Network International Confirms Plan to Proceed With London IPO - Bloomberg:
Middle Eastern payment processor Network International plans to list its shares in London next month in the first big initial public offering in the U.K. this year.
Indicative price range, together with the maximum number of shares to be sold in the offer, will be determined in due course, the company said in a statement. Network International intends to have a free float of at least 25 percent of its issued share capital.
An IPO could value the company at about $3 billion, people familiar with the matter said in November and the company expects to be eligible for inclusion in FTSE U.K. indexes. Warburg Pincus and General Atlantic jointly own a 49 percent stake in Network International, while Dubai’s biggest bank, Emirates NBD PJSC, holds the remaining 51 percent.
Thursday, 21 March 2019
#AbuDhabi's Mubadala Explores Asia Investments and Partnerships - Bloomberg
Abu Dhabi's Mubadala Explores Asia Investments and Partnerships - Bloomberg:
Abu Dhabi’s Mubadala Investment Co., which has committed $15 billion to SoftBank Group Corp.’s Vision Fund, is exploring investments and new partnerships in Asia.
The fund is looking at sectors including hi-tech industries, artificial intelligence, health care, real estate, as well as traditional private equity, Mubadala’s deputy group Chief Executive Officer Waleed Al Mokarrab Al Muhairi said in an interview with Bloomberg TV in Hong Kong on Thursday.
“We have strong partnerships with a lot of different entities” in places such as Hong Kong, China, Japan and Singapore, Al Muhairi said.
Abu Dhabi’s Mubadala Investment Co., which has committed $15 billion to SoftBank Group Corp.’s Vision Fund, is exploring investments and new partnerships in Asia.
The fund is looking at sectors including hi-tech industries, artificial intelligence, health care, real estate, as well as traditional private equity, Mubadala’s deputy group Chief Executive Officer Waleed Al Mokarrab Al Muhairi said in an interview with Bloomberg TV in Hong Kong on Thursday.
“We have strong partnerships with a lot of different entities” in places such as Hong Kong, China, Japan and Singapore, Al Muhairi said.
Family Office With London Roots Goes on Global Buying Spree - Bloomberg
Family Office With London Roots Goes on Global Buying Spree - Bloomberg:
Alvarium Investments, a multifamily office with stakes in some City of London hotels, has snapped up five small wealth-management firms in the past eight months, adding about $1 billion in client assets.
The latest acquisition was Paris-based asset manager Iskander, Alvarium said in a statement Thursday that didn’t include terms. Other recent purchases include U.K.-based Casteel Capital in February, Swiss multifamily office Albacore in November and two New Zealand-based money managers.
The firm, formerly known as LJ Partnership, was also part of a joint venture that bought four Grange hotels in London last week for about 1 billion pounds ($1.3 billion). Alvarium’s biggest backers include Hong Kong’s Peterson Group and Dilmun, a New York family office with ties to the Qatari royal family.
Alvarium Investments, a multifamily office with stakes in some City of London hotels, has snapped up five small wealth-management firms in the past eight months, adding about $1 billion in client assets.
The latest acquisition was Paris-based asset manager Iskander, Alvarium said in a statement Thursday that didn’t include terms. Other recent purchases include U.K.-based Casteel Capital in February, Swiss multifamily office Albacore in November and two New Zealand-based money managers.
The firm, formerly known as LJ Partnership, was also part of a joint venture that bought four Grange hotels in London last week for about 1 billion pounds ($1.3 billion). Alvarium’s biggest backers include Hong Kong’s Peterson Group and Dilmun, a New York family office with ties to the Qatari royal family.
#Dubai Buyers Still Love Emaar Villas as 2018 Sales Almost Double - Bloomberg
Dubai Buyers Still Love Emaar Villas as 2018 Sales Almost Double - Bloomberg:
Dubai’s property market’s woes aren’t denting appetite for villas just yet.
Emaar Properties PJSC said on Thursday revenue from villa sales jumped 90 percent last year to 7.84 billion dirhams ($2.13 billion), the biggest increase across its property segments, according to a breakdown of the 2018 earnings originally released last month.
