Oman Leader’s Rare Saudi Arabia Visit Shows Region’s Shifts - Bloomberg
The sultan of Oman landed in Saudi Arabia on Sunday in the first visit by an Omani leader in over a decade, a sign of shifting alliances in the Persian Gulf as the kingdom reaches out to states with closer ties to regional rival Iran.
Skyscrapers in the Saudi capital, Riyadh, were lit up in red and green, the colors of the Omani flag, to celebrate Sultan Haitham bin Tariq’s arrival. The visit to the city of Neom, where he was greeted by Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, coincides with the opening of the first-ever land crossing connecting the countries as Oman tries to diversify trade routes.
The Saudi cabinet also authorized officials to prepare and sign draft agreements with Oman in a slew of fields including commerce, culture, investment promotion and post and transport.
“There’s been a lot of work behind the scenes to try to build the foundation of something much more significant between the Saudis and Omanis,” said Ayham Kamel, head of the Middle East and North Africa at the political risk consultancy Eurasia Group. “Sultan Haitham is viewed in Riyadh as leaning toward Saudi in terms of Gulf affairs.”
A closer relationship could be an economic boon for Oman, which is struggling to diversify its economy away from oil. It also comes as Prince Mohammed reaches out to states once held at a distance over differences in their approach to Iran. Saudi Arabia has forged closer ties with Iraq, hosting the prime minister in March, and reconciled this year with Qatar -- a Gulf neighbor it had a rancorous split from in 2017.
At the same time, tensions have spiked between Saudi Arabia and another Gulf Cooperation Council neighbor, the United Arab Emirates, over differences on oil policy, geopolitical views and economic competition.
“It’s almost a new crown prince who thinks about regional affairs differently,” Kamel said. “He’s much more interested in building a GCC-centric multifaceted relationship that does not rely only on one ally, which used to be the UAE, but builds on a much broader network of alliances.”
Relations between Oman and Saudi Arabia had long been cool despite their shared border. Saudi officials were wary of Oman’s cordial ties with Iran, while Omani officials cultivated a careful neutrality in a volatile region and were wary of undue influence from their larger neighbor.
But the death last year of Omani Sultan Qaboos bin Said, who ruled for five decades, opened an opportunity for change. The visit to Saudi Arabia was Sultan Haitham’s first trip abroad since he came to power.
Any sign of reticence was gone this weekend, as Saudi public figures shared effusive social media posts celebrating the alliance.
“The Omani-Saudi relations are set to scale new heights after Sunday, ushering in a new era of wider prosperity and expanded cooperation,” the Times of Oman said on Saturday.
Sunday 11 July 2021
Mideast Stocks: #Saudi index drags most Gulf bourses lower; #AbuDhabi gains | ZAWYA MENA Edition
Mideast Stocks: Saudi index drags most Gulf bourses lower; Abu Dhabi gains | ZAWYA MENA Edition
Most major stock markets in the Gulf ended lower on Sunday, with Saudi Arabia leading the losses, although the Abu Dhabi index bucked the trend to close higher.
Saudi Arabia's benchmark declined 1.3%, dragged down by a 1.7% fall in Al Rajhi Bank and a 1.8% drop in Saudi National Bank, the kingdom's largest lender.
Among others, dairy business Almarai Company2280.SE fell by 2.7% after reporting second-quarter net profit down 25% year on year at 482 million riyals ($128.51 million).
However, Alkhorayef Water and Power Technologies gained 0.7%, extending gains from the previous session.
Last week Jeddah municipality awarded the company a new 131.6 million riyal operation and maintenance contract.
Dubai's main share index dropped 0.7%, weighed down by a 2.2% slide in Emirates NBD Bank and a 0.7% decrease in blue-chip developer Emaar Properties.
But, Shuaa Capital jumped over 13% during the session before closing 3.8% higher.
