Uber to sign $3.1bn deal for Careem as early as Monday | Financial Times:
Uber’s long-running talks to acquire Dubai-based rival Careem are nearing completion, with final agreement expected to be signed as early as Monday or Tuesday.
Two people familiar with the transaction said the US ride-hailing company would acquire Careem for about $3.1bn, via a mixture of cash and convertible notes.
Careem, founded in 2012 by two former McKinsey consultants, was valued at around $2bn during a fundraising round last year.
Sunday, 24 March 2019
#UAE government’s surplus in 2018 stood at Dh67.5b
UAE government’s surplus in 2018 stood at Dh67.5b:
The UAE government’s surplus posted Dh67.5 billion in 2018, according to the latest figures released by the Ministry of Finance.
The surplus increase is attributed to the rise in the UAE Government’s revenues, which hit Dh455.5 billion in 2018, while expenditures totalled Dh388.147 billion.
Earlier, the Federal Competitiveness And Statistics Authority announced that the government’s surplus recorded Dh28 billion in the first nine months of 2018.
The UAE government’s surplus posted Dh67.5 billion in 2018, according to the latest figures released by the Ministry of Finance.
The surplus increase is attributed to the rise in the UAE Government’s revenues, which hit Dh455.5 billion in 2018, while expenditures totalled Dh388.147 billion.
Earlier, the Federal Competitiveness And Statistics Authority announced that the government’s surplus recorded Dh28 billion in the first nine months of 2018.
QCB reserves 'remains high'; economic diversification to sustain robust growth: EIU
QCB reserves 'remains high'; economic diversification to sustain robust growth: EIU:
Reserves at the Qatar Central Banks “remains high” although annual average oil prices are forecast to fall in 2019, Economist Intelligence Unit (EIU) has said in an overview.
The QCB reserves will take care of the country’s repayment obligations, the EIU noted.
According to the EIU, the "threat of capital outflows in the wake of the regional blockade has largely subsided" with the recovery and subsequent stabilisation of foreign reserves and the return to a current-account surplus in 2018.
Reserves at the Qatar Central Banks “remains high” although annual average oil prices are forecast to fall in 2019, Economist Intelligence Unit (EIU) has said in an overview.
The QCB reserves will take care of the country’s repayment obligations, the EIU noted.
According to the EIU, the "threat of capital outflows in the wake of the regional blockade has largely subsided" with the recovery and subsequent stabilisation of foreign reserves and the return to a current-account surplus in 2018.
Fitch affirms QIB’s ‘A’ rating with stable outlook - The Peninsula Qatar
Fitch affirms QIB’s ‘A’ rating with stable outlook - The Peninsula Qatar:
Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB), Long Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. It also upgraded QIB’s Viability Rating (VR) to ‘bbb’ from ‘bbb-’.
The rating reflects QIB’s strong and stable standing in Qatar, with the highest market share of Islamic Banking assets of 42.3 percent and about 11 percent of the total banking assets at end of the fiscal year 2018.
QIB reported a growth in net profit by 14.5 percent in 2018 reflecting the Bank’s outstanding performance across all divisions. The rating considers the Bank’s adequate profitability, sound asset-quality metrics, satisfactory capital ratios and sufficient liquid assets.
Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB), Long Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. It also upgraded QIB’s Viability Rating (VR) to ‘bbb’ from ‘bbb-’.
The rating reflects QIB’s strong and stable standing in Qatar, with the highest market share of Islamic Banking assets of 42.3 percent and about 11 percent of the total banking assets at end of the fiscal year 2018.
QIB reported a growth in net profit by 14.5 percent in 2018 reflecting the Bank’s outstanding performance across all divisions. The rating considers the Bank’s adequate profitability, sound asset-quality metrics, satisfactory capital ratios and sufficient liquid assets.
OPEC Faces Uncertainty on Oil Supply Demand Outlook - Bloomberg
OPEC Faces Uncertainty on Oil Supply Demand Outlook - Bloomberg:
What do OPEC and the Federal Reserve have in common, other than being on the receiving end of angry tweets from President Donald Trump?
They are both having a particularly terrible time assessing the outlook for demand, and this is making setting policy exceptionally fraught.
The Fed must adjust interest rates and other policy levers to achieve its twin goals of low and stable inflation and full employment. In the case of OPEC nations and their band of friends, ministers have to judge the production needed to balance global supply and demand. At the current juncture, this means deciding whether to continue restraints on output set at the start of 2017 – their current deal to cap supply ends in three months.
What do OPEC and the Federal Reserve have in common, other than being on the receiving end of angry tweets from President Donald Trump?
