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Stock Market / Finance in Middle East

  • Foreign investment in Israel up 7%

    ISRAEL, 2017/09/12 320 multinational companies operate in Israel with 30 new companies starting operations in 2016, the Foreign Investments Authority reports. Investments in Israel by foreign companies totaled $12.6 billion in 2016, 7% additional than in 2015, according to the Ministry of Economy and Industry Industrial Cooperation and Foreign Investments Authority. The figures show that 320 multinational companies operate in Israel, and the pace at which such companies are starting to do business in Israel has tripled from 10 a decade ago to 30 in 2016. The Foreign Investments Authority as well reported that almost 10% of all employees in the business sector work at multinationals doing business in Israel. The average fee at these companies is 88% higher than the average fee in local companies and 14% higher than the average fee in local companies doing similar business.

  • Israel's foreign currency reserves rise to record $111b

    ISRAEL, 2017/09/12 The Bank of Israel did not make any foreign exchange purchases in August as the shekel weakened. Israel’s foreign exchange reserves stood at a record $111.020 billion, at the end of August 2017, an increase of $910 million from their level at the end of July, the Bank of Israel reports. The reserves represent 33.3% of GDP.

  • IMF urges Bahrain to implement further fiscal reforms

    BAHRAIN, 2017/09/08 Bahrain needs to urgently implement further fiscal reforms as economic vulnerabilities have increased in the Gulf kingdom in the wake of the oil price decline, according to the International Monetary Fund (IMF). IMF executive directors said that, although economic activity and financial market conditions have remained positive, "additional sizable and frontloaded fiscal adjustment is urgently needed".Additional sizable and frontloaded fiscal adjustment is urgently needed, says International Monetary Fund They said in a new research note that sustained fiscal efforts will be needed over the medium term to put deficit on a downward path and rebuild policy space.

  • Bahrain's GFH acquires $1.2bn land bank

    BAHRAIN, 2017/09/08 Bahrain-based GFH Financial Group (GFH) has announced that it has completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and Middle East. Acquisition has been funded by $315m capital increase taking GFH issued and paid up capital to $975m The acquisition comes as part of GFH’s new strategy approved in the last shareholders’ conference in March and subsequent to regulatory approvals, the company said in a statement.

  • Global appeal for Dubai's first FinTech accelerator

    INDIA, 2017/09/08 FinTech Hive at DIFC, the region’s initial FinTech accelerator launched by Dubai International Financial Centre before this year, has received over 100 applications from additional than 32 nations for its inaugural programme. The majority of applications have come from the UAE, the UK, the US, India, Nigeria and Singapore, and cover a range of concepts inclunding large data and analytics, the blockchain, payments, P2P and crowdfunding, roboadvisors, and mobility, a statement said. FinTech Hive at DIFC receives over 100 applications from more than 32 countries for inaugural programme

  • Bahrain issues new rules to encourage fintech growth

    BAHRAIN, 2017/09/08 Bahrain has announced new regulations to create a regulatory sandbox that will allow startups and fintech firms to test and experiment their banking ideas and solutions. The Central Bank of Bahrain (CBB) said in a statement that the regulatory sandbox provides an opportunity for fintech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as a fintech and financial services hub in the GCC. Central bank creates regulatory sandbox to allow firms to test and experiment banking ideas and solutions

  • Saudi stock market bullish on new heir

    SAUDI ARABIA, 2017/08/28 Saudi Tadawul index surges 4.12 % on news King Salman has named his powerful son prince Mohammed as heir. The Saudi stock market was up four % Wednesday on news that King Salman had named his powerful son as heir and that the exchange had moved closer to joining a major world index. The Saudi Tadawul index, the major in the Middle East, surged 4.12 % in early afternoon trading next Salman ousted his nephew as crown prince and installed his son Mohammed bin Salman.

  • Turkish stocks up at close as lira hits 8-month high

    TURKEY, 2017/08/26 Turkey's benchmark stock index went up 601.23 points to close the week at 109,755.14 points while the Turkish lira hit an eight-month high against the U.S. dollar on Friday, Anadolu reported. The Turkish lira strengthened against the dollar and Turkish stocks rose by 0.55 % next Fed Chair Janet Yellen’s speech at Jackson Hole offered no hints on U.S. monetary policy or the outlook for interest rates.

  • Bahrain launches new rules for financial technology firms

    BAHRAIN, 2017/06/15 The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox that will allow startups and fintech firms to test and experiment their banking ideas and solutions. The creation of the regulatory sandbox provides an opportunity for fintech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as a fintech and financial services hub in the GCC. The framework provides a virtual space for companies to test their technology-based innovative solutions, and is open to existing CBB licensees and other local and foreign firms.

  • Lebanon: GroupMed announces OLT as new major shareholder

    LEBANON, 2017/06/15 GroupMed Holding s.a.l., the owner of Bankmed s.a.l. is pleased to announce a new shareholder, OLT Holding s.a.l. Following the approval of the Central Bank of Lebanon, OLT Holding owned by Ala Al Khawaja has successfully acquired from Ayman Hariri a 42.24 % ownership stake of the share capital of GroupMed Holding.
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