Home prices and rents have dropped by as much as a third since peaking in 2014 in Dubai, as the Middle East’s financial and commerce hub struggles with an economic slowdown. The Real Estate & Construction Index on Dubai’s stock market fell 39 percent last year, its lowest level since the global financial crisis in 2008.
Dubai’s property market’s woes aren’t denting appetite for villas just yet.
Emaar Properties PJSC said on Thursday revenue from villa sales jumped 90 percent last year to 7.84 billion dirhams ($2.13 billion), the biggest increase across its property segments, according to a breakdown of the 2018 earnings originally released last month.
Home prices and rents have dropped by as much as a third since peaking in 2014 in Dubai, as the Middle East’s financial and commerce hub struggles with an economic slowdown. The Real Estate & Construction Index on Dubai’s stock market fell 39 percent last year, its lowest level since the global financial crisis in 2008.
Saudis Spiral Deeper Into Isolation Amid U.S. Ire Over #Khashoggi - Bloomberg
Saudis Spiral Deeper Into Isolation Amid U.S. Ire Over Khashoggi - Bloomberg:
Saudi Crown Prince Mohammed Bin Salman’s U.S. trip a year ago was packed with the sort of events most world leaders struggle to secure: a meeting at Bill Gates’s home, a tour of Amazon.com Inc.’s headquarters and a private visit to Virgin Galactic’s hangar in the Mojave Desert.
The murder of Jamal Khashoggi destroyed all that, leaving the 33-year-old heir to the Saudi throne shunned, his government unable to repair ties with its most important foreign partner and the crown prince’s grand vision for economic development increasingly out of reach.
Rather than melt away, congressional anger at Saudi Arabia’s role in killing Khashoggi -- a U.S. resident and Washington Post columnist -- has solidified, helping fuel this month’s vote by the Republican-controlled Senate rejecting U.S. military support for the Saudi-led war in Yemen. The measure awaits House action.
Saudi Crown Prince Mohammed Bin Salman’s U.S. trip a year ago was packed with the sort of events most world leaders struggle to secure: a meeting at Bill Gates’s home, a tour of Amazon.com Inc.’s headquarters and a private visit to Virgin Galactic’s hangar in the Mojave Desert.
The murder of Jamal Khashoggi destroyed all that, leaving the 33-year-old heir to the Saudi throne shunned, his government unable to repair ties with its most important foreign partner and the crown prince’s grand vision for economic development increasingly out of reach.
Rather than melt away, congressional anger at Saudi Arabia’s role in killing Khashoggi -- a U.S. resident and Washington Post columnist -- has solidified, helping fuel this month’s vote by the Republican-controlled Senate rejecting U.S. military support for the Saudi-led war in Yemen. The measure awaits House action.
Emaar Propertes' shares drop after firm proposes 15% dividend | ZAWYA MENA Edition
Emaar Propertes' shares drop after firm proposes 15% dividend | ZAWYA MENA Edition:
Emaar Properties, Dubai's largest listed developer, has proposed a 15 percent dividend for the year 2018, in line with estimates.
In a statement to the Dubai exchange, the company said that its board of directors has recommended to distribute dividends to its shareholders amounting to 1.07 billion United Arab Emirates dirhams ($291 million), or 15 fils per share, which was in line with an estimate by broker Arqaam Capital.
The company announced a full-year net profit for last year of 6.11 billion dirhams, compared to 5.57 billion dirhams for the year 2017, translating into a 9.7 percent increase. Revenues for 2018 stood at 25.69 billion dirhams, compared to 18.75 billion dirhams in 2017 - a 37 percent increase.
Emaar Properties, Dubai's largest listed developer, has proposed a 15 percent dividend for the year 2018, in line with estimates.
In a statement to the Dubai exchange, the company said that its board of directors has recommended to distribute dividends to its shareholders amounting to 1.07 billion United Arab Emirates dirhams ($291 million), or 15 fils per share, which was in line with an estimate by broker Arqaam Capital.
The company announced a full-year net profit for last year of 6.11 billion dirhams, compared to 5.57 billion dirhams for the year 2017, translating into a 9.7 percent increase. Revenues for 2018 stood at 25.69 billion dirhams, compared to 18.75 billion dirhams in 2017 - a 37 percent increase.