They are both having a particularly terrible time assessing the outlook for demand, and this is making setting policy exceptionally fraught.
The Fed must adjust interest rates and other policy levers to achieve its twin goals of low and stable inflation and full employment. In the case of OPEC nations and their band of friends, ministers have to judge the production needed to balance global supply and demand. At the current juncture, this means deciding whether to continue restraints on output set at the start of 2017 – their current deal to cap supply ends in three months.
Abu Dhabi Partners With Microsoft, SoftBank to Start Tech Hub - Bloomberg
Abu Dhabi Partners With Microsoft, SoftBank to Start Tech Hub - Bloomberg:
Abu Dhabi is teaming up with companies such as Microsoft Corp. and SoftBank Group Corp. to open a technology startup center as the oil-rich emirate seeks to diversify its economy.
The so-called Hub71 is based in the Abu Dhabi Global Market, an offshore financial center that houses Blackstone Group International Partners and Aberdeen Standard Investments among others.
Abu Dhabi is teaming up with companies such as Microsoft Corp. and SoftBank Group Corp. to open a technology startup center as the oil-rich emirate seeks to diversify its economy.
The so-called Hub71 is based in the Abu Dhabi Global Market, an offshore financial center that houses Blackstone Group International Partners and Aberdeen Standard Investments among others.
Uber to Seal $3.1 Billion Deal to Buy Middle East Rival Careem - Bloomberg
Uber to Seal $3.1 Billion Deal to Buy Middle East Rival Careem - Bloomberg:
Uber Technologies Inc. is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based rival Careem Networks FZ as early as this week, according to people with knowledge of the matter.
The U.S. ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, the people said, asking not to identified because the talks are private. The notes will be convertible into Uber shares at a price equal to $55 per share, according to the term-sheet seen by Bloomberg.
Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc., have been asked to agree to the terms of the transaction by Monday evening and a deal could be announced as soon as Tuesday, the people said.
Uber Technologies Inc. is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based rival Careem Networks FZ as early as this week, according to people with knowledge of the matter.
The U.S. ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, the people said, asking not to identified because the talks are private. The notes will be convertible into Uber shares at a price equal to $55 per share, according to the term-sheet seen by Bloomberg.
Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc., have been asked to agree to the terms of the transaction by Monday evening and a deal could be announced as soon as Tuesday, the people said.
Shuaa's shares rocket as company announces merger talks with #AbuDhabi Financial Group | ZAWYA MENA Edition
Shuaa's shares rocket as company announces merger talks with Abu Dhabi Financial Group | ZAWYA MENA Edition:
Shares in Dubai-listed investment bank Shuaa Capital surged on Sunday after the company confirmed to the exchange media reports about initial discussions for a merger with its major shareholder, Abu Dhabi Financial Group.
The investment bank’s statement said that discussions have commenced with Abu Dhabi Financial Group “regarding the possibility of a merger of the two institutions to become a larger, financial listed firm".
Television station Al-Arabiya had reported the news earlier in the day, citing sources. The statement said the structure of the conbined entity would be "subject to legal and regulatory consent.”
Shares in Dubai-listed investment bank Shuaa Capital surged on Sunday after the company confirmed to the exchange media reports about initial discussions for a merger with its major shareholder, Abu Dhabi Financial Group.
The investment bank’s statement said that discussions have commenced with Abu Dhabi Financial Group “regarding the possibility of a merger of the two institutions to become a larger, financial listed firm".
Television station Al-Arabiya had reported the news earlier in the day, citing sources. The statement said the structure of the conbined entity would be "subject to legal and regulatory consent.”
#AbuDhabi's Senaat assets reach $7.4bln, debt stable at $1.6bln - CEO | ZAWYA MENA Edition
Abu Dhabi's Senaat assets reach $7.4bln, debt stable at $1.6bln - CEO | ZAWYA MENA Edition:
Senaat, the largest industrial investment holding company in the United Arab Emirates, has said that the value of its industrial asset portfolio reached 27.3 billion dirhams ($7.43 billion) at the end of 2018, according to its chief executive.
Jamal Salem Al Dhaheri told reporters at a media briefing in Abu Dhabi that the state-owned conglomerate’s portfolio had grown “by a compounded annual rate of 15.5 percent since 2004”.
Total debt reached 6 billion dirhams at the end of 2018, he said in Arabic, noting that the 1.1 billion dirham sukuk issued by the firm in the last quarter of 2018 was used to re-finance existing debt.
