RDIF Says it Invested in Telegram with Mubadala, But App Says No - Bloomberg
The Russian Direct Investment Fund said Tuesday it joined Mubadala Investment Co. in buying convertible bonds of Telegram, but the messaging app denied the Kremlin-controlled entity was an investor.
Earlier Tuesday, Mubadala and an Abu Dhabi joint venture it owns a stake in announced each made a $75 million investment in pre-initial public offering convertible bonds in Telegram, without mentioning the Russian fund, with which it has joint investment deals. An RDIF spokesman said later it had participated “jointly with Mubadala,” declining to say how much it contributed.
But Telegram denied that. “RDIF is not in the list of investors we sold bonds to. We wouldn’t be open to any transaction with this fund,” spokesman Mike Ravdonikas said in an email. “The funds that did invest, including Mubadala, confirmed to us that RDIF was not among their LPs,” he added, referring to limited partners.
RDIF and Mubadala didn’t immediately respond to requests for comment on the Telegram statement.
Tuesday, 23 March 2021
Oil slumps 6% on demand concerns amid Europe COVID curbs, vaccine rollouts | Reuters
Oil slumps 6% on demand concerns amid Europe COVID curbs, vaccine rollouts | Reuters
Oil prices tumbled about 6% on Tuesday as concerns over new pandemic curbs and slow vaccine rollouts in Europe compounded additional crude volumes.
Brent crude futures settled down $3.83, or 5.9%, at $60.79 a barrel, after hitting a session low of $60.50. West Texas Intermediate crude (WTI) ended $3.80, or 6.2%, lower at $57.76 a barrel, after touching a low of $57.32.
Both benchmarks traded near lows not seen since Feb. 9.
The front-month Brent spread flipped into a small contango for the first time since January. Contango is where the front-month contracts are cheaper than future months, and could encourage traders to put oil into storage.
“The road to oil demand recovery appears to be full of obstacles as the world continues to fight the COVID-19 pandemic,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.
Oil prices tumbled about 6% on Tuesday as concerns over new pandemic curbs and slow vaccine rollouts in Europe compounded additional crude volumes.
Brent crude futures settled down $3.83, or 5.9%, at $60.79 a barrel, after hitting a session low of $60.50. West Texas Intermediate crude (WTI) ended $3.80, or 6.2%, lower at $57.76 a barrel, after touching a low of $57.32.
Both benchmarks traded near lows not seen since Feb. 9.
The front-month Brent spread flipped into a small contango for the first time since January. Contango is where the front-month contracts are cheaper than future months, and could encourage traders to put oil into storage.
“The road to oil demand recovery appears to be full of obstacles as the world continues to fight the COVID-19 pandemic,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.
#AbuDhabi agrees multibillion-pound investment in British business | Financial Times
Abu Dhabi agrees multibillion-pound investment in British business | Financial Times
The United Arab Emirates has agreed a multibillion-pound investment partnership with the UK to invest in British health, technology, clean energy and infrastructure, delivering a significant post-Brexit boost to Prime Minister Boris Johnson.
As part of the deal, Mubadala, one of Abu Dhabi’s most active state funds, will pump £800m into the life sciences sector over five years alongside £200m from a British government fund. The investments in the other three selected sectors are expected to be of a similar or larger scale through to 2026, suggesting the overall investment could be up to £5bn.
Officials said the exact size of the total investment was not clear but that the $232bn Abu Dhabi fund “only deals in big numbers”. The partnership’s focus will now switch to tech, clean energy and infrastructure.
Lord Gerry Grimstone, the UK’s investment minister, told the Financial Times he was “expecting equal or better opportunities to be found in those sectors”. He added: “We think the future opportunities are very, very sizeable.”
Khaldoon al-Mubarak, Mubadala’s chief executive, said: “It will be a sizeable number, appropriate for these sectors in order for us to make the right scale and returns”.
The United Arab Emirates has agreed a multibillion-pound investment partnership with the UK to invest in British health, technology, clean energy and infrastructure, delivering a significant post-Brexit boost to Prime Minister Boris Johnson.