The United Arab Emirates financial firm Shuaa said in a clarification of a media report that it is in the early stages of research and talks with investment banks about the possibility of establishing special purpose vehicles.
In Abu Dhabi, the index added 0.4%, ending three sessions of losses, with Ras Al Khaimah Cement Company jumping about 15%.
Separately, the initial public offering (IPO) of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($729.69 million) after the deal was priced around the middle of an indicative price range.
The Qatari index lost 0.5%, hit by a 1.3% fall in petrochemical maker Industries Qatar.
Post trading hours, Qatar National Bank (QNB) reported a net profit of 3.464 billion Qatari riyals ($939.36 million) for the second-quarter, up from 2.824 billion riyals in the same period last year.
Most major stock markets in the Gulf ended lower on Sunday, with Saudi Arabia leading the losses, although the Abu Dhabi index bucked the trend to close higher.
Saudi Arabia's benchmark declined 1.3%, dragged down by a 1.7% fall in Al Rajhi Bank and a 1.8% drop in Saudi National Bank, the kingdom's largest lender.
Among others, dairy business Almarai Company2280.SE fell by 2.7% after reporting second-quarter net profit down 25% year on year at 482 million riyals ($128.51 million).
However, Alkhorayef Water and Power Technologies gained 0.7%, extending gains from the previous session.
Last week Jeddah municipality awarded the company a new 131.6 million riyal operation and maintenance contract.
Dubai's main share index dropped 0.7%, weighed down by a 2.2% slide in Emirates NBD Bank and a 0.7% decrease in blue-chip developer Emaar Properties.
But, Shuaa Capital jumped over 13% during the session before closing 3.8% higher.
The United Arab Emirates financial firm Shuaa said in a clarification of a media report that it is in the early stages of research and talks with investment banks about the possibility of establishing special purpose vehicles.
In Abu Dhabi, the index added 0.4%, ending three sessions of losses, with Ras Al Khaimah Cement Company jumping about 15%.
Separately, the initial public offering (IPO) of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($729.69 million) after the deal was priced around the middle of an indicative price range.
The Qatari index lost 0.5%, hit by a 1.3% fall in petrochemical maker Industries Qatar.
Post trading hours, Qatar National Bank (QNB) reported a net profit of 3.464 billion Qatari riyals ($939.36 million) for the second-quarter, up from 2.824 billion riyals in the same period last year.
Hindering restructure will be ‘counter productive’ for #AbuDhabi’s NMC Health: Administrators | Banking – Gulf News
Hindering restructure will be ‘counter productive’ for Abu Dhabi’s NMC Health: Administrators | Banking – Gulf News
The joint administrators appointed for the restructuring of NMC Healthcare said on Sunday that they are facing hurdles, as one of the lenders is not cooperating with the process.
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
In September 2020, ADGM Courts appointed Richard Fleming and Ben Cairns of Alvarez & Marsal as administrators for NMC Healthcare’s group of operating companies and businesses.
In April, Alvarez & Marsal said it had received approval of $6.4 billion from lenders. This includes $6.3 billion from a group of 136 creditors and another $650 million potential claims of 10 creditors.
Working with creditors
“JAs have tried to work very closely with its (several hundred) creditors to seek their views on long-term approaches that would ultimately deliver maximum returns to creditors while ensuring NMC’s survival as value-generating going concern,” the administrators said in a statement.
The JA wants to propose (and shortly launch) ADGM deeds of company arrangement (DOCA) that will allow the operating businesses to exit administration, with ownership moving to the creditors.
The administrators said in statement on Sunday while most creditors support the restructuring, Dubai Islamic Bank (DIB) is the only lender that has not supported the decision to do DOCA.
The joint administrators appointed for the restructuring of NMC Healthcare said on Sunday that they are facing hurdles, as one of the lenders is not cooperating with the process.
NMC, the largest private healthcare provider in the UAE, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
In September 2020, ADGM Courts appointed Richard Fleming and Ben Cairns of Alvarez & Marsal as administrators for NMC Healthcare’s group of operating companies and businesses.