Corrected: Badwa Capital’s new investment arm targets education, healthcare and logistics sectors | ZAWYA MENA Edition
Corrected: Badwa Capital’s new investment arm targets education, healthcare and logistics sectors | ZAWYA MENA Edition:
The new investment management company launched by Dubai-based Badwa Capital last month will target investments in physical infrastructure in areas such as education, healthcare and logistics, one of the firm’s partners has said.
The company announced its entry to the investment management business last month, with its press release stating that the business is “anchored with $100 million in capital”, adding that it would target both family and institutional investors. (Read more here).
The firm, which is regulated by the Dubai Financial Services Authority, has a target to become the “pre-eminent investment management firm in the Middle East,” partner Abdulaziz Alfalih told Zawya in an interview.
The new investment management company launched by Dubai-based Badwa Capital last month will target investments in physical infrastructure in areas such as education, healthcare and logistics, one of the firm’s partners has said.
The company announced its entry to the investment management business last month, with its press release stating that the business is “anchored with $100 million in capital”, adding that it would target both family and institutional investors. (Read more here).
The firm, which is regulated by the Dubai Financial Services Authority, has a target to become the “pre-eminent investment management firm in the Middle East,” partner Abdulaziz Alfalih told Zawya in an interview.
MIDEAST STOCKS- #Saudi near-4 year high days after entering FTSE Russell index | Reuters
MIDEAST STOCKS-Saudi near-4 year high days after entering FTSE Russell index | Reuters:
All of Saudi Arabia's banks rose on
Thursday, lifting its stock exchange to a near-four year high
following its inclusion in the FTSE Russell's emerging-market
index this week.
Saudi's Tadawul index will have a weighting of 2.9
percent in the FTSE Emerging All Cap Index and this year will
join the MSCI emerging market benchmark. The market is
positioned for passive fund inflows of around $20 billion.
Saudi Arabia's index was up 0.8 percent with Al Rajhi Bank
and Riyad Bank gaining 2.2 percent each.
All of Saudi Arabia's banks rose on
Thursday, lifting its stock exchange to a near-four year high
following its inclusion in the FTSE Russell's emerging-market
index this week.
Saudi's Tadawul index will have a weighting of 2.9
percent in the FTSE Emerging All Cap Index and this year will
join the MSCI emerging market benchmark. The market is
positioned for passive fund inflows of around $20 billion.
Saudi Arabia's index was up 0.8 percent with Al Rajhi Bank
and Riyad Bank gaining 2.2 percent each.
MIDEAST STOCKS-Real estate hurts #Dubai, ex-dividend stocks weigh on #Qatar | Reuters
MIDEAST STOCKS-Real estate hurts Dubai, ex-dividend stocks weigh on Qatar | Reuters:
Dubai’s stock market dropped on Thursday, weighed down by its property shares, while Qatar slipped as its heavyweight stocks traded ex-dividend.
In Dubai, the index fell 0.7 percent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 percent. Its board proposed a full-year dividend of 15 fils a share.
Emaar’s unit Emaar Malls fell 2.3 percent after declaring an unchanged full-year dividend of 10 fils per share.
Dubai’s stock market dropped on Thursday, weighed down by its property shares, while Qatar slipped as its heavyweight stocks traded ex-dividend.
In Dubai, the index fell 0.7 percent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 percent. Its board proposed a full-year dividend of 15 fils a share.
Emaar’s unit Emaar Malls fell 2.3 percent after declaring an unchanged full-year dividend of 10 fils per share.
New shipping rules leave oil traders strangely paralysed | Financial Times
New shipping rules leave oil traders strangely paralysed | Financial Times:
It does not take a huge shift in supply or demand to unsettle the 100m barrel-a-day global oil market, with most of the big price swings of the past two decades caused by one side of the equation moving out of alignment by 2 per cent or less.
So it’s little surprise that a looming shift in the global shipping fuel market, which makes up about 3 per cent of the total oil market, has caught the attention of traders.
The International Maritime Organization, a body of the UN, from next year will require all ships to stop burning high-sulphur fuels — generally the cheap, but highly polluting remnants of the refining process — and switch to something more akin to the diesel you might put in your car.
It does not take a huge shift in supply or demand to unsettle the 100m barrel-a-day global oil market, with most of the big price swings of the past two decades caused by one side of the equation moving out of alignment by 2 per cent or less.
