Saudi Arabia Says OPEC+ Has a Role in Containing Inflation - Bloomberg
Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.
The comments come as OPEC+ countries weigh whether to increase production further in the coming months. The oil cartel is scheduled to meet online next week to decide its production policy for August and beyond, after boosting output from May to July.
“We have also a role in taming and containing inflation, by making sure that this market doesn’t get out of hand,” Prince Abdulaziz bin Salman said Wednesday at a conference organized by Bank of America Corp., according to a recording of his remarks obtained by Bloomberg News.
But the minister also cautioned that it was not clear whether oil prices were rising due to “real supply and demand” or because of “expectations and trajectories that are excessively optimistic.”
A representative of the Saudi Energy Ministry didn’t immediately respond to a request for comment.
The comments suggest Riyadh is walking a fine line ahead of the OPEC+ meeting. Prince Abdulaziz said the group should remain cautious because the oil market wasn’t out of the “doldrums” created by the coronavirus pandemic. At the same time, he warned traders against conflating caution with inaction.
“We have to be cautious. But caution doesn’t mean we don’t have to do something,” he told the conference. “It means we have to ensure that we don’t make any missteps here or there.”
Prince Abdulaziz acknowledged the drop in global oil inventories and better expectations for demand during the second half of this year and into 2022. But he added that OPEC+ “cannot discount any vicious return of Covid cases,” and warned that the potential revival of production from Iran and Venezuela are big uncertainties the group needs to consider.
Wednesday 23 June 2021
Deripaska’s Ex-Wife Sells 2.6% En+ Stake to #AbuDhabi’s Mubadala - Bloomberg
Deripaska’s Ex-Wife Sells 2.6% En+ Stake to Abu Dhabi’s Mubadala - Bloomberg
The ex-wife of sanctioned Russian billionaire Oleg Deripaska sold a 2.6% stake in the power and aluminum company En+ Group International PJSC to sovereign fund Mubadala Investment Co.
Following the sale, Yumasheva’s stake in EN+ will decline to 2.58%, according to a statement on Wednesday. Abu Dhabi’s wealth fund is paying about $200 million for a stake in the company founded by Yumasheva’s former husband, people familiar with the matter said earlier.
Mubadala’s total share ownership in En+ now stands at 2.86% on a fully diluted basis, the fund said in a separate statement. The statements confirmed an earlier Bloomberg News report on the deal.
“EN+ has made significant progress in recent years, and is well positioned to generate sustainable value for stakeholders,” said Faris Sohail Al Mazrui, head of Mubadala’s Russia & CIS investment program.
The ex-wife of sanctioned Russian billionaire Oleg Deripaska sold a 2.6% stake in the power and aluminum company En+ Group International PJSC to sovereign fund Mubadala Investment Co.
Following the sale, Yumasheva’s stake in EN+ will decline to 2.58%, according to a statement on Wednesday. Abu Dhabi’s wealth fund is paying about $200 million for a stake in the company founded by Yumasheva’s former husband, people familiar with the matter said earlier.
Mubadala’s total share ownership in En+ now stands at 2.86% on a fully diluted basis, the fund said in a separate statement. The statements confirmed an earlier Bloomberg News report on the deal.
“EN+ has made significant progress in recent years, and is well positioned to generate sustainable value for stakeholders,” said Faris Sohail Al Mazrui, head of Mubadala’s Russia & CIS investment program.
Oil climbs to highest in over two years as U.S. supplies tighten | Reuters
Oil climbs to highest in over two years as U.S. supplies tighten | Reuters
Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed U.S. crude inventories declined as travel picks up.
U.S. crude inventories fell by 7.6 million barrels last week to 459.1 million barrels, the U.S. Energy Information Administration said, a much steeper drawdown than the 3.9 million barrels that analysts had expected in a Reuters poll.
Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude futures, fell by 1.8 million barrels to the lowest since March 2020. Gasoline demand also edged higher last week.
