Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned - Bloomberg:
Al Masah Capital Ltd., once among the Persian Gulf’s most active private equity companies, is being liquidated after being fined for allegedly misleading investors about fees, according to court filings in the Cayman Islands.
The company’s collapse comes after Dubai’s financial watchdog in May penalized Al Masah, its founder Shailesh Dash, and two other executives on accusations that they also provided unauthorized services. The individuals were banned from working in the emirate’s financial center.
The company, Dash and the two others dispute the watchdog’s findings and are appealing the charges in front of a local tribunal, according to the regulator. The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.
“Following the issuance of that fine, each of the employees of the company either left the company or resigned,” according to the Cayman court documents, which didn’t specify which staff had left. This left Al Masah “effectively incapacitated,” the filings show.
Monday 5 October 2020
Israeli VC firm and #Dubai merchant family form tech funding alliance | Financial Times
Israeli VC firm and Dubai merchant family form tech funding alliance | Financial Times:
A leading Israeli venture capital firm is teaming up with a major Dubai merchant family to launch a funding platform to facilitate technology investments between the United Arab Emirates and the Jewish state, in the first such tech alliance since the normalisation of UAE-Israeli relations.
The tie-up between OurCrowd and Abdullah Al Naboodah’s business development unit, dubbed Phoenix Capital, will aim to create a bilateral venture-funding corridor, with an initial $100m raised from Emirati and other Gulf investors.
Phoenix will act as a platform to channel Gulf investment into OurCrowd’s 220 portfolio companies, building on the pent-up demand in the UAE for opportunities in the thriving Israeli start-up scene.
The Israeli company, a $1.5bn fund that deploys capital on behalf of small and medium-sized investors, hopes to launch its companies into the UAE, capitalising on the diversified nature of the Al Naboodah Group conglomerate, which spans from the automotive and construction industries to travel and real estate.
A leading Israeli venture capital firm is teaming up with a major Dubai merchant family to launch a funding platform to facilitate technology investments between the United Arab Emirates and the Jewish state, in the first such tech alliance since the normalisation of UAE-Israeli relations.
The tie-up between OurCrowd and Abdullah Al Naboodah’s business development unit, dubbed Phoenix Capital, will aim to create a bilateral venture-funding corridor, with an initial $100m raised from Emirati and other Gulf investors.
Phoenix will act as a platform to channel Gulf investment into OurCrowd’s 220 portfolio companies, building on the pent-up demand in the UAE for opportunities in the thriving Israeli start-up scene.
The Israeli company, a $1.5bn fund that deploys capital on behalf of small and medium-sized investors, hopes to launch its companies into the UAE, capitalising on the diversified nature of the Al Naboodah Group conglomerate, which spans from the automotive and construction industries to travel and real estate.
#Saudi outperforms in weak Gulf, while property shares weigh on #Dubai | Reuters
Saudi outperforms in weak Gulf, while property shares weigh on Dubai | Reuters:
Most major Middle Eastern markets ended lower on Monday with losses in real estate shares weighing on the Dubai index, while the Saudi market bucked the trend to close higher.
The benchmark index .TASI in Saudi Arabia rose 1%, with oil giant Saudi Aramco 2222.SE gaining 2.1% and Al Rajhi Bank 1120.SE rising 1.1%.
The kingdom shipped 6.1 million barrels per day of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, Reuters reported on Monday, citing an industry source.
Dubai's main share index .DFMGI declined 0.9%, dragged down by a 1.8% fall in blue-chip developer Emaar Properties EMAR.DU and a 1% drop in Emirates NBD Bank ENBD.DU.
The Abu Dhabi index .ADI slipped 0.1%, hit by a 0.2% loss in the country's largest lender First Abu Dhabi Bank FAB.AD and a 1% fall in Aldar Properties ALDAR.AD.
The United Arab Emirates’ non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain coronavirus.
