September Third Week Newsletter Middle East Business News.
Abu Dhabi Commercial Bank (ADCB) Plans $1 Billion Bad Debt Sale - Bloomberg
– Codenamed Project Turbo, the emirate’s second-largest lender recently kicked off a process to sell claims of about 4.1 billion dirhams ($1.1 billion) that are mainly secured by personal and corporate guarantees, as well as real estate assets
– A successful deal -- which could be one of the Gulf’s biggest bad debt sales -- would help ADCB to move on from several corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding
– ADCB is working with Interpath Advisory, KPMG’s former UK restructuring practice, on the sale, according to the document.
Serbia Wins $1 Billion UAE Loan Amid Headwinds Over Russia - Bloomberg
– President Aleksandar Vucic signed the loan agreement with a 3% interest rate on Sunday during a visit to the UAE and talks with Emirati leader Sheikh Mohammed bin Zayed.
– Still, the largest former Yugoslav republic is also considering a new, stand-by arrangement with the International Monetary Fund for “additional support,” Vucic said.
EGP/USD: Egypt Backs Flexible Pound Exchange Rate to Support Economy - Bloomberg
– We as a government do agree that a flexible exchange rate is definitely good for the economy,” Elsaid, who’s also chairwoman of Egypt’s sovereign wealth fund
– Bank of America Corp. economist Jean-Michel Saliba said "Large external funding needs call for flexible dollar/pound. A flexible dollar/pound is key to help the current-account deficit compress over the coming period.”
– Abu Dhabi wealth fund ADQ and a unit of Saudi Arabia’s Public Investment Fund have so far pumped roughly $3 billion into the country, snapping up government-held stakes in prominent companies in deals facilitated by the Egyptian sovereign fund.
Investcorp, Mubadala Back TruKKer Fundraise Ahead of Planned IPO - Bloomberg
– Gaurav Biswas, founder and chief executive officer, said in an interview. The firm is considering a listing on several exchanges over the next two to three years, including in Saudi Arabia, he said.
– The firm currently operates in eight countries including Saudi Arabia, the United Arab Emirates and Turkey, and manages a network of over 45,000 trucks through its platform that matches shippers and freight carriers.
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Egypt Inflation Accelerates to 14.6%, Fastest in Almost Four Years - Bloomberg
– Inflation in Egypt is likely close to peaking after a run-up in food and energy costs that followed Russia’s invasion on Ukraine and the pound’s devaluation in March.
– Consumer prices climbed 14.6% from a year earlier in August, versus 13.6% the previous month.
– Food and beverage costs, which make up the largest single component of the inflation basket, jumped 23.1%. On a monthly basis, price growth slowed to 0.9% from 1.3% in July.
SoftBank Nears $2 Billion Sale of Fortress Investment to Mubadala - Bloomberg
– Rajeev Misra, a key lieutenant to SoftBank founder Masayoshi Son with close ties to the Gulf emirate, is playing a key role in brokering the deal
– Misra was a partner at Fortress before joining SoftBank, and his knowledge of the business was instrumental in helping Mubadala proceed in the negotiations.
Turkey Plans New Loan Stimulus to Spur Growth Before Vote - Bloomberg
– The government disclosed plans to extend loans under the Credit Guarantee Fund at a closed-door meeting held by Treasury and Finance Minister Nureddin Nebati in Ankara.
– The new stimulus would be among the most ambitious steps yet by authorities to sustain growth in the $830 billion economy.
– The risk of a recession in Europe, the main destination for Turkish shipments abroad, and higher energy prices are now among factors that can put the brakes on the economy in the coming months