Senaat, the largest industrial investment holding company in the United Arab Emirates, has said that the value of its industrial asset portfolio reached 27.3 billion dirhams ($7.43 billion) at the end of 2018, according to its chief executive.
Jamal Salem Al Dhaheri told reporters at a media briefing in Abu Dhabi that the state-owned conglomerate’s portfolio had grown “by a compounded annual rate of 15.5 percent since 2004”.
Total debt reached 6 billion dirhams at the end of 2018, he said in Arabic, noting that the 1.1 billion dirham sukuk issued by the firm in the last quarter of 2018 was used to re-finance existing debt.
#Qatar's Masraf Al Rayan hires banks for debut dollar sukuk - sources | Reuters
Qatar's Masraf Al Rayan hires banks for debut dollar sukuk - sources | Reuters:
Qatari Islamic lender Masraf Al Rayan has hired banks ahead of a potential sale of U.S. dollar-denominated sukuk, or Islamic bonds, sources familiar with the matter said.
The planned deal - which would be Masraf’s first public debt sale - would follow last week’s international bond issues by Qatar Islamic Bank and Qatar National Bank, as the Gulf state’s banks take advantage of improved market conditions to boost their finances.
The planned five-year sukuk will be of benchmark size, which generally means upwards of $500 million, the sources added.
Qatari Islamic lender Masraf Al Rayan has hired banks ahead of a potential sale of U.S. dollar-denominated sukuk, or Islamic bonds, sources familiar with the matter said.
The planned deal - which would be Masraf’s first public debt sale - would follow last week’s international bond issues by Qatar Islamic Bank and Qatar National Bank, as the Gulf state’s banks take advantage of improved market conditions to boost their finances.
The planned five-year sukuk will be of benchmark size, which generally means upwards of $500 million, the sources added.
#AbuDhabi's Al Hilal Bank cuts 160 jobs ahead of three-way merger -sources | Reuters
Abu Dhabi's Al Hilal Bank cuts 160 jobs ahead of three-way merger -sources | Reuters:
Abu Dhabi’s Al Hilal Bank has made about 160 people redundant ahead of a three-way merger with Abu Dhabi Commercial Bank and Union National Bank,, three sources familiar with the matter told Reuters.
Majority of those laid off were staff outsourced from a Dubai-based company, one of the sources said.
The staff were largely in the retail and sales business while a small number were in the administration and finance departments, the sources said.
Abu Dhabi’s Al Hilal Bank has made about 160 people redundant ahead of a three-way merger with Abu Dhabi Commercial Bank and Union National Bank,, three sources familiar with the matter told Reuters.
Majority of those laid off were staff outsourced from a Dubai-based company, one of the sources said.
The staff were largely in the retail and sales business while a small number were in the administration and finance departments, the sources said.
#Saudi-led consortium, DEWA complete financing for #Dubai solar park | Reuters
Saudi-led consortium, DEWA complete financing for Dubai solar park | Reuters:
Saudi Arabia’s ACWA Power and Dubai Electricity and Water Authority (DEWA) said on Sunday they had completed the financing of a 950 megawatt concentrated solar power project in Dubai.
The companies did not disclose the size of the deal in Sunday’s statement but sources told Reuters in January the financing would be more than $2 billion.
The project, called Noor Energy 1, was launched in a partnership between DEWA, ACWA Power and China’s Silk Road Fund.
Saudi Arabia’s ACWA Power and Dubai Electricity and Water Authority (DEWA) said on Sunday they had completed the financing of a 950 megawatt concentrated solar power project in Dubai.
The companies did not disclose the size of the deal in Sunday’s statement but sources told Reuters in January the financing would be more than $2 billion.
The project, called Noor Energy 1, was launched in a partnership between DEWA, ACWA Power and China’s Silk Road Fund.
MIDEAST STOCKS- #Saudi index retreats from multi-year peak; Gulf rivals also fall | Reuters
MIDEAST STOCKS-Saudi index retreats from multi-year peak; Gulf rivals also fall | Reuters:
Saudi Arabia's stock market closed lower on Sunday, along with other Gulf markets, having ended the previous week at its highest in nearly four years after inclusion in the FTSE Russell's emerging-market index.
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 Saudi index dropped 0.7 percent on Sunday, dragged down by petrochemical and banking shares.
Saudi Arabia's stock market closed lower on Sunday, along with other Gulf markets, having ended the previous week at its highest in nearly four years after inclusion in the FTSE Russell's emerging-market index.
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 Saudi index dropped 0.7 percent on Sunday, dragged down by petrochemical and banking shares.
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