Luxury Developer Candy May Bid for Massive Swath of London Land - Bloomberg:
A group led by luxury property developer Nicholas Candy is considering making an offer for Capital & Counties Properties Plc, whose stock has cratered amid London prime real esate’s longest slump in decades.
Capco’s shares rose 8% in London on Monday, valuing the firm at 2.3 billion pounds ($2.8 billion). The stock had lost nearly half its value from its 2015 peak before today’s gains as the company struggled to find buyers for its holdings in the Earls Court district of London.
Candy has held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move to take over CapCo, the Sunday Times reported over the weekend. Nicholas and his brother Christian are the developers responsible for the Qatari-backed luxury One Hyde Park apartments in London’s Belgravia neighborhood.
Monday, 21 October 2019
#Saudi Job Revolution Needs a Tourism Boom That’s Hard to Deliver - Bloomberg
Saudi Job Revolution Needs a Tourism Boom That’s Hard to Deliver - Bloomberg:
Perched behind the counter of a mid-range hotel in Riyadh, Bashayer admits she was reluctant to take a job as a receptionist.
But the position was “better than sitting at home,” the 23-year-old Saudi said, asking to withhold her last name so she could speak freely. “Before, some jobs were considered low-level, so Saudis didn’t want to apply for those. Now they’re more willing to try different jobs. The mindset has changed.”
Finding jobs for the likes of Bashayer in the private sector has been a key challenge for the oil-rich kingdom, where attempts to lower unemployment have run up against an economic slowdown and a job market long reliant on cheap foreign labor.
More Saudis are joining the hospitality sector, however, as Saudi Arabia rolls out an ambitious drive to draw millions of tourists, even as joblessness among nationals has held above 12% since 2016. Last month, the government unveiled plans to attract holidaymakers for the first time, showing it’s even willing to bend rules on how foreign women dress.
Perched behind the counter of a mid-range hotel in Riyadh, Bashayer admits she was reluctant to take a job as a receptionist.
But the position was “better than sitting at home,” the 23-year-old Saudi said, asking to withhold her last name so she could speak freely. “Before, some jobs were considered low-level, so Saudis didn’t want to apply for those. Now they’re more willing to try different jobs. The mindset has changed.”
Finding jobs for the likes of Bashayer in the private sector has been a key challenge for the oil-rich kingdom, where attempts to lower unemployment have run up against an economic slowdown and a job market long reliant on cheap foreign labor.
More Saudis are joining the hospitality sector, however, as Saudi Arabia rolls out an ambitious drive to draw millions of tourists, even as joblessness among nationals has held above 12% since 2016. Last month, the government unveiled plans to attract holidaymakers for the first time, showing it’s even willing to bend rules on how foreign women dress.
MENA funds: Best and worst performers until Q3 2019 | ZAWYA MENA Edition
MENA funds: Best and worst performers until Q3 2019 | ZAWYA MENA Edition:
There are more than 1,000 funds domiciled in the Middle East and North Africa region, with Saudi Arabia accounting to close to 250 funds.
Zawya has compiled data on the best and worst performing funds in the UAE, Saudi Arabia and Egypt in the first nine months of 2019 and the past five years.
The Saudi Stock Exchange (Tadawul) announced in June the inclusion of Saudi REITS in the FTSE European Public Real-estate Association (EPRA) Nareit Emerging Market Index.
“The inclusion will raise the level of Saudi REITs and align it with the international best practices, increase level of disclosure and accessibility to the capital market by foreign investors, and broaden the investors base in the Saudi capital market,” Raghu Mandagolathur, head of research at Kuwait Financial Centre (Markaz) told Zawya.
There are more than 1,000 funds domiciled in the Middle East and North Africa region, with Saudi Arabia accounting to close to 250 funds.
Zawya has compiled data on the best and worst performing funds in the UAE, Saudi Arabia and Egypt in the first nine months of 2019 and the past five years.
The Saudi Stock Exchange (Tadawul) announced in June the inclusion of Saudi REITS in the FTSE European Public Real-estate Association (EPRA) Nareit Emerging Market Index.
“The inclusion will raise the level of Saudi REITs and align it with the international best practices, increase level of disclosure and accessibility to the capital market by foreign investors, and broaden the investors base in the Saudi capital market,” Raghu Mandagolathur, head of research at Kuwait Financial Centre (Markaz) told Zawya.
