Emaar Development Q2 income climbs 73% as residential projects boost revenues - The National:
Emaar Development reported a 73 per cent year-on-year jump in the second quarter net income, beating analysts' forecast, as "strong" demand for its residential projects boosted revenues.
Net profit for the three months ending June 30 rose to Dh997 million, the realty firm said in a statement to the Dubai Financial Market where its shares are traded. The results beat Sico Bahrain's estimate of Dh754m and EFG Hermes' projection of Dh785m, according to a Reuters poll.
Quarterly revenues surged 145 per cent to Dh3.72 billion.
Monday, 13 August 2018
Malaysia seeks financier’s $35 million jet linked to 1MDB scandal
Malaysia seeks financier’s $35 million jet linked to 1MDB scandal:
Malaysia is seeking to repossess a $35 million private jet owned by financier Low Taek Jho as part of investigations into a multi-billion dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad has said. #
The financier, also known as Jho Low, bought the Bombardier Global 5000 jet for $35.4 million in 2010 using funds allegedly taken from 1Malaysia Development Berhad (1MDB), the US Department of Justice (DOJ) has said.
Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB. The DOJ says over $4.5 billion was misappropriated from the fund, with some of the money used to buy the private jet, a superyacht, Picasso paintings, jewelry and real estate.
Malaysia is seeking to repossess a $35 million private jet owned by financier Low Taek Jho as part of investigations into a multi-billion dollar scandal at state fund 1MDB, Prime Minister Mahathir Mohamad has said. #
The financier, also known as Jho Low, bought the Bombardier Global 5000 jet for $35.4 million in 2010 using funds allegedly taken from 1Malaysia Development Berhad (1MDB), the US Department of Justice (DOJ) has said.
Authorities in Malaysia and the United States are investigating how billions of dollars went missing from 1MDB. The DOJ says over $4.5 billion was misappropriated from the fund, with some of the money used to buy the private jet, a superyacht, Picasso paintings, jewelry and real estate.
Emirates NBD stands chance to renegotiate Denizbank acquisition | GulfNews.com
Emirates NBD stands chance to renegotiate Denizbank acquisition | GulfNews.com:
The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has declined substantially in dollar terms from the time of its acquisition.
The Turkish Lira has lost more than 40 per cent against the dollar so far this year, and 45 per cent from the time of acquisition making the valuation of the stock cheaper by nearly $1 billion in dollar terms.
Emirates NBD agreed to buy the Turkish bank from Russia’s Sberbank for 14.6 billion liras worth $3.2 billion on May 22.
The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has declined substantially in dollar terms from the time of its acquisition.
The Turkish Lira has lost more than 40 per cent against the dollar so far this year, and 45 per cent from the time of acquisition making the valuation of the stock cheaper by nearly $1 billion in dollar terms.
Emirates NBD agreed to buy the Turkish bank from Russia’s Sberbank for 14.6 billion liras worth $3.2 billion on May 22.
Qatar, GCC countries may maintain currency peg over next decade: BMI
Qatar, GCC countries may maintain currency peg over next decade: BMI:
Currency pegs to the dollar will remain in place in Qatar and four other Gulf Co-operation Council (GCC) countries over the coming decade, BMI Research has said in a report.
With hydrocarbon still accounting for an overwhelming majority of exports, de-pegging would carry limited benefits in terms of boosting external competitiveness, the Fitch Group company said Monday.
“At the same time, de-pegging would have severe repercussions on investor sentiment towards the region, likely triggering sharp capital outflows,” BMI said.
This, in turn, would result in depreciatory pressures, raising the costs of much-needed imported goods and fuel popular discontent.
Currency pegs to the dollar will remain in place in Qatar and four other Gulf Co-operation Council (GCC) countries over the coming decade, BMI Research has said in a report.
With hydrocarbon still accounting for an overwhelming majority of exports, de-pegging would carry limited benefits in terms of boosting external competitiveness, the Fitch Group company said Monday.
