MidEast Stocks Mostly Rise, Qatar Slips on Positioning Ahead of Benchmark Index Changes - NASDAQ.com:
"MidEast shares were mostly higher, but Qatar fell to a four-week low as investors adjusted positions ahead of changes in the benchmark composition.
Ezdan Holding and Mazaya Qatar will replace Al Khaliji Bank and Al Meera Consumer Goods Co, in the benchmar index on Wednesday.
Dubai's market rose. Emaar Properties subsidiary Emaar Malls Group said on Monday it had raised $1.58 billion in an IPO amid massive demand from investors, making it the largest stock offering in a Gulf Arab economy since 2008."
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Tuesday, 30 September 2014
Dubai IPOs Start With $43 Billion Bang as Buyers Line Up - Bloomberg
Dubai IPOs Start With $43 Billion Bang as Buyers Line Up - Bloomberg:
"Less than seven hours after Emaar Properties PJSC announced pricing for the largest initial public offering in Dubai since 2007, Chairman Mohamed Alabbar added another sale to the pipeline.
It may have to wait its turn.
A theme park operator, an Egyptian billionaire and a cell phone retailer are among those considering IPOs in the emirate, whose stock market is the second-best in the world this year. Amanat Holdings, a healthcare and education venture, announced plans today for a share sale next month. Many had plans under discussion even before Emaar got at least $43 billion in orders for 15.4 percent of its retail unit, raising $1.6 billion."
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"Less than seven hours after Emaar Properties PJSC announced pricing for the largest initial public offering in Dubai since 2007, Chairman Mohamed Alabbar added another sale to the pipeline.
It may have to wait its turn.
A theme park operator, an Egyptian billionaire and a cell phone retailer are among those considering IPOs in the emirate, whose stock market is the second-best in the world this year. Amanat Holdings, a healthcare and education venture, announced plans today for a share sale next month. Many had plans under discussion even before Emaar got at least $43 billion in orders for 15.4 percent of its retail unit, raising $1.6 billion."
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Amanat Plans $374 Million IPO on Dubai’s DFM Next Month - Bloomberg
Amanat Plans $374 Million IPO on Dubai’s DFM Next Month - Bloomberg:
"Amanat Holdings, a healthcare and education company under formation, plans to raise 1.375 billion dirhams ($374 million) in an initial share sale on the Dubai Financial Market starting in October.
The company intends to sell 55 percent of its shares at 1 dirham each when it opens subscription in the second half of next month, it said in an e-mailed statement today. Amanat, which was founded by 37 investors, will use its capitalization of 2.5 billion dirhams to set up and incorporate companies working in the healthcare and education industries across the six-nation Gulf Cooperation Council, according to the statement.
The success of IPOs from Marka PJSC and Emaar Malls Group has “increased the appetite” of companies to raise funds from the equity market, Wadah Al Taha, chief investment officer of Dubai-based Al Zarooni Group, said by phone. “There’s ample liquidity and conditions are favorable for existing businesses and the new ones with good prospects of success to raise finances now,” he said."
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"Amanat Holdings, a healthcare and education company under formation, plans to raise 1.375 billion dirhams ($374 million) in an initial share sale on the Dubai Financial Market starting in October.
The company intends to sell 55 percent of its shares at 1 dirham each when it opens subscription in the second half of next month, it said in an e-mailed statement today. Amanat, which was founded by 37 investors, will use its capitalization of 2.5 billion dirhams to set up and incorporate companies working in the healthcare and education industries across the six-nation Gulf Cooperation Council, according to the statement.
The success of IPOs from Marka PJSC and Emaar Malls Group has “increased the appetite” of companies to raise funds from the equity market, Wadah Al Taha, chief investment officer of Dubai-based Al Zarooni Group, said by phone. “There’s ample liquidity and conditions are favorable for existing businesses and the new ones with good prospects of success to raise finances now,” he said."
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A U-Turn for a Terminal Built in Texas to Import Natural Gas - NYTimes.com
A U-Turn for a Terminal Built in Texas to Import Natural Gas - NYTimes.com:
"The giant Golden Pass natural gas import terminal here, meant to bring Middle Eastern gas to energy-hungry Americans, sits eerily quiet these days, a sleepy museum to a bygone era.
