Qatar in talks to buy stake in Leeds United | Financial Times:
Qatar is in talks to buy a stake in Leeds United in a deal that would allow the gas-rich Gulf state to enter English football for the first time, according to people with direct knowledge of the negotiations.
Qatar Sports Investments, a state-backed group which controls France’s Paris Saint-Germain, has been in talks over a deal with Leeds United and its owner Andrea Radrizzani in recent months, these people said.
A person familiar with the talks said Qatar was seeking a controlling stake in Leeds United, which plays in the Championship, the second tier of English professional football, and narrowly missed promotion into the Premier League this season.
Sunday, 26 May 2019
Finablr to spend $200mln of IPO money on expansion - CEO | ZAWYA MENA Edition
Finablr to spend $200mln of IPO money on expansion - CEO | ZAWYA MENA Edition:
Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier this month to expand both organically and via acquisitions, its chief executive said on Sunday.
The United Arab Emirates-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the London Stock Exchange. Half of that amount was raised selling new shares.
"This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy," Promoth Manghat told Reuters.
Payments and foreign exchange company Finablr plans to use half of the proceeds from its share sale in London earlier this month to expand both organically and via acquisitions, its chief executive said on Sunday.
The United Arab Emirates-based company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the London Stock Exchange. Half of that amount was raised selling new shares.
"This money will strengthen our balance sheet and give us more fire power to execute our expansion strategy," Promoth Manghat told Reuters.
#Kuwait's KIPCO has no imminent issuance plans after upgrading bond programme | ZAWYA MENA Edition
Kuwait's KIPCO has no imminent issuance plans after upgrading bond programme | ZAWYA MENA Edition:
Kuwait Projects Co (KIPCO), the Gulf state's largest listed investment company, has no imminent plans to issue U.S. dollar-denominated bonds but will keep monitoring the market closely, said a company executive.
KIPCO last week updated its bond programme, under which it may issue bonds worth up to $3 billion.
HSBC has been hired as arranger and dealer for the programme, with other dealers including Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, KAMCO Investment Company and MUFG.
Kuwait Projects Co (KIPCO), the Gulf state's largest listed investment company, has no imminent plans to issue U.S. dollar-denominated bonds but will keep monitoring the market closely, said a company executive.
KIPCO last week updated its bond programme, under which it may issue bonds worth up to $3 billion.
HSBC has been hired as arranger and dealer for the programme, with other dealers including Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, KAMCO Investment Company and MUFG.
#Dubai's Emaar Properties hires StanChart for sale of district cooling unit -sources - Reuters
Dubai's Emaar Properties hires StanChart for sale of district cooling unit -sources - Reuters:
Dubai’s Emaar Properties has hired advisors including Standard Chartered for the sale of its district cooling business, sources familiar with the matter told Reuters.
Emaar was not immediately available to comment when contacted by Reuters on Sunday, while Standard Chartered declined to comment.
The developer of the world’s tallest skyscraper, the Burj Khalifa, last year hired the London-headquartered bank for the sale of five hospitality assets, which were sold to Abu Dhabi National Hotels.
Dubai’s Emaar Properties has hired advisors including Standard Chartered for the sale of its district cooling business, sources familiar with the matter told Reuters.
Emaar was not immediately available to comment when contacted by Reuters on Sunday, while Standard Chartered declined to comment.
The developer of the world’s tallest skyscraper, the Burj Khalifa, last year hired the London-headquartered bank for the sale of five hospitality assets, which were sold to Abu Dhabi National Hotels.
#Iran Deputy FM discusses regional development in #Oman - Reuters
Iran Deputy FM discusses regional development in Oman - Reuters:
Iranian Deputy Foreign Minister Abbas Araqchi arrived on Sunday in Oman and discussed “regional developments” with Yousuf bin Alawi bin Abdullah, the sultanate’s minister responsible for foreign affairs, the state-run Oman News Agency reported.
Bin Alawi said earlier this week that his country is trying “with other parties” to calm tensions between the United States and Iran.
Iranian Deputy Foreign Minister Abbas Araqchi arrived on Sunday in Oman and discussed “regional developments” with Yousuf bin Alawi bin Abdullah, the sultanate’s minister responsible for foreign affairs, the state-run Oman News Agency reported.