"People are getting back in their cars again and that's showing up in the numbers in a big way. That's going to keep the upward pressure on prices," said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Brent crude rose 38 cents, or 0.5%, to end the session at $75.19 a barrel.Its session high, $76.02 after the EIA data, was the highest since October 2018. U.S. West Texas Intermediate added 23 cents, or 0.3%, to settle at $73.08 after hitting $74.25, also the highest since October 2018.
Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed U.S. crude inventories declined as travel picks up.
U.S. crude inventories fell by 7.6 million barrels last week to 459.1 million barrels, the U.S. Energy Information Administration said, a much steeper drawdown than the 3.9 million barrels that analysts had expected in a Reuters poll.
Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude futures, fell by 1.8 million barrels to the lowest since March 2020. Gasoline demand also edged higher last week.
"People are getting back in their cars again and that's showing up in the numbers in a big way. That's going to keep the upward pressure on prices," said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Brent crude rose 38 cents, or 0.5%, to end the session at $75.19 a barrel.Its session high, $76.02 after the EIA data, was the highest since October 2018. U.S. West Texas Intermediate added 23 cents, or 0.3%, to settle at $73.08 after hitting $74.25, also the highest since October 2018.
DFSA orders FFA Private Bank's #Dubai arm to halt trading for certain clients | The National
DFSA orders FFA Private Bank's Dubai arm to halt trading for certain clients | The National
The Dubai Financial Services Authority (DFSA), the regulator of the emirate's financial hub, imposed restrictions on FFA Private Bank (Dubai) that prohibit it from "receiving, arranging or executing orders" on behalf of specific clients.
The DFSA said it had concerns about the adequacy of the bank's systems to identify and report trading that gives rise to "suspicions of market abuse relating to certain clients". The prohibition will remain in place until FFA is able to demonstrate that it has addressed weaknesses, it said in a statement on Wednesday.
“The DFSA will take strong action to protect the integrity of financial markets,” Bryan Stirewalt, chief executive of the DFSA, said.
“We will not hesitate to restrict the activities of firms where there are concerns over the adequacy of their processes to prevent or detect market abuse".
FFA Private Bank is a wholly-owned subsidiary of Lebanon’s FFA. The lender offers private wealth and asset management services as well as capital markets, corporate and investment banking products, according to its website.
The Dubai Financial Services Authority (DFSA), the regulator of the emirate's financial hub, imposed restrictions on FFA Private Bank (Dubai) that prohibit it from "receiving, arranging or executing orders" on behalf of specific clients.
The DFSA said it had concerns about the adequacy of the bank's systems to identify and report trading that gives rise to "suspicions of market abuse relating to certain clients". The prohibition will remain in place until FFA is able to demonstrate that it has addressed weaknesses, it said in a statement on Wednesday.
“The DFSA will take strong action to protect the integrity of financial markets,” Bryan Stirewalt, chief executive of the DFSA, said.
“We will not hesitate to restrict the activities of firms where there are concerns over the adequacy of their processes to prevent or detect market abuse".
FFA Private Bank is a wholly-owned subsidiary of Lebanon’s FFA. The lender offers private wealth and asset management services as well as capital markets, corporate and investment banking products, according to its website.
#Kuwait Pension Fund PIFSS Records Best Annual Performance - Bloomberg
Kuwait Pension Fund PIFSS Records Best Annual Performance - Bloomberg
Kuwait’s Public Institution for Social Security had its best ever annual performance, emerging as a new regional investment powerhouse despite political deadlock in the country.
The $134 billion pension fund, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, recorded 20.9% growth in assets in the year ended March 31, according to a statement on Wednesday.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades. Cash now accounts for 4% of its investments, down from about 11.5% a year ago.
The performance reflects the fund’s “robust” investment policy and the record performance of capital markets, said Director General Meshal Al-Othman. “The management follows a conservative investment strategy well positioned to absorb and overcome expected fluctuations in international markets in the medium-term,” he said.
PIFSS, as the fund is known, also owns 25% of Oak Hill Advisors and 10% of TowerBrook Capital Partners LP.