In April, Alvarez & Marsal said it had received approval of $6.4 billion from lenders. This includes $6.3 billion from a group of 136 creditors and another $650 million potential claims of 10 creditors.
Working with creditors
“JAs have tried to work very closely with its (several hundred) creditors to seek their views on long-term approaches that would ultimately deliver maximum returns to creditors while ensuring NMC’s survival as value-generating going concern,” the administrators said in a statement.
The JA wants to propose (and shortly launch) ADGM deeds of company arrangement (DOCA) that will allow the operating businesses to exit administration, with ownership moving to the creditors.
The administrators said in statement on Sunday while most creditors support the restructuring, Dubai Islamic Bank (DIB) is the only lender that has not supported the decision to do DOCA.
#Dubai Firm Boosts #Saudi Healthcare Portfolio With Second Deal - Bloomberg
Dubai Firm Boosts Saudi Healthcare Portfolio With Second Deal - Bloomberg
Dubai’s Foundation Holdings Co. bought a stake in a Saudi Arabia-based primary health chain, marking its second investment in the kingdom’s fast-growing market for medical care, and said it plans to list the firm in the next two years.
The healthcare and education investment firm acquired 51% of Shifa Al Munthaza Polyclinic, Chief Executive Officer Abhishek Sharma said in an interview. Foundation Holdings plans to invest about 250 million riyals ($67 million) in Saudi Arabia’s primary healthcare sector, he said, almost half of which was spent on the Shifa deal.
The kingdom’s primary healthcare market is expected to grow to 50 billion riyals in 2025 from 28.6 billion currently. “Healthcare in Saudi Arabia is one the fastest growing markets in the region,” Sharma said. “We invest in local champions to make them bigger and stronger, and then we take them public and make them more sustainable.”
Shifa Al Munthaza was established in 1992 and serves over a million patients annually through 16 facilities. EFG-Hermes Holding acted as a financial adviser on the transaction, with King & Spalding and Khalid Nassar & Partners serving as the legal counsel.
Foundation Holdings is planning to list Shifa and another Saudi portfolio company, medical devices distributor ProMedEx, in the kingdom -- the Middle East’s top market for IPOs over the past year.
Both firms are expected to start trading on Nomu, the parallel market for smaller listings in Riyadh, over the next 18-24 months. Sharma said each company is currently worth about 500 million riyals, and valuations could rise to 750 million to 1 billion riyals in the next three to five years.
“In the market volatility caused by the pandemic, the healthcare sector has broadly outperformed,” he said in a statement. “We are convinced that Saudi Arabia is set to become a focal point for healthcare.”
Sharma added that Foundation Holdings is weighing other acquisition opportunities in Riyadh and in the kingdom’s eastern province.
Dubai’s Foundation Holdings Co. bought a stake in a Saudi Arabia-based primary health chain, marking its second investment in the kingdom’s fast-growing market for medical care, and said it plans to list the firm in the next two years.
The healthcare and education investment firm acquired 51% of Shifa Al Munthaza Polyclinic, Chief Executive Officer Abhishek Sharma said in an interview. Foundation Holdings plans to invest about 250 million riyals ($67 million) in Saudi Arabia’s primary healthcare sector, he said, almost half of which was spent on the Shifa deal.
The kingdom’s primary healthcare market is expected to grow to 50 billion riyals in 2025 from 28.6 billion currently. “Healthcare in Saudi Arabia is one the fastest growing markets in the region,” Sharma said. “We invest in local champions to make them bigger and stronger, and then we take them public and make them more sustainable.”
Shifa Al Munthaza was established in 1992 and serves over a million patients annually through 16 facilities. EFG-Hermes Holding acted as a financial adviser on the transaction, with King & Spalding and Khalid Nassar & Partners serving as the legal counsel.