“At the same time, de-pegging would have severe repercussions on investor sentiment towards the region, likely triggering sharp capital outflows,” BMI said.
This, in turn, would result in depreciatory pressures, raising the costs of much-needed imported goods and fuel popular discontent.
Top Goldman Traders Caught Up in Tango With Flamboyant Financier - Bloomberg
Top Goldman Traders Caught Up in Tango With Flamboyant Financier - Bloomberg:
The 223-foot yacht sat off the sunburnt Sardinia coast as top executives of Goldman Sachs climbed aboard.
It was August 2015, and Michael Daffey and John Storey arrived with their wives to cultivate a seemingly unlikely client: Lars Windhorst, a controversial German financier whose checkered history had, at least for a time, left many in financial services wary of doing business with him.
That summer, his reputation was on the mend and Goldman Sachs was ready to explore a relationship -- one that’s left some of its most senior traders tangled in a legal fight with one of their own. The question at the center of the dispute is who’s responsible for allowing an ultimately troubled 2016 trade, allegedly prompted by Windhorst, that unexpectedly exposed the bank to millions of dollars in potential losses. Windhorst, an investor who started his career as a teen prodigy and had already faced collapses in the dot-com crash and the financial crisis, denies he was even involved.
The 223-foot yacht sat off the sunburnt Sardinia coast as top executives of Goldman Sachs climbed aboard.
It was August 2015, and Michael Daffey and John Storey arrived with their wives to cultivate a seemingly unlikely client: Lars Windhorst, a controversial German financier whose checkered history had, at least for a time, left many in financial services wary of doing business with him.
That summer, his reputation was on the mend and Goldman Sachs was ready to explore a relationship -- one that’s left some of its most senior traders tangled in a legal fight with one of their own. The question at the center of the dispute is who’s responsible for allowing an ultimately troubled 2016 trade, allegedly prompted by Windhorst, that unexpectedly exposed the bank to millions of dollars in potential losses. Windhorst, an investor who started his career as a teen prodigy and had already faced collapses in the dot-com crash and the financial crisis, denies he was even involved.
Oil Dips as Dollar Rises, Turkish Tumult Elevates Demand Concern - Bloomberg
Oil Dips as Dollar Rises, Turkish Tumult Elevates Demand Concern - Bloomberg:
Oil dropped as economic turbulence in Turkey and the strengthening greenback heightened concerns about global oil demand.
Futures dipped 0.6 percent in New York on Monday, paring some of its losses as the commodity tracked choppy movements in the dollar during the session. Yet, the U.S. currency maintained its advance, reducing the appeal of raw materials as an investment.
In Turkey, an economy that’s larger than the Netherlands or Taiwan, bonds and stocks dropped along with the lira as investor confidence plunged. Meanwhile, OPEC raised production in July and stockpiles at the key Cushing, Oklahoma supply hub in the U.S. are seen rising.
Oil dropped as economic turbulence in Turkey and the strengthening greenback heightened concerns about global oil demand.
Futures dipped 0.6 percent in New York on Monday, paring some of its losses as the commodity tracked choppy movements in the dollar during the session. Yet, the U.S. currency maintained its advance, reducing the appeal of raw materials as an investment.
In Turkey, an economy that’s larger than the Netherlands or Taiwan, bonds and stocks dropped along with the lira as investor confidence plunged. Meanwhile, OPEC raised production in July and stockpiles at the key Cushing, Oklahoma supply hub in the U.S. are seen rising.
Elon Musk’s Funding for Tesla Wasn’t So Secure - Bloomberg
Elon Musk’s Funding for Tesla Wasn’t So Secure - Bloomberg:
Traditionally, when the chief executive officer of a public company announces that he is planning to take the company private at $420 per share, and that he has secured funding for that offer, that means a couple of things. First of all, it means that he plans to make a firm offer to the board of the company to buy all of the shares that he doesn’t already own, for $420 per share in cash. Second, it means that he has enough money—or has agreements with someone who has enough money—to actually pay for those shares.