As part of the deal, Mubadala, one of Abu Dhabi’s most active state funds, will pump £800m into the life sciences sector over five years alongside £200m from a British government fund. The investments in the other three selected sectors are expected to be of a similar or larger scale through to 2026, suggesting the overall investment could be up to £5bn.
Officials said the exact size of the total investment was not clear but that the $232bn Abu Dhabi fund “only deals in big numbers”. The partnership’s focus will now switch to tech, clean energy and infrastructure.
Lord Gerry Grimstone, the UK’s investment minister, told the Financial Times he was “expecting equal or better opportunities to be found in those sectors”. He added: “We think the future opportunities are very, very sizeable.”
Khaldoon al-Mubarak, Mubadala’s chief executive, said: “It will be a sizeable number, appropriate for these sectors in order for us to make the right scale and returns”.
Russia, Mubadala Invest in Telegram After Kremlin Ban Failed - Bloomberg
Russia, Mubadala Invest in Telegram After Kremlin Ban Failed - Bloomberg
The state-controlled Russian Direct Investment Fund said Tuesday it joined Mubadala Investment Co. in buying convertible bonds of the Telegram messaging app, which was banned in Russia from 2018 until last summer.
Earlier Tuesday, Mubadala and an Abu Dhabi joint venture it owns a stake in announced each made a $75 million investment in pre-initial public offering convertible bonds in Telegram. A spokesman for RDIF declined to say how much it contributed.
Telegram has over 500 million active users and has seen usage surge after major U.S. technology companies cracked down on conservative voices in the U.S. earlier this year. It was forced to raise funds to repay investors after an attempt at an ICO for its Gram cryptocurrency failed because of a ban imposed by the Securities & Exchange Commission.
“I am happy to share that Telegram has raised over $1 billion by selling bonds (a form of debt) to some of the largest and most knowledgeable investors from all over the world,” founder Pavel Durov said in a statement on the app. “This will enable Telegram to continue growing globally while sticking to its values and remaining independent.”
Russian regulators attempted to block the service in 2018 when it refused to provide law enforcement with encryption keys to read messages. For two years, the company thwarted efforts to enforce the ban, including by changing IP-addresses to evade blocking, until Russia ultimately gave up last June.
The state-controlled Russian Direct Investment Fund said Tuesday it joined Mubadala Investment Co. in buying convertible bonds of the Telegram messaging app, which was banned in Russia from 2018 until last summer.
Earlier Tuesday, Mubadala and an Abu Dhabi joint venture it owns a stake in announced each made a $75 million investment in pre-initial public offering convertible bonds in Telegram. A spokesman for RDIF declined to say how much it contributed.
Telegram has over 500 million active users and has seen usage surge after major U.S. technology companies cracked down on conservative voices in the U.S. earlier this year. It was forced to raise funds to repay investors after an attempt at an ICO for its Gram cryptocurrency failed because of a ban imposed by the Securities & Exchange Commission.
“I am happy to share that Telegram has raised over $1 billion by selling bonds (a form of debt) to some of the largest and most knowledgeable investors from all over the world,” founder Pavel Durov said in a statement on the app. “This will enable Telegram to continue growing globally while sticking to its values and remaining independent.”
Russian regulators attempted to block the service in 2018 when it refused to provide law enforcement with encryption keys to read messages. For two years, the company thwarted efforts to enforce the ban, including by changing IP-addresses to evade blocking, until Russia ultimately gave up last June.
Oil Drops With Renewed Lockdowns Dimming Outlook for Demand - Bloomberg
Oil Drops With Renewed Lockdowns Dimming Outlook for Demand - Bloomberg
Oil slumped as a string of renewed lockdown measures in Europe clouded the prospects for a speedy recovery in consumption.