So it’s little surprise that a looming shift in the global shipping fuel market, which makes up about 3 per cent of the total oil market, has caught the attention of traders.
The International Maritime Organization, a body of the UN, from next year will require all ships to stop burning high-sulphur fuels — generally the cheap, but highly polluting remnants of the refining process — and switch to something more akin to the diesel you might put in your car.
Revolutionary Guards drill into Iran’s gas potential | Financial Times
Revolutionary Guards drill into Iran’s gas potential | Financial Times:
Iran’s Revolutionary Guards are looking to fill a vacuum in the energy sector created by western companies that pulled out of the Islamic republic following the reimposition of US sanctions.
Saeed Mohammad, head of Khatam-ul-Anbia, the construction arm of the elite force, said his organisation was ready to replace Total, the French company, in the development of phase 11 of the South Pars gasfield, the republic’s flagship hydrocarbons project.
“The Islamic Revolutionary Guard Corps stands by the dedicated government against this fierce economic war and is in the frontline of [foiling] economic conspiracies of the [US],” he said in a speech at the launch of new projects at South Pars this week.
Iran’s Revolutionary Guards are looking to fill a vacuum in the energy sector created by western companies that pulled out of the Islamic republic following the reimposition of US sanctions.
Saeed Mohammad, head of Khatam-ul-Anbia, the construction arm of the elite force, said his organisation was ready to replace Total, the French company, in the development of phase 11 of the South Pars gasfield, the republic’s flagship hydrocarbons project.
“The Islamic Revolutionary Guard Corps stands by the dedicated government against this fierce economic war and is in the frontline of [foiling] economic conspiracies of the [US],” he said in a speech at the launch of new projects at South Pars this week.
Landmark for Saudi stocks as index providers become kingmakers | Financial Times
Landmark for Saudi stocks as index providers become kingmakers | Financial Times:
A landmark year for Saudi Arabia’s stock market will have little to do with Saudi Aramco, the country’s oil giant whose IPO plan has been put on hold.
Instead, the world’s three largest index providers will funnel billions and billions of dollars into Saudi stocks after admitting them to benchmarks whose influence has grown alongside the rise of passive investing over the past decade.
The process, which began this week when FTSE Russell and S&P Dow Jones added the stocks to their indices, raises questions over what investors will be buying given the country’s largest and highest-profile company, Saudi Aramco, remains state-owned.
A landmark year for Saudi Arabia’s stock market will have little to do with Saudi Aramco, the country’s oil giant whose IPO plan has been put on hold.
Instead, the world’s three largest index providers will funnel billions and billions of dollars into Saudi stocks after admitting them to benchmarks whose influence has grown alongside the rise of passive investing over the past decade.
The process, which began this week when FTSE Russell and S&P Dow Jones added the stocks to their indices, raises questions over what investors will be buying given the country’s largest and highest-profile company, Saudi Aramco, remains state-owned.
Mubadala sets up tech hub in #AbuDhabi with SoftBank | Financial Times
Mubadala sets up tech hub in Abu Dhabi with SoftBank | Financial Times:
Mubadala, an Abu Dhabi sovereign wealth fund, is building on its relationship with SoftBank to attract some of the world’s most valuable start-ups to a new technology hub in the capital of the United Arab Emirates.
Mubadala Ventures, the tech arm of the $225bn fund, will unveil plans for the new hub on Sunday, including a partnership with Microsoft, according to people familiar with the situation.
It is in talks with companies including Improbable, Oyo, Plenty, SenseTime and WeWork, all of which have raised money from SoftBank’s Vision Fund, to set up offices in the Abu Dhabi hub.
Mubadala, an Abu Dhabi sovereign wealth fund, is building on its relationship with SoftBank to attract some of the world’s most valuable start-ups to a new technology hub in the capital of the United Arab Emirates.
Mubadala Ventures, the tech arm of the $225bn fund, will unveil plans for the new hub on Sunday, including a partnership with Microsoft, according to people familiar with the situation.
It is in talks with companies including Improbable, Oyo, Plenty, SenseTime and WeWork, all of which have raised money from SoftBank’s Vision Fund, to set up offices in the Abu Dhabi hub.