Oil prices fall 1% as global demand concerns grow - Reuters
Oil prices fall 1% as global demand concerns grow - Reuters:
Oil prices fell nearly 1% on Monday after comments from a U.S. official fed concerns surrounding the U.S.-China trade war, adding to worries that a slowing global economy would reduce demand for oil.
Brent crude LCOc1 futures fell 46 cents, or 0.8%, to settle at $58.96 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 47 cents, or 0.9%, to settle at $53.31 a barrel.
Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November’s APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month.
Oil prices fell nearly 1% on Monday after comments from a U.S. official fed concerns surrounding the U.S.-China trade war, adding to worries that a slowing global economy would reduce demand for oil.
Brent crude LCOc1 futures fell 46 cents, or 0.8%, to settle at $58.96 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 47 cents, or 0.9%, to settle at $53.31 a barrel.
Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November’s APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month.
Fitch puts Turkey's Halkbank on downgrade warning after U.S. charges - Reuters
Fitch puts Turkey's Halkbank on downgrade warning after U.S. charges - Reuters:
Ratings agency Fitch put the long-term foreign currency rating of Turkey’s Halkbank on “rating watch negative” on Monday, following U.S. Department of Justice charges of fraud, money laundering and Iran sanctions busting.
The downgrade warning on the rating... “reflects uncertainty surrounding the sufficiency and timeliness of support from the Turkish authorities in case a material fine or other punitive measures are imposed on Halk,” Fitch said in a statement.
Fitch currently has a rating of ‘B+’ on Halkbank.
Ratings agency Fitch put the long-term foreign currency rating of Turkey’s Halkbank on “rating watch negative” on Monday, following U.S. Department of Justice charges of fraud, money laundering and Iran sanctions busting.
The downgrade warning on the rating... “reflects uncertainty surrounding the sufficiency and timeliness of support from the Turkish authorities in case a material fine or other punitive measures are imposed on Halk,” Fitch said in a statement.
Fitch currently has a rating of ‘B+’ on Halkbank.
#UAE's Majid Al Futtaim hires banks for dollar green sukuk - Reuters
UAE's Majid Al Futtaim hires banks for dollar green sukuk - Reuters:
Majid Al Futtaim, a UAE-based developer and shopping mall operator, has hired banks to arrange a potential issue of U.S. dollar-denominated “green” sukuk, or Islamic bonds, a document by one of the banks leading the deal showed on Monday.
The company has hired BNP Paribas, Citigroup, and HSBC to coordinate the 10-year deal, along with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and First Abu Dhabi Bank as joint lead managers.
Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.
Majid Al Futtaim, a UAE-based developer and shopping mall operator, has hired banks to arrange a potential issue of U.S. dollar-denominated “green” sukuk, or Islamic bonds, a document by one of the banks leading the deal showed on Monday.
The company has hired BNP Paribas, Citigroup, and HSBC to coordinate the 10-year deal, along with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and First Abu Dhabi Bank as joint lead managers.
Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.
Capco says no approach from Nicholas Candy, talking to Delancey about Earls Court sale - Reuters
Capco says no approach from Nicholas Candy, talking to Delancey about Earls Court sale - Reuters:
Capital & Counties Properties Plc (Capco) (CAPCC.L) said on Monday it had not received any overtures from luxury property developer Nicholas Candy after one of his investment funds said it was considering a cash offer for the 85-year old company.
Capco also said it was in exclusive talks with investment firm Delancey regarding a possible sale of its interests in the Earls Court area of west London.
The Sunday Times reported that the Candy brothers, Nick and Christian, held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on UK-based Capco, which has a market value of about 2.1 billion pounds ($2.71 billion).
Capital & Counties Properties Plc (Capco) (CAPCC.L) said on Monday it had not received any overtures from luxury property developer Nicholas Candy after one of his investment funds said it was considering a cash offer for the 85-year old company.
Capco also said it was in exclusive talks with investment firm Delancey regarding a possible sale of its interests in the Earls Court area of west London.
The Sunday Times reported that the Candy brothers, Nick and Christian, held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on UK-based Capco, which has a market value of about 2.1 billion pounds ($2.71 billion).
MIDEAST STOCKS-Banks lead #Saudi lower, most other Gulf markets dip - Reuters
MIDEAST STOCKS-Banks lead Saudi lower, most other Gulf markets dip - Reuters:
Saudi Arabia's stock market retreated on
Monday, snapping a three-day winning streak and hurt by falls in
banking shares, while other major Gulf markets mostly ended
lower.
