Saudi Wealth Fund Makes Senior Hires, Including Goldman Banker - Bloomberg
Saudi Arabia’s $430 billion sovereign wealth fund made three senior hires, including Goldman Sachs Group Inc.’s head of investment banking in the kingdom, as it expands deal-making.
Goldman banker Eyas AlDossari will head investment advisory within the MENA Investments Division of the fund, according to a statement. Omar AlMadhi, who previously worked with Saudi Aramco and Volkswagen AG, will join him at the division as co-head of direct investments.
The fund also appointed Abdullah Shaker, who previously worked for Saudi AlBaraka Banking Group and HSBC Holdings Plc, as the head of capital finance advisory and planning department at its Global Capital Finance Division.
The PIF has been on an aggressive hiring spree over the past six years as it looks to transform from a domestically focused holding company, into the world’s largest sovereign wealth fund. Last week, the fund appointed Turqi Alnowaiser and Yazeed Alhumied as deputy governors.
The wealth fund is a key lever for the kingdom’s efforts to revive growth after a recession caused by the coronavirus pandemic and lower oil prices. Chaired by Crown Prince Mohammed bin Salman, the fund has outlined a plan to grow its assets under management to over $1.1 trillion by 2025, while investing $40 billion annually into Saudi Arabia’s economy.
Since 2015, the PIF has grown assets under management to $430 billion from about $150 billion. It has taken stakes in Uber Technologies, put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid. It’s also increased headcount to more than 1,100 from about 40.
Sunday, 13 June 2021
#AbuDhabi’s ADQ Said in Talks to Invest $500 Million in Flipkart - Bloomberg
Abu Dhabi’s ADQ Said in Talks to Invest $500 Million in Flipkart - Bloomberg
Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.
The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said.
Flipkart is seeking to raise at least $3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, the people said.
Considerations are ongoing and the talks could fall apart, the people said. Representatives for Flipkart didn’t immediately respond to a request for comment made outside business hours in India. An ADQ representative was not immediately available to comment.
Flipkart is seeking to raise at least $3 billion from a group of investors including SoftBank Group Corp., Singapore’s GIC Pte and Canada Pension Plan Investment Board, Bloomberg News reported June 7 citing people familiar with the matter. The group also includes the Abu Dhabi Investment Authority, one of the emirate’s largest sovereign wealth funds, the people said at the time.
ADQ, formerly known as Abu Dhabi Development Holding Co., has been one of the most active investors in the Middle East since its inception in 2018. It oversees about $110 billion in assets, according to a report from Global SWF. That would make it the third largest of Abu Dhabi’s state investors, after ADIA with roughly $700 billion and Mubadala Investment Co. with about $230 billion.
The upstart firm has become a prolific dealmaker. In November 2020, ADQ agreed to buy a 45% stake in agricultural trader Louis Dreyfus Company BV, with a minimum of $800 million in proceeds from the sale to be invested in the firm. Bausch Health Cos. agreed to sell Egyptian drugmaker Amoun Pharmaceutical Co. to ADQ in March for $740 million, the Canadian firm said.
Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.
The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said.
Flipkart is seeking to raise at least $3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, the people said.
Considerations are ongoing and the talks could fall apart, the people said. Representatives for Flipkart didn’t immediately respond to a request for comment made outside business hours in India. An ADQ representative was not immediately available to comment.
Flipkart is seeking to raise at least $3 billion from a group of investors including SoftBank Group Corp., Singapore’s GIC Pte and Canada Pension Plan Investment Board, Bloomberg News reported June 7 citing people familiar with the matter. The group also includes the Abu Dhabi Investment Authority, one of the emirate’s largest sovereign wealth funds, the people said at the time.
ADQ, formerly known as Abu Dhabi Development Holding Co., has been one of the most active investors in the Middle East since its inception in 2018. It oversees about $110 billion in assets, according to a report from Global SWF. That would make it the third largest of Abu Dhabi’s state investors, after ADIA with roughly $700 billion and Mubadala Investment Co. with about $230 billion.