Kuwait’s Public Institution for Social Security had its best ever annual performance, emerging as a new regional investment powerhouse despite political deadlock in the country.
The $134 billion pension fund, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, recorded 20.9% growth in assets in the year ended March 31, according to a statement on Wednesday.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades. Cash now accounts for 4% of its investments, down from about 11.5% a year ago.
The performance reflects the fund’s “robust” investment policy and the record performance of capital markets, said Director General Meshal Al-Othman. “The management follows a conservative investment strategy well positioned to absorb and overcome expected fluctuations in international markets in the medium-term,” he said.
PIFSS, as the fund is known, also owns 25% of Oak Hill Advisors and 10% of TowerBrook Capital Partners LP.
MIDEAST STOCKS #Dubai index up on property shares as major Gulf bourses ease | Reuters
MIDEAST STOCKS Dubai index up on property shares as major Gulf bourses ease | Reuters
Dubai's stock market ended higher on Wednesday, buoyed by gains in real estate stocks, while other major Gulf markets were little changed.
Dubai's main share index (.DFMGI) rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.4%, while logistics firm Aramex (ARMX.DU) advanced 1.5%.
Dubai repaid $500 million in bonds due on Tuesday in what the government said was a sign of fiscal stability despite the coronavirus-driven economic downturn. read more
Elsewhere, DAMAC Properties (DAMAC.DU) finished 1.6% higher.
The founder of DAMAC has postponed efforts to take the firm private after the securities regulator of the United Arab Emirates launched a review of the transaction, the company said on Tuesday. read more
Sajwani made a $595 million offer this month to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades. read more
Saudi Arabia's benchmark index (.TASI) traded flat, as gains in property shares were offset by declines in telecoms and financial shares.
Saudi Telecom Company (7010.SE) declined 1.8%.
The kingdom's Public Investment Fund is considering divesting part of its stake in Saudi Telecom, as the sovereign wealth fund seeks to monetise some of its assets. read more
In Abu Dhabi, the index (.ADI) eased 0.1%, pressured by a 0.5% fall in telecoms firm Etisalat (ETISALAT.AD) and a 1% slide in Abu Dhabi Commercial Bank (ADCB.AD).
The Qatari benchmark (.QSI) fell 0.1%, hit by a 1% fall in Qatar Islamic Bank (QISB.QA) and a 0.8% decrease in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chipe index (.EGX30) gained 0.7%, as most of the stocks were in positive territory including Abu Qir Fertilizers (ABUK.CA), which closed 2.5% higher.
Dubai's main share index (.DFMGI) rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.4%, while logistics firm Aramex (ARMX.DU) advanced 1.5%.
Dubai repaid $500 million in bonds due on Tuesday in what the government said was a sign of fiscal stability despite the coronavirus-driven economic downturn. read more
Elsewhere, DAMAC Properties (DAMAC.DU) finished 1.6% higher.
The founder of DAMAC has postponed efforts to take the firm private after the securities regulator of the United Arab Emirates launched a review of the transaction, the company said on Tuesday. read more
Sajwani made a $595 million offer this month to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades. read more
Saudi Arabia's benchmark index (.TASI) traded flat, as gains in property shares were offset by declines in telecoms and financial shares.
Saudi Telecom Company (7010.SE) declined 1.8%.
The kingdom's Public Investment Fund is considering divesting part of its stake in Saudi Telecom, as the sovereign wealth fund seeks to monetise some of its assets. read more
In Abu Dhabi, the index (.ADI) eased 0.1%, pressured by a 0.5% fall in telecoms firm Etisalat (ETISALAT.AD) and a 1% slide in Abu Dhabi Commercial Bank (ADCB.AD).
The Qatari benchmark (.QSI) fell 0.1%, hit by a 1% fall in Qatar Islamic Bank (QISB.QA) and a 0.8% decrease in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chipe index (.EGX30) gained 0.7%, as most of the stocks were in positive territory including Abu Qir Fertilizers (ABUK.CA), which closed 2.5% higher.
