Sunday 27 June 2021
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close
Dawn of Roaring Twenties Seen as #Dubai’s Luxury Home Sales Soar - Bloomberg
Dawn of Roaring Twenties Seen as Dubai’s Luxury Home Sales Soar - Bloomberg
A record burst of sales in the priciest corners of the global property market may be ushering in a post-pandemic era of exuberance in real estate -- with Dubai among the front-runners.
The Middle East business hub is the latest city to light up with what Knight Frank LLP called “a spectacular post-Covid rebound in luxury home sales.” In the first five months of the year, 22 properties worth more than $10 million found a buyer, the most since 2015 and up from a total of 19 last year.
Far from being an isolated hotspot, the emirate may mirror a pattern seen in other global cities, the consultancy firm said on Sunday. Homes in the wealthiest areas of London are selling at the fastest rate in seven years, according to LonRes data.
“The rebounding of Dubai’s super prime market echoes a wider global trend, signaling the start perhaps of a ‘Roaring Twenties’ for global real estate,” said Faisal Durrani, head of Middle East Research at Knight Frank.
A record burst of sales in the priciest corners of the global property market may be ushering in a post-pandemic era of exuberance in real estate -- with Dubai among the front-runners.
The Middle East business hub is the latest city to light up with what Knight Frank LLP called “a spectacular post-Covid rebound in luxury home sales.” In the first five months of the year, 22 properties worth more than $10 million found a buyer, the most since 2015 and up from a total of 19 last year.
Far from being an isolated hotspot, the emirate may mirror a pattern seen in other global cities, the consultancy firm said on Sunday. Homes in the wealthiest areas of London are selling at the fastest rate in seven years, according to LonRes data.
“The rebounding of Dubai’s super prime market echoes a wider global trend, signaling the start perhaps of a ‘Roaring Twenties’ for global real estate,” said Faisal Durrani, head of Middle East Research at Knight Frank.
#Dubai Lures Wall Street Jet-Setters as Events Business Returns - Bloomberg
Dubai Lures Wall Street Jet-Setters as Events Business Returns - Bloomberg
The jet-setting days of Wall Street bankers and executives flocking to Davos in January might be on pause, but in the financial capital of the Middle East it’s business as usual once more.
Dubai is moving full-speed ahead with in-person events on the back of fewer travel restrictions and one of the world’s most-connected airports. The United Arab Emirates also has among the fastest vaccination programs, with 15 million doses administered in a population of 10 million.
As restrictions hamper travel to hubs including London and Singapore, Dubai is fast becoming a winner in the more than $1 trillion global events industry. The emirate plans to host one of the biggest gas conferences and an African investor summit this year, while top cricketers are set to gather in the UAE for a popular tournament and later, for the T20 World Cup.
Conferences and events accounted for 3% of Dubai’s $112 billion economy in 2019, said Helal Al Marri, director general of the emirate’s Department of Tourism and Commerce Marketing, or DTCM. A return to normalcy would bolster the leisure industry, which was leveled by the pandemic.
The jet-setting days of Wall Street bankers and executives flocking to Davos in January might be on pause, but in the financial capital of the Middle East it’s business as usual once more.
Dubai is moving full-speed ahead with in-person events on the back of fewer travel restrictions and one of the world’s most-connected airports. The United Arab Emirates also has among the fastest vaccination programs, with 15 million doses administered in a population of 10 million.
As restrictions hamper travel to hubs including London and Singapore, Dubai is fast becoming a winner in the more than $1 trillion global events industry. The emirate plans to host one of the biggest gas conferences and an African investor summit this year, while top cricketers are set to gather in the UAE for a popular tournament and later, for the T20 World Cup.
Conferences and events accounted for 3% of Dubai’s $112 billion economy in 2019, said Helal Al Marri, director general of the emirate’s Department of Tourism and Commerce Marketing, or DTCM. A return to normalcy would bolster the leisure industry, which was leveled by the pandemic.
Why cybercrime continues to provide a prime threat to businesses in MENA region - Arabianbusiness
Why cybercrime continues to provide a prime threat to businesses in MENA region - Arabianbusiness
Amazon Prime Day may have provided an opportunity for bargain hunters across the region to take advantage of discounted deals, but the two-day promotion also opened up another avenue for cyber-criminals to wreak their havoc.
Cyber criminals established malicious domains in the month leading up to Amazon Prime Day, a Point Software study found, with 46 percent of new domains including the word Amazon found to be bogus.
Prime Day, the two-day bargain hunt on the e-commerce giant, generated about $6.8 billion in revenue for Amazon this year, according to estimates from Morgan Stanley; about half of that revenue came from third-party merchants.