Prices in New York and London fell as much as 5%, and the oil futures curve showed signs of near-term weakness. Europe’s demand recovery is set to take another hit with Germany, France and Italy all having widened lockdown measures this month. Meanwhile, coronavirus cases are surging in India and threatening the economy’s recovery from recession.
“With much of Europe being shuttered, the implications ultimately for next quarter are that the demand increases may not be as robust,” said Bart Melek, head of commodity strategy at TD Securities. “We’re continuing to see broad long liquidations in the oil space here, and it stands to reason that long positions could restart the trend lower.”
Oil slumped as a string of renewed lockdown measures in Europe clouded the prospects for a speedy recovery in consumption.
Prices in New York and London fell as much as 5%, and the oil futures curve showed signs of near-term weakness. Europe’s demand recovery is set to take another hit with Germany, France and Italy all having widened lockdown measures this month. Meanwhile, coronavirus cases are surging in India and threatening the economy’s recovery from recession.
“With much of Europe being shuttered, the implications ultimately for next quarter are that the demand increases may not be as robust,” said Bart Melek, head of commodity strategy at TD Securities. “We’re continuing to see broad long liquidations in the oil space here, and it stands to reason that long positions could restart the trend lower.”
- West Texas Intermediate for May delivery fell $2.65 to $58.91 a barrel as of 12:05 p.m. in New York
- Brent for the same month lost $2.60 to $62.02 a barrel, plunging to its lowest since Feb. 12 on an intraday basis
Plant-based egg maker Eat Just raises $200 million in new funding round | Reuters
Plant-based egg maker Eat Just raises $200 million in new funding round | Reuters
Eat Just Inc said on Tuesday it had raised $200 million in new funding that will be used to boost capacity and expand into new markets, as the plant-based egg producer looks to meet the growing demand for alternative protein products.
Qatar’s sovereign wealth fund led the funding round, with private investment firm Charlesbank Capital Partners and Microsoft Corp co-founder Paul Allen’s Vulcan Capital also pitching in.
Representatives from Qatar Investment Authority and Charlesbank will also join Eat Just’s board, the company said.
Founded in 2011, San Francisco-based Eat Just is best known for its mung bean-based egg substitute called “JUST Egg” that it currently sells in the United States.
Eat Just Inc said on Tuesday it had raised $200 million in new funding that will be used to boost capacity and expand into new markets, as the plant-based egg producer looks to meet the growing demand for alternative protein products.
Qatar’s sovereign wealth fund led the funding round, with private investment firm Charlesbank Capital Partners and Microsoft Corp co-founder Paul Allen’s Vulcan Capital also pitching in.
Representatives from Qatar Investment Authority and Charlesbank will also join Eat Just’s board, the company said.
Founded in 2011, San Francisco-based Eat Just is best known for its mung bean-based egg substitute called “JUST Egg” that it currently sells in the United States.
OPEC+ won't pump more oil than market can handle - #UAE energy min | Reuters
OPEC+ won't pump more oil than market can handle - UAE energy min | Reuters
The United Arab Emirates’ energy minister said on Tuesday that OPEC+ is unlikely to pump more oil than the market can handle.
“I don’t think there is an idea to pump a lot of oil, more than the market can handle,” Suhail al-Mazrouei told Forbes Middle East in an interview when asked about possible scenarios for the OPEC+ meeting on April 1.
The United Arab Emirates’ energy minister said on Tuesday that OPEC+ is unlikely to pump more oil than the market can handle.
“I don’t think there is an idea to pump a lot of oil, more than the market can handle,” Suhail al-Mazrouei told Forbes Middle East in an interview when asked about possible scenarios for the OPEC+ meeting on April 1.
As Gulf competition grows, #Dubai ruler announces government shake-up | Reuters
As Gulf competition grows, Dubai ruler announces government shake-up | Reuters
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Sheikh Mohammed said on Twitter that all Dubai officials and directors of government institutions will sign binding three-year contracts with set outcomes and pay.
Dubai’s economy, which is the region’s most diversified, was one of the hardest hit by the coronavirus pandemic. S&P estimated that GDP contracted 10.8% last year.
