Wednesday 1 February 2023

India to increase capex by massive 33% next financial year

India has announced plans to increase capital expenditure by 33 per cent to Rs 10 lakh crores ($122 billion), which will account for 3.3 per cent of the GDP, in the next financial year.   Presenting the 2023-24 Union Budget in Parliament, Finance Minister Nirmal


Yokogawa makes $10m Series B investment in Ideation3X

Yokogawa Electric Corporation has made a $10 million Series B investment in Ideation3X Pte Ltd (i3X), a Singapore-based venture company that is targeting the rapidly expanding integrated solid waste management (ISWM) sector in India.    i3X adopts a process


GCC banks' lending growth likely to decline: S&P

Tighter local monetary policy conditions and lower economic growth will lead to a decline in lending growth for Gulf Cooperation Council (GCC) banks, S&P Global Ratings has said in a report.   The 'GCC Banking Sector Outlook Cautiously Optimistic' re


Agthia Group net profit up 14pc to $67.25m in 2022

UAE-based Agthia Group’s net profit for 2022 rose of 14% year-on-year (YoY) to AED247 million ($67.25 million) and its net revenue increased 33% YoY to AED4.07 billion, with growth of 97% on a two-year basis.   According preliminary and unaudited results f


Saudi 2022 real GDP up 8.7pc on robust non-oil activities

Saudi Arabia’s real gross domestic product grew by 5.4% in the fourth quarter of 2022, compared to the same period the year before, mainly driven by a jump in non-oil sector activities, which grew at the fastest pace in more than a year, according to the General Authority for Statistics


NBB funds key Bahrain residential plot under Mazaya 2.0 scheme

The National Bank of Bahrain (NBB) is offering financing solutions for the first plot at AlMsayyan, a key residential development located within the kingdom's integrated residential city, Diyar Al Muharraq, under its social housing finance scheme - Mazaya 2.0.  


Bank ABC closes $75m loan facility for Industrial Bank of Kuwait

Bank ABC, one of MENA’s leading international banks, has successfully closed a three-year $75 million term loan facility for Industrial Bank of Kuwait (IBK).   The facility, which was finalised in December 2022, was arranged by Bank ABC, acting as sole arr


Mena raises $22bn with record 51 IPOs in 2022: EY

The Mena region saw a record number of IPOs in 2022 with 51 IPOs and combined proceeds of $22 billion, said professional services firm EY in a new report. The year witnessed a 143% increase in the number of listings when compared to the 21 announced in 2021, and a 179% hike in va


Taqa completes acquiring 100% of Al Mansoori Petroleum

The Industrialisation and Energy Service Company (Taqa) has announced the closure of its 100% acquisition of Al Mansoori Petroleum Services (AMPS), expanding Taqa's Well Solutions business internationally.   The acquisition is funded by a capital increase le


Global growth to fall to 2.9% this year: IMF

Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024, according to the World Economic Outlook (WEO) from IMF.   The forecast for 2023 is 0.2 percentage point higher than predicted in th

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