Foundation Holdings is planning to list Shifa and another Saudi portfolio company, medical devices distributor ProMedEx, in the kingdom -- the Middle East’s top market for IPOs over the past year.
Both firms are expected to start trading on Nomu, the parallel market for smaller listings in Riyadh, over the next 18-24 months. Sharma said each company is currently worth about 500 million riyals, and valuations could rise to 750 million to 1 billion riyals in the next three to five years.
“In the market volatility caused by the pandemic, the healthcare sector has broadly outperformed,” he said in a statement. “We are convinced that Saudi Arabia is set to become a focal point for healthcare.”
Sharma added that Foundation Holdings is weighing other acquisition opportunities in Riyadh and in the kingdom’s eastern province.
Property firm owned by #AbuDhabi royals pulls $350 mln sukuk | Reuters
Property firm owned by Abu Dhabi royals pulls $350 mln sukuk | Reuters
A $350 million sukuk deal from Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, was pulled late on Wednesday, financial sources said.
PD had been seeking up to $600 million and would most likely have had the outlook on its 'Ba1' Moody's rating changed to negative from stable had the deal priced at the $350 million size, three of the sources said, two of them adding it likely faced a downgrade. read more
"It was the decision of the Private Department of Sh. Mohammed bin Khalid Al Nahyan to cancel the transaction as the proceeds received did not match with the plan and vision of the Private Department as explained to the potential investors," the company said in response to a Reuters request for comment.
A $350 million sukuk deal from Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, was pulled late on Wednesday, financial sources said.
PD had been seeking up to $600 million and would most likely have had the outlook on its 'Ba1' Moody's rating changed to negative from stable had the deal priced at the $350 million size, three of the sources said, two of them adding it likely faced a downgrade. read more
"It was the decision of the Private Department of Sh. Mohammed bin Khalid Al Nahyan to cancel the transaction as the proceeds received did not match with the plan and vision of the Private Department as explained to the potential investors," the company said in response to a Reuters request for comment.
Commodity Boom Dwarfs Oil Spat as Emerging Markets Set to Win - Bloomberg
Commodity Boom Dwarfs Oil Spat as Emerging Markets Set to Win - Bloomberg
For some of the world’s biggest money managers, the OPEC+ oil-price feud is little more than a sideshow when it comes to emerging markets.
Investors and strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. say the post-pandemic economic recovery will stoke demand for raw materials across the board, buoying commodity-sensitive assets regardless of whether a crude accord is reached. Russia and Colombia are among the countries that stand to benefit in particular, according to Whitney Baker, the New York-based founder of Totem Macro, which advises funds overseeing more than $3 trillion.
“A generational opportunity exists today in many of the deepest-value emerging markets,” said Baker, the former head of emerging-market research at Bridgewater Associates. “Whether you export goods or whether you export commodities, you’re getting an external demand boom right now for pretty much whatever it is that you sell.”
Investors are looking beyond the spat between Saudi Arabia and the United Arab Emirates and the danger that 2020’s oil production free-for-all will be replayed. The global surge in demand for everything from copper to clothes as economies pick up steam amid the vaccine rollout will provide a backstop for many developing nations, they say.
For some of the world’s biggest money managers, the OPEC+ oil-price feud is little more than a sideshow when it comes to emerging markets.
Investors and strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. say the post-pandemic economic recovery will stoke demand for raw materials across the board, buoying commodity-sensitive assets regardless of whether a crude accord is reached. Russia and Colombia are among the countries that stand to benefit in particular, according to Whitney Baker, the New York-based founder of Totem Macro, which advises funds overseeing more than $3 trillion.
“A generational opportunity exists today in many of the deepest-value emerging markets,” said Baker, the former head of emerging-market research at Bridgewater Associates. “Whether you export goods or whether you export commodities, you’re getting an external demand boom right now for pretty much whatever it is that you sell.”