Bin Alawi said earlier this week that his country is trying “with other parties” to calm tensions between the United States and Iran.
China's East Hope Group considers $10 billion investment in #UAE - Reuters
China's East Hope Group considers $10 billion investment in UAE - Reuters:
China’s East Hope Group is evaluating plans to invest $10 billion in an industrial zone in the United Arab Emirates, joining other Chinese companies, seeking a slice of China’s Belt and Road initiative.
Chinese companies are increasingly seizing opportunities in the Gulf, expanding overseas in line with the investment policy championed by Chinese President Xi Jinping.
Shanghai-based manufacturing giant East Hope is working with the Khalifa Industrial Zone Abu Dhabi (Kizad) to develop industries over 15 years in a three-phase plan, a statement from Kizad said on Sunday.
China’s East Hope Group is evaluating plans to invest $10 billion in an industrial zone in the United Arab Emirates, joining other Chinese companies, seeking a slice of China’s Belt and Road initiative.
Chinese companies are increasingly seizing opportunities in the Gulf, expanding overseas in line with the investment policy championed by Chinese President Xi Jinping.
Shanghai-based manufacturing giant East Hope is working with the Khalifa Industrial Zone Abu Dhabi (Kizad) to develop industries over 15 years in a three-phase plan, a statement from Kizad said on Sunday.
MIDEAST STOCKS-Financials weigh on #Saudi, blue chips gain in Egypt - Reuters
MIDEAST STOCKS-Financials weigh on Saudi, blue chips gain in Egypt - Reuters:
Saudi Arabia's stock market fell
sharply on Sunday, dragged down by the financial and
petrochemical sectors, while Egypt's blue chips gained.
Saudi's index dropped 2%, with Saudi British Bank
(SABB) falling 3.5%, Samba Financial Group,
the Kingdom's third-largest bank by assets, shedding 3.4%, and
National Commercial Bank, the country's largest
lender, 3.3%.
Saudi International Petrochemical Co (Sipchem)
lost 4.2% and petrochemical giant Saudi Basic Industries
Corporation (SABIC) shed 2.4%.
Saudi Arabia's stock market fell
sharply on Sunday, dragged down by the financial and
petrochemical sectors, while Egypt's blue chips gained.
Saudi's index dropped 2%, with Saudi British Bank
(SABB) falling 3.5%, Samba Financial Group,
the Kingdom's third-largest bank by assets, shedding 3.4%, and
National Commercial Bank, the country's largest
lender, 3.3%.
Saudi International Petrochemical Co (Sipchem)
lost 4.2% and petrochemical giant Saudi Basic Industries
Corporation (SABIC) shed 2.4%.
What Are Frontier Markets and Why Invest in Them?: QuickTake - Bloomberg
What Are Frontier Markets and Why Invest in Them?: QuickTake - Bloomberg:
If emerging markets are the wild child of the investment family, offering potentially higher rewards in return for greater risk, then what about their smaller sibling, frontier markets? These include countries such as Sri Lanka, Kazakhstan and Nigeria where stock exchanges and currency markets are too small or underdeveloped to be classified as emerging markets. While frontier markets may bring investors more exotic thrills, and spills, they also somewhat counterintuitively can be a safe haven when markets are rocky.
1. What are frontier markets?
In the investing hierarchy, they are the bottom rung of three. At the top are developed markets (such as the U.S. and U.K.), in the middle are emerging markets (such as China and Russia). The denomination is not so much a judgment on a country’s wealth or stage of development as about its markets. Depending on who’s doing the classifying, there are around 30 frontier markets, mostly in the Middle East, South Asia, Africa and Eastern Europe.
If emerging markets are the wild child of the investment family, offering potentially higher rewards in return for greater risk, then what about their smaller sibling, frontier markets? These include countries such as Sri Lanka, Kazakhstan and Nigeria where stock exchanges and currency markets are too small or underdeveloped to be classified as emerging markets. While frontier markets may bring investors more exotic thrills, and spills, they also somewhat counterintuitively can be a safe haven when markets are rocky.
1. What are frontier markets?
In the investing hierarchy, they are the bottom rung of three. At the top are developed markets (such as the U.S. and U.K.), in the middle are emerging markets (such as China and Russia). The denomination is not so much a judgment on a country’s wealth or stage of development as about its markets. Depending on who’s doing the classifying, there are around 30 frontier markets, mostly in the Middle East, South Asia, Africa and Eastern Europe.