Mideast Joins Bitcoin ($BTC USD) Craze With First Crypto Listing in #Dubai - Bloomberg
Mideast Joins Bitcoin ($BTC USD) Craze With First Crypto Listing in Dubai - Bloomberg
The Bitcoin Fund listed on the Nasdaq Dubai exchange Wednesday, the first of its kind to trade in the Middle East as cryptocurrencies grab attention globally.
The stock closed at $38.30, up 10% for the day, according to prices on Nasdaq Dubai’s website.
The Canadian fund was the first of its type to be listed on a major exchange, in Toronto last year. The intent of the Dubai listing is to get trading at all hours around the globe. Dubai-based Dalma Capital Management Ltd. is the joint lead arranger for the offering.
The Bitcoin Fund invests in long-term holdings of Bitcoin as a safer alternative to direct investments in the cryptocurrency, according to its prospectus. The fund does not speculate with regard to short-term changes in Bitcoin prices.
Just six weeks ago, Bitcoin was trading near $60,000 amid a warmer embrace from Wall Street as well as retail investors. But negative attention about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have led to a slide in recent weeks, with the price briefly dropping below the key $30,000 level on Tuesday.
The Bitcoin Fund listed on the Nasdaq Dubai exchange Wednesday, the first of its kind to trade in the Middle East as cryptocurrencies grab attention globally.
The stock closed at $38.30, up 10% for the day, according to prices on Nasdaq Dubai’s website.
The Canadian fund was the first of its type to be listed on a major exchange, in Toronto last year. The intent of the Dubai listing is to get trading at all hours around the globe. Dubai-based Dalma Capital Management Ltd. is the joint lead arranger for the offering.
The Bitcoin Fund invests in long-term holdings of Bitcoin as a safer alternative to direct investments in the cryptocurrency, according to its prospectus. The fund does not speculate with regard to short-term changes in Bitcoin prices.
Just six weeks ago, Bitcoin was trading near $60,000 amid a warmer embrace from Wall Street as well as retail investors. But negative attention about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have led to a slide in recent weeks, with the price briefly dropping below the key $30,000 level on Tuesday.
#Qatar central bank governor sees no need to change currency peg regime | Reuters
Qatar central bank governor sees no need to change currency peg regime | Reuters
Qatar has no need to change its currency peg regime despite concerns about rising inflation, the governor of the Gulf state’s central bank said on Wednesday.
“I don’t think we’ll change our regime at this moment, there is no need,” Sheikh Abdullah bin Saud al-Thani said at an economic forum organised by Bloomberg.
The Qatari riyal has been officially fixed at 3.64 to the dollar since 2001.
Qatar has no need to change its currency peg regime despite concerns about rising inflation, the governor of the Gulf state’s central bank said on Wednesday.
“I don’t think we’ll change our regime at this moment, there is no need,” Sheikh Abdullah bin Saud al-Thani said at an economic forum organised by Bloomberg.
The Qatari riyal has been officially fixed at 3.64 to the dollar since 2001.
#Qatar sovereign fund says focusing on warehouses, data centres | Reuters
Qatar sovereign fund says focusing on warehouses, data centres | Reuters
Qatar Investment Authority (QIA) is looking at sub-segments of the real estate sector such as warehouses and data centres for investments as the pandemic affected the traditional sectors of the sector, its chief executive said on Wednesday.
"You have to be a little bit very specific in analysing the sector and try to really find out what are the opportunities," Mansoor bin Ebrahim al-Mahmoud told an economic forum organised by Bloomberg.
He said mostof QIA's investment pipeline will be dominated by deals in Asia and the United States. QIA, which owns stakes in Credit Suisse (CSGN.S) and Volkswagen AG (VOWG_p.DE), holds assets of over $300 billion.
Qatar Investment Authority (QIA) is looking at sub-segments of the real estate sector such as warehouses and data centres for investments as the pandemic affected the traditional sectors of the sector, its chief executive said on Wednesday.