Last week Elon Musk tweeted “Am considering taking Tesla private at $420. Funding secured.” He followed it up by tweeting more definitively that “Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote.” Tesla Inc. has about 170.6 million shares outstanding, of which Musk owns about 33.7 million, meaning that he’d need about $57 billion to buy all the shares he doesn’t already own at $420 per share, plus perhaps another $10 billion to pay off bonds that come due on a change of control. And Musk’s tweets kicked off a week of speculation about where he had gotten the $60 or $70 billion he’d need for this deal.
Traditionally, when the chief executive officer of a public company announces that he is planning to take the company private at $420 per share, and that he has secured funding for that offer, that means a couple of things. First of all, it means that he plans to make a firm offer to the board of the company to buy all of the shares that he doesn’t already own, for $420 per share in cash. Second, it means that he has enough money—or has agreements with someone who has enough money—to actually pay for those shares.
Last week Elon Musk tweeted “Am considering taking Tesla private at $420. Funding secured.” He followed it up by tweeting more definitively that “Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote.” Tesla Inc. has about 170.6 million shares outstanding, of which Musk owns about 33.7 million, meaning that he’d need about $57 billion to buy all the shares he doesn’t already own at $420 per share, plus perhaps another $10 billion to pay off bonds that come due on a change of control. And Musk’s tweets kicked off a week of speculation about where he had gotten the $60 or $70 billion he’d need for this deal.
UAE real estate sector sees stagnation: experts | ZAWYA MENA Edition
UAE real estate sector sees stagnation: experts | ZAWYA MENA Edition:
The real estate sector in the UAE is facing a stagnation, as property prices drop while investors tend to sell their units in a bid to avoid any risk that could impact their investments, analysts told Mubasher.
Following the global financial crisis in 2008, the GCC nation's real estate sector suffered a lot, as credit shrank, technical analyst Gamal Abdul Hamid commented.
This crisis resulted in an inflated supply and a deflated demand, which caused panic among investors and atmosphere of uncertainty, Abdul Hamid said.
The real estate sector in the UAE is facing a stagnation, as property prices drop while investors tend to sell their units in a bid to avoid any risk that could impact their investments, analysts told Mubasher.
Following the global financial crisis in 2008, the GCC nation's real estate sector suffered a lot, as credit shrank, technical analyst Gamal Abdul Hamid commented.
This crisis resulted in an inflated supply and a deflated demand, which caused panic among investors and atmosphere of uncertainty, Abdul Hamid said.
Kuwait's Agility teams up with Centerbridge on Abraaj bid -source | Reuters
Kuwait's Agility teams up with Centerbridge on Abraaj bid -source | Reuters:
Kuwait’s Agility has teamed up with New York-based Centerbridge Partners for its bid to acquire all or part of stricken Middle East private equity firm Abraaj, according to a finance source.
The pair are among potential buyers to emerge for the investment management unit of Dubai-based Abraaj, which filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.
Agility’s aim in partnering with Centerbridge, which has experience in managing distressed assets, is to make its offer more attractive to limited partners in Abraaj’s funds, creditors and the provisional liquidators, the finance source said.
Kuwait’s Agility has teamed up with New York-based Centerbridge Partners for its bid to acquire all or part of stricken Middle East private equity firm Abraaj, according to a finance source.
The pair are among potential buyers to emerge for the investment management unit of Dubai-based Abraaj, which filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.
Agility’s aim in partnering with Centerbridge, which has experience in managing distressed assets, is to make its offer more attractive to limited partners in Abraaj’s funds, creditors and the provisional liquidators, the finance source said.
Saudi refinance firm plans Islamic bond issues to fund mortgage drive | Reuters
Saudi refinance firm plans Islamic bond issues to fund mortgage drive | Reuters:
Government-owned Saudi Real Estate Refinance Co (SRC) plans to begin issuing Islamic bonds in coming months to finance its drive to expand the kingdom’s home mortgage market, its chief executive said on Monday.