#Saudi Stock Euphoria Is Unwinding as the End of Catalyst Nears - Bloomberg
Saudi Stock Euphoria Is Unwinding as the End of Catalyst Nears - Bloomberg:
This week could mark the beginning of the end for the biggest equities play in Middle Eastern markets: the upgrade of Saudi Arabia to emerging-markets gauges.
As index compiler MSCI Inc. starts adding Saudi stocks to its EM benchmark as of the close of May 28, passive flows are expected to flock to Riyadh. But many active traders are already focusing on expensive valuations, falling earnings estimates and geopolitics.
The main Saudi index is heading for its biggest monthly drop since January 2016, indicating a rally anticipating the event may be losing steam. MSCI moves on to the second stage of the addition in August, while FTSE Russell finishes its own upgrade next year.
This week could mark the beginning of the end for the biggest equities play in Middle Eastern markets: the upgrade of Saudi Arabia to emerging-markets gauges.
As index compiler MSCI Inc. starts adding Saudi stocks to its EM benchmark as of the close of May 28, passive flows are expected to flock to Riyadh. But many active traders are already focusing on expensive valuations, falling earnings estimates and geopolitics.
The main Saudi index is heading for its biggest monthly drop since January 2016, indicating a rally anticipating the event may be losing steam. MSCI moves on to the second stage of the addition in August, while FTSE Russell finishes its own upgrade next year.
#Oman outlook: Sovereign debt continues to climb as pace of change remains slow | ZAWYA MENA Edition
Oman outlook: Sovereign debt continues to climb as pace of change remains slow | ZAWYA MENA Edition:
Illuminated in an eerie blue light as they float past coral, the fish swimming around Muscat's newest visitor attraction may not be enough to reel in the punters and steer Oman's floundering economy away from the rocks.
For the tourists frequenting the vast Oman Aquarium which opened in April, even the presence of diving turtles and penguins cannot disguise the fact that many of the shops in the surrounding Mall of Muscat remain boarded up.
Property brokers say that many retailers are waiting to see how difficult trading conditions, driven by a sluggish economy and declining expat population pan out this year before taking the plunge.
Illuminated in an eerie blue light as they float past coral, the fish swimming around Muscat's newest visitor attraction may not be enough to reel in the punters and steer Oman's floundering economy away from the rocks.
For the tourists frequenting the vast Oman Aquarium which opened in April, even the presence of diving turtles and penguins cannot disguise the fact that many of the shops in the surrounding Mall of Muscat remain boarded up.
Property brokers say that many retailers are waiting to see how difficult trading conditions, driven by a sluggish economy and declining expat population pan out this year before taking the plunge.
Mideast Stocks - #Saudi index falls on profit taking, other markets mixed | ZAWYA MENA Edition
Mideast Stocks - Saudi index falls on profit taking, other markets mixed | ZAWYA MENA Edition:
The Saudi market slipped early on Sunday, while other Gulf markets were mixed, as investors monitored geopolitical tensions in the region and some liquidated positions ahead of a long public holiday next week.
Saudi Arabia's King Salman will host two emergency summits on May 30 for Gulf and Arab leaders to discuss the implications of attacks against the kingdom and neighbouring United Arab Emirates earlier this month.
Riyadh has accused Tehran of ordering the recent drone strikes on two oil pumping stations in the kingdom, claimed by Yemen’s Iran-aligned Houthi group. The attack came two days after four vessels, including two Saudi oil tankers, were sabotaged off the coast of the United Arab Emirates. Iran has denied the claims.
The Saudi market slipped early on Sunday, while other Gulf markets were mixed, as investors monitored geopolitical tensions in the region and some liquidated positions ahead of a long public holiday next week.
Saudi Arabia's King Salman will host two emergency summits on May 30 for Gulf and Arab leaders to discuss the implications of attacks against the kingdom and neighbouring United Arab Emirates earlier this month.
Riyadh has accused Tehran of ordering the recent drone strikes on two oil pumping stations in the kingdom, claimed by Yemen’s Iran-aligned Houthi group. The attack came two days after four vessels, including two Saudi oil tankers, were sabotaged off the coast of the United Arab Emirates. Iran has denied the claims.
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