Last week the UAE recorded its highest daily number of new infections with 1,158 cases, after a surge in infections over the past two months that authorities have blamed on poor adherence to social distancing measures.
In Qatar the index .QSI ended flat, with Qatar Islamic Bank QISB.QA losing 1%.
Most major Middle Eastern markets ended lower on Monday with losses in real estate shares weighing on the Dubai index, while the Saudi market bucked the trend to close higher.
The benchmark index .TASI in Saudi Arabia rose 1%, with oil giant Saudi Aramco 2222.SE gaining 2.1% and Al Rajhi Bank 1120.SE rising 1.1%.
The kingdom shipped 6.1 million barrels per day of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, Reuters reported on Monday, citing an industry source.
Dubai's main share index .DFMGI declined 0.9%, dragged down by a 1.8% fall in blue-chip developer Emaar Properties EMAR.DU and a 1% drop in Emirates NBD Bank ENBD.DU.
The Abu Dhabi index .ADI slipped 0.1%, hit by a 0.2% loss in the country's largest lender First Abu Dhabi Bank FAB.AD and a 1% fall in Aldar Properties ALDAR.AD.
The United Arab Emirates’ non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain coronavirus.
Last week the UAE recorded its highest daily number of new infections with 1,158 cases, after a surge in infections over the past two months that authorities have blamed on poor adherence to social distancing measures.
In Qatar the index .QSI ended flat, with Qatar Islamic Bank QISB.QA losing 1%.
Oil jumps 5% on Trump health update, Norway shutdowns | Reuters
Oil jumps 5% on Trump health update, Norway shutdowns | Reuters:
Oil prices climbed more than 5% on Monday after U.S. President Donald Trump said he will leave the hospital where he is being treated for COVID-19, while six Norwegian offshore oil and gas fields were shut as more workers joined a strike.
Brent LCOc1 rose $2.02, or 5.1%, to settle at $41.29 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $2.17, or 5.9%, to settle at $39.22 a barrel.
“A lot of people thought last week’s sell-off was overdone,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “There were a lot of assumptions.”
On Friday, prices slumped more than 4% following the news that Trump had tested positive for the coronavirus. On Monday, Trump said he will leave the military hospital where he was being treated later in the day, adding that he felt “really good.”
Oil prices climbed more than 5% on Monday after U.S. President Donald Trump said he will leave the hospital where he is being treated for COVID-19, while six Norwegian offshore oil and gas fields were shut as more workers joined a strike.
Brent LCOc1 rose $2.02, or 5.1%, to settle at $41.29 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 rose $2.17, or 5.9%, to settle at $39.22 a barrel.
“A lot of people thought last week’s sell-off was overdone,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “There were a lot of assumptions.”
On Friday, prices slumped more than 4% following the news that Trump had tested positive for the coronavirus. On Monday, Trump said he will leave the military hospital where he was being treated later in the day, adding that he felt “really good.”
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#AbuDhabi Investor Signs Pact on $225 Million Sudan Farm Project - Bloomberg
Abu Dhabi Investor Signs Pact on $225 Million Sudan Farm Project - Bloomberg:
International Holding Co. said a unit entered into an agreement with DAL Group to jointly invest $225 million in a Sudan agriculture project as the Abu Dhabi-based investor diversifies its portfolio.
IHC Food Holding’s five-year investment plan expects to transform over 100,000 acres into farmland with an annual output of over 400,000 metric tons of crops, according to a statement. The project aims to create 5,000 jobs and generate $1 billion in export revenue over 10 years.
Through a flurry of mergers and acquisitions that started last year, International Holding has amassed a portfolio spanning real estate to utilities and health care to food services.
The shares have soared more than 500% in 2020, giving it a market capitalization of about $19 billion.
DAL Group is one of Sudan’s biggest conglomerates.
International Holding Co. said a unit entered into an agreement with DAL Group to jointly invest $225 million in a Sudan agriculture project as the Abu Dhabi-based investor diversifies its portfolio.
