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Agthia Group PJSC has announced a leadership transition, appointing Salmeen Al Ameri as Managing Director and CEO effective June 2, 2025, succeeding Alan Smith, who will remain as an advisor. Under Smith's leadership, Agthia expanded its business segments and more than doubled its revenue from AED 2.1 billion in 2020 to AED 4.9 billion in 2024. Al Ameri, who has been Vice Chairman since 2020, aims to accelerate growth and drive digital transformation as the company pursues its ambitious 2030 strategy.
Societe Generale has closed its short positions in the USD/TRY currency pair, indicating a shift in expectations for the Turkish lira's performance. The bank anticipates the Central Bank of the Republic of Türkiye will focus on stabilizing the lira, with limited potential for appreciation. While no rate cut is expected in April, SocGen forecasts reductions of 150 basis points in June and 200 basis points in July, projecting a year-end policy rate of 35%.
Türkiye's Communications Directorate has dismissed rumors of Morgan Stanley's withdrawal from the Istanbul Stock Exchange, labeling them as manipulative. The bank had applied to waive its operational licenses, leading to its removal from Borsa Istanbul, where it had not actively traded for years. The decision was officially communicated on March 19, 2025.
The Turkish lira plunged to an all-time low against the U.S. dollar and euro, depreciating by about 10% following the detention of Istanbul Mayor Ekrem İmamoğlu, a key political rival of President Erdoğan. This event has heightened investor concerns over Turkey's political stability and economic policies, leading to a nearly 9% drop in the BIST 100 index. In response, the central bank intervened by selling a record amount of foreign currency to stabilize the lira.
Brazil and South Africa are facing persistent inflation, while India and Indonesia may maintain lower rates. The OECD forecasts Saudi Arabia's GDP growth to rise to 3.8% in 2025, with stable inflation at 1.9%. Global growth is projected to slow due to trade tensions and policy uncertainty, with advanced economies particularly affected.
BYD is considering establishing its third European car assembly plant in Germany to enhance brand awareness, despite concerns over high labor and energy costs. Currently, the company is building two NEV plants in Hungary and Turkey, with production set to start in October 2024 and March 2026, respectively. The final decision on the new plant will depend on sales performance in Europe and the capacity utilization of existing facilities.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
Binance has secured a historic $2 billion investment from UAE-based MGX, highlighting the fintech boom in the MENA region, where 119 startups raised $700 million in 2024. Key players like Tabby, Fawry, and Rasan are leading the charge, with significant growth in digital payments, BNPL services, and insurtech, setting new benchmarks in the financial technology landscape. The future looks promising, with expectations of more unicorns and cross-border expansions as MENA solidifies its status as a fintech hub.
Binance has secured a historic $2 billion investment from UAE-based MGX, highlighting the fintech boom in the MENA region, where 119 startups raised $700 million in 2024. Key players like Tabby, Fawry, and Rasan are leading the charge, with significant growth in digital payments, BNPL services, and insurtech, setting new benchmarks in the global fintech landscape. The future looks promising, with expectations of more unicorns and international expansions on the horizon.
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