Another IPO Record Beckons for Saudi Stock Exchange This Year - Bloomberg
The Saudi stock exchange expects to host more initial public offerings than ever in 2021, seizing on strong demand from local investors that supported several deals last year.
After 22 issuances across different platforms in 2020, “I think we will break that record this year,” Khalid Abdullah Al-Hussan, the chief executive officer of the Tadawul exchange, said in an interview on the sidelines of the Future Investment Initiative conference in Riyadh.
Four companies went public last year on the main market of the Saudi exchange, raising a combined $1.5 billion, according to data compiled by Bloomberg. That was more than the $1.3 billion worth of IPOs in Germany, though far behind the listing of oil giant Saudi Aramco in 2019.
“We have a very very healthy pipeline in all our platforms, and there is a good focus on Nomu and the main market,” Al-Hussan said, referring to the parallel market for smaller listings in Riyadh. “So we see a good pipeline -- even better than 2020.”
Thursday, 28 January 2021
Oil eases as demand worries offset weaker dollar, big storage draw | Reuters
Oil eases as demand worries offset weaker dollar, big storage draw | Reuters
Oil eased on Thursday as the market focused more on concerns that delays to vaccine rollouts and fresh travel curbs could depress demand than the impact of a weaker dollar and a big U.S. crude inventory drawdown.
Brent futures for March delivery fell 28 cents, or 0.5%, to settle at $55.53 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 51 cents, or 1.0%, lower at $52.34.
With the Brent March contract expiring on Friday, the premium of the Brent front-month over the second month rose to its highest level since February 2020 for a fourth day in a row.
“We ... view the strong curve as indicative of tightening balances in which upcoming Saudi production cuts are more than offsetting increased demand concerns related to the coronavirus,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Oil eased on Thursday as the market focused more on concerns that delays to vaccine rollouts and fresh travel curbs could depress demand than the impact of a weaker dollar and a big U.S. crude inventory drawdown.
Brent futures for March delivery fell 28 cents, or 0.5%, to settle at $55.53 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 51 cents, or 1.0%, lower at $52.34.
With the Brent March contract expiring on Friday, the premium of the Brent front-month over the second month rose to its highest level since February 2020 for a fourth day in a row.
“We ... view the strong curve as indicative of tightening balances in which upcoming Saudi production cuts are more than offsetting increased demand concerns related to the coronavirus,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
UPDATE 1- #Saudi bourse could go public within two years, says CEO | Reuters
UPDATE 1-Saudi bourse could go public within two years, says CEO | Reuters
Saudi Arabia’s bourse, Tadawul, will announce plans to go public this year, its chief executive said on Thursday.
A timeline for an initial public offering (IPO) will be provided this year, Tadawul CEO Khalid Alhussan told Reuters on the sidelines of the Future Investment Initiative conference, adding that the listing could take place within a two-year time frame.
Tadawul hired HSBC in 2016 to manage an IPO initially planned for 2018 but put on hold due to oil giant Saudi Aramco’s record $29.4 billion listing at the end of 2019.
“Our commitment for listing continues the same. What we have delayed is just the time because Vision 2030 came in place, transformational commitment came into place,” Alhussan said, referring to Saudi Crown Prince Mohammed bin Salman’s plan to diversify the economy and wean it off crude revenues.
He said he anticipated that the total number of IPOs this year may exceed last year’s 22, and would be across the main index and other platforms, adding that it would give a strong indication of Saudi corporates’ views about listing.
Saudi Arabia’s bourse, Tadawul, will announce plans to go public this year, its chief executive said on Thursday.
A timeline for an initial public offering (IPO) will be provided this year, Tadawul CEO Khalid Alhussan told Reuters on the sidelines of the Future Investment Initiative conference, adding that the listing could take place within a two-year time frame.
Tadawul hired HSBC in 2016 to manage an IPO initially planned for 2018 but put on hold due to oil giant Saudi Aramco’s record $29.4 billion listing at the end of 2019.
“Our commitment for listing continues the same. What we have delayed is just the time because Vision 2030 came in place, transformational commitment came into place,” Alhussan said, referring to Saudi Crown Prince Mohammed bin Salman’s plan to diversify the economy and wean it off crude revenues.
