Capital, has been launched at the international financial centre in Abu Dhabi. While forex is its main specialism, Finior also offers brokerage services in metals, oil and other commodities trade, according to its newly-launched website, which has versions in English, Chinese and Arabic. Finior… Continue Reading
RenCap rehires Alexander Vengranovich to oversee telecoms research
By Andrei Skvarsky. Alexander Vengranovich, who was a real estate analyst at Renaissance Capital in 2007-2008, has returned to the Moscow-based investment bank, this time as global head of telecoms research. Continue Reading
Russia’s RenCap makes key hire for MENA team
By Andrei Skvarsky. Russian investment bank Renaissance Capital has hired Omar Gaafar, a former senior manager at Egyptian investment company Beltone Financial, as vice-president of the Moscow-based firm’s investment banking service for the Middle East and North Africa. Continue Reading
RenCap-hosted forum involves 150 meetings between Egypt companies and potential investors
By Andrei Skvarsky. Egyptian companies had about 150 meetings with foreign institutional investors owning assets totalling about $20bn during a recent conference organised by Russian investment bank Renaissance Capital. Continue Reading
Lebanon’s Bank Audi says Nexmo’s WhatsApp solution enables it to improve customer service
By Andrei Skvarsky. Lebanon-based Bank Audi has adopted a device developed by US technology company Nexmo to maintain direct contact with customers through WhatsApp, an increasingly popular means of communication worldwide. Continue Reading
RenCap to host forum to drum up money inflow into Egypt
By Andrei Skvarsky. Russian investment bank Renaissance Capital is going to host a conference in Cape Town on April 9-10 to attract international, primarily South African, investment to Egypt, a country RenCap credits with highly successful economic reforms. Continue Reading
Sberbank calls on UAE businesses to invest in Russia, offers help
By Andrei Skvarsky. A senior delegation from Sberbank, Russia’s biggest lender, hosted a round table in Abu Dhabi last month during which they called on United Arab Emirates businesses to invest in Russia and offered them “direct assistance” with potential Russian projects. Continue Reading
Legacy issues main hurdle to global hi-tech insurance innovation – survey
By Andrei Skvarsky. Unresolved issues originating in outdated business organisation systems are the main hurdle faced by insurance companies worldwide in trying to put their business on a high-tech basis, a survey suggests. Continue Reading
Impact investing is often more profitable than traditional investing – survey
By Andrei Skvarsky. Impact investing, besides social and environmental benefits, its raison d’etre, quite often involves business advantages over conventional investing, a survey suggests. Continue Reading
RenCap reports senior staff moves in Cairo, London, Moscow
By Andrei Skvarsky. Moscow-based investment bank Renaissance Capital has reported senior appointments in its Cairo, London and Moscow teams. Continue Reading
EXCLUSIVE: Heeding public, ethical concerns in investing eventually means good returns – Alquity director
By Andrei Skvarsky. An investment strategy where environmental, social and fair governance concerns are key factors could mean less money for an investor in the short term but can produce “attractive” returns in the long run, according to a top executive in London-based asset manager Alquity. Continue Reading
GUEST POST: Best ETFs for emerging markets
By staff at Forex Trading in South Africa. Being a marketable security, an Exchange-Traded Fund or ETF tracks a commodity, a stock index, bonds as well as assets. The price of an ETF’s shares is more likely to change as they are bought or sold throughout the day. The ETFs have underlying assets like oil … Continue Reading
Fintech provider PrimeXM appoints new head of global sales
By Andrei Skvarsky. PrimeXM, a financial technology provider with world-scale business, has announced it has appointed Andreas Charalambous as head of global sales. Continue Reading
Arab development bank acquires stake in African multilateral lender
By Andrei Skvarsky. The Arab Bank for Economic Development in Africa (BADEA), an institution owned by 18 Arab countries, has acquired a stake in the multinational Eastern and Southern African Trade and Development Bank (TDB). Continue Reading
Richard Bartlett goes as head of sales at PrimeXM financial technology provider
By Andrei Skvarsky. PrimeXM, a financial technology provider for businesses across the world, has parted company with head of sales Richard Bartlett. Continue Reading
Tolar sells blockchain licence to Bahrain govt
By Andrei Skvarsky. Tolar, a one-year-old blockchain and cryptocurrency developer group based in ex-Yugoslav states, has signed a deal licencing the Bahraini government to use an advanced technology based on its flagship blockchain project. Continue Reading
Renaissance Capital reports robust performance for 2017
By Andrei Skvarsky. Renaissance Capital, a Moscow-based privately owned investment bank focusing on emerging and frontier markets all over the world, has reported robust performance for 2017, including a year-on-year net profit increase of 43 per cent. Continue Reading
Russia’s RenCap hires Ahmed Hafez as head of MENA research
By Andrei Skvarsky. Russian investment bank Renaissance Capital has hired Ahmed Hafez as head of Middle East and North Africa (MENA) research. Continue Reading
Cryptocurrencies, blockchain among subjects to be raised at Cbonds-organised forum in London
Cryptocurrencies and blockchain, which are the “in-thing” in financial markets across the world today, will be among numerous subjects to be raised at the VII Cbonds Emerging Markets Bond Conference in London on April 19-20, organised by St Petersburg-based financial information company Cbonds. Continue Reading