The upstart firm has become a prolific dealmaker. In November 2020, ADQ agreed to buy a 45% stake in agricultural trader Louis Dreyfus Company BV, with a minimum of $800 million in proceeds from the sale to be invested in the firm. Bausch Health Cos. agreed to sell Egyptian drugmaker Amoun Pharmaceutical Co. to ADQ in March for $740 million, the Canadian firm said.
MIDEAST STOCKS #Saudi index outperforms as financials boost; Egypt falls | Reuters
MIDEAST STOCKS Saudi index outperforms as financials boost; Egypt falls | Reuters
Saudi Arabian shares ended higher on Sunday, outperforming other Gulf peers, buoyed by gains in banking stocks, while Egypt's blue-chip index extended losses.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, lifted by a 3.8% rise in Al Rajhi Bank (1120.SE) and a 3.6% increase in Saudi Telecom Company (7010.SE).
Elsewhere, Dur Hospitality Co (4090.SE) finished 0.6% higher after the firm said it is in merger talks with Taiba Investments Co (4090.SE) that could create a company with combined assets worth $2.4 billion across the kingdom's hotel, tourism and real estate sectors. read more
However, Taiba Investments, which has interests in hotels, tourism facilities and real estate, traded flat.
In Abu Dhabi, the index (.ADI) lost 0.2%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, dropping 1.1%, while aquaculture firm International Holding (IHC.AD) declined 0.8%.
From June 15 Abu Dhabi, the United Arab Emirates' (UAE) second-most populous emirate, will limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against COVID-19 or recently tested negative for the coronavirus. read more
Daily coronavirus cases in the UAE, a federation of seven emirates, have risen over the past three weeks.
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
The Qatari benchmark (.QSI) added 0.2%, helped by a 1.6% gain in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.9% lower, as most of the stocks on the index were in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA).
Egypt's annual urban consumer inflation accelerated to 4.8% in May from 4.1% the previous month, official statistics agency CAPMAS said on Thursday, led by increases in food prices.
Saudi Arabian shares ended higher on Sunday, outperforming other Gulf peers, buoyed by gains in banking stocks, while Egypt's blue-chip index extended losses.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, lifted by a 3.8% rise in Al Rajhi Bank (1120.SE) and a 3.6% increase in Saudi Telecom Company (7010.SE).
Elsewhere, Dur Hospitality Co (4090.SE) finished 0.6% higher after the firm said it is in merger talks with Taiba Investments Co (4090.SE) that could create a company with combined assets worth $2.4 billion across the kingdom's hotel, tourism and real estate sectors. read more
However, Taiba Investments, which has interests in hotels, tourism facilities and real estate, traded flat.
In Abu Dhabi, the index (.ADI) lost 0.2%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, dropping 1.1%, while aquaculture firm International Holding (IHC.AD) declined 0.8%.
From June 15 Abu Dhabi, the United Arab Emirates' (UAE) second-most populous emirate, will limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against COVID-19 or recently tested negative for the coronavirus. read more
Daily coronavirus cases in the UAE, a federation of seven emirates, have risen over the past three weeks.
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
The Qatari benchmark (.QSI) added 0.2%, helped by a 1.6% gain in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.9% lower, as most of the stocks on the index were in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA).
Egypt's annual urban consumer inflation accelerated to 4.8% in May from 4.1% the previous month, official statistics agency CAPMAS said on Thursday, led by increases in food prices.
Drake & Scull swings to net profit, says debt restructuring on track | ZAWYA MENA Edition
Drake & Scull swings to net profit, says debt restructuring on track | ZAWYA MENA Edition
Dubai-based contractor Drake & Scull International (DSI) said Sunday that it is moving forward with the debt restructuring plans.
The company swung to a Q1 net profit of 115 million dirhams ($31.3 million) after posting a net loss of 30 million dirhams a year earlier.
In a disclosure to the Dubai Financial Market, where its shares trade, the mechanical, electrical and plumbing (MEP) contractor said it was able to reduce accumulated losses from 4.9 billion dirhams as of 31 December 2020 to 4.7 billion dirhams.