He said he anticipated that the total number of IPOs this year may exceed last year’s 22, and would be across the main index and other platforms, adding that it would give a strong indication of Saudi corporates’ views about listing.
MIDEAST STOCKS-Major Gulf markets track global stocks lower; #Saudi gains | Nasdaq
MIDEAST STOCKS-Major Gulf markets track global stocks lower; Saudi gains | Nasdaq
Major Gulf markets weakened on Thursday, tracking global shares, as a sudden sell-off on Wall Street and lingering COVID-19-induced restrictions soured investor sentiment worldwide.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 2%, while pan-European STOXX .STOXX benchmark shed 1.8%.
Oil, a key catalyst for financial markets in the Gulf region, steadied after earlier declines fuelled by fresh travel curbs to prevent new coronavirus outbreaks and delays to vaccine rollouts. O/R
Among Gulf markets, the Dubai benchmark .DFMGI led the declines, falling 1.1%. The index also posted its first weekly loss in four, shedding 1.4% over the five sessions to Thursday.
Blue-chip developer Emaar Properties EMAR.DU was the worst performer on the Dubai index, with just two constituents in the benchmark finishing in the positive territory.
In Abu Dhabi, the index .ADI closed 0.4% lower, dragged mainly by a 0.6% decline in telecom giant Etisalat ETISALAT.AD and an about 2% fall in real estate stock Aldar Properties ALDAR.AD. Abu Dhabi had gained 1.4% in the previous session.
The index also managed a fourth successive weekly gain, firming 0.5% during the week.
The Qatari index .QSI lost nearly 1%, with Qatar Islamic Bank QISB.QA shedding 2.4% to be the worst performer on the benchmark.
The index also logged a weekly loss of 1.8%, declining in four of the last five trading days.
Qatar's Commercial Bank COMB.QA Chief Executive Officer Joseph Abraham said the firm plans to raise at least $1 billion through bond issues in the coming months, as the bank looks to take advantage of positive market conditions. The bank's shares followed the broader market, slipping 1.2%.
Saudi Arabia's benchmark index .TASI bucked the trend to end 0.3% higher, with Saudi Basic Industries Corp (SABIC) 2010.SE, the world's fourth-biggest petrochemicals firm gaining about 1%.
The index, however, posted a weekly loss of 0.8%, its second straight decline for the period.
Major Gulf markets weakened on Thursday, tracking global shares, as a sudden sell-off on Wall Street and lingering COVID-19-induced restrictions soured investor sentiment worldwide.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 2%, while pan-European STOXX .STOXX benchmark shed 1.8%.
Oil, a key catalyst for financial markets in the Gulf region, steadied after earlier declines fuelled by fresh travel curbs to prevent new coronavirus outbreaks and delays to vaccine rollouts. O/R
Among Gulf markets, the Dubai benchmark .DFMGI led the declines, falling 1.1%. The index also posted its first weekly loss in four, shedding 1.4% over the five sessions to Thursday.
Blue-chip developer Emaar Properties EMAR.DU was the worst performer on the Dubai index, with just two constituents in the benchmark finishing in the positive territory.
In Abu Dhabi, the index .ADI closed 0.4% lower, dragged mainly by a 0.6% decline in telecom giant Etisalat ETISALAT.AD and an about 2% fall in real estate stock Aldar Properties ALDAR.AD. Abu Dhabi had gained 1.4% in the previous session.
The index also managed a fourth successive weekly gain, firming 0.5% during the week.
The Qatari index .QSI lost nearly 1%, with Qatar Islamic Bank QISB.QA shedding 2.4% to be the worst performer on the benchmark.
The index also logged a weekly loss of 1.8%, declining in four of the last five trading days.
Qatar's Commercial Bank COMB.QA Chief Executive Officer Joseph Abraham said the firm plans to raise at least $1 billion through bond issues in the coming months, as the bank looks to take advantage of positive market conditions. The bank's shares followed the broader market, slipping 1.2%.
Saudi Arabia's benchmark index .TASI bucked the trend to end 0.3% higher, with Saudi Basic Industries Corp (SABIC) 2010.SE, the world's fourth-biggest petrochemicals firm gaining about 1%.