Founded in 2017 by the Public Investment Fund (PIF), the country’s top sovereign wealth fund, SRC has so far operated with financing from the PIF and short-term deals with banks.
It will now begin issuing sukuk to raise money, first in Saudi riyals but eventually in foreign currencies to attract international investors, Fabrice Susini said in an interview.
Government-owned Saudi Real Estate Refinance Co (SRC) plans to begin issuing Islamic bonds in coming months to finance its drive to expand the kingdom’s home mortgage market, its chief executive said on Monday.
Founded in 2017 by the Public Investment Fund (PIF), the country’s top sovereign wealth fund, SRC has so far operated with financing from the PIF and short-term deals with banks.
It will now begin issuing sukuk to raise money, first in Saudi riyals but eventually in foreign currencies to attract international investors, Fabrice Susini said in an interview.
Iran's Khamenei rejects Trump offer of talks, chides government over economy | Reuters
Iran's Khamenei rejects Trump offer of talks, chides government over economy | Reuters:
Iran’s Supreme Leader on Monday rejected U.S. President Donald Trump’s offer of unconditional talks to improve bilateral ties and he also accused the Iranian government of economic mismanagement in the face of reimposed U.S. sanctions.
Washington reimposed the sanctions last week after pulling out of a 2015 international deal aimed at curbing Iran’s nuclear program in return for an easing of economic sanctions. Trump has also threatened to penalize companies that continue to operate in Iran.
“I ban holding any talks with America... America never remains loyal to its promises in talks,” said Ayatollah Ali Khamenei, who has the final say on policy in the Islamic Republic.
Iran’s Supreme Leader on Monday rejected U.S. President Donald Trump’s offer of unconditional talks to improve bilateral ties and he also accused the Iranian government of economic mismanagement in the face of reimposed U.S. sanctions.
Washington reimposed the sanctions last week after pulling out of a 2015 international deal aimed at curbing Iran’s nuclear program in return for an easing of economic sanctions. Trump has also threatened to penalize companies that continue to operate in Iran.
“I ban holding any talks with America... America never remains loyal to its promises in talks,” said Ayatollah Ali Khamenei, who has the final say on policy in the Islamic Republic.
Oil edges lower as Cushing build adds to demand fears | Reuters
Oil edges lower as Cushing build adds to demand fears | Reuters:
Oil prices fell on Monday after data suggested inventories at the U.S. crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand.
Brent crude futures LCOc1 dipped 20 cents, or 0.3 percent, to settle at $72.61 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 declined 43 cents to settle at $67.20 a barrel, with a 0.7 percent loss.
Prices fell earlier in the session by more than $1 a barrel after inventories at the Cushing, Oklahoma, delivery hub for WTI rose by about 1.7 million barrels in the week through Aug. 10, traders said, citing data from market intelligence firm Genscape.
Oil prices fell on Monday after data suggested inventories at the U.S. crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand.
Brent crude futures LCOc1 dipped 20 cents, or 0.3 percent, to settle at $72.61 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 declined 43 cents to settle at $67.20 a barrel, with a 0.7 percent loss.
Prices fell earlier in the session by more than $1 a barrel after inventories at the Cushing, Oklahoma, delivery hub for WTI rose by about 1.7 million barrels in the week through Aug. 10, traders said, citing data from market intelligence firm Genscape.
MIDEAST STOCKS-Turkish banking links weigh on Gulf markets | Reuters
MIDEAST STOCKS-Turkish banking links weigh on Gulf markets | Reuters:
Saudi Arabia’s stock index touched its lowest level in more than three months on Monday, with regional markets sinking as investors shied away from banks with links to Turkey’s deepening economic turmoil.
Attracted by its large population and surging economy, several Gulf banks have expanded into Turkey in recent years, most recently Dubai’s largest bank Emirates NBD, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal.
But investor confidence in the economic outlook has been shattered by the lira tumbling on worries over President Tayyip Erdogan’s increasing control over the economy and deteriorating relations with the United States.