Earlier this month the Dubai government said it plans to boost tourism and hotel capacity by 134% over the next two decades, as part of a wider plan to make the emirate more competitive.
Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.
Sheikh Mohammed said on Twitter that all Dubai officials and directors of government institutions will sign binding three-year contracts with set outcomes and pay.
Dubai’s economy, which is the region’s most diversified, was one of the hardest hit by the coronavirus pandemic. S&P estimated that GDP contracted 10.8% last year.
Earlier this month the Dubai government said it plans to boost tourism and hotel capacity by 134% over the next two decades, as part of a wider plan to make the emirate more competitive.
Middle East markets fall, #Saudi Aramco drops | Reuters
Middle East markets fall, Saudi Aramco drops | Reuters
Most markets in the Middle East ended lower on Tuesday, with Egypt’s blue-chip index losing over 0.6%.
The Egyptian Stock Exchange was forced to suspend trading for half an hour after the EGX 100 index saw a 5 percent loss in value.
“The sharp fall came from individual investors’ trading activities, which pushed the EGX to incur significant losses on Monday. The main EGX index lost 2.4 percent, with all shares declining by over $1.1 billion in market value,” said Michael Stark, research analyst at Exness.
Saudi Arabia’s benchmark index snapped its two-day winning streak to end down 0.6%.
Oil giant Saudi Aramco dropped 1.3% after rising for the past two sessions after reporting its earnings earlier this week and announcing that debt-to-equity ratio more than doubled in 2020.
Dubai’s main share index reversed early gains to end 0.7% lower in its third consecutive session of losses. Top lender Emirates NBD and blue-chip developer Emaar Properties dragged the index.
In Qatar, the index also lost 0.3%. Financials weighed on sentiment, with Qatar Islamic Bank and Qatar International Islamic Bank down 0.6% and 1.3% respectively.
Abu Dhabi’s index ended nearly flat with a 0.03% gain. A rise in consumer stocks was offset by a fall in the real estate sector.
Commercial Bank International closed 7.7% higher after it said on Monday that shareholders had rejected increasing capital.
Most markets in the Middle East ended lower on Tuesday, with Egypt’s blue-chip index losing over 0.6%.
The Egyptian Stock Exchange was forced to suspend trading for half an hour after the EGX 100 index saw a 5 percent loss in value.
“The sharp fall came from individual investors’ trading activities, which pushed the EGX to incur significant losses on Monday. The main EGX index lost 2.4 percent, with all shares declining by over $1.1 billion in market value,” said Michael Stark, research analyst at Exness.
Saudi Arabia’s benchmark index snapped its two-day winning streak to end down 0.6%.
Oil giant Saudi Aramco dropped 1.3% after rising for the past two sessions after reporting its earnings earlier this week and announcing that debt-to-equity ratio more than doubled in 2020.
Dubai’s main share index reversed early gains to end 0.7% lower in its third consecutive session of losses. Top lender Emirates NBD and blue-chip developer Emaar Properties dragged the index.
In Qatar, the index also lost 0.3%. Financials weighed on sentiment, with Qatar Islamic Bank and Qatar International Islamic Bank down 0.6% and 1.3% respectively.
Abu Dhabi’s index ended nearly flat with a 0.03% gain. A rise in consumer stocks was offset by a fall in the real estate sector.
Commercial Bank International closed 7.7% higher after it said on Monday that shareholders had rejected increasing capital.
Oil Slumps With Bearish Market Structure Flashing Demand Trouble - Bloomberg
Oil Slumps With Bearish Market Structure Flashing Demand Trouble - Bloomberg
Oil dropped sharply in London on concerns about the demand outlook and as the futures curve flipped into a structure indicating near-term weakness.
Brent futures slumped as much as 5%. There are concerns over the prospects for consumption with Covid-19 cases surging in India and threatening the economy’s recovery from recession. Germany will extend its curbs and impose an Easter lockdown, while in the U.S., New York City’s mayor urged a pause on reopening.