“While low costs and convenience are understandably appealing, there is another aspect to the e-commerce revolution that consumers need to be mindful of, especially on occasions like Amazon Prime Day,” said Steven Cunnington, global lead for identity assistance solutions, Collinson.
Amazon Prime Day may have provided an opportunity for bargain hunters across the region to take advantage of discounted deals, but the two-day promotion also opened up another avenue for cyber-criminals to wreak their havoc.
Cyber criminals established malicious domains in the month leading up to Amazon Prime Day, a Point Software study found, with 46 percent of new domains including the word Amazon found to be bogus.
Prime Day, the two-day bargain hunt on the e-commerce giant, generated about $6.8 billion in revenue for Amazon this year, according to estimates from Morgan Stanley; about half of that revenue came from third-party merchants.
“While low costs and convenience are understandably appealing, there is another aspect to the e-commerce revolution that consumers need to be mindful of, especially on occasions like Amazon Prime Day,” said Steven Cunnington, global lead for identity assistance solutions, Collinson.
IHC Becomes #UAE’s Most Valuable Company After Unit Lists - Bloomberg
IHC Becomes UAE’s Most Valuable Company After Unit Lists - Bloomberg
International Holding Co. surged to become the most valuable listed company in the United Arab Emirates after its unit Alpha Dhabi Holding PJSC made its trading debut in Abu Dhabi.
IHC’s shares rose 15%, the maximum allowed, to 110.8 dirhams. That took its market capitalization to 202 billion dirhams ($55 billion), surpassing Emirates Telecommunications Group.
IHC has the backing of Abu Dhabi’s ruling family, with investments ranging from Elon Musk’s SpaceX to a local fishery company. It’s ultimately controlled by the Royal Group, a conglomerate that lists the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed Al Nahyan as chairman.
Alpha Dhabi traded as high as 20 dirhams in a direct listing. It’s an investment holding company with operations spread across sectors ranging from real estate to hospitality. IHC in April bought 45% of Alpha Dhabi, which holds a stake in Abu Dhabi’s biggest property developer.
International Holding Co. surged to become the most valuable listed company in the United Arab Emirates after its unit Alpha Dhabi Holding PJSC made its trading debut in Abu Dhabi.
IHC’s shares rose 15%, the maximum allowed, to 110.8 dirhams. That took its market capitalization to 202 billion dirhams ($55 billion), surpassing Emirates Telecommunications Group.
IHC has the backing of Abu Dhabi’s ruling family, with investments ranging from Elon Musk’s SpaceX to a local fishery company. It’s ultimately controlled by the Royal Group, a conglomerate that lists the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed Al Nahyan as chairman.
Alpha Dhabi traded as high as 20 dirhams in a direct listing. It’s an investment holding company with operations spread across sectors ranging from real estate to hospitality. IHC in April bought 45% of Alpha Dhabi, which holds a stake in Abu Dhabi’s biggest property developer.
Kuwaiti E-Commerce Firm Draws Careem Backer in New Funding Round - Bloomberg
Kuwaiti E-Commerce Firm Draws Careem Backer in New Funding Round - Bloomberg
An early investor in ride-hailing firm Careem is backing Kuwaiti e-commerce company Floward, which expects to post a profit next year as the pandemic accelerates a shift to online sales.
The company said its series B funding round raised $27.5 million and was led by STV, a Saudi technology venture capital fund that previously invested in Careem, which was acquired by Uber Technologies Inc. for $3.1 billion.
Floward, which delivers flowers and gifts online, plans to use proceeds mostly to expand in the region, after venturing into London earlier this year.
It may go public within the next two years and could decide on a listing venue later this year, founder and Chief Executive Officer AbdulAziz Al-Loughani said in an interview. London, New York and Saudi Arabia are possible venues for the IPO, he said.
Some of the biggest startup deals in the Middle East have come from Kuwait, an oil-rich Gulf emirate with a population of only about 4.7 million. These include takeovers of Kuwait-based food delivery services Talabat and Carriage.
Boutiqaat, a Kuwaiti online retailer of luxury goods and cosmetics, last year hired Citigroup Inc. to explore strategic options for the company, including a partial sale of the business and fund raising.
While the Middle East has been slower to adapt to e-commerce than other regions, lockdowns to combat the coronavirus pandemic last year have accelerated the shift to online shopping and food delivery.
Floward has seen a surge in e-commerce sales, which grew 10-fold last year compared to 2019. Revenue this year has already surpassed the whole of 2020, putting the firm on a “clear path” to profitability, Al-Loughani said.