The index, however, posted a weekly loss of 0.8%, its second straight decline for the period.
Oil steadies as COVID-19-induced demand worries persist | Reuters
Oil steadies as COVID-19-induced demand worries persist | Reuters
Oil steadied on Thursday after early declines fuelled by delays to vaccine rollouts and fresh travel curbs to prevent new coronavirus outbreaks.
Brent crude futures were up 8 cents, or 0.1%, at $55.89 a barrel by 1331 GMT, having hit a session low of $55.31.
U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2%, at $52.77 after dropping as low as $52.22.
Oil prices were supported by data on Wednesday showing a huge 10 million barrel decline in U.S. crude inventories last week, which analysts said was because of a pick-up in U.S. crude exports and a drop in imports.
Oil steadied on Thursday after early declines fuelled by delays to vaccine rollouts and fresh travel curbs to prevent new coronavirus outbreaks.
Brent crude futures were up 8 cents, or 0.1%, at $55.89 a barrel by 1331 GMT, having hit a session low of $55.31.
U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2%, at $52.77 after dropping as low as $52.22.
Oil prices were supported by data on Wednesday showing a huge 10 million barrel decline in U.S. crude inventories last week, which analysts said was because of a pick-up in U.S. crude exports and a drop in imports.
Aramco will launch further share sales - #Saudi crown prince | Reuters
Aramco will launch further share sales -Saudi crown prince | Reuters
Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, on Thursday said that oil giant Saudi Aramco will hold further share sales.
He was speaking at the kingdom’s Future Investment Initiative conference.
Aramco, the world’s biggest oil company completed the world’s largest initial public offering in late 2019.
Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, on Thursday said that oil giant Saudi Aramco will hold further share sales.
He was speaking at the kingdom’s Future Investment Initiative conference.
Aramco, the world’s biggest oil company completed the world’s largest initial public offering in late 2019.
UK court allows Abraaj founder's extradition to U.S | Reuters
UK court allows Abraaj founder's extradition to U.S | Reuters
The founder of collapsed Dubai-based private equity company Abraaj Group will be extradited to the United States, where he is wanted on fraud charges, a London court ruled on Thursday.
U.S. prosecutors allege Arif Naqvi, a Pakistani businessman, is the architect of a plot to defraud investors including the Bill & Melinda Gates Foundation. Naqvi’s lawyers have said he could face 291 years in jail if convicted in the U.S..
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until its collapse in 2018, after investors raised concerns about the management of its $1 billion healthcare fund.
The founder of collapsed Dubai-based private equity company Abraaj Group will be extradited to the United States, where he is wanted on fraud charges, a London court ruled on Thursday.
U.S. prosecutors allege Arif Naqvi, a Pakistani businessman, is the architect of a plot to defraud investors including the Bill & Melinda Gates Foundation. Naqvi’s lawyers have said he could face 291 years in jail if convicted in the U.S..
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until its collapse in 2018, after investors raised concerns about the management of its $1 billion healthcare fund.
Mubadala's four main business units prepare it for next phase of growth | The National
Mubadala's four main business units prepare it for next phase of growth | The National
Mubadala Investment Company's new organisational structure along four lines of business will gear the investment company for its next phase of growth.
The strategic investment fund with $232 billion of assets across six continents is being organised around four new entities: UAE investments, disruptive investments, direct investments and real estate and infrastructure.
The organisation is currently structured around key areas of investment: petroleum and petrochemicals; technology, mining and minerals; alternative investments and infrastructure; and aerospace, renewables and ICT, but a review of this structure has been under way since 2019.
"This new structure aligns with our aspirations to grow significantly in the coming years, in key asset classes and important geographies, and to continue building on our job creation and economic growth engines here in the United Arab Emirates," Ahmed Al Calily, Mubadala's chief strategy and risk offer, told The National.
Mubadala Investment Company's new organisational structure along four lines of business will gear the investment company for its next phase of growth.
The strategic investment fund with $232 billion of assets across six continents is being organised around four new entities: UAE investments, disruptive investments, direct investments and real estate and infrastructure.