There were more technical factors pressuring prices too. The nearest Brent futures contract traded at a discount to the next month for the first time since January -- a pattern known as contango that points to oversupply -- after a precipitous selloff in recent days. At the same time West Texas Intermediate fell below its 50-day moving average for the first time since November.
Oil dropped sharply in London on concerns about the demand outlook and as the futures curve flipped into a structure indicating near-term weakness.
Brent futures slumped as much as 5%. There are concerns over the prospects for consumption with Covid-19 cases surging in India and threatening the economy’s recovery from recession. Germany will extend its curbs and impose an Easter lockdown, while in the U.S., New York City’s mayor urged a pause on reopening.
There were more technical factors pressuring prices too. The nearest Brent futures contract traded at a discount to the next month for the first time since January -- a pattern known as contango that points to oversupply -- after a precipitous selloff in recent days. At the same time West Texas Intermediate fell below its 50-day moving average for the first time since November.
- Brent for May settlement fell $2.40 to $62.22 a barrel as of 8:45 a.m. in New York
- West Texas Intermediate for the same month lost $2.16 to $59.40
#Qatar Petroleum signs 10-year deal to supply LNG to China's Sinopec | ZAWYA MENA Edition
Qatar Petroleum signs 10-year deal to supply LNG to China's Sinopec | ZAWYA MENA Edition
Qatar Petroleum (QP), the world’s top liquefied natural gas (LNG) supplier, has signed a long-term agreement to supply LNG to China Petroleum and Chemical Corporation (Sinopec) for several years.
With the new deal, said to be the first in the history of the Chinese firm, Qatar Petroleum will supply two million tonnes of LNG to Sinopec every year for a term of ten years.
The long-term purchase and sales agreement was signed on March 22 via an online video conference.
China is a key and strategic energy partner for the state of Qatar, having supplied 62 million tonnes of LNG to China since 2009.
“This cooperation will further enhance Qatar’s ability to supply the Chinese market to meet growing demand, as well as highlight Qatar Petroleum’s leading position in the industry,” a statement released on Tuesday said.
Qatar Petroleum (QP), the world’s top liquefied natural gas (LNG) supplier, has signed a long-term agreement to supply LNG to China Petroleum and Chemical Corporation (Sinopec) for several years.
With the new deal, said to be the first in the history of the Chinese firm, Qatar Petroleum will supply two million tonnes of LNG to Sinopec every year for a term of ten years.
The long-term purchase and sales agreement was signed on March 22 via an online video conference.
China is a key and strategic energy partner for the state of Qatar, having supplied 62 million tonnes of LNG to China since 2009.
“This cooperation will further enhance Qatar’s ability to supply the Chinese market to meet growing demand, as well as highlight Qatar Petroleum’s leading position in the industry,” a statement released on Tuesday said.
#Kuwait Aircraft Lessor Cuts Purchases as Virus Weighs on Travel - Bloomberg
Kuwait Aircraft Lessor Cuts Purchases as Virus Weighs on Travel - Bloomberg
Kuwait’s Aviation Lease & Finance Co. has pared back its plans for plane purchases over the next three years as the travel industry struggles to recover from the pandemic-induced slump.
Alafco, as the company is known, said it would reduce aircraft commitments over 2020-2023 through a combination of cancellations and deferrals to boost its liquidity position and save on costs.
Countries around the world were forced to shutter airports last year to prevent the spread of the coronavirus. Alafco agreed with Airbus SE to defer aircraft delivery in August, citing the impact of the pandemic, and cut its orderbook with Boeing Co. after ending a legal claim.
The leasing firm is now identifying further cost-saving measures, and has formed a committee to help review and negotiate rent deferrals or waiver requests. It’s also working to collect rent from delinquent lessees and restructure contracts, Chairman Ahmad Al Zabin told Bloomberg.
Alafco continues to divest aircraft that fall short of fuel efficiency and revenue criteria. The company said it has a young fleet with an average age of just over four years, and a pipeline of new generation planes to support airlines as they switch to fuel-efficient planes.