"You have to be a little bit very specific in analysing the sector and try to really find out what are the opportunities," Mansoor bin Ebrahim al-Mahmoud told an economic forum organised by Bloomberg.
He said mostof QIA's investment pipeline will be dominated by deals in Asia and the United States. QIA, which owns stakes in Credit Suisse (CSGN.S) and Volkswagen AG (VOWG_p.DE), holds assets of over $300 billion.
Kuwait Finance House gives initial guidance for AT1 sukuk - document | Reuters
Kuwait Finance House gives initial guidance for AT1 sukuk - document | Reuters
Kuwait Finance House (KFH.KW) has given initial price guidance in the 4% area for U.S. dollar-denominated Additional Tier 1 sukuk, or Islamic bonds, that will be non-callable for 5-1/2 years, a document showed on Wednesday.
KFH Capital, Standard Chartered (STAN.L), Boubyan Bank (BOUK.KW), Dubai Islamic Bank (DISB.DU), Dukhan Bank, Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank (FAB.AD) and Mizuho Securities (8411.T) are arranging the deal, which is expected to launch later on Wednesday, the document from one of the banks showed.
Kuwait Finance House (KFH.KW) has given initial price guidance in the 4% area for U.S. dollar-denominated Additional Tier 1 sukuk, or Islamic bonds, that will be non-callable for 5-1/2 years, a document showed on Wednesday.
KFH Capital, Standard Chartered (STAN.L), Boubyan Bank (BOUK.KW), Dubai Islamic Bank (DISB.DU), Dukhan Bank, Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank (FAB.AD) and Mizuho Securities (8411.T) are arranging the deal, which is expected to launch later on Wednesday, the document from one of the banks showed.
#Saudi Aramco extends $10 bln loan on improved terms, sources say | Reuters
Saudi Aramco extends $10 bln loan on improved terms, sources say | Reuters
Saudi Arabian oil giant Aramco (2222.SE) has secured a one-year extension to a $10 billion loan it raised last year, negotiating improved terms in the process, three sources told Reuters.
Aramco has borrowed tens of billions of dollars in the past few years to keep up with Saudi Arabia's financing needs in an era of lower oil prices.
This is in addition to a public sale of a minority stake in the company and the recent leasing of some of its pipeline assets for $12.4 billion.
It has over the past few months renegotiated and extended a $10 billion one-year loan it raised in May last year, three sources with direct knowledge of the matter said.
The loan had a one-year extension option, but instead of paying a higher interest rate to extend the deal - as agreed as part of that facility - it has asked for better terms to reflect improved market conditions, the sources said.
The pricing is tighter than the original loan's due to a "COVID premium" that resulted from depressed market conditions last year, one of the sources said.
Saudi Arabian oil giant Aramco (2222.SE) has secured a one-year extension to a $10 billion loan it raised last year, negotiating improved terms in the process, three sources told Reuters.
Aramco has borrowed tens of billions of dollars in the past few years to keep up with Saudi Arabia's financing needs in an era of lower oil prices.
This is in addition to a public sale of a minority stake in the company and the recent leasing of some of its pipeline assets for $12.4 billion.
It has over the past few months renegotiated and extended a $10 billion one-year loan it raised in May last year, three sources with direct knowledge of the matter said.
The loan had a one-year extension option, but instead of paying a higher interest rate to extend the deal - as agreed as part of that facility - it has asked for better terms to reflect improved market conditions, the sources said.
The pricing is tighter than the original loan's due to a "COVID premium" that resulted from depressed market conditions last year, one of the sources said.
Emirates Global Aluminium in talks to refinance $6 billion loan - sources | Reuters
Emirates Global Aluminium in talks to refinance $6 billion loan - sources | Reuters
Emirates Global Aluminium, one of the world’s largest aluminium producers, is in talks with banks to refinance and change the terms of a loan of about $6 billion it secured in 2019, two sources with knowledge of the matter said on Wednesday.