Saudi Arabia’s stock index touched its lowest level in more than three months on Monday, with regional markets sinking as investors shied away from banks with links to Turkey’s deepening economic turmoil.
Attracted by its large population and surging economy, several Gulf banks have expanded into Turkey in recent years, most recently Dubai’s largest bank Emirates NBD, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal.
But investor confidence in the economic outlook has been shattered by the lira tumbling on worries over President Tayyip Erdogan’s increasing control over the economy and deteriorating relations with the United States.
MIDEAST STOCKS-Gulf markets weak as bank stocks hit on Turkey exposure | Reuters
MIDEAST STOCKS-Gulf markets weak as bank stocks hit on Turkey exposure | Reuters:
Banks with exposure to Turkey contributed to dragging Gulf markets lower on Monday as investors remain concerned about their links to Turkey’s currency crisis.
Dubai’s largest bank Emirates NBD, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, tumbled 3.3 percent.
The bank said on Sunday it was “closely monitoring” the situation in Turkey but declined to comment on whether it was renegotiating the terms of the deal. Brokerage firm Arqaam Capital said in a research note that the Turkish lira’s plunge provided Emirates NBD with “an opportunity to reduce the acquisition price by as much as 27 percent.”
Banks with exposure to Turkey contributed to dragging Gulf markets lower on Monday as investors remain concerned about their links to Turkey’s currency crisis.
Dubai’s largest bank Emirates NBD, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, tumbled 3.3 percent.
The bank said on Sunday it was “closely monitoring” the situation in Turkey but declined to comment on whether it was renegotiating the terms of the deal. Brokerage firm Arqaam Capital said in a research note that the Turkish lira’s plunge provided Emirates NBD with “an opportunity to reduce the acquisition price by as much as 27 percent.”
Dubai Bank's Turkey Bet Just Got $1 Billion Cheaper. And Riskier - Bloomberg
Dubai Bank's Turkey Bet Just Got $1 Billion Cheaper. And Riskier - Bloomberg:
On the face of it, Emirates NBD PJSC’s acquisition of Turkey’s Denizbank AS has become about $1 billion cheaper. Still, the deal could prove to be the riskiest yet for Dubai’s biggest bank.
Since Emirates NBD agreed to buy the Turkish lender from Russia’s Sberbank for 14.6 billion liras -- worth $3.2 billion on May 22 -- the value of the acquisition has fallen to about $2.1 billion in dollar terms after the lira sank about 30 percent, with most of that occurring last week. A deal is expected to close later this year.
The lira plunge “might trigger a materially adverse clause that would benefit Emirates NBD, creating the possibility of renegotiating the deal with Sberbank,” Arqaam Capital Ltd. analysts led by Jaap Meijer said in a note on Sunday. This could reduce the purchase price and make it “more manageable from a capital perspective.”
On the face of it, Emirates NBD PJSC’s acquisition of Turkey’s Denizbank AS has become about $1 billion cheaper. Still, the deal could prove to be the riskiest yet for Dubai’s biggest bank.
Since Emirates NBD agreed to buy the Turkish lender from Russia’s Sberbank for 14.6 billion liras -- worth $3.2 billion on May 22 -- the value of the acquisition has fallen to about $2.1 billion in dollar terms after the lira sank about 30 percent, with most of that occurring last week. A deal is expected to close later this year.
The lira plunge “might trigger a materially adverse clause that would benefit Emirates NBD, creating the possibility of renegotiating the deal with Sberbank,” Arqaam Capital Ltd. analysts led by Jaap Meijer said in a note on Sunday. This could reduce the purchase price and make it “more manageable from a capital perspective.”
Saudi Puts Its Money on Tech as It Prepares for Life After Oil - Bloomberg
Saudi Puts Its Money on Tech as It Prepares for Life After Oil - Bloomberg:
The world’s biggest crude exporter is attempting to future-proof itself against oil’s decline by investing in futuristic technologies.