The Saudi index closed down 0.3% with Al Rajhi Bank
shedding 1% and Riyad Bank dropping 2.5%.
Yanbu National Petrochemicals (Yansab) was the top
loser on the index, down 3.6%. The Company's profit more than
halved in the third quarter, compared with the same period last
year.
Saudi Arabian consumer prices fell in September compared
with a year earlier for the ninth month in a row, but at the
slowest pace so far this year, government data showed on Monday.
Saudi Arabia's stock market retreated on
Monday, snapping a three-day winning streak and hurt by falls in
banking shares, while other major Gulf markets mostly ended
lower.
The Saudi index closed down 0.3% with Al Rajhi Bank
shedding 1% and Riyad Bank dropping 2.5%.
Yanbu National Petrochemicals (Yansab) was the top
loser on the index, down 3.6%. The Company's profit more than
halved in the third quarter, compared with the same period last
year.
Saudi Arabian consumer prices fell in September compared
with a year earlier for the ninth month in a row, but at the
slowest pace so far this year, government data showed on Monday.
Khaled Abanami, CFO of Etihad Etisalat, or Mobily, on Results, Outlook, Strategy - Bloomberg
Khaled Abanami, CFO of Etihad Etisalat, or Mobily, on Results, Outlook, Strategy - Bloomberg:
Khaled Abanami, chief financial officer of Etihad Etisalat, talks about the company's financial results and business prospects. The Saudi Arabian telecommunications provider known as Mobily posted a fourth consecutive quarter of profit. It earned 51.1 million riyals compared to a loss of 30.9 million a year ago. Abanami speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Khaled Abanami, chief financial officer of Etihad Etisalat, talks about the company's financial results and business prospects. The Saudi Arabian telecommunications provider known as Mobily posted a fourth consecutive quarter of profit. It earned 51.1 million riyals compared to a loss of 30.9 million a year ago. Abanami speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Dubai's DP World mulls further acquisitions in logistics, supply chain: CEO | ZAWYA MENA Edition
Dubai's DP World mulls further acquisitions in logistics, supply chain: CEO | ZAWYA MENA Edition:
Dubai-based global ports operator, DP World, which is majority owned by Dubai government (80.45 percent), is considering more acquisitions in the logistics and supply chain sector to foster its position as a 'trade enabler', its CEO told daily newspaper The National.
According to the daily, the DP World CEO and MD, Mohammed Al Muallem, DP World’s chief executive and managing director declined to reveal a timeline or location for potential acquisitions.
“DP World continues to see further potential for growth in Africa and is still studying the US market for possible acquisitions,” the Al Muallem was quoted as saying.
Dubai-based global ports operator, DP World, which is majority owned by Dubai government (80.45 percent), is considering more acquisitions in the logistics and supply chain sector to foster its position as a 'trade enabler', its CEO told daily newspaper The National.
According to the daily, the DP World CEO and MD, Mohammed Al Muallem, DP World’s chief executive and managing director declined to reveal a timeline or location for potential acquisitions.
“DP World continues to see further potential for growth in Africa and is still studying the US market for possible acquisitions,” the Al Muallem was quoted as saying.
Mubadala Capital's $250mln funds eye startups, exceptional founders in #AbuDhabi | ZAWYA MENA Edition
Mubadala Capital's $250mln funds eye startups, exceptional founders in Abu Dhabi | ZAWYA MENA Edition:
UAE's Mubadala Capital will manage two funds worth $250 million for investments in startups and venture funds, reinforcing Abu Dhabi’s status as a tech and innovation hub.
The funds include a $150 million (550 million dirhams) ‘fund of funds’ program, which will invest in funds that support the Abu Dhabi-based Hub71 ecosystem, by investing in companies that leverage Hub71 for growth and expansion.
As part of this program, Mubadala Capital, the financial investment arm of Mubadala Investment Company, will commit to three funds as a part of its first funds cohort - San Francisco-based Data Collective Venture Capital (DCVC), Middle East Ventures Partners (MEVP) and Global Ventures.
UAE's Mubadala Capital will manage two funds worth $250 million for investments in startups and venture funds, reinforcing Abu Dhabi’s status as a tech and innovation hub.