The organisation is currently structured around key areas of investment: petroleum and petrochemicals; technology, mining and minerals; alternative investments and infrastructure; and aerospace, renewables and ICT, but a review of this structure has been under way since 2019.
"This new structure aligns with our aspirations to grow significantly in the coming years, in key asset classes and important geographies, and to continue building on our job creation and economic growth engines here in the United Arab Emirates," Ahmed Al Calily, Mubadala's chief strategy and risk offer, told The National.
#SaudiArabia Won’t Erase Budget Deficit by 2024, Says Goldman - Bloomberg
Saudi Arabia Won’t Erase Budget Deficit by 2024, Says Goldman - Bloomberg
Saudi Arabia’s budget deficit will narrow into 2024 but the kingdom is unlikely to balance its books by then as the government forecasts, according to Goldman Sachs Group Inc.
“In the medium term, we are cautious regarding the prospects for significant cuts to public spending, and see a gradual narrowing of the budget deficit to around 4.1% of gross domestic product in 2024,” Farouk Soussa, a London-based economist at Goldman, wrote in a report. “The government, meanwhile, projects a balanced budget in this time frame, suggesting upside risks to our more conservative forecasts.”
The double shock of lower oil prices and the economic fallout of the Covid-19 pandemic sent the kingdom’s deficit into double digits in 2020. Goldman sees this year’s shortfall narrowing significantly to 6.4% of GDP but remaining wider than the government’s 4.9% target.
Saudi Arabia’s budget deficit will narrow into 2024 but the kingdom is unlikely to balance its books by then as the government forecasts, according to Goldman Sachs Group Inc.
“In the medium term, we are cautious regarding the prospects for significant cuts to public spending, and see a gradual narrowing of the budget deficit to around 4.1% of gross domestic product in 2024,” Farouk Soussa, a London-based economist at Goldman, wrote in a report. “The government, meanwhile, projects a balanced budget in this time frame, suggesting upside risks to our more conservative forecasts.”
The double shock of lower oil prices and the economic fallout of the Covid-19 pandemic sent the kingdom’s deficit into double digits in 2020. Goldman sees this year’s shortfall narrowing significantly to 6.4% of GDP but remaining wider than the government’s 4.9% target.
#Qatar’s Third-Biggest Bank Says It’s in Turkey for ‘Long Haul’ - Bloomberg
Qatar’s Third-Biggest Bank Says It’s in Turkey for ‘Long Haul’ - Bloomberg
Commercial Bank of Qatar is committed to its business in Turkey for “the long haul” and will focus on building its operations there, according to the top executive at the lender.
“We are focusing on building it and improving the return on equity,” Group Chief Executive Officer Joseph Abraham said in a Bloomberg TV interview Thursday. CBQ has spent the last few years turning the business around, with its non-performing loans better than the market’s average, he said.
CBQ is currently Qatar’s third-largest lender by assets, though a combination between Masraf Al Rayan QSC and Al Khalij Commercial Bank PQSC could knock it down a notch. It took full ownership of Alternatifbank AS in 2016 and has had to undertake several rounds of capital increases since then to support the Turkish unit’s growth plans.
Turkish banks are at risk of an increase in NPLs after being pressured into extending more credit to keep the economy afloat through a currency crisis and lockdown restrictions aimed at slowing the spread of Covid-19. The outlook for the industry is shifting, however, following a dramatic change in policy making last November, after the central bank governor was fired by President Recep Tayyip Erdogan, and the resignation of his son-in-law as finance minister.
Commercial Bank of Qatar is committed to its business in Turkey for “the long haul” and will focus on building its operations there, according to the top executive at the lender.
“We are focusing on building it and improving the return on equity,” Group Chief Executive Officer Joseph Abraham said in a Bloomberg TV interview Thursday. CBQ has spent the last few years turning the business around, with its non-performing loans better than the market’s average, he said.
CBQ is currently Qatar’s third-largest lender by assets, though a combination between Masraf Al Rayan QSC and Al Khalij Commercial Bank PQSC could knock it down a notch. It took full ownership of Alternatifbank AS in 2016 and has had to undertake several rounds of capital increases since then to support the Turkish unit’s growth plans.