The United Arab Emirates firm, which is owned equally by Abu Dhabi state fund Mubadala and the Investment Corporation of Dubai, is seeking to extend the tenor and lower the pricing of the seven-year loan through a refinancing facility to take advantage of low rates, the sources said.
“EGA is fortunate to have a large relationship bank group who support our business. We are always looking at ways to optimise our financing arrangements,” the company said in response to a Reuters request for comment.
EGA’s fundraising exercise comes as borrowers in the Gulf seek to improve their financing arrangements to reflect better market conditions after last year’s coronavirus-driven downturn.
EGA, which produces 4% of the world’s total aluminium, took a loan of over $6 billion in early 2019 to refinance a $4.9 billion loan secured in December 2015 as well as to fully repay a $1.8 billion loan raised by EGA’s subsidiary Dubai Aluminium.
The syndicated loan EGA is seeking to restructure was issued on Jan. 28, 2019 and totalled $6.545 billion, according to Refinitiv data.
A group of around 25 international and regional banks participated in the loan. Banks leading the deal included BNP Paribas, Citi, Emirates NBD, ING and Natixis.
The company said in March its annual adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the 12 months ended Dec. 31 rose to 4.1 billion dirhams ($1.13 billion) from 2.5 billion dirhams a year prior, boosted by product flexibility, cost control, and a ramp-up in new upstream projects.
Emirates Global Aluminium, one of the world’s largest aluminium producers, is in talks with banks to refinance and change the terms of a loan of about $6 billion it secured in 2019, two sources with knowledge of the matter said on Wednesday.
The United Arab Emirates firm, which is owned equally by Abu Dhabi state fund Mubadala and the Investment Corporation of Dubai, is seeking to extend the tenor and lower the pricing of the seven-year loan through a refinancing facility to take advantage of low rates, the sources said.
“EGA is fortunate to have a large relationship bank group who support our business. We are always looking at ways to optimise our financing arrangements,” the company said in response to a Reuters request for comment.
EGA’s fundraising exercise comes as borrowers in the Gulf seek to improve their financing arrangements to reflect better market conditions after last year’s coronavirus-driven downturn.
EGA, which produces 4% of the world’s total aluminium, took a loan of over $6 billion in early 2019 to refinance a $4.9 billion loan secured in December 2015 as well as to fully repay a $1.8 billion loan raised by EGA’s subsidiary Dubai Aluminium.
The syndicated loan EGA is seeking to restructure was issued on Jan. 28, 2019 and totalled $6.545 billion, according to Refinitiv data.
A group of around 25 international and regional banks participated in the loan. Banks leading the deal included BNP Paribas, Citi, Emirates NBD, ING and Natixis.
The company said in March its annual adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the 12 months ended Dec. 31 rose to 4.1 billion dirhams ($1.13 billion) from 2.5 billion dirhams a year prior, boosted by product flexibility, cost control, and a ramp-up in new upstream projects.
Mall operator says #UAE Q4 retail revenue to be greater than pre-pandemic | Reuters
Mall operator says UAE Q4 retail revenue to be greater than pre-pandemic | Reuters
Middle East shopping mall operator Majid Al Futtaim said on Wednesday retail revenues in the United Arab Emirates in the latter part of 2021 are likely to exceed those seen before the pandemic, as more people are vaccinated and Dubai Expo 2020 begins.
Privately-held Majid Al Futtaim has 27 shopping centres, including in the UAE, Egypt and Saudi Arabia, and franchisee rights for brands including Abercrombie & Fitch and Lululemon Athletica.
“We are seeing a very solid recovery in the brick and mortar spend on the shopping side,” Chief Executive Alain Bejjani said, speaking of the company’s retail performance in the UAE.
“The amount of spend is growing greater than the footfall growth so the reality is people are being more purposeful of going out to malls and are spending more when going out.”
In the fourth quarter this year, revenues should exceed the same period in 2019, before the pandemic struck, he said.
Bejjani, who did not provide figures, said retail revenue earned in the UAE was now close to 2019 levels.