Revenue also rose 17 percent year-on-year to 46 million dirhams, compared to 39 million dirhams during the same period in 2020.
The company, which has sustained years of losses due to project cancellations and huge debt servicing costs, said its financial restructuring plans are proceeding on track.
DSI’s chairman Shafiq Abdelhamid said creditors will be asked to vote to approve the restructuring plan once they receive the legal documents that ensure compliance with conventional and Islamic shariah requirements.
“When approved by two-thirds (by value) of the creditors, with the support of the FRC, DSI will then approach the Courts to obtain their approval which will bind all creditors and allow the rights issue process to be initiated,” Abdelhamid said.
Dubai-based contractor Drake & Scull International (DSI) said Sunday that it is moving forward with the debt restructuring plans.
The company swung to a Q1 net profit of 115 million dirhams ($31.3 million) after posting a net loss of 30 million dirhams a year earlier.
In a disclosure to the Dubai Financial Market, where its shares trade, the mechanical, electrical and plumbing (MEP) contractor said it was able to reduce accumulated losses from 4.9 billion dirhams as of 31 December 2020 to 4.7 billion dirhams.
Revenue also rose 17 percent year-on-year to 46 million dirhams, compared to 39 million dirhams during the same period in 2020.
The company, which has sustained years of losses due to project cancellations and huge debt servicing costs, said its financial restructuring plans are proceeding on track.
DSI’s chairman Shafiq Abdelhamid said creditors will be asked to vote to approve the restructuring plan once they receive the legal documents that ensure compliance with conventional and Islamic shariah requirements.
“When approved by two-thirds (by value) of the creditors, with the support of the FRC, DSI will then approach the Courts to obtain their approval which will bind all creditors and allow the rights issue process to be initiated,” Abdelhamid said.
Relaxation of restrictions triggers strong rebound in Middle East economies | Business – Gulf News
Relaxation of restrictions triggers strong rebound in Middle East economies | Business – Gulf News
Business confidence in the Middle East has strengthened in recent months as coronavirus restrictions eased and vaccination rollouts progressed according to the latest Economic Insight report for the Middle East, compiled by Oxford Economics.
While there are positive signs for recovery in the second half of this year and beyond, economies still remain far from their pre-pandemic levels.
According to the report commissioned by ICAEW, the Middle East’s regional GDP will grow by 2.4 per cent this year, a similar rate to the region’s average growth trajectory in the last decade, and an improvement from the 4.4 per cent it shrank by in 2020.
Oil production cuts are weighing on output, and new COVID-19 outbreaks have forced tighter lockdown measures in recent weeks, disrupting the recovery process. However, strong Purchasing Managers’ Index (PMI) readings indicate growth accelerating in the coming months, boosted by rapid vaccine rollouts in several countries that will help domestic activity move back towards normality.
Business confidence in the Middle East has strengthened in recent months as coronavirus restrictions eased and vaccination rollouts progressed according to the latest Economic Insight report for the Middle East, compiled by Oxford Economics.
While there are positive signs for recovery in the second half of this year and beyond, economies still remain far from their pre-pandemic levels.
According to the report commissioned by ICAEW, the Middle East’s regional GDP will grow by 2.4 per cent this year, a similar rate to the region’s average growth trajectory in the last decade, and an improvement from the 4.4 per cent it shrank by in 2020.
Oil production cuts are weighing on output, and new COVID-19 outbreaks have forced tighter lockdown measures in recent weeks, disrupting the recovery process. However, strong Purchasing Managers’ Index (PMI) readings indicate growth accelerating in the coming months, boosted by rapid vaccine rollouts in several countries that will help domestic activity move back towards normality.
#Saudi Public Investment Fund bolsters MENA investments division | ZAWYA MENA Edition
Saudi Public Investment Fund bolsters MENA investments division | ZAWYA MENA Edition
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, on Sunday said it has appointed Eyas al-Dossari and Omar al-Madhi as senior directors to its MENA investments division.