Turkish banks are at risk of an increase in NPLs after being pressured into extending more credit to keep the economy afloat through a currency crisis and lockdown restrictions aimed at slowing the spread of Covid-19. The outlook for the industry is shifting, however, following a dramatic change in policy making last November, after the central bank governor was fired by President Recep Tayyip Erdogan, and the resignation of his son-in-law as finance minister.
#Qatar's Commercial Bank plans to raise at least $1 bln via bond sales - CEO | Reuters
Qatar's Commercial Bank plans to raise at least $1 bln via bond sales - CEO | Reuters
Qatar’s Commercial Bank is planning to raise at least $1 billion through bond issues in the coming months, Chief Executive Joseph Abraham said, as the bank looks to take advantage of positive market conditions to boost its capital.
It plans to issue its debut international additional tier 1 bonds in the first quarter, aiming to raise between $500 million and $650 million, depending on market appetite.
On top of that, probably at the end of the quarter, it plans to issue senior bonds worth $500-$600 million, Abraham said.
“We’re seeing if we can diversify the investor base in our bonds, and also the tenor ... because I think this is a good time to look at maybe extending the tenor for some portions of the bonds,” he said in an interview.
This week the bank reported a 35.6% annual drop in net profit for 2020 but expects business conditions to improve this year amid the vaccines roll out and a rebound in energy prices.
Qatar’s Commercial Bank is planning to raise at least $1 billion through bond issues in the coming months, Chief Executive Joseph Abraham said, as the bank looks to take advantage of positive market conditions to boost its capital.
It plans to issue its debut international additional tier 1 bonds in the first quarter, aiming to raise between $500 million and $650 million, depending on market appetite.
On top of that, probably at the end of the quarter, it plans to issue senior bonds worth $500-$600 million, Abraham said.
“We’re seeing if we can diversify the investor base in our bonds, and also the tenor ... because I think this is a good time to look at maybe extending the tenor for some portions of the bonds,” he said in an interview.
This week the bank reported a 35.6% annual drop in net profit for 2020 but expects business conditions to improve this year amid the vaccines roll out and a rebound in energy prices.
Oil falls on COVID-19-induced demand worries, stronger dollar | Reuters
Oil falls on COVID-19-induced demand worries, stronger dollar | Reuters
Oil fell on Thursday on fresh fuel demand worries because of travel curbs to prevent new coronavirus outbreaks and delays with vaccines and a stronger U.S. dollar weighed on prices.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.7%, to $52.49 a barrel at 0738 GMT, erasing Wednesday’s gain.
Brent crude futures fell 46 cents, or 0.8%, to $55.35 a barrel, after losing 10 cents on Wednesday.
The U.S. dollar index, which measures the greenback against other major currencies, rose to 90.753 from a January low of 89.206. Buyers using other currencies must pay more for dollar-denominated oil when the greenback rises.
The oil market had been supported earlier this week by a surprisingly large decline in U.S. crude stockpiles in the week to Jan. 22, which analysts said was due to a pick up in U.S. crude exports and a drop in imports.
Oil fell on Thursday on fresh fuel demand worries because of travel curbs to prevent new coronavirus outbreaks and delays with vaccines and a stronger U.S. dollar weighed on prices.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.7%, to $52.49 a barrel at 0738 GMT, erasing Wednesday’s gain.
Brent crude futures fell 46 cents, or 0.8%, to $55.35 a barrel, after losing 10 cents on Wednesday.
The U.S. dollar index, which measures the greenback against other major currencies, rose to 90.753 from a January low of 89.206. Buyers using other currencies must pay more for dollar-denominated oil when the greenback rises.
The oil market had been supported earlier this week by a surprisingly large decline in U.S. crude stockpiles in the week to Jan. 22, which analysts said was due to a pick up in U.S. crude exports and a drop in imports.
Most Gulf markets in red mirroring Asian stocks | Reuters
Most Gulf markets in red mirroring Asian stocks | Reuters
Most stock markets in the Gulf retreated on Thursday, in line with Asian shares, as a sudden sell-off on Wall Street and delays with coronavirus vaccines weighed on sentiment.