Saudi Arabia has accumulated a stake in electric car maker Tesla Inc. for about $2 billion through its Public Investment Fund and aims to be part of any investor pool that emerges to take the company private. That’s on top of a $3.5 billion investment in ride-sharing company Uber Technologies Inc., a $45 billion commitment to SoftBank Group Corp.’s $100 billion technology fund and a planned investment of about $1 billion in Virgin Group’s space companies.
Neom, a planned $500 billion futuristic city that it’s hoped will host more robots than people on a desolate peninsula in the kingdom’s northwest is also part of the plan. The metropolis will have a link “with artificial intelligence, with the internet of things — everything,” Crown Prince Mohammed bin Salman said in October, when Neom was announced.
The world’s biggest crude exporter is attempting to future-proof itself against oil’s decline by investing in futuristic technologies.
Saudi Arabia has accumulated a stake in electric car maker Tesla Inc. for about $2 billion through its Public Investment Fund and aims to be part of any investor pool that emerges to take the company private. That’s on top of a $3.5 billion investment in ride-sharing company Uber Technologies Inc., a $45 billion commitment to SoftBank Group Corp.’s $100 billion technology fund and a planned investment of about $1 billion in Virgin Group’s space companies.
Neom, a planned $500 billion futuristic city that it’s hoped will host more robots than people on a desolate peninsula in the kingdom’s northwest is also part of the plan. The metropolis will have a link “with artificial intelligence, with the internet of things — everything,” Crown Prince Mohammed bin Salman said in October, when Neom was announced.
Growth in UAE non-oil private sector moderates to three-month low | ZAWYA MENA Edition
Growth in UAE non-oil private sector moderates to three-month low | ZAWYA MENA Edition:
July data from the Emirates NBD Purchasing Managers’ Index (PMI) for the UAE has been released and was compiled by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
“The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE declined to 55.8 in July from 57.1 in June, signalling the slowest rate of growth in the non-oil private sector in three months. Both output and new work, while still strong, were softer than in June. Notably, new export orders increased at the sharpest rate in three years, as firms reported stronger demand from other GCC countries and Europe. Employment was broadly unchanged in July, with the index barely above the neutral level at 50.2. Year-to-date, the employment index averaged 50.8, compared with 51.2 in the same period last year, and indicating even weaker job growth in the UAE’s non-oil private sector this year relative to 2017. Backlogs of work increased sharply again as a result of the strong rise in new orders (and flat employment), although the rate of increase in backlogs was softer than in June,” said Khatija Haque, Head of MENA Research at Emirates NBD.
Haque added that while input cost inflation remained relatively modest in July compared with earlier this year, firms continued to lower average selling prices, with output prices declining for the third month in a row. The continued squeeze on firms’ margins is likely a key factor in the soft employment survey, as firms remain under pressure to contain costs and boost efficiency.
July data from the Emirates NBD Purchasing Managers’ Index (PMI) for the UAE has been released and was compiled by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
“The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE declined to 55.8 in July from 57.1 in June, signalling the slowest rate of growth in the non-oil private sector in three months. Both output and new work, while still strong, were softer than in June. Notably, new export orders increased at the sharpest rate in three years, as firms reported stronger demand from other GCC countries and Europe. Employment was broadly unchanged in July, with the index barely above the neutral level at 50.2. Year-to-date, the employment index averaged 50.8, compared with 51.2 in the same period last year, and indicating even weaker job growth in the UAE’s non-oil private sector this year relative to 2017. Backlogs of work increased sharply again as a result of the strong rise in new orders (and flat employment), although the rate of increase in backlogs was softer than in June,” said Khatija Haque, Head of MENA Research at Emirates NBD.
Haque added that while input cost inflation remained relatively modest in July compared with earlier this year, firms continued to lower average selling prices, with output prices declining for the third month in a row. The continued squeeze on firms’ margins is likely a key factor in the soft employment survey, as firms remain under pressure to contain costs and boost efficiency.
