State-owned Trade Bank of Iraq, which has about $20 billion (Dh73.46bn) in assets and focuses on trade finance, is looking to acquire a lender in Turkey, the country's biggest trade partner, after abandoning a previous attempt, said its chairman.
The Iraqi lender is keen on a conventional bank rather than a Sharia-compliant bank that it sought in a previous try, Faisal Al Haimus said. Trade Bank of Iraq began talks earlier this month with the Turkish lender, he said, declining to give a name.
"We had plans to look into acquiring a bank in Turkey [which] we put on hold for a while because of the instability of the Turkish lira," said Mr Al Haimus. "But now we are reconsidering that because of the improvement in the Turkish lira and its stability. The bank we are looking at now is a conventional bank, and I think it is within the same area of expertise we currently have."
Trade Bank of Iraq is reconsidering entry into Turkey, which has bilateral trade worth $8bn with Iraq, following an unsuccessful bid to acquire a bank in the Arabian Gulf. The lira dropped nearly 50 per cent against the US dollar in August amid tensions with Washington over the capture of an American pastor, but relations improved following his release.
The currency has since rebounded but remains about 30 per cent down year to date.
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Read more:
Iraq's GDP to grow 4.1% in 2019 thanks to oil prices, Moody's says
GE and two banks ink financing for Iraq's power sector
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Iraq's $200bn economy is benefiting from a recovery in oil prices this year compared to 2017 and a rise in investment, as Opec’s second largest producer ramped up production. The country’s gross domestic product is forecast to grow further in 2019 to a three-year high due to stronger oil prices, Moody’s Investors Service said last week. The economy will expand 4.1 per cent next year from 2.8 this year, the highest level since output reached 13.1 per cent in 2016.
The Trade Bank of Iraq made its first acquisition in its home country this year through the subscription of an Islamic lender's initial public offering. Its 20 per cent stake in the bank is valued at $20 million, Mr Al Haimus said.
The Islamic lender, which is expected to start operations in the first quarter of next year, will help the Trade Bank of Iraq expand into Sharia-compliant banking and improve its profitability.
Buying a Turkish bank would be the Trade Bank of Iraq’s first overseas acquisition, which will be financed from $350m the lender earmarked for buying assets.
An acquisition will help “diversification into other markets that we think are a good fit for us because rather than going and setting up, there is an existing set-up we can benefit from,” said Mr Al Haimus.
Over the past decade, lenders from the GCC have also made acquisitions in Turkey, which prior to its political clash with Washington, plummeting currency and rising interest rates had stellar economic growth.
The Trade Bank of Iraq is also expanding its footprint in the Gulf with a representative office in Abu Dhabi it set up last year, which it plans to upgrade to a full-fledged operation. The lender wants to open a branch in Saudi Arabia in the first quarter of next year after getting the go-ahead from regulators at home and in the kingdom.
It is banking on increased trade with Saudi Arabia, the Arab world's largest economy, to buoy its business. Bilateral trade between Iraq and Saudi Arabia averages $1 billion, and the bank hopes it will double in the next two years, said Mr Al Haimus.
Ties between Iraq and Saudi Arabia have improved since the 2015 re-opening of the Saudi embassy in Baghdad and the resumption of regular flights between the countries. Riyadh pledged $1.5bn in assistance to Iraq during a February reconstruction conference that raised about $30bn.
Trade finance contributes to at least 75 per cent of the bank’s revenue, with retail banking accounting for the reminder of the lender's income. The bank expects a record revenue of 1 trillion Iraqi dinars (Dh3bn) at the end of this year and is forecasting as much as 7 per cent revenue growth next year, thanks to higher spending by the government on the back of higher oil prices.
“We think there will be significant investment by the government in terms of capital expenditure on various projects in addition obviously to the investments committed by various countries that attended the Iraq reconstruction conference,” Mr Al Haimus said.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Aahid Al Khalediah II, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Whistle, Harry Bentley, Abdallah Al Hammadi
6pm: Wathba Stallions Cup - Maiden (PA) Dh70,000 (T) 1,600m; Winner: Alsaied, Szczepan Mazur, Ibrahim Al Hadhrami
6.30pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Mumayaza, Antonio Fresu, Eric Lemartinel
7pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Medahim, Richard Mullen, Satish Seemar
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Andor
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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