The company currently operates in 20 cities across seven countries and aims to replicate its presence in the Gulf region on a more global scale. It will soon announce a nationwide service within the U.K. after launching in London, a city which alone represents a bigger market than the entire Gulf flower industry, estimated to be worth as much as $2.5 billion.
The firm is expanding into two more Arab countries this year and currently evaluating a move into Europe. “We’re thinking a lot more global and acting a lot more local,” Al-Loughani said.
An early investor in ride-hailing firm Careem is backing Kuwaiti e-commerce company Floward, which expects to post a profit next year as the pandemic accelerates a shift to online sales.
The company said its series B funding round raised $27.5 million and was led by STV, a Saudi technology venture capital fund that previously invested in Careem, which was acquired by Uber Technologies Inc. for $3.1 billion.
Floward, which delivers flowers and gifts online, plans to use proceeds mostly to expand in the region, after venturing into London earlier this year.
It may go public within the next two years and could decide on a listing venue later this year, founder and Chief Executive Officer AbdulAziz Al-Loughani said in an interview. London, New York and Saudi Arabia are possible venues for the IPO, he said.
Some of the biggest startup deals in the Middle East have come from Kuwait, an oil-rich Gulf emirate with a population of only about 4.7 million. These include takeovers of Kuwait-based food delivery services Talabat and Carriage.
Boutiqaat, a Kuwaiti online retailer of luxury goods and cosmetics, last year hired Citigroup Inc. to explore strategic options for the company, including a partial sale of the business and fund raising.
While the Middle East has been slower to adapt to e-commerce than other regions, lockdowns to combat the coronavirus pandemic last year have accelerated the shift to online shopping and food delivery.
Floward has seen a surge in e-commerce sales, which grew 10-fold last year compared to 2019. Revenue this year has already surpassed the whole of 2020, putting the firm on a “clear path” to profitability, Al-Loughani said.
The company currently operates in 20 cities across seven countries and aims to replicate its presence in the Gulf region on a more global scale. It will soon announce a nationwide service within the U.K. after launching in London, a city which alone represents a bigger market than the entire Gulf flower industry, estimated to be worth as much as $2.5 billion.
The firm is expanding into two more Arab countries this year and currently evaluating a move into Europe. “We’re thinking a lot more global and acting a lot more local,” Al-Loughani said.
IHC surges on subsidiary Alpha Dhabi's #AbuDhabi debut | ZAWYA MENA Edition
IHC surges on subsidiary Alpha Dhabi's Abu Dhabi debut | ZAWYA MENA Edition
International Holding's shares rose more than 14% on Sunday after its subsidiary Alpha Dhabi Holding made its stock market debut on the Abu Dhabi bourse.
Alpha Dhabi, in which IHC holds a 45% stake, opened at 20 dirhams a share, but eased to 17.70 dirhams trade, giving it a market value of 177 billion dirhams ($48.19 billion).
Alpha Dhabi in turn holds a 12.1% stake in Aldar Properties, which it bought in March.
IHC, whose shares are up by more than 162% year-to-date, was trading at 110.8 dirhams, up 14.45% at 0709 GMT.
Sheikh Tahnoon Bin Zayed al-Nahyan, the United Arab Emirates national security adviser and brother of UAE's de-facto ruler Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, is chairman of IHC, which has been through a rapid expansion.
This has been reflected in its results and last month IHC posted a net profit of 1.5 billion dirhams ($408 million) for the first-quarter, up from 112.2 million dirhams a year earlier.
International Holding's shares rose more than 14% on Sunday after its subsidiary Alpha Dhabi Holding made its stock market debut on the Abu Dhabi bourse.
Alpha Dhabi, in which IHC holds a 45% stake, opened at 20 dirhams a share, but eased to 17.70 dirhams trade, giving it a market value of 177 billion dirhams ($48.19 billion).
Alpha Dhabi in turn holds a 12.1% stake in Aldar Properties, which it bought in March.
IHC, whose shares are up by more than 162% year-to-date, was trading at 110.8 dirhams, up 14.45% at 0709 GMT.
Sheikh Tahnoon Bin Zayed al-Nahyan, the United Arab Emirates national security adviser and brother of UAE's de-facto ruler Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, is chairman of IHC, which has been through a rapid expansion.
This has been reflected in its results and last month IHC posted a net profit of 1.5 billion dirhams ($408 million) for the first-quarter, up from 112.2 million dirhams a year earlier.