IHC Food Holding’s five-year investment plan expects to transform over 100,000 acres into farmland with an annual output of over 400,000 metric tons of crops, according to a statement. The project aims to create 5,000 jobs and generate $1 billion in export revenue over 10 years.
Through a flurry of mergers and acquisitions that started last year, International Holding has amassed a portfolio spanning real estate to utilities and health care to food services.
The shares have soared more than 500% in 2020, giving it a market capitalization of about $19 billion.
DAL Group is one of Sudan’s biggest conglomerates.
#UAE non-oil sector sees weak rebound in September - PMI | Reuters
UAE non-oil sector sees weak rebound in September - PMI | Reuters:
The United Arab Emirates’ non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain the novel coronavirus.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, rose to 51.0 in September from 49.4 in August, going above the 50.0 mark that separates growth from contraction for the third time in four months.
This was the highest reading for 11 months but was still well below its 54.1 average last year.
New orders grew in September as companies offered larger discounts and activity picked up due to an increase in consumer demand amid softer coronavirus-related restrictions.
The United Arab Emirates’ non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain the novel coronavirus.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, rose to 51.0 in September from 49.4 in August, going above the 50.0 mark that separates growth from contraction for the third time in four months.
This was the highest reading for 11 months but was still well below its 54.1 average last year.
New orders grew in September as companies offered larger discounts and activity picked up due to an increase in consumer demand amid softer coronavirus-related restrictions.
#Saudi non-oil private sector back to growth for first time since Feb - PMI | Reuters
Saudi non-oil private sector back to growth for first time since Feb - PMI | Reuters:
Saudi Arabia’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) rose to 50.7 from 48.8 in August, going above the 50 mark that separates growth from contraction for the first time since February, prior to the pandemic.
“Business activity in the Saudi Arabia non-oil private sector ticked up in September, supported by a return to sales growth as the economy started to find its footing after the COVID-19 lockdown,” said David Owen, economist at IHS Markit.
“In addition, the impact of a rise in VAT notably softened, after a sharp rise in prices and a dip in sales were seen in August. Cost inflation eased to just a marginal pace.”
Saudi Arabia’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) rose to 50.7 from 48.8 in August, going above the 50 mark that separates growth from contraction for the first time since February, prior to the pandemic.
“Business activity in the Saudi Arabia non-oil private sector ticked up in September, supported by a return to sales growth as the economy started to find its footing after the COVID-19 lockdown,” said David Owen, economist at IHS Markit.
“In addition, the impact of a rise in VAT notably softened, after a sharp rise in prices and a dip in sales were seen in August. Cost inflation eased to just a marginal pace.”
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Oil prices rebound 2% on Trump's health, Norway strike escalation | Reuters
Oil prices rebound 2% on Trump's health, Norway strike escalation | Reuters:
Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.
Trump’s health update eased political uncertainty in global markets, pushing Brent up to $40.10 a barrel by 0613 GMT, gaining 83 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude was at $37.94 a barrel, up 89 cents, or 2.4%.
Oil was also supported by an escalating workers’ strike in Norway that has shut four of Equinor’s oil and gas fields. The strike could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of its total output, according to the Norwegian Oil and Gas Association.
Prices had slumped more than 4% on Friday amid uncertainty surrounding Trump’s health, adding to concerns about rising coronavirus case numbers that could dampen a global economic recovery.
Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.
Trump’s health update eased political uncertainty in global markets, pushing Brent up to $40.10 a barrel by 0613 GMT, gaining 83 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude was at $37.94 a barrel, up 89 cents, or 2.4%.
Oil was also supported by an escalating workers’ strike in Norway that has shut four of Equinor’s oil and gas fields. The strike could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per day (boepd) or 8% of its total output, according to the Norwegian Oil and Gas Association.
Prices had slumped more than 4% on Friday amid uncertainty surrounding Trump’s health, adding to concerns about rising coronavirus case numbers that could dampen a global economic recovery.
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