PIF, which manages $430 billion, has also appointed Abdullah Shaker as senior director to its global capital finance division.
PIF earlier this month expanded its local holdings investments division to become the MENA investments division, and its corporate finance division to become the global capital finance division.
The fund also established two deputy governor roles to support the fund's continued growth and expansion.
The PIF is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.
In the latest statement, the PIF said Dossari, a former Goldman Sachs' investment banking head for Saudi Arabia, will head investment advisory within the MENA investments division, supporting the decision-making process of investment activities and capital recycling. Madhi will co-head direct investments for the MENA division, overseeing PIF investments and opportunities in key strategic sectors, it said.
He worked at Abdul Latif Jameel Investments, Volkswagen Group, McKinsey & Company, and Saudi Aramco.
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, on Sunday said it has appointed Eyas al-Dossari and Omar al-Madhi as senior directors to its MENA investments division.
PIF, which manages $430 billion, has also appointed Abdullah Shaker as senior director to its global capital finance division.
PIF earlier this month expanded its local holdings investments division to become the MENA investments division, and its corporate finance division to become the global capital finance division.
The fund also established two deputy governor roles to support the fund's continued growth and expansion.
The PIF is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.
In the latest statement, the PIF said Dossari, a former Goldman Sachs' investment banking head for Saudi Arabia, will head investment advisory within the MENA investments division, supporting the decision-making process of investment activities and capital recycling. Madhi will co-head direct investments for the MENA division, overseeing PIF investments and opportunities in key strategic sectors, it said.
He worked at Abdul Latif Jameel Investments, Volkswagen Group, McKinsey & Company, and Saudi Aramco.
Singapore's VMC plans Mena expansion with $150m ADGM media investment fund | The National
Singapore's VMC plans Mena expansion with $150m ADGM media investment fund | The National
Singapore-based Vistas Media Capital, the parent of the special purpose acquisition company that is taking music streaming platform Anghami public, is expanding its footprint in the Middle East and North Africa with an investment fund and an events and content production company in Abu Dhabi.
The planned $150 million multi-strategy investment fund will be based in the emirate’s financial hub, Abu Dhabi Global Market, VMC said in a statement on Sunday. The company had already set up Vistas International DMCC in Dubai even before it began discussions withi Anghami.
“We have carefully evaluated all the gaps and the demand that exist[s] in this region across the media and entertainment sector and the need for an investment platform that offers unique global investment opportunities for local, Mena-based investors,” Sandeep Mishra, who heads Vistas International DMCC, said.
“[Following] the landmark Anghami transaction, with the set-up of our media company in Abu Dhabi and [the fund launch] we believe we will be able to bridge these gaps and offer unique investment solutions for asset managers, investment funds, family offices and high-net worth investors in the region.
Anghami, the music streaming rival of Spotify in the Arab world, is set to become the first technology company from the region to list on the Nasdaq in New York, following a merger with Vitas Media Acquisition Company (VMAC). The deal values Anghami at $220 million, or about 2.5 times its 2022 estimated revenue.
Singapore-based Vistas Media Capital, the parent of the special purpose acquisition company that is taking music streaming platform Anghami public, is expanding its footprint in the Middle East and North Africa with an investment fund and an events and content production company in Abu Dhabi.
The planned $150 million multi-strategy investment fund will be based in the emirate’s financial hub, Abu Dhabi Global Market, VMC said in a statement on Sunday. The company had already set up Vistas International DMCC in Dubai even before it began discussions withi Anghami.
“We have carefully evaluated all the gaps and the demand that exist[s] in this region across the media and entertainment sector and the need for an investment platform that offers unique global investment opportunities for local, Mena-based investors,” Sandeep Mishra, who heads Vistas International DMCC, said.
“[Following] the landmark Anghami transaction, with the set-up of our media company in Abu Dhabi and [the fund launch] we believe we will be able to bridge these gaps and offer unique investment solutions for asset managers, investment funds, family offices and high-net worth investors in the region.