Oil prices, a key catalyst for the Gulf region’s financial markets, also slipped despite a huge drop in U.S. crude stock.
Brent crude futures fell 36 cents, or 0.65%, to $55.45 a barrel, after losing 10 cents on Wednesday.
Saudi Arabia’s benchmark index fell 0.4%, with the kingdom’s largest lender National Commercial Bank losing 1.1%, while Al Rajhi Bank slipped 0.4%.
Dubai’s main share index dropped 0.8%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties and a 0.8% decrease in Emirates NBD Bank.
In Abu Dhabi, the index slipped 0.4%, hit by a 0.4% fall in the country’s largest lender First Abu Dhabi Bank and a 0.5% ease in telecom giant Etisalat.
The Qatari index lost 0.6%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which traded 1.1% lower.
Most stock markets in the Gulf retreated on Thursday, in line with Asian shares, as a sudden sell-off on Wall Street and delays with coronavirus vaccines weighed on sentiment.
Oil prices, a key catalyst for the Gulf region’s financial markets, also slipped despite a huge drop in U.S. crude stock.
Brent crude futures fell 36 cents, or 0.65%, to $55.45 a barrel, after losing 10 cents on Wednesday.
Saudi Arabia’s benchmark index fell 0.4%, with the kingdom’s largest lender National Commercial Bank losing 1.1%, while Al Rajhi Bank slipped 0.4%.
Dubai’s main share index dropped 0.8%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties and a 0.8% decrease in Emirates NBD Bank.
In Abu Dhabi, the index slipped 0.4%, hit by a 0.4% fall in the country’s largest lender First Abu Dhabi Bank and a 0.5% ease in telecom giant Etisalat.
The Qatari index lost 0.6%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which traded 1.1% lower.
Drake and Scull: Jordan court files indictment against Khaldoun Tabari | ZAWYA MENA Edition
Drake and Scull: Jordan court files indictment against Khaldoun Tabari | ZAWYA MENA Edition
The Public Prosecutor in Amman, Jordan, has filed an indictment against the former CEO of Dubai-based contractor Drake and Scull International, his daughter and a former executive director at the firm on several charges, including fraud.
In a statement issued on Wednesday, the DSI said the indictment made against Khaldoun Saeed Al Tabari, Zeina Khaldoun Al Tabari, and Saleh Mustafa Muradweij, a former executive director at the firm, includes the felony of fraud in buying, selling, or managing movable and immovable state or public authority funds, as per Article (175) of the Penal Code and Articles (2, 3 and 4) of the Jordanian Economic Crimes Law.
Tabari was the CEO of DSI from 1998 to 2016 and has been accused by the UAE’s Public Funds Prosecution of several transgressions valued at more than AED 4 billion in addition to other financial crimes.
He left the UAE with his family in 2018 and has not returned since. In January 2020, Tabari was arrested at Jordan's Queen Alia International Airport in Amman on January 7 as he was catching a flight to the UK, after Interpol issued a Red Notice for his arrest.
The Public Prosecutor in Amman, Jordan, has filed an indictment against the former CEO of Dubai-based contractor Drake and Scull International, his daughter and a former executive director at the firm on several charges, including fraud.
In a statement issued on Wednesday, the DSI said the indictment made against Khaldoun Saeed Al Tabari, Zeina Khaldoun Al Tabari, and Saleh Mustafa Muradweij, a former executive director at the firm, includes the felony of fraud in buying, selling, or managing movable and immovable state or public authority funds, as per Article (175) of the Penal Code and Articles (2, 3 and 4) of the Jordanian Economic Crimes Law.
Tabari was the CEO of DSI from 1998 to 2016 and has been accused by the UAE’s Public Funds Prosecution of several transgressions valued at more than AED 4 billion in addition to other financial crimes.
He left the UAE with his family in 2018 and has not returned since. In January 2020, Tabari was arrested at Jordan's Queen Alia International Airport in Amman on January 7 as he was catching a flight to the UK, after Interpol issued a Red Notice for his arrest.
Fortunes Diverge for #Dubai, Turkey Firms Bidding on Israeli Port - Bloomberg
Fortunes Diverge for Dubai, Turkey Firms Bidding on Israeli Port - Bloomberg
Israeli officials have cleared United Arab Emirates port operator DP World to move forward in the privatization of Israel’s largest seaport but kept Turkey’s Yildirim Holding AS under further scrutiny.