Its 5,000 valves, 50 million pounds of steel and ship berth as big as 77 football fields — representing a $2 billion investment by Qatar Petroleum, Exxon Mobil and Conoco Phillips — have been dormant for nearly three years. The unexpected American shale fracking frenzy produced such a glut of domestic gas that the United States does not need Qatari gas anymore.
But the Golden Pass story is only beginning."
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"The giant Golden Pass natural gas import terminal here, meant to bring Middle Eastern gas to energy-hungry Americans, sits eerily quiet these days, a sleepy museum to a bygone era.
Its 5,000 valves, 50 million pounds of steel and ship berth as big as 77 football fields — representing a $2 billion investment by Qatar Petroleum, Exxon Mobil and Conoco Phillips — have been dormant for nearly three years. The unexpected American shale fracking frenzy produced such a glut of domestic gas that the United States does not need Qatari gas anymore.
But the Golden Pass story is only beginning."
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Abu Dhabi raises concern over EPF’s voting on three-way bank merger deal - The Malaysian Insider
Abu Dhabi raises concern over EPF’s voting on three-way bank merger deal - The Malaysian Insider:
"The Abu Dhabi government has formally reached out to the Malaysian government, expressing its concern about the Employees Provident Fund’s (EPF) right to vote in the proposed mega merger of RHB Capital Bhd (RHBCap), CIMB Group Holdings Bhd and Malaysia Building Society Bhd (MBSB).
“Sheikh Mansour (Zayed Al Nahyan) has sent a letter to the Malaysian prime minister on this,” a source familiar with the matter told The Edge Financial Daily.
Sheikh Mansour is the deputy prime minister and minister of presidency affairs of Abu Dhabi."
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"The Abu Dhabi government has formally reached out to the Malaysian government, expressing its concern about the Employees Provident Fund’s (EPF) right to vote in the proposed mega merger of RHB Capital Bhd (RHBCap), CIMB Group Holdings Bhd and Malaysia Building Society Bhd (MBSB).
“Sheikh Mansour (Zayed Al Nahyan) has sent a letter to the Malaysian prime minister on this,” a source familiar with the matter told The Edge Financial Daily.
Sheikh Mansour is the deputy prime minister and minister of presidency affairs of Abu Dhabi."
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Middle East youth jobs crisis ‘lures recruits to extremism’ | The National
Middle East youth jobs crisis ‘lures recruits to extremism’ | The National:
"Youth unemployment is spurring the spread of violent extremism across the region, a special meeting of the World Economic Forum heard yesterday.
Regional business and political leaders met here amid a backdrop of escalating military action in neighbouring Syria and Iraq.
“When extremism is the best paying job in town you have a big problem,” Tarek Sultan Al Essa, the chief executive of Agility, told the special meeting on unlocking resources for regional development."
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"Youth unemployment is spurring the spread of violent extremism across the region, a special meeting of the World Economic Forum heard yesterday.
Regional business and political leaders met here amid a backdrop of escalating military action in neighbouring Syria and Iraq.
“When extremism is the best paying job in town you have a big problem,” Tarek Sultan Al Essa, the chief executive of Agility, told the special meeting on unlocking resources for regional development."
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Heavy demand means reduced shares allocation for Emaar Malls investors | The National
Heavy demand means reduced shares allocation for Emaar Malls investors | The National:
"Investors will get a fraction of the shares they applied for in Emaar Malls Group, the retail business that owns The Dubai Mall, following a surge of interest from foreign institutions in the Dh5.8 billion initial public offering that begins trading on Thursday.
The shares will start at the top of the price range set by the company and its advisers. At Dh2.9 per share, EMG will have a market capitalisation of Dh37.7bn on the Dubai Financial Market.
Foreign institutional interest in the IPO has been strong, according to a notice posted on the DFM."
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"Investors will get a fraction of the shares they applied for in Emaar Malls Group, the retail business that owns The Dubai Mall, following a surge of interest from foreign institutions in the Dh5.8 billion initial public offering that begins trading on Thursday.
The shares will start at the top of the price range set by the company and its advisers. At Dh2.9 per share, EMG will have a market capitalisation of Dh37.7bn on the Dubai Financial Market.
Foreign institutional interest in the IPO has been strong, according to a notice posted on the DFM."