Anghami, the music streaming rival of Spotify in the Arab world, is set to become the first technology company from the region to list on the Nasdaq in New York, following a merger with Vitas Media Acquisition Company (VMAC). The deal values Anghami at $220 million, or about 2.5 times its 2022 estimated revenue.
Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg
Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg
Most equities markets in the Middle East extended gains on Sunday, following another positive week for crude prices.
Equities gauges in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel advanced as much as 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%.
Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year. Brent crude futures rose 1.1% for the week that ended June 11 to $72.69 per barrel, the highest since April 2019.
As Saudi stocks keep rising, a technical measure shows the Tadawul All Share Index has been trading in overbought territory for the past two weeks. The gauge is up about 25% for the year, versus a 7% advance for the MSCI Emerging Markets Index.
MIDDLE EASTERN MARKETS:
Most equities markets in the Middle East extended gains on Sunday, following another positive week for crude prices.
Equities gauges in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel advanced as much as 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%.
Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year. Brent crude futures rose 1.1% for the week that ended June 11 to $72.69 per barrel, the highest since April 2019.
As Saudi stocks keep rising, a technical measure shows the Tadawul All Share Index has been trading in overbought territory for the past two weeks. The gauge is up about 25% for the year, versus a 7% advance for the MSCI Emerging Markets Index.
MIDDLE EASTERN MARKETS:
- Dur Hospitality and Taiba Investment climb 0.6% and 0.3%, respectively, as of 10:05am in Riyadh
- The companies are starting primary discussions for a merger, according to statements to the Saudi exchange
- Jabal Omar, which owns hotels in the holy city of Mecca, falls 0.8% after Saudi Arabia said it will only allow nationals and residents to attend the annual Hajj pilgrimage for the second year in a row, seeking to contain the spread of the coronavirus and its variants
- NOTE: Flagship hotels owned by Jabal Omar in Mecca include the Marriott, Hilton Suites, Hyatt Regency and the Conrad, all at privileged locations near the Grand Mosque
- Kuwait’s Premier Market Price Index rises 0.4%, heading for the 10th increase in eleven sessions
- Weakening credit quality suggests the top 10 UAE lenders’ nonperforming loans could increase by at least 2-3 percentage points, Bloomberg Intelligence analyst Edmond Christou writes
- Cost of risk of 140 basis points to drive loan restructuring at large-to-mid-sized accounts and impairment risk for smaller credit
#Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg
Saudi Arabian Hospitality Firms Weigh $2.4 Billion Merger - Bloomberg
Taiba Investment Co. and Dur Hospitality Co. are in talks to combine their businesses, potentially forming a company with a market value of about $2.4 billion in Saudi Arabia’s real estate, hospitality and investment industry.
Taiba, which has a market capitalization of 5.5 billion riyals ($1.5 billion), operates as an investment company in sectors ranging from real estate and tourism. Dur, valued at 3.5 billion riyals, is mainly focused on operating resorts, housing compounds, and restaurants in Saudi Arabia. Assilah Investment is the top shareholder in both companies.
Opening up to tourism is a key plank of Saudi Arabia’s plans to diversify its economy. The kingdom’s plans include the Red Sea Development, which will oversee a luxury tourism zone equivalent in size to Belgium, an entertainment hub near the capital, and a new city in the north-west called Neom that’s expected to cost $500 billion to build.
Taiba and Dur said the discussions are preliminary and may not lead to a combination. The Public Investment Fund holds stakes in both companies and is part of a push to get firms to combine, creating bigger and more efficient entities.
Last year, the powerful sovereign wealth fund was involved in the merger of National Commercial Bank and Samba Financial Group, the biggest banking takeover of 2020. And earlier this year it consolidated all its stakes in three food companies -- Almarai Co., National Agricultural Development Co and Saudi Fisheries Co. -- into a wholly owned unit as part of efforts to boost food security.
PIF, as the fund is known, appointed two deputy governors earlier this month as it embarks on a plan to grow its assets under management to $1.1 trillion by 2025 from $430 billion, while also investing $40 billion a year into the domestic economy.