DP World received security clearance to move forward in the bidding process for the port in the northern city of Haifa, according to two people familiar with the matter. Local representatives for Yildirim lodged a complaint about unfair treatment in the process, according to a letter it sent to Israeli officials that was seen by Bloomberg.
The Government Companies Authority, which is running the privatization, said Israel is making necessary regulatory checks as part of confirming investors’ participation in the Port of Haifa privatization and that it expects the sale to be completed in a few months. Representatives for Yildirim and DP World declined to comment.
DP World’s progress is an important indicator for Israel’s new normalization agreement with the UAE, which the countries announced last summer. It marks a key nod of approval from Israel when it comes to Emirati involvement in strategic assets. Israel hopes to sell the facility for as much as 2 billion shekels ($612 million).
Israeli officials have cleared United Arab Emirates port operator DP World to move forward in the privatization of Israel’s largest seaport but kept Turkey’s Yildirim Holding AS under further scrutiny.
DP World received security clearance to move forward in the bidding process for the port in the northern city of Haifa, according to two people familiar with the matter. Local representatives for Yildirim lodged a complaint about unfair treatment in the process, according to a letter it sent to Israeli officials that was seen by Bloomberg.
The Government Companies Authority, which is running the privatization, said Israel is making necessary regulatory checks as part of confirming investors’ participation in the Port of Haifa privatization and that it expects the sale to be completed in a few months. Representatives for Yildirim and DP World declined to comment.
DP World’s progress is an important indicator for Israel’s new normalization agreement with the UAE, which the countries announced last summer. It marks a key nod of approval from Israel when it comes to Emirati involvement in strategic assets. Israel hopes to sell the facility for as much as 2 billion shekels ($612 million).
#SaudiArabia Says 7 Businessmen Arrested for $3.1 Billion Scheme - Bloomberg
Saudi Arabia Says 7 Businessmen Arrested for $3.1 Billion Scheme - Bloomberg
Saudi authorities said they had arrested seven businessmen and 12 bank employees for a scheme that involved transferring 11.6 billion riyals ($3.1 billion) of unknown origin abroad.
A statement from the kingdom’s anti-corruption authority published by the official Saudi Press Agency said officials had foiled a “gang” of foreign residents, bank employees and businessmen that worked together “to deposit cash amounts of an unknown source and transfer them outside of the kingdom.” In addition to the businessmen and bank employees, authorities detained a police officer and several other citizens and foreign residents.
The men arrested were accused of bribery, forgery, exploiting their jobs for illegal financial gain, money laundering and other crimes, according to the statement. The statement did not provide their names.
The announcement came the same day the kingdom held its annual global investment summit, the Future Investment Initiative. The inaugural conference in 2017 was followed by a controversial anti-corruption campaign led by Crown Prince Mohammed bin Salman, who has pledged to root out graft in the country whatever its source. Saudi dissidents have accused him of using corruption allegations to undermine potential opponents and critics, a charge that officials have denied.
Saudi authorities said they had arrested seven businessmen and 12 bank employees for a scheme that involved transferring 11.6 billion riyals ($3.1 billion) of unknown origin abroad.
A statement from the kingdom’s anti-corruption authority published by the official Saudi Press Agency said officials had foiled a “gang” of foreign residents, bank employees and businessmen that worked together “to deposit cash amounts of an unknown source and transfer them outside of the kingdom.” In addition to the businessmen and bank employees, authorities detained a police officer and several other citizens and foreign residents.
The men arrested were accused of bribery, forgery, exploiting their jobs for illegal financial gain, money laundering and other crimes, according to the statement. The statement did not provide their names.
The announcement came the same day the kingdom held its annual global investment summit, the Future Investment Initiative. The inaugural conference in 2017 was followed by a controversial anti-corruption campaign led by Crown Prince Mohammed bin Salman, who has pledged to root out graft in the country whatever its source. Saudi dissidents have accused him of using corruption allegations to undermine potential opponents and critics, a charge that officials have denied.
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