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FINANCIAL SERVICES NEWSLETTER

Monthly updates on the Financial Services Industry in MEA.


FUNDING & INVESTMENTS
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AFD to Increase Funding Commitments in Morocco to 400 Million Per Year

The French Development Agency intends to increase its funding commitments in Morocco to reach 400 million Euros per year.
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Qatar Investment Authority among 10 biggest wealth funds

Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, is among the biggest 10 sovereign wealth funds in the world.
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DFSA Continues to Develop its Funds Regime

The Dubai Financial Services Authority has consulted on a comprehensive package of proposals to support the continued development of the growing funds industry in the Dubai International Financial Centre.
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New UAE investment law to come into effect by early 2018

The long-awaited UAE investment law, which seeks to allow more than 49% ownership to foreign investors in some specific business sectors, is expected to be introduced in the first quarter of 2018.
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Dubai spends $27m to promote African investment opportunities

Dubai Chamber of Commerce has invested AED100 million in the last five years, in raising awareness of trade and investment opportunities on the African continent.
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Saudi Arabia sets up $1 billion fund to support SMEs

The kingdom's sovereign wealth fund envisions the creation of 58,000 jobs by 2027. Saudi Arabia's Public Investment Fund set up a 4 billion Saudi riyal fund that will provide SMEs access to capital.
FINTECH
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Bahrain launches largest fintech hub in MENA region

The Bahrain Economic Development Board and FinTech Consortium have launched Bahrain FinTech Bay, the largest dedicated fintech hub in MEA.
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ADGM sees fintech as transforming financial services across MEA

Abu Dhabi Global Market wants its fintech initiatives to be the catalyst for a revolution in financial services across the Middle East and Africa.
ECONOMY
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World Bank report shows signs of economic recovery in MENA

Despite a growth slowdown in 2017 at 2.1%, economic prospects in the MENA region are projected to improve in 2018-19 with growth exceeding 3%.
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The rising debt in sub-Saharan Africa is a concern for the IMF

Economic growth is expected to rise to 3.4% in sub-Saharan Africa next year from 2.6 % this year, the IMF said yesterday.
BANKING
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Only 33% of Egyptian adults own bank accounts: deputy CBE governor

Deputy governor of the Central Bank of Egypt said that only 33% of Egyptian adults have bank accounts, stressing that the CBE aims to double this number.
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Banks take on mobile providers for Africa's payments market

Africa has emerged as the global leader in mobile money but phone companies are starting to see their lead in payments challenged.
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Angola - Banking sector grows by 16pct in 2016, Deloitte says

The value of total assets of banks operating in Angola increased by 16 percent to 8.70 trillion kwanzas in 2016, compared to 2015.

INFOMINEO

Infomineo is a data and research service provider, that specializes in Africa and the Middle East, dedicated to supporting global companies in getting access to information that power their investment decisions in the region. Through a direct presence in key markets such as Nigeria, South Africa, Kenya, Egypt and Morocco, Infomineo provides a quick access to market data on key questions such as: market and product prioritization, partner identification, commercial due diligence, route to market, supply chain mapping and competitive analysis among others. Along with conducting custom research for clients, Infomineo also delivers an Expert Network service, an Executive Search service, and a Business Translation service. 

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