MIDEAST STOCKS-Real estate hurts #Dubai, ex-dividend stocks weigh on #Qatar | Reuters
MIDEAST STOCKS-Real estate hurts Dubai, ex-dividend stocks weigh on Qatar | Reuters:
Dubai’s stock market dropped on Thursday, weighed down by its property shares, while Qatar slipped as its heavyweight stocks traded ex-dividend.
In Dubai, the index fell 0.7 percent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 percent. Its board proposed a full-year dividend of 15 fils a share.
Emaar’s unit Emaar Malls fell 2.3 percent after declaring an unchanged full-year dividend of 10 fils per share.
Dubai’s stock market dropped on Thursday, weighed down by its property shares, while Qatar slipped as its heavyweight stocks traded ex-dividend.
In Dubai, the index fell 0.7 percent after four straight days of gains, with blue-chip developer Emaar Properties decreasing 1.7 percent. Its board proposed a full-year dividend of 15 fils a share.
Emaar’s unit Emaar Malls fell 2.3 percent after declaring an unchanged full-year dividend of 10 fils per share.
Oil Stays Above $60 on U.S. Stockpile Draw and Saudi Supply Drop - Bloomberg
Oil Stays Above $60 on U.S. Stockpile Draw and Saudi Supply Drop - Bloomberg:
Oil held above $60 a barrel after the biggest withdrawal of crude in American storage tanks since July raised speculation that global supplies are tightening.
Futures for May in New York were little changed after the April contract reached the highest level this year before expiring on Wednesday. U.S. government data showed a 9.59 million-barrel decline in nationwide stockpiles, exceeding analysts’ expectations. Crude exports from the country were near a record high while imports from Saudi Arabia fell by more than half, and it stopped shipments from Venezuela altogether.
Crude broke above $60 a barrel for the first time since November as output reductions by the Organization of Petroleum Exporting Countries and its partners, as well as supply disruptions in Venezuela and Iran, countered growing U.S. shale production. Meanwhile, the Federal Reserve said interest rates could be on hold for “some time,” thawing investor concerns over weakening global growth that would dampen oil demand.
Oil held above $60 a barrel after the biggest withdrawal of crude in American storage tanks since July raised speculation that global supplies are tightening.
Futures for May in New York were little changed after the April contract reached the highest level this year before expiring on Wednesday. U.S. government data showed a 9.59 million-barrel decline in nationwide stockpiles, exceeding analysts’ expectations. Crude exports from the country were near a record high while imports from Saudi Arabia fell by more than half, and it stopped shipments from Venezuela altogether.
Crude broke above $60 a barrel for the first time since November as output reductions by the Organization of Petroleum Exporting Countries and its partners, as well as supply disruptions in Venezuela and Iran, countered growing U.S. shale production. Meanwhile, the Federal Reserve said interest rates could be on hold for “some time,” thawing investor concerns over weakening global growth that would dampen oil demand.
Qatar Stocks Buck Mideast Gains – Bloomberg
Qatar Stocks Buck Mideast Gains – Bloomberg:
Akber Khan, senior director of asset management at Al Rayan Investment, discusses Qatar stocks and his call on Qatar Transport. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Akber Khan, senior director of asset management at Al Rayan Investment, discusses Qatar stocks and his call on Qatar Transport. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
#AbuDhabi, Tech Giants Said to Vie for $3 Billion Watson Stake - Bloomberg
Abu Dhabi, Tech Giants Said to Vie for $3 Billion Watson Stake - Bloomberg:
Mubadala Investment Co., the Abu Dhabi sovereign fund, and Chinese internet giant Tencent Holdings Ltd. are weighing bids for part of Temasek Holdings Pte’s stake in global retailer A.S. Watson Group, people with knowledge of the matter said.
The Singapore state investment company is considering selling around a 10 percent stake in A.S. Watson for about $3 billion, according to the people, who asked not to be identified because the information is private. Tencent may team up with some investment funds for an offer for the stake in A.S. Watson, which is a unit of Hong Kong tycoon Victor Li’s CK Hutchison Holdings Ltd., the people said.
The holding has also drawn interest from Chinese tech billionaire Jack Ma’s Alibaba Group Holding Ltd., according to the people. Potential buyers are being invited to management presentations this month, one of the people said.