The funds include a $150 million (550 million dirhams) ‘fund of funds’ program, which will invest in funds that support the Abu Dhabi-based Hub71 ecosystem, by investing in companies that leverage Hub71 for growth and expansion.
As part of this program, Mubadala Capital, the financial investment arm of Mubadala Investment Company, will commit to three funds as a part of its first funds cohort - San Francisco-based Data Collective Venture Capital (DCVC), Middle East Ventures Partners (MEVP) and Global Ventures.
UPDATE 1-Nicholas Candy's firm mulls possible offer for UK property group Capco - Reuters
UPDATE 1-Nicholas Candy's firm mulls possible offer for UK property group Capco - Reuters:
Candy Ventures, an investment vehicle of luxury property developer Nicholas Candy, said on Monday it was in early talks for a possible cash offer for property manager Capital & Counties Properties Plc (Capco).
UK-based Capital & Counties has a market value of about 2.1 billion pounds ($2.71 billion).
Capco could not be immediately reached for comment outside regular market hours. Shares of the company rose 5.5% to 263.5 pence in early trading.
Candy Ventures confirmed on Monday that it was in the early stages of considering an offer for Capco, following a report from The Times that Candy brothers, Nick and Christian Candy, have held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on Capco.
Candy Ventures, an investment vehicle of luxury property developer Nicholas Candy, said on Monday it was in early talks for a possible cash offer for property manager Capital & Counties Properties Plc (Capco).
UK-based Capital & Counties has a market value of about 2.1 billion pounds ($2.71 billion).
Capco could not be immediately reached for comment outside regular market hours. Shares of the company rose 5.5% to 263.5 pence in early trading.
Candy Ventures confirmed on Monday that it was in the early stages of considering an offer for Capco, following a report from The Times that Candy brothers, Nick and Christian Candy, have held early stage talks with Saudi Arabia’s Public Investment Fund about a joint move on Capco.
Oil prices fall as global demand concerns grow - Reuters
Oil prices fall as global demand concerns grow - Reuters:
Oil fell on Monday as concerns about economic growth combined with signs of ample global supplies pressured prices, outweighing bullish signals from Europe, where fears of an economically damaging no-deal Brexit have eased.
Global benchmark Brent crude LCOc1 was down 57 cents at $58.85 a barrel by 0944 GMT. U.S. West Texas Intermediate crude oil CLc1 declined 39 cents to $53.39 a barrel.
U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, hoping to resolve a trade war that has rumbled on over the last year, slowing global economic growth.
Oil fell on Monday as concerns about economic growth combined with signs of ample global supplies pressured prices, outweighing bullish signals from Europe, where fears of an economically damaging no-deal Brexit have eased.
Global benchmark Brent crude LCOc1 was down 57 cents at $58.85 a barrel by 0944 GMT. U.S. West Texas Intermediate crude oil CLc1 declined 39 cents to $53.39 a barrel.
U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, hoping to resolve a trade war that has rumbled on over the last year, slowing global economic growth.
MIDEAST STOCKS-Banks weigh on #Saudi; other Gulf markets mixed - Reuters
MIDEAST STOCKS-Banks weigh on Saudi; other Gulf markets mixed - Reuters:
Most Gulf stock markets moved marginally on Monday, with the Saudi index snapping a three-day winning streak dented by losses in financials and petrochemical sectors.
In Saudi Arabia, the benchmark index dropped 0.7% with Al Rajhi Bank losing 1% and Riyad Bank easing 1.6%.
Yanbu National Petrochemicals Co declined 3% after the company’s profit more than halved in the third quarter, compared with the same quarter last year.
Separately, Saudi Aramco (IPO-ARMO.SE) has put off the planned launch of its initial public offering (IPO) in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm, Reuters reported on Friday citing two sources familiar with the matter.
Most Gulf stock markets moved marginally on Monday, with the Saudi index snapping a three-day winning streak dented by losses in financials and petrochemical sectors.
In Saudi Arabia, the benchmark index dropped 0.7% with Al Rajhi Bank losing 1% and Riyad Bank easing 1.6%.
Yanbu National Petrochemicals Co declined 3% after the company’s profit more than halved in the third quarter, compared with the same quarter last year.
Separately, Saudi Aramco (IPO-ARMO.SE) has put off the planned launch of its initial public offering (IPO) in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm, Reuters reported on Friday citing two sources familiar with the matter.