Investors are looking beyond the spat between Saudi Arabia and the United Arab Emirates and the danger that 2020’s oil production free-for-all will be replayed. The global surge in demand for everything from copper to clothes as economies pick up steam amid the vaccine rollout will provide a backstop for many developing nations, they say.
#Qatar National Bank's half-year net profit up 6% as loans expand | ZAWYA MENA Edition
Qatar National Bank's half-year net profit up 6% as loans expand | ZAWYA MENA Edition
Qatar National Bank (QNB), the Gulf's biggest lender, beat analyst expectations with a 22.7% jump in second-quarter net profit, driven by loan growth and a sharp rise in fee income.
QNB made net profit of 3.464 billion Qatari riyals ($939 million) in the three months to June 30, up from 2.824 billion riyals in the same period last year, it said on Sunday.
Brokerage EFG Hermes had forecast net profit of 3.376 billion riyals, while SICO Bahrain had predicted 3.26 billion riyals.
For the half-year, net profit was up 6% thanks to loans and advances that increased by a similar percentage.
QNB's total assets at the end of June stood at 1.065 trillion riyals, up 10% from a year earlier.
Qatari banks are benefiting from growth in interest income, stable margins and lower cost of risk as impairments ease, EFG Hermes said in a recent report.
QNB's net interest income in the second quarter rose to 5.672 billion riyals, up 11.7% from a year earlier.
Net fees and commission income climbed by about a fifth to 805.96 million riyals. ($1 = 3.6876 Qatar riyals)
Qatar National Bank (QNB), the Gulf's biggest lender, beat analyst expectations with a 22.7% jump in second-quarter net profit, driven by loan growth and a sharp rise in fee income.
QNB made net profit of 3.464 billion Qatari riyals ($939 million) in the three months to June 30, up from 2.824 billion riyals in the same period last year, it said on Sunday.
Brokerage EFG Hermes had forecast net profit of 3.376 billion riyals, while SICO Bahrain had predicted 3.26 billion riyals.
For the half-year, net profit was up 6% thanks to loans and advances that increased by a similar percentage.
QNB's total assets at the end of June stood at 1.065 trillion riyals, up 10% from a year earlier.
Qatari banks are benefiting from growth in interest income, stable margins and lower cost of risk as impairments ease, EFG Hermes said in a recent report.
QNB's net interest income in the second quarter rose to 5.672 billion riyals, up 11.7% from a year earlier.
Net fees and commission income climbed by about a fifth to 805.96 million riyals. ($1 = 3.6876 Qatar riyals)
#Saudi, #Dubai Stocks Slump On Reflation Trade Slowdown: Inside EM - Bloomberg
Saudi, Dubai Stocks Slump On Reflation Trade Slowdown: Inside EM - Bloomberg
Shares listed in Dubai and Saudi Arabia extended a slump triggered by the pullback in the reflation trade globally due to factors including the effect of the delta strain on economic recovery.
Shares listed in Dubai and Saudi Arabia extended a slump triggered by the pullback in the reflation trade globally due to factors including the effect of the delta strain on economic recovery.
