The situation came to a head late last year when the Iran government proposed an austere budget for 2018. Subsidies on basic goods and services for the poor were subject to proposed cuts, as fuel prices were set to rise by as much as 50%.
The consortium, called ALGO, will enable Islamic member banks to create fintech solutions in a cost-effective and fast manner.
As Saudi Arabia seeks to create a modern economy, entertainment is one of the industries being promoted as a replacement for oil.
Saod Obaidalla, executive vice president and head of Private Banking at Emirates NBD, speaks with Global Finance about the evolution of the regional economy and the bank’s plans to compete with global rivals.
Qatar’s reserves nearly doubled to $39 billion due to the change giving it more foreign-currency liquidity.
Qatar has staved off disaster with new alliances. Still, the regional conflict must be resolved for long-term health.
GCC banks still dominate, with First Abu Dhabi Bank firmly on top.
Dr. Ziad Fariz, governor of Jordan’s central bank since 2012, talks about the refugee problem, recovery from the financial crisis, and how his country is keeping its financial system on an even keel.
Riad Salamé, governor of Lebanon’s central bank, discusses economic conditions for his country and the region in general, and how Lebanon benefits from its “strong, healthy and conservative banking sector.”
Riad Salamé, governor, Banque du Liban, talks with Global Finance Magazine editor Andrea Fiano about Lebanon’s need to build infrastructure and reserves, and the central bank’s efforts to boost growth from around 2.5% to around 6% by boosting tech startups and entrepreneurship generally.
Defined loosely as the region spreading from Israel, Lebanon, Jordan and Syria in the northeast, and including Egypt in the southwest, with Cyprus off the shore, the Levant sees many points of light despite the current gloomy outlook.
Karnit Flug, governor of the central bank of Israel, again won an “A” grade in Global Finance’s annual Central Banker Report Cards. She speaks with editor Andrea Fiano about Israel’s economy and the challenge of getting inflation to target, as well as global conditions and the threat of rising protectionism.
By June 2018, 32 million Saudi women will be allowed to drive.
The potential IPO for 5% of Aramco is expected to be the largest IPO ever and was scheduled for 2018.
These are the ratings for central bank governors from the Middle East and Africa regions in 2017.
Kåre Schultz will take over as CEO at a time when the pharmaceutical company struggles with competition, downward pressure on drug prices, expiring patents, rising operational costs, bribery investigations, fines and failed acquisitions.
Some of this year’s biggest deals include $20 million for Bahraini payment solution PayTabs, $3.5 million for Emirati finance-comparison platform yallacompare and $1.5 million for Emirati mobile-banking solution NOW Money.
Global Finance talks with Arnaud Stevens, Frédéric Dalibard of Nexitis, and Luca Comparini of IBM about blockchain technologies and commodity trade finance.
New regulatory demands are changing banking relationships and, combined with rapid technological change, squeezing transaction banks in the Middle East and North Africa.
The re-election of moderate Hassan Rouhani for a second term as Iran’s president ends a chapter in Iran’s history,