The fund holds stakes worth about $100 billion in listed Saudi companies, including in firms like Saudi Telecom Co., Saudi Arabian Mining Co., and Riyad Bank. It also owns the Red Sea Development, which will target 1 million visitors a year when the entire project is completed in 2030.
Taiba Investment Co. and Dur Hospitality Co. are in talks to combine their businesses, potentially forming a company with a market value of about $2.4 billion in Saudi Arabia’s real estate, hospitality and investment industry.
Taiba, which has a market capitalization of 5.5 billion riyals ($1.5 billion), operates as an investment company in sectors ranging from real estate and tourism. Dur, valued at 3.5 billion riyals, is mainly focused on operating resorts, housing compounds, and restaurants in Saudi Arabia. Assilah Investment is the top shareholder in both companies.
Opening up to tourism is a key plank of Saudi Arabia’s plans to diversify its economy. The kingdom’s plans include the Red Sea Development, which will oversee a luxury tourism zone equivalent in size to Belgium, an entertainment hub near the capital, and a new city in the north-west called Neom that’s expected to cost $500 billion to build.
Taiba and Dur said the discussions are preliminary and may not lead to a combination. The Public Investment Fund holds stakes in both companies and is part of a push to get firms to combine, creating bigger and more efficient entities.
Last year, the powerful sovereign wealth fund was involved in the merger of National Commercial Bank and Samba Financial Group, the biggest banking takeover of 2020. And earlier this year it consolidated all its stakes in three food companies -- Almarai Co., National Agricultural Development Co and Saudi Fisheries Co. -- into a wholly owned unit as part of efforts to boost food security.
PIF, as the fund is known, appointed two deputy governors earlier this month as it embarks on a plan to grow its assets under management to $1.1 trillion by 2025 from $430 billion, while also investing $40 billion a year into the domestic economy.
The fund holds stakes worth about $100 billion in listed Saudi companies, including in firms like Saudi Telecom Co., Saudi Arabian Mining Co., and Riyad Bank. It also owns the Red Sea Development, which will target 1 million visitors a year when the entire project is completed in 2030.
#AbuDhabi's ADQ invests in India's edtech giant Byju's | ZAWYA MENA Edition
Abu Dhabi's ADQ invests in India's edtech giant Byju's | ZAWYA MENA Edition
Abu Dhabi’s state state-owned ADQ is one of the investors participating in the latest funding round by India’s education technology firm Byju’s.
The edtech giant raised about $350 million from investors that also include UBS Group, Zoom founder Eric Yuan and Blackstone, the Economic Times reported.
The latest funding valued Byju at around $16.5 billion post investment, making it the most-valued start-up in India.
ADQ, which owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator Abu Dhabi Securities Exchange (ADX), is on an investment spree. It has taken strategic stakes in a variety of ventures within the UAE and globally.
Abu Dhabi’s state state-owned ADQ is one of the investors participating in the latest funding round by India’s education technology firm Byju’s.
The edtech giant raised about $350 million from investors that also include UBS Group, Zoom founder Eric Yuan and Blackstone, the Economic Times reported.
The latest funding valued Byju at around $16.5 billion post investment, making it the most-valued start-up in India.
ADQ, which owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator Abu Dhabi Securities Exchange (ADX), is on an investment spree. It has taken strategic stakes in a variety of ventures within the UAE and globally.
#Dubai's Meraas now holds all shares of DXB Entertainments | ZAWYA MENA Edition
Dubai's Meraas now holds all shares of DXB Entertainments | ZAWYA MENA Edition
State-backed Meraas Leisure and Entertainment now holds all the shares of Dubai theme parks operator DXB Entertainments (DXBE), according to a bourse filing.
The minority shareholders of the company, which operates Dubai Parks and Resorts, had accepted in March the offer to take over the company, whose losses were reported to be at 6.2 billion UAE dirhams ($1.7 billion), or 78 percent of its capital, as of the end of September 2020.