- “The decline is linked to a partial unwind in the global reflation trade,” said Divye Arora, a portfolio manager at Daman Investments in Dubai
- “The trade was impacted by Fed making a hawkish tilt leading to yield curve flattening, technical factors such as short squeeze on bets on yield curve steepeners, slowdown in positive economic data surprise and global economic growth concerns tied to delta variant,” he said
- The Tadawul All Share Index slipped 0.7% at 11:59 a.m. in Riyadh, down for a fifth day in the longest losing streak since January 2020
- Banks and food-linked stocks were among the sectors which fell the most over that period
- Almarai shares dropped after reporting earnings on Sunday
- “While the growth outlook is primarily driven by poultry expansion and strategic M&As, we believe all the positives are already priced in,” NCB Capital analyst Nauman Khan wrote in a note on June 30
- Saudi Research and Media is among the biggest gainers on the benchmark after announcing plans to expand portfolio, digital offerings
- Dubai shares fall for sixth day in the longest losing streak since July 2020
- Emirates NBD -1.1%; Dubai Islamic Bank -0.8%; Air Arabia -1.5% at 12:54 p.m. local time
- NOTE: Lira’s Near-15% Plunge to Exacerbate Gulf Banks’ Forex Losses
- Abu Dhabi-listed shares rise the most in the Gulf
- Israeli stocks gained as much as 1.5%, recovering from a 2% drop on Thursday
- The MSCI Emerging Markets index dropped 2.7% last week, down for a second week for the first time since March
Middle East asset management industry grew 11% to $1.2 trillion in 2020 | Markets – Gulf News
Middle East asset management industry grew 11% to $1.2 trillion in 2020 | Markets – Gulf News
The size of the Middle East’s asset management industry grew 11 per cent from 1.1 trillion of Assets Under Management (AuM) in 2019 to $1,2 trillion in 2020 according to a Boston Consulting Group (BCG) report ‘Global Asset Management 2021: The $100 Trillion Machine,’
“Much like every sector, the resilience of the asset management industry was tested in 2020, with initial outbreak disruption and subsequent economic tailwinds presenting a period of sizeable uncertainty for the industry and its incumbents,” said Harold Haddad, Managing Director and Partner, BCG.
“However, the Middle East has prevailed in the face of adversity, and it is now apparent that the region has entered 2021 in a position of strength following healthy returns.”
SWF impact
The report finds that the AuM growth in the region is primarily attributed to an increase in Sovereign Wealth Funds (SWF) assets, mostly due to strong capital market performances.
Many SWFs had high equity exposure in developing and emerging markets, faring well as the financial landscape regained a degree of pre-pandemic stability. Furthermore, another main driver of AuM growth was retail investors.
In the Middle East, retail mutual funds had 12 per cent growth during 2020, with strong global market performance instigating this outcome.
The 19th annual BCG study of the global asset management industry explores the extent of growth that other markets have accumulated during challenging conditions, showcasing key drivers while providing comprehensive explanations.
Rise of retail portfolio
At the global level, net inflows for the asset management industry reached $2.8 trillion in 2020, or 3.1 per cent of the total AuM at the beginning of the year – compared to a historical average between 1-2 per cent over the previous decade. Again, retail investors proved to be the main driver behind AuM growth. Global retail AuM portfolios grew globally by 11 per cent in 2020, representing 41 per cent of global assets at $42 trillion. Institutional investments also grew at a similar pace to reach $61 trillion, or 59 per cent of the global market.
“The asset management industry is coming out of the recent crisis with notable changes. Although the operating environment continues to change, the growth recorded from 2019-2020 – in such a precarious climate – implies further development in due course as countries continue their reemergence, with many opportunities sure to present themselves as new trends accelerate,” said Mustafa Bosca, Managing Director and Partner, BCG.
BCG’s 2021 Global Asset Management report considers how new realities – for example, in markets and technology – will shape future industry leaders and why specific areas, such as private markets, ESG investing, and advanced data and analytics, are likely to play key roles.
Given the opportunities for asset management industry growth and transformation in the years ahead, the study also explores private markets’ outlook and projections. BCG highlights the potential for sizeable progress within private markets, especially for firms that can successfully enter the retail market, systematically use data and analytics to enhance decision making, and integrate meaningful ESG metrics.
The size of the Middle East’s asset management industry grew 11 per cent from 1.1 trillion of Assets Under Management (AuM) in 2019 to $1,2 trillion in 2020 according to a Boston Consulting Group (BCG) report ‘Global Asset Management 2021: The $100 Trillion Machine,’
“Much like every sector, the resilience of the asset management industry was tested in 2020, with initial outbreak disruption and subsequent economic tailwinds presenting a period of sizeable uncertainty for the industry and its incumbents,” said Harold Haddad, Managing Director and Partner, BCG.