Mubadala Investment Co., the Abu Dhabi sovereign fund, and Chinese internet giant Tencent Holdings Ltd. are weighing bids for part of Temasek Holdings Pte’s stake in global retailer A.S. Watson Group, people with knowledge of the matter said.
The Singapore state investment company is considering selling around a 10 percent stake in A.S. Watson for about $3 billion, according to the people, who asked not to be identified because the information is private. Tencent may team up with some investment funds for an offer for the stake in A.S. Watson, which is a unit of Hong Kong tycoon Victor Li’s CK Hutchison Holdings Ltd., the people said.
The holding has also drawn interest from Chinese tech billionaire Jack Ma’s Alibaba Group Holding Ltd., according to the people. Potential buyers are being invited to management presentations this month, one of the people said.
Top Property Stock Has Qatari Bet on Beautiful Island to Thank - Bloomberg
Top Property Stock Has Qatari Bet on Beautiful Island to Thank - Bloomberg:
A Qatari fund’s bet in one of the world’s most beautiful islands is driving this year’s hottest property stock rally.
Premiere Horizon Alliance Corp., which is building one of the largest Philippine tourism estates, has more than tripled this year, beating all of its global peers with more than $15 million in market value. And more gains may be coming, says Chief Executive Officer Augusto Serafica Jr. Just wait until Qatar’s Sama Global Investment releases the funds to develop Premiere’s 850-hectare property in the western island of Palawan, he says.
Investors are hoping the money will revive the former film-making company, whose stock fell in seven of the past 10 years. Sama is ready to lend Premiere more than $280 million, about 16 times the builder’s capital and 23 times its market value of 647 million pesos ($12.2 million) as of December, as soon as Premiere completes its requirements -- it needs to provide documents including a business plan, said Serafica, declining to give a timeline.
A Qatari fund’s bet in one of the world’s most beautiful islands is driving this year’s hottest property stock rally.
Premiere Horizon Alliance Corp., which is building one of the largest Philippine tourism estates, has more than tripled this year, beating all of its global peers with more than $15 million in market value. And more gains may be coming, says Chief Executive Officer Augusto Serafica Jr. Just wait until Qatar’s Sama Global Investment releases the funds to develop Premiere’s 850-hectare property in the western island of Palawan, he says.
Investors are hoping the money will revive the former film-making company, whose stock fell in seven of the past 10 years. Sama is ready to lend Premiere more than $280 million, about 16 times the builder’s capital and 23 times its market value of 647 million pesos ($12.2 million) as of December, as soon as Premiere completes its requirements -- it needs to provide documents including a business plan, said Serafica, declining to give a timeline.
VPS Healthcare Reconsiders London IPO Because of Brexit Uncertain - Bloomberg
VPS Healthcare Reconsiders London IPO Because of Brexit Uncertain - Bloomberg:
VPS Healthcare LLC, a hospital operator in the Middle East, Europe and India, is reconsidering plans to list in London due to uncertainty surrounding Brexit, according to a person with knowledge of the matter.
The Abu Dhabi-based hospital operator is also evaluating listing in the U.S. or Singapore and will decide closer to the IPO, the person said, asking not to be identified because the matter is private. VPS Healthcare now plans to sell shares in 2020 rather than this year, the person said.
The company, which operates about 20 hospitals and more than 125 medical centers, was said to have hired Rothschild & Co. to advise on a potential listing in London this year. VPS Healthcare was seeking to follow United Arab Emirates-based medical firms, such as NMC Health Plc, in listing in London.
VPS Healthcare LLC, a hospital operator in the Middle East, Europe and India, is reconsidering plans to list in London due to uncertainty surrounding Brexit, according to a person with knowledge of the matter.
The Abu Dhabi-based hospital operator is also evaluating listing in the U.S. or Singapore and will decide closer to the IPO, the person said, asking not to be identified because the matter is private. VPS Healthcare now plans to sell shares in 2020 rather than this year, the person said.
The company, which operates about 20 hospitals and more than 125 medical centers, was said to have hired Rothschild & Co. to advise on a potential listing in London this year. VPS Healthcare was seeking to follow United Arab Emirates-based medical firms, such as NMC Health Plc, in listing in London.
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