Majid Al Futtaim’s UAE shopping centres include the Mall of the Emirates in Dubai, which features an indoor ski slope. The company also has hotels and other assets including residential property.
The UAE has one of the fastest vaccination campaigns. Expo 2020, which officials expect will attract 25 million international and domestic visitors, runs from October until March.
Majid Al Futtaim’s Mall of Oman, located in the Gulf state’s capital Muscat and whose opening had been delayed by the pandemic, was set to open in September, Bejjani said.
Middle East shopping mall operator Majid Al Futtaim said on Wednesday retail revenues in the United Arab Emirates in the latter part of 2021 are likely to exceed those seen before the pandemic, as more people are vaccinated and Dubai Expo 2020 begins.
Privately-held Majid Al Futtaim has 27 shopping centres, including in the UAE, Egypt and Saudi Arabia, and franchisee rights for brands including Abercrombie & Fitch and Lululemon Athletica.
“We are seeing a very solid recovery in the brick and mortar spend on the shopping side,” Chief Executive Alain Bejjani said, speaking of the company’s retail performance in the UAE.
“The amount of spend is growing greater than the footfall growth so the reality is people are being more purposeful of going out to malls and are spending more when going out.”
In the fourth quarter this year, revenues should exceed the same period in 2019, before the pandemic struck, he said.
Bejjani, who did not provide figures, said retail revenue earned in the UAE was now close to 2019 levels.
Majid Al Futtaim’s UAE shopping centres include the Mall of the Emirates in Dubai, which features an indoor ski slope. The company also has hotels and other assets including residential property.
The UAE has one of the fastest vaccination campaigns. Expo 2020, which officials expect will attract 25 million international and domestic visitors, runs from October until March.
Majid Al Futtaim’s Mall of Oman, located in the Gulf state’s capital Muscat and whose opening had been delayed by the pandemic, was set to open in September, Bejjani said.
State-owned Qatari Diar refinancing debt, chairman says | Reuters
State-owned Qatari Diar refinancing debt, chairman says | Reuters
Qatari Diar Real Estate Investment Co, owned by the Qatar Investment Authority (QIA), is refinancing its debt facilities to take advantage of low rates, its chairman said on Wednesday.
"We have taken advantage of the low rate," Khalid bin Khalifa Al Thani told an economic forum organised by Bloomberg.
He said he expected low interest rates would remain for a "few years to come".
As of 2020, Qatari Diar had 50 investment projects in 22 countries with an investment value of around $35 billion, according to its website.
Qatari Diar Real Estate Investment Co, owned by the Qatar Investment Authority (QIA), is refinancing its debt facilities to take advantage of low rates, its chairman said on Wednesday.
"We have taken advantage of the low rate," Khalid bin Khalifa Al Thani told an economic forum organised by Bloomberg.
He said he expected low interest rates would remain for a "few years to come".
As of 2020, Qatari Diar had 50 investment projects in 22 countries with an investment value of around $35 billion, according to its website.
Oil Climbs Above $73 With Report Pointing to Falling Stockpiles - Bloomberg
Oil Climbs Above $73 With Report Pointing to Falling Stockpiles - Bloomberg
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#SaudiArabia Grants Digital Banking License to Two Firms - Bloomberg
Saudi Arabia Grants Digital Banking License to Two Firms - Bloomberg
Saudi Arabia granted digital banking license to two firms as the use of finance technology spreads in the Middle East.
STC Pay, launched by the kingdom’s biggest mobile operator Saudi Telecom in 2018, will be converted into a digital bank with a capital of 2.5 billion riyals ($667 million), according to a central bank statement. It will be called STC Bank.
A second firm, led by Abdul Rahman bin Saad Al-Rashed & Sons Co., will form a digital bank with a capital of 1.5 billion riyals. It will be called Saudi Digital Bank.
Saudi Telecom said Wednesday it will inject additional 802 million riyals to retain its 85% in STC Pay and Western Union will invest 750 million riyals to own 15% of the firm. Western Union acquired the stake in STC Pay last year for $200 million.