“Following completion of the mandatory acquisition, all of the shares of [DXBE] are now held by Meraas,” DXBE said in a statement to the Dubai Financial Market (DFM).
According to earlier reports, there had been plans to take DXBE private.
Last year, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, directed Meraas to become part of Dubai Holding.
State-backed Meraas Leisure and Entertainment now holds all the shares of Dubai theme parks operator DXB Entertainments (DXBE), according to a bourse filing.
The minority shareholders of the company, which operates Dubai Parks and Resorts, had accepted in March the offer to take over the company, whose losses were reported to be at 6.2 billion UAE dirhams ($1.7 billion), or 78 percent of its capital, as of the end of September 2020.
“Following completion of the mandatory acquisition, all of the shares of [DXBE] are now held by Meraas,” DXBE said in a statement to the Dubai Financial Market (DFM).
According to earlier reports, there had been plans to take DXBE private.
Last year, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, directed Meraas to become part of Dubai Holding.
MIDEAST STOCKS #Saudi index firms as other Gulf markets remain subdued | Reuters
MIDEAST STOCKS Saudi index firms as other Gulf markets remain subdued | Reuters
Major Gulf stock markets were little changed in early trade on Sunday, though the Saudi index was up 0.4% to extend gains from the previous four sessions.
Saudi Arabia's benchmark index (.TASI) was buoyed by Al Rajhi Bank (1120.SE) advancing by 0.8% while Saudi Telecom Company (7010.SE) was up 0.6%.
In a blow for the Saudi economy the kingdom has restricted the annual haj pilgrimage to its own citizens and residents for the second year running in response to the COVID-19 pandemic, the Saudi Press Agency reported on Saturday. read more
It also set a maximum of 60,000 participants, a fraction of the 2.5 million that would visit the holiest sites of Islam in Mecca and Medina before the pandemic for the week-long haj and the year-round umrah pilgrimage, which together earned the kingdom about $12 billion a year, official data shows.
In Abu Dhabi, the index (.ADI) eased by 0.1%, hit by a 0.7% decline for the country's largest lender, First Abu Dhabi Bank (FAB.AD).
From June 15 Abu Dhabi, the United Arab Emirates' (UAE) second-most populous emirate, will limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against COVID-19 or recently tested negative for the coronavirus. read more
Daily coronavirus cases in the UAE, a federation of seven emirates, have risen over the past three weeks.
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
In Qatar, the benchmark index (.QSI) edged up 0.1%, helped by a 0.6% gain for petrochemicals company Industries Qatar (IQCD.QA).
Major Gulf stock markets were little changed in early trade on Sunday, though the Saudi index was up 0.4% to extend gains from the previous four sessions.
Saudi Arabia's benchmark index (.TASI) was buoyed by Al Rajhi Bank (1120.SE) advancing by 0.8% while Saudi Telecom Company (7010.SE) was up 0.6%.
In a blow for the Saudi economy the kingdom has restricted the annual haj pilgrimage to its own citizens and residents for the second year running in response to the COVID-19 pandemic, the Saudi Press Agency reported on Saturday. read more
It also set a maximum of 60,000 participants, a fraction of the 2.5 million that would visit the holiest sites of Islam in Mecca and Medina before the pandemic for the week-long haj and the year-round umrah pilgrimage, which together earned the kingdom about $12 billion a year, official data shows.
In Abu Dhabi, the index (.ADI) eased by 0.1%, hit by a 0.7% decline for the country's largest lender, First Abu Dhabi Bank (FAB.AD).
From June 15 Abu Dhabi, the United Arab Emirates' (UAE) second-most populous emirate, will limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against COVID-19 or recently tested negative for the coronavirus. read more
Daily coronavirus cases in the UAE, a federation of seven emirates, have risen over the past three weeks.
Dubai's main share index (.DFMGI) traded flat as gains in property shares were offset by declines in financial stocks.
In Qatar, the benchmark index (.QSI) edged up 0.1%, helped by a 0.6% gain for petrochemicals company Industries Qatar (IQCD.QA).
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