All quiet on the investment front?: Middle East venture capital funding lower, but market conditions remain positive, funders say | ZAWYA MENA Edition
All quiet on the investment front?: Middle East venture capital funding lower, but market conditions remain positive, funders say | ZAWYA MENA Edition:
After large investments in e-commerce site Souq and ride hailing app Careem in 2016 and 2017, the region’s venture capital market in 2018 may seem quiet by comparison.
But, according to a report published by start-up community Magnitt earlier this month, there were a record-breaking number of investments in the first half of 2018, even if deal values were lower.
The number of investments in the first six months of 2018 was 141 - an increase of 12 percent on the same period in 2017. However, the total amount invested was $112 million – considerably below levels seen in 2016 and 2017, when huge amounts poured into Souq and Careem – a combined total of $625 million in 2016, and $150 million in 2017, according to Magnitt’s report.
After large investments in e-commerce site Souq and ride hailing app Careem in 2016 and 2017, the region’s venture capital market in 2018 may seem quiet by comparison.
But, according to a report published by start-up community Magnitt earlier this month, there were a record-breaking number of investments in the first half of 2018, even if deal values were lower.
The number of investments in the first six months of 2018 was 141 - an increase of 12 percent on the same period in 2017. However, the total amount invested was $112 million – considerably below levels seen in 2016 and 2017, when huge amounts poured into Souq and Careem – a combined total of $625 million in 2016, and $150 million in 2017, according to Magnitt’s report.
Exclusive: Saudi Arabia's PIF has shown no interest in bankrolling Tesla buyout - sources | Reuters
Exclusive: Saudi Arabia's PIF has shown no interest in bankrolling Tesla buyout - sources | Reuters:
Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc (TSLA.O) CEO Elon Musk’s proposed $72 billion deal to take the U.S. electric car maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said.
The 47-year-old investor and engineer stunned financial markets on Tuesday when he said on Twitter that he was considering a take-private deal for Tesla, an auto manufacturing pioneer that developed the world’s first luxury all-electric sedan car.
He also said he had secured funding for the proposal, without providing details. Investors and analysts viewed PIF as a natural financing partner. Beyond amassing a stake of just below 5 percent in Tesla, the sovereign wealth fund has poured tens of billions of dollars into technology investments, including $45 billion in SoftBank Group Corp’s (9984.T) Vision Fund over five years.
Saudi Arabia’s Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc (TSLA.O) CEO Elon Musk’s proposed $72 billion deal to take the U.S. electric car maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said.
The 47-year-old investor and engineer stunned financial markets on Tuesday when he said on Twitter that he was considering a take-private deal for Tesla, an auto manufacturing pioneer that developed the world’s first luxury all-electric sedan car.
He also said he had secured funding for the proposal, without providing details. Investors and analysts viewed PIF as a natural financing partner. Beyond amassing a stake of just below 5 percent in Tesla, the sovereign wealth fund has poured tens of billions of dollars into technology investments, including $45 billion in SoftBank Group Corp’s (9984.T) Vision Fund over five years.
Oil dips as emerging market woes dim demand outlook | Reuters
Oil dips as emerging market woes dim demand outlook | Reuters:
Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, but U.S. sanctions against Iran pointed toward tighter supply ahead.
Benchmark Brent crude oil LCOc1 was down 25 cents at $72.56 per barrel by 0725 GMT. U.S. light crude CLc1 was 25 cents lower at $67.38 a barrel.
Turkey’s financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa’s rand, Argentina and Mexico’s pesos, Russia’s rouble and emerging market stocks, and curbing growth and the outlook for oil demand.
Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, but U.S. sanctions against Iran pointed toward tighter supply ahead.
Benchmark Brent crude oil LCOc1 was down 25 cents at $72.56 per barrel by 0725 GMT. U.S. light crude CLc1 was 25 cents lower at $67.38 a barrel.
Turkey’s financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa’s rand, Argentina and Mexico’s pesos, Russia’s rouble and emerging market stocks, and curbing growth and the outlook for oil demand.
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