The central bank also said:
Saudi Arabia granted digital banking license to two firms as the use of finance technology spreads in the Middle East.
STC Pay, launched by the kingdom’s biggest mobile operator Saudi Telecom in 2018, will be converted into a digital bank with a capital of 2.5 billion riyals ($667 million), according to a central bank statement. It will be called STC Bank.
A second firm, led by Abdul Rahman bin Saad Al-Rashed & Sons Co., will form a digital bank with a capital of 1.5 billion riyals. It will be called Saudi Digital Bank.
Saudi Telecom said Wednesday it will inject additional 802 million riyals to retain its 85% in STC Pay and Western Union will invest 750 million riyals to own 15% of the firm. Western Union acquired the stake in STC Pay last year for $200 million.
The central bank also said:
- Licensed 16 Saudi FinTech companies in the recent past to provide payment services, consumer micro-finance and digital insurance brokerage
- There are 32 FinTech companies operating under the Regulatory Sandbox environment, which was designed for testing innovative services and products
#Dubai Developer Said to Plan $2.6 Billion Debt Revamp Talks - Bloomberg
Dubai Developer Said to Plan $2.6 Billion Debt Revamp Talks - Bloomberg
Dubai developer Meydan is set to meet its creditors next week to discuss a $2.6 billion debt restructuring plan aimed at giving it financial breathing space, people familiar with the matter said.
PwC has been working with the company to put together a proposal, which will be presented at a meeting with bank creditors, the people said, asking not to be named because the information is confidential.
Meydan’s total debt amounts to about $4 billion, of which $2.6 billion requires restructuring, the people said. Under the plan, the company will ask creditors to extend repayments on that amount for a period said to be between eight to 10 years, the people said. The company also intends to sell assets to raise fresh funds, they said.
Spokespeople for PwC and Meydan declined to comment.
Long under pressure from an anemic domestic economy, the owner of one of the world’s most opulent horse racecourses has also had to contend with the coronavirus crisis that’s hurt Dubai’s tourism and transport industry. The developer may be looking to negotiate a reprieve from creditors while the emirate recovers from the global pandemic.
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Illustration of the Meydan One mall project. Source: Business Wire |
Dubai developer Meydan is set to meet its creditors next week to discuss a $2.6 billion debt restructuring plan aimed at giving it financial breathing space, people familiar with the matter said.
PwC has been working with the company to put together a proposal, which will be presented at a meeting with bank creditors, the people said, asking not to be named because the information is confidential.
Meydan’s total debt amounts to about $4 billion, of which $2.6 billion requires restructuring, the people said. Under the plan, the company will ask creditors to extend repayments on that amount for a period said to be between eight to 10 years, the people said. The company also intends to sell assets to raise fresh funds, they said.
Spokespeople for PwC and Meydan declined to comment.
Long under pressure from an anemic domestic economy, the owner of one of the world’s most opulent horse racecourses has also had to contend with the coronavirus crisis that’s hurt Dubai’s tourism and transport industry. The developer may be looking to negotiate a reprieve from creditors while the emirate recovers from the global pandemic.
Oil resumes climb on large U.S. oil stocks drawdown | Reuters
Oil resumes climb on large U.S. oil stocks drawdown | Reuters
Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America.
U.S. West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at 0217 GMT, after falling 60 cents on Tuesday.
Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, after giving up 9 cents on Tuesday.
The American Petroleum Institute industry group reported crude stocks fell by 7.2 million barrels for the week ended June 18, according to two market sources. [API/S]
That was a much bigger drawdown than the 3.9 million barrels which nine analysts polled by Reuters had expected on average.
Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America.
U.S. West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at 0217 GMT, after falling 60 cents on Tuesday.
Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, after giving up 9 cents on Tuesday.
The American Petroleum Institute industry group reported crude stocks fell by 7.2 million barrels for the week ended June 18, according to two market sources. [API/S]
That was a much bigger drawdown than the 3.9 million barrels which nine analysts polled by Reuters had expected on average.
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