Kuwait’s Aviation Lease & Finance Co. has pared back its plans for plane purchases over the next three years as the travel industry struggles to recover from the pandemic-induced slump.
Alafco, as the company is known, said it would reduce aircraft commitments over 2020-2023 through a combination of cancellations and deferrals to boost its liquidity position and save on costs.
Countries around the world were forced to shutter airports last year to prevent the spread of the coronavirus. Alafco agreed with Airbus SE to defer aircraft delivery in August, citing the impact of the pandemic, and cut its orderbook with Boeing Co. after ending a legal claim.
The leasing firm is now identifying further cost-saving measures, and has formed a committee to help review and negotiate rent deferrals or waiver requests. It’s also working to collect rent from delinquent lessees and restructure contracts, Chairman Ahmad Al Zabin told Bloomberg.
Alafco continues to divest aircraft that fall short of fuel efficiency and revenue criteria. The company said it has a young fleet with an average age of just over four years, and a pipeline of new generation planes to support airlines as they switch to fuel-efficient planes.
Oil Slumps With Bearish Market Structure Flashing Weak Demand - Bloomberg
Oil Slumps With Bearish Market Structure Flashing Weak Demand - Bloomberg
Oil fell in London on concerns about the demand outlook and as the futures curve flipped into a structure indicating near-term weakness.
Brent futures slumped 3.4%. The nearest contract traded at a discount to the next one for the first time since January -- a pattern known as contango that indicates oversupply -- after a precipitous selloff in recent days. The dollar also climbed, making commodities priced in the currency more expensive. An advance in U.S. Treasuries also showed haven buying in broader markets as risk appetite wanes.
There are concerns over the demand outlook. Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while Germany will extend its curbs and impose an Easter lockdown. In the U.S., New York City’s mayor urged a pause on reopening.
Oil fell in London on concerns about the demand outlook and as the futures curve flipped into a structure indicating near-term weakness.
Brent futures slumped 3.4%. The nearest contract traded at a discount to the next one for the first time since January -- a pattern known as contango that indicates oversupply -- after a precipitous selloff in recent days. The dollar also climbed, making commodities priced in the currency more expensive. An advance in U.S. Treasuries also showed haven buying in broader markets as risk appetite wanes.
There are concerns over the demand outlook. Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while Germany will extend its curbs and impose an Easter lockdown. In the U.S., New York City’s mayor urged a pause on reopening.
- Brent for May settlement fell $2.22 to $62.40 a barrel as of 10:22 a.m. in London
- West Texas Intermediate for the same month lost $2.17 to $59.39
Gulf Capital buys U.S. health tech firms for $60 million, plans to expand | Reuters
Gulf Capital buys U.S. health tech firms for $60 million, plans to expand | Reuters
Abu Dhabi-headquartered Gulf Capital announced on Tuesday the acquisition of two healthcare technology companies in the United States for $60 million, and its CEO said the investment firm is looking to expand over the coming year.
Gulf Capital, which manages over $2.5 billion in assets, said it had completed the purchase of majority stakes in U.S.-based Eclat Health and Hansei Solutions, which specialise in revenue cycle management solutions for healthcare providers.
The investments were worth $60 million roughly evenly split, Gulf Capital CEO Karim El Solh told Reuters.
“Our focus on healthcare has paid off very nicely because it’s been one of the very few sectors that’s been growing during the pandemic,” he said. “The other two sectors that are doing very well for us are technology and payments.”
Abu Dhabi-headquartered Gulf Capital announced on Tuesday the acquisition of two healthcare technology companies in the United States for $60 million, and its CEO said the investment firm is looking to expand over the coming year.
Gulf Capital, which manages over $2.5 billion in assets, said it had completed the purchase of majority stakes in U.S.-based Eclat Health and Hansei Solutions, which specialise in revenue cycle management solutions for healthcare providers.