“However, the Middle East has prevailed in the face of adversity, and it is now apparent that the region has entered 2021 in a position of strength following healthy returns.”
SWF impact
The report finds that the AuM growth in the region is primarily attributed to an increase in Sovereign Wealth Funds (SWF) assets, mostly due to strong capital market performances.
Many SWFs had high equity exposure in developing and emerging markets, faring well as the financial landscape regained a degree of pre-pandemic stability. Furthermore, another main driver of AuM growth was retail investors.
In the Middle East, retail mutual funds had 12 per cent growth during 2020, with strong global market performance instigating this outcome.
The 19th annual BCG study of the global asset management industry explores the extent of growth that other markets have accumulated during challenging conditions, showcasing key drivers while providing comprehensive explanations.
Rise of retail portfolio
At the global level, net inflows for the asset management industry reached $2.8 trillion in 2020, or 3.1 per cent of the total AuM at the beginning of the year – compared to a historical average between 1-2 per cent over the previous decade. Again, retail investors proved to be the main driver behind AuM growth. Global retail AuM portfolios grew globally by 11 per cent in 2020, representing 41 per cent of global assets at $42 trillion. Institutional investments also grew at a similar pace to reach $61 trillion, or 59 per cent of the global market.
“The asset management industry is coming out of the recent crisis with notable changes. Although the operating environment continues to change, the growth recorded from 2019-2020 – in such a precarious climate – implies further development in due course as countries continue their reemergence, with many opportunities sure to present themselves as new trends accelerate,” said Mustafa Bosca, Managing Director and Partner, BCG.
BCG’s 2021 Global Asset Management report considers how new realities – for example, in markets and technology – will shape future industry leaders and why specific areas, such as private markets, ESG investing, and advanced data and analytics, are likely to play key roles.
Given the opportunities for asset management industry growth and transformation in the years ahead, the study also explores private markets’ outlook and projections. BCG highlights the potential for sizeable progress within private markets, especially for firms that can successfully enter the retail market, systematically use data and analytics to enhance decision making, and integrate meaningful ESG metrics.
#Dubai’s Shuaa Confirms Talks to Set Up Three SPACs; Shares Surge - Bloomberg
Dubai’s Shuaa Confirms Talks to Set Up Three SPACs; Shares Surge - Bloomberg
Shuaa Capital PSC said it is in early talks with investment banks to set up three blank-check companies, confirming a Bloomberg News report from last week.
The Dubai-based financial services firm surged as much as 15% on Sunday, with volumes soaring to 170 times the daily average of traded shares. The stock pared gains to trade up 6% at 10:15 a.m. in Dubai.
Bloomberg reported last week Shuaa, which manages close to $14 billion in assets, had approached banks to set up three blank-check companies of around $200 million each to pursue deals in the energy, finance, and technology sectors.
Special Purpose Acquisition Companies are corporate shells that raise money from investors with the aim of merging with private businesses to take them public. While interest for these vehicles has somewhat waned in the U.S., they are catching on in the middle east.
United Arab Emirates-based Anghami had announced plans to merge with special purpose acquisition vehicle Vistas Media Acquisition Co. Inc. in March. Since then, Vistas says it has got “an overwhelming response” from venture capital, private equity firms and entrepreneurs to explore opportunities.
Shuaa Capital PSC said it is in early talks with investment banks to set up three blank-check companies, confirming a Bloomberg News report from last week.
The Dubai-based financial services firm surged as much as 15% on Sunday, with volumes soaring to 170 times the daily average of traded shares. The stock pared gains to trade up 6% at 10:15 a.m. in Dubai.
Bloomberg reported last week Shuaa, which manages close to $14 billion in assets, had approached banks to set up three blank-check companies of around $200 million each to pursue deals in the energy, finance, and technology sectors.