UPDATE 2-Mubadala's Yahsat aims to raise up to $810 mln in #AbuDhabi IPO | Reuters
UPDATE 2-Mubadala's Yahsat aims to raise up to $810 mln in Abu Dhabi IPO | Reuters
State investor Mubadala’s satellite company Yahsat has set an indicative price range for its initial public offering which shows it could raise up to 2.976 billion dirham ($810 million) in the IPO, a newspaper advertisement showed.
This will be the first major IPO of a company on the Abu Dhabi bourse since Abu Dhabi National Oil Co Distribution was listed in 2017 and will likely be followed by other large share offerings this year.
Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to list on the Abu Dhabi Securities Exchange on Sunday in a direct listing process.
Al Yah Satellite Communications Co (Yahsat) has set an indicative price range of 2.55-3.05 dirhams a share, the advertisement in The National newspaper showed.
Yahsat plans to sell a minimum of 731.9 million shares to a maximum of 975.9 million shares, indicating it may raise at least 2.23 billion dirhams to a maximum of 2.976 billion dirhams.
State investor Mubadala’s satellite company Yahsat has set an indicative price range for its initial public offering which shows it could raise up to 2.976 billion dirham ($810 million) in the IPO, a newspaper advertisement showed.
This will be the first major IPO of a company on the Abu Dhabi bourse since Abu Dhabi National Oil Co Distribution was listed in 2017 and will likely be followed by other large share offerings this year.
Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to list on the Abu Dhabi Securities Exchange on Sunday in a direct listing process.
Al Yah Satellite Communications Co (Yahsat) has set an indicative price range of 2.55-3.05 dirhams a share, the advertisement in The National newspaper showed.
Yahsat plans to sell a minimum of 731.9 million shares to a maximum of 975.9 million shares, indicating it may raise at least 2.23 billion dirhams to a maximum of 2.976 billion dirhams.
MIDEAST STOCKS #AbuDhabi outperforms Gulf bourses as IHC surges on unit's listing | Reuters
MIDEAST STOCKS Abu Dhabi outperforms Gulf bourses as IHC surges on unit's listing | Reuters
Most major stock markets in the Gulf rose in early trade on Sunday, with the Abu Dhabi index boosted by a surge in International Holding (IHC) (IHC.AD) following listing of its unit.
Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds a 45% stake, opened at 20 dirhams a share before easing to 17.70 dirhams, giving it a market value of 177 billion dirhams ($48.2 billion).
The Abu Dhabi index (.ADI) advanced 1.9%, its biggest intraday gain in over a month, buoyed by a 15% surge in International Holding.
International Holding has gone through rapid expansion across its major business sectors.
Last month it posted a net profit of 1.5 billion dirhams for the first-quarter, up from 112.2 million dirhams a year earlier.
Dubai's main share index (.DFMGI) added 0.7%, with blue-chip developer Emaar Properties (EMAR.DU) gaining 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Saudi Arabia's benchmark index (.TASI) rose 0.4%, bolstered by a 0.5% gain in Al Rajhi Bank (1120.SE) and a 2.4% jump in Sahara International Petrochemical Company (Sipchem) (2310.SE).
In the previous session, Sipchem jumped over 5%, when it proposed a first-half dividend of 0.75 riyal per share. The firm said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
In Qatar, the index (.QSI) eased 0.1%, hit by a 0.7% fall in Qatar National Bank (QNBK.QA), the Gulf's largest lender.
Most major stock markets in the Gulf rose in early trade on Sunday, with the Abu Dhabi index boosted by a surge in International Holding (IHC) (IHC.AD) following listing of its unit.
Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds a 45% stake, opened at 20 dirhams a share before easing to 17.70 dirhams, giving it a market value of 177 billion dirhams ($48.2 billion).
The Abu Dhabi index (.ADI) advanced 1.9%, its biggest intraday gain in over a month, buoyed by a 15% surge in International Holding.
International Holding has gone through rapid expansion across its major business sectors.
Last month it posted a net profit of 1.5 billion dirhams for the first-quarter, up from 112.2 million dirhams a year earlier.
Dubai's main share index (.DFMGI) added 0.7%, with blue-chip developer Emaar Properties (EMAR.DU) gaining 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Saudi Arabia's benchmark index (.TASI) rose 0.4%, bolstered by a 0.5% gain in Al Rajhi Bank (1120.SE) and a 2.4% jump in Sahara International Petrochemical Company (Sipchem) (2310.SE).
In the previous session, Sipchem jumped over 5%, when it proposed a first-half dividend of 0.75 riyal per share. The firm said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
In Qatar, the index (.QSI) eased 0.1%, hit by a 0.7% fall in Qatar National Bank (QNBK.QA), the Gulf's largest lender.
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