The investments were worth $60 million roughly evenly split, Gulf Capital CEO Karim El Solh told Reuters.
“Our focus on healthcare has paid off very nicely because it’s been one of the very few sectors that’s been growing during the pandemic,” he said. “The other two sectors that are doing very well for us are technology and payments.”
#UAE to invest $10 billion with Indonesia's sovereign wealth fund | Reuters
UAE to invest $10 billion with Indonesia's sovereign wealth fund | Reuters
The United Arab Emirates will invest $10 billion with Indonesia’s state fund, the Indonesia Investment Authority, to be spent on projects inside the Southeast Asian country, the UAE state news agency reported on Tuesday.
The investment will be used for infrastructure projects, including roads and ports, and also tourism, agriculture and other “strategic sectors”, WAM reported.
The United Arab Emirates will invest $10 billion with Indonesia’s state fund, the Indonesia Investment Authority, to be spent on projects inside the Southeast Asian country, the UAE state news agency reported on Tuesday.
The investment will be used for infrastructure projects, including roads and ports, and also tourism, agriculture and other “strategic sectors”, WAM reported.
Major Gulf markets little changed in early trade | Reuters
Major Gulf markets little changed in early trade | Reuters
Major stock markets in the Gulf were little changed early on Monday as the absence of fresh catalysts kept investors on the sidelines, with financial shares supporting the Saudi index.
Saudi Arabia’s benchmark index edged up 0.1%, helped by a 0.6% increase in Al Rajhi Bank after investment bank EFG Hermes raised its price target to 89 riyals ($23.73) from 73 riyals.
“We underestimated Rajhi’s success in gaining ground in mortgages and the robust mortgage growth in the Kingdom,” EFG Hermes said in a report.
Oil giant Saudi Aramco retreated 1.1%, on course to end two straight sessions of gains.
Aramco’s debt-to-equity ratio more than doubled to 55% in 2020 from a year before, it said in a report, after the group kept a pledge to deliver a $75 billion dividend to support state coffers despite a slide in profits.
Separately, Saudi Arabia presented a new peace initiative on Monday to end the war in Yemen, including a nationwide ceasefire and the reopening of air and sea links, but its Houthi enemies said the offer did not appear to go far enough to lift a blockade.
Dubai’s main share index added 0.2%, bolstered by a 1.8% rise in top lender Emirates NBD.
In Qatar, the benchmark lost 0.2%, hit by a 0.8% fall in petrochemical firm Industries Qatar and a 2.3% decline in Qatar Insurance Company.
Elsewhere, the Abu Dhabi index traded flat.
Major stock markets in the Gulf were little changed early on Monday as the absence of fresh catalysts kept investors on the sidelines, with financial shares supporting the Saudi index.
Saudi Arabia’s benchmark index edged up 0.1%, helped by a 0.6% increase in Al Rajhi Bank after investment bank EFG Hermes raised its price target to 89 riyals ($23.73) from 73 riyals.
“We underestimated Rajhi’s success in gaining ground in mortgages and the robust mortgage growth in the Kingdom,” EFG Hermes said in a report.
Oil giant Saudi Aramco retreated 1.1%, on course to end two straight sessions of gains.
Aramco’s debt-to-equity ratio more than doubled to 55% in 2020 from a year before, it said in a report, after the group kept a pledge to deliver a $75 billion dividend to support state coffers despite a slide in profits.
Separately, Saudi Arabia presented a new peace initiative on Monday to end the war in Yemen, including a nationwide ceasefire and the reopening of air and sea links, but its Houthi enemies said the offer did not appear to go far enough to lift a blockade.
Dubai’s main share index added 0.2%, bolstered by a 1.8% rise in top lender Emirates NBD.
In Qatar, the benchmark lost 0.2%, hit by a 0.8% fall in petrochemical firm Industries Qatar and a 2.3% decline in Qatar Insurance Company.
Elsewhere, the Abu Dhabi index traded flat.