Special Purpose Acquisition Companies are corporate shells that raise money from investors with the aim of merging with private businesses to take them public. While interest for these vehicles has somewhat waned in the U.S., they are catching on in the middle east.
United Arab Emirates-based Anghami had announced plans to merge with special purpose acquisition vehicle Vistas Media Acquisition Co. Inc. in March. Since then, Vistas says it has got “an overwhelming response” from venture capital, private equity firms and entrepreneurs to explore opportunities.
Sultan Haitham's visit set to deepen Omani-#Saudi ties, open up new vistas of cooperation | ZAWYA MENA Edition
Sultan Haitham's visit set to deepen Omani-Saudi ties, open up new vistas of cooperation | ZAWYA MENA Edition
For over half a century, relations between the governments of Saudi Arabia and Oman have been characterized by cooperation, mutual respect and understanding on various regional and international issues.
Likewise, connections at the people-to-people level run deep thanks to bonds of history, shared Arab customs and traditions, and a common Gulf Arab heritage.
The two countries coordinate their actions under the umbrella of the Gulf Cooperation Council (GCC) in accordance with the bloc’s common visions and strategic goals, with a view to achieving integration between member states in different fields.
A similar cooperative spirit informs their roles at the Arab League, the Organization of Islamic Cooperation (OIC), the UN and various international bodies.
Finding new ways to expand the partnership between the Kingdom and the sultanate will feature high on the agenda during Sultan Haitham bin Tariq’s two-day visit to Saudi Arabia at the invitation of King Salman. The Omani ruler arrives in Riyadh on Sunday for wide-ranging talks.
“The visit comes within the framework of strengthening the historical and fraternal relations between the leaderships of the two countries,” the Saudi Press Agency (SPA) said. “It also aims to expand the prospects of joint cooperation and ways to develop them in various fields for the interest and steady progress of the peoples of the two countries.”
The SPA added that the visit is intended to “strengthen the deep historical bonds” between the two countries, “and to explore new areas of cooperation — particularly in the fields of trade, infrastructure and development.”
Sultan Haitham is being accompanied by senior ministers and diplomats, notably Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al-Said, Interior Minister Sayyid Hamoud bin Faisal Al-Busaidi, and Foreign Minister Sayyid Badr bin Hamad bin Hamoud Al-Busaidi.
For over half a century, relations between the governments of Saudi Arabia and Oman have been characterized by cooperation, mutual respect and understanding on various regional and international issues.
Likewise, connections at the people-to-people level run deep thanks to bonds of history, shared Arab customs and traditions, and a common Gulf Arab heritage.
The two countries coordinate their actions under the umbrella of the Gulf Cooperation Council (GCC) in accordance with the bloc’s common visions and strategic goals, with a view to achieving integration between member states in different fields.
A similar cooperative spirit informs their roles at the Arab League, the Organization of Islamic Cooperation (OIC), the UN and various international bodies.
Finding new ways to expand the partnership between the Kingdom and the sultanate will feature high on the agenda during Sultan Haitham bin Tariq’s two-day visit to Saudi Arabia at the invitation of King Salman. The Omani ruler arrives in Riyadh on Sunday for wide-ranging talks.
“The visit comes within the framework of strengthening the historical and fraternal relations between the leaderships of the two countries,” the Saudi Press Agency (SPA) said. “It also aims to expand the prospects of joint cooperation and ways to develop them in various fields for the interest and steady progress of the peoples of the two countries.”
The SPA added that the visit is intended to “strengthen the deep historical bonds” between the two countries, “and to explore new areas of cooperation — particularly in the fields of trade, infrastructure and development.”
Sultan Haitham is being accompanied by senior ministers and diplomats, notably Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al-Said, Interior Minister Sayyid Hamoud bin Faisal Al-Busaidi, and Foreign Minister Sayyid Badr bin Hamad bin Hamoud Al-Busaidi.
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