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CapMan Russia Closes Fund II, Says Ukraine Crisis Had “Negative Impact” - Private Equity Beat - WSJ
CapMan Russia Closes Fund II, Says Ukraine Crisis Had “Negative Impact” - Private Equity Beat - WSJ:
"Amid cooling investor sentiment and the continuing political conflict in Ukraine, CapMan Russia has closed its latest private equity fund with 99.1 million euros.
The final tally for Fund II is only marginally larger than the EUR97 million CapMan Russia said it gathered for a first close of the fund in April 2013. The firm raised EUR118 million for a predecessor fund, LBO Wire previously reported.
CapMan Russia said in a release announcing the final close that it was “satisfied” with the size of the fund, but acknowledged that tensions in the region had complicated fundraising."
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"Amid cooling investor sentiment and the continuing political conflict in Ukraine, CapMan Russia has closed its latest private equity fund with 99.1 million euros.
The final tally for Fund II is only marginally larger than the EUR97 million CapMan Russia said it gathered for a first close of the fund in April 2013. The firm raised EUR118 million for a predecessor fund, LBO Wire previously reported.
CapMan Russia said in a release announcing the final close that it was “satisfied” with the size of the fund, but acknowledged that tensions in the region had complicated fundraising."
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Emirates NBD set to announce bond pricing | GulfNews.com
Emirates NBD set to announce bond pricing | GulfNews.com:
"Emirates NBD was supposed to price a bond offering denominated in New Zealand dollars on Monday.
Dubai’s largest lender has set initial price thoughts for the 100 million New Zealand dollar ($77.6 million or Dh288.67 million) issue of five years duration at 165 basis points over New Zealand midswaps, the document showed.
ANZ and Deutsche Bank have been picked to arrange the bond sale, which was supposed to price during London business hours."
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"Emirates NBD was supposed to price a bond offering denominated in New Zealand dollars on Monday.
Dubai’s largest lender has set initial price thoughts for the 100 million New Zealand dollar ($77.6 million or Dh288.67 million) issue of five years duration at 165 basis points over New Zealand midswaps, the document showed.
ANZ and Deutsche Bank have been picked to arrange the bond sale, which was supposed to price during London business hours."
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Bombing of Militants Roils Sukuk as Rally Fades: Islamic Finance - Bloomberg
Bombing of Militants Roils Sukuk as Rally Fades: Islamic Finance - Bloomberg:
"Islamic bonds are set for 2014’s first monthly loss as the battle against extremists in Syria and Iraq broadened to involve a coalition of Middle Eastern nations.
A Bloomberg index tracking dollar-denominated sukuk from 43 sovereign and corporate issuers fell 0.3 percent in September. That pared its quarterly return to 0.7 percent, half the 1.4 percent in the three months through June. Average yields on the debt climbed 11 basis points to 2.89 percent this month, the highest level since Aug. 12, according to a gauge compiled by Deutsche Bank AG.
The military offensive against Islamic State insurgents expanded this month as U.S. forces received help from the United Arab Emirates, Saudi Arabia, Jordan, Bahrain, Qatar, the U.K. and France. That increases the perceived risk of retaliatory attacks from militants in the countries involved, while some investors sold their existing sukuk to buy into debut Shariah-compliant bond offers from the U.K. and Hong Kong, Samer Mardini, vice president at SJS Markets Ltd. in Dubai, said in an interview yesterday."
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"Islamic bonds are set for 2014’s first monthly loss as the battle against extremists in Syria and Iraq broadened to involve a coalition of Middle Eastern nations.
A Bloomberg index tracking dollar-denominated sukuk from 43 sovereign and corporate issuers fell 0.3 percent in September. That pared its quarterly return to 0.7 percent, half the 1.4 percent in the three months through June. Average yields on the debt climbed 11 basis points to 2.89 percent this month, the highest level since Aug. 12, according to a gauge compiled by Deutsche Bank AG.
The military offensive against Islamic State insurgents expanded this month as U.S. forces received help from the United Arab Emirates, Saudi Arabia, Jordan, Bahrain, Qatar, the U.K. and France. That increases the perceived risk of retaliatory attacks from militants in the countries involved, while some investors sold their existing sukuk to buy into debut Shariah-compliant bond offers from the U.K. and Hong Kong, Samer Mardini, vice president at SJS Markets Ltd. in Dubai, said in an interview yesterday."
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