#Dubai Gets Second IPO in Three Years With Tristar Listing - Bloomberg
Dubai Gets Second IPO in Three Years With Tristar Listing - Bloomberg
Middle Eastern logistics firm Tristar Transport is looking to raise gross primary proceeds of between $120 million and $160 million in an initial public offering in Dubai next month, in what would be only the financial hub’s second listing in three years.
The company plans to offer up to 24% of its shares in the IPO, according to a statement on Tuesday, valuing it at as much as $964 million. The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.
Sovereign wealth fund Emirates Investment Authority has the right to subscribe to buy 5% of the offer. Kuwaiti logistics firm Agility Public Warehousing Co. plans to sell just under 15% of its stake in Tristar and will remain a majority shareholder after the IPO.
If priced at the top of the of the range, the IPO would be the biggest on Dubai’s main exchange since 2017, when Emaar Development PJSC raised $1.3 billion. Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World. By contrast, new offerings jumped in neighboring Saudi Arabia.
Middle Eastern logistics firm Tristar Transport is looking to raise gross primary proceeds of between $120 million and $160 million in an initial public offering in Dubai next month, in what would be only the financial hub’s second listing in three years.
The company plans to offer up to 24% of its shares in the IPO, according to a statement on Tuesday, valuing it at as much as $964 million. The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.
Sovereign wealth fund Emirates Investment Authority has the right to subscribe to buy 5% of the offer. Kuwaiti logistics firm Agility Public Warehousing Co. plans to sell just under 15% of its stake in Tristar and will remain a majority shareholder after the IPO.
If priced at the top of the of the range, the IPO would be the biggest on Dubai’s main exchange since 2017, when Emaar Development PJSC raised $1.3 billion. Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World. By contrast, new offerings jumped in neighboring Saudi Arabia.
#AbuDhabi funds invest $150 million in messaging app Telegram | Reuters
Abu Dhabi funds invest $150 million in messaging app Telegram | Reuters
Abu Dhabi sovereign wealth fund Mubadala Investment Company and Abu Dhabi Catalyst Partners have invested a combined $150 million in messaging app Telegram, a joint statement said on Tuesday.
Mubadala invested $75 million in 5-year pre-IPO convertible bonds, while Abu Dhabi Catalyst Partners invested a further $75 million.
Abu Dhabi sovereign wealth fund Mubadala Investment Company and Abu Dhabi Catalyst Partners have invested a combined $150 million in messaging app Telegram, a joint statement said on Tuesday.
Mubadala invested $75 million in 5-year pre-IPO convertible bonds, while Abu Dhabi Catalyst Partners invested a further $75 million.
Oil Slides Below $61 With Near-Term Demand Concerns in Focus - Bloomberg
Oil Slides Below $61 With Near-Term Demand Concerns in Focus - Bloomberg
Oil dropped below $61 a barrel on concerns about the near-term demand outlook amid the uneven rebound from the pandemic.
Futures in New York slipped 1.1% after two days of gains. Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later. In the U.S., New York City’s mayor urged a pause on reopening, and some European nations are extending or reimposing lockdowns.
The prompt timespread for global benchmark Brent crude, meanwhile, is near the narrowest backwardation in about two months. The bullish structure is rapidly approaching a bearish contango, a signal of oversupply.
Oil dropped below $61 a barrel on concerns about the near-term demand outlook amid the uneven rebound from the pandemic.
Futures in New York slipped 1.1% after two days of gains. Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later. In the U.S., New York City’s mayor urged a pause on reopening, and some European nations are extending or reimposing lockdowns.
The prompt timespread for global benchmark Brent crude, meanwhile, is near the narrowest backwardation in about two months. The bullish structure is rapidly approaching a bearish contango, a signal of oversupply.
- West Texas Intermediate for May delivery lost 70 cents to $60.86 a barrel on the New York Mercantile Exchange at 7:52 a.m. London time.
- The April contract expired Monday after adding 0.2%.
- Brent for May settlement fell 1.2% to $63.88 on the ICE Futures Europe exchange after rising 9 cents in the previous session.
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