Blackstone, ADIA Said to Near Indiabulls Housing Stake Purchase - Bloomberg

Blackstone, ADIA Said to Near Indiabulls Housing Stake Purchase - Bloomberg

Indiabulls Housing Finance Ltd.’s founder is nearing a deal to sell about half his stake in the shadow lender to investors led by Blackstone Group Inc. and Abu Dhabi Investment Authority, according to people familiar with the matter, as the sector comes out of a three-year meltdown.

Sameer Gehlaut, who founded Indiabulls Housing 16 years ago, will sell roughly 11% to the firms in an initial tranche, the people said, asking not to be identified as the details are private. The transaction could be announced to the exchanges as early as Thursday, the people said.

The deal could be valued at about 14 billion rupees ($180 million) based on Indiabulls Housing’s current market value, according to data compiled by Bloomberg.

A representative for Indiabulls Housing and Gehlaut didn’t immediately respond to an email seeking comment outside of business hours in India Wednesday. Blackstone, ADIA didn’t reply to emails.

Indiabulls Housing has been facing investor scrutiny since the collapse of IL&FS Group in 2018, which triggered a prolonged credit market crisis that led to defaults by more than five non-bank lenders. The company’s shares have slumped by about 80% since the record high of about 1,190 rupees reached in 2018.

U.K. Insurance Broker Ardonagh Valued at $7.5 Billion in ADIA Deal - Bloomberg

U.K. Insurance Broker Ardonagh Valued at $7.5 Billion in ADIA Deal - Bloomberg

Abu Dhabi Investment Authority has acquired a stake in Ardonagh Group in a transaction valuing the U.K. insurance broker at $7.5 billion.

The sovereign fund joined as a new investor in Ardonagh alongside several other large global institutions, Ardonagh said in a statement Wednesday, confirming an earlier Bloomberg News report. The investment was led by existing Ardonagh backers Madison Dearborn Partners and HPS Investment Partners, according to the statement.

ADIA has bought about 8% of Ardonagh, according to people familiar with the matter. Around 600 Ardonagh staff are selling some of their shareholdings to ADIA as part of the deal, the people said, asking not to be identified discussing confidential information.

Founded in 2017, Ardonagh operates as an independent insurance broker with four units -- international, specialty, advisory and retail. The company employs more than 8,000 people in over 100 locations, according to its website. It’s recently been growing through acquisitions, while also exploring options for its retail unit.

Earlier this month, it hired U.K. business veteran Andrew Higginson as chairman of its retail insurance business. The appointment of Higginson, who helped engineer this year’s sale of British grocer Wm Morrison Supermarkets Plc, is an indication the retail business may be a contender for an initial public offering.

Mubadala Rises From Eike Batista Meltdown to Brazil Private Equity Star - Bloomberg

Mubadala Rises From Eike Batista Meltdown to Brazil Private Equity Star - Bloomberg

The meltdown of Eike Batista's commodities empire gave Mubadala Capital the local knowledge to become a private equity standout in Brazil. Now it's looking for more troubled assets in Latin America’s largest economy.

The investment arm of Abu Dhabi's sovereign wealth fund — with about $5 billion of equity in Brazil including a refinery and three metro lines in Rio de Janeiro — has about another $3 billion earmarked for deals it's working on, Oscar Fahlgren, the head of Mubadala Capital in the country, said in an interview.

It’s a remarkable turnaround from a $2 billion investment in Batista’s holding company that almost went up in smoke in 2013, when the bankrupt tycoon's oil wells proved to be duds, triggering a three-year fight to successfully recover several assets from Batista, such as a stake in the company that owns Burger King and an office tower in Rio's upscale Leblon area.

“We are a foreign investor that had a pretty rough experience getting in, and we’ve emerged as the best private equity manager in the country,” said Fahlgren, speaking from the tower in Leblon. “We saw an opportunity to build a business around a skillset that's quite unique.”

Arabia Monitor's Eid-Oakden on Rising Oil Prices - Bloomberg video

Arabia Monitor's Eid-Oakden on Rising Oil Prices - Bloomberg

Florence Eid-Oakden, Arabia Monitor CEO/chief economist/founder, discusses oil prices and surplus. She speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East."

#UAE Stock Markets To Shift Trading Week - Bloomberg video

UAE Stock Markets To Shift Trading Week - Bloomberg

Tarek Fadlallah, CEO at Nomura Asset Management, Middle East discusses how the UAE's move to a Monday-Friday work week will be a positive move for the financial sector and businesses that operate in global capital markets in the UAE. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East."

Oaktree Capital, Ballmer Bet $315 Million on Aspiration Before SPAC Deal - Bloomberg

Oaktree Capital, Ballmer Bet $315 Million on Aspiration Before SPAC Deal - Bloomberg

Oaktree Capital Management LP and investment affiliates of billionaire Steve Ballmer have committed $315 million in additional financing to green fintech company Aspiration ahead of its merger with InterPrivate III Financial Partners Inc., a blank-check firm.

The financing includes $65 million, of which about $50 million is structured as convertible preferred stock drawn by Aspiration that converts into equity at an equivalent price of $11 a share, InterPrivate’s Ahmed Fattouh said in an interview. It separately features $250 million in non-convertible perpetual preferred stock set to fund Wednesday, and which pays an 8% annual dividend and can be redeemed after nine years, said Aspiration Chief Executive Officer Andrei Cherny. The remaining $15 million is a private investment in public equity, or PIPE, to fund upon the deal’s completion.

“Given the current market environment, we are very pleased to have raised equity capital at these terms,” Fattouh said. “The capital infusion provides more certainty that Aspiration can execute on its growth plan.”

Los Angeles-based Aspiration, which counts actors Orlando Bloom and Leonardo DiCaprio among investors, in August agreed to merge with the InterPrivate vehicle, confirming an earlier Bloomberg News report. It said it had secured a $200 million PIPE, from investors including Bernard Arnault’s family office Financiere Agache, Doha Venture Capital, Serengeti Asset Management and Canadian rapper Drake.

Eight #UAE investors to take up to 20% stake in Adnoc's Ta’ziz projects

Eight UAE investors to take up to 20% stake in Adnoc's Ta’ziz projects

Abu Dhabi Chemicals Derivatives Company, known as Ta’ziz, signed an agreement with eight UAE-based investors who will invest up to a 20 per cent stake in a portfolio of projects worth Dh15 billion ($4bn) in its Industrial Chemicals Zone in Ruwais.

The deal marks the first domestic public-private partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector, Adnoc said in a statement on Wednesday.

The local investors will be investing alongside Abu Dhabi National Oil Company, ADQ, and other global strategic partners.

The eight UAE investors include Al Dhafra Co-operative Society, Al Nasser Holdings, Alpha Dhabi Partners Holding, Arab Development Establishment, Buhairan Limited Company, Capital Investment, Mazrui International and Mazrui Energy Services and Riverside Investments.

Oil Edges Higher as Equities Rebound After Fed Doubles Taper - Bloomberg

Oil Edges Higher as Equities Rebound After Fed Doubles Taper - Bloomberg

PRICES:
West Texas Intermediate for January delivery rose 14 cents to settle at $70.87 a barrel at in New York Brent for February settlement increased 18 cents to settle at $73.88 a barrel

Oil Falls Further on Looming Surplus, China Demand Constraints - Bloomberg

Oil Falls Further on Looming Surplus, China Demand Constraints - Bloomberg

PRICES:

West Texas Intermediate for January delivery dropped 1.1% to $69.93 a barrel at 8:32 a.m. local time after falling 0.8% on Tuesday. Brent for February settlement slumped 1% to $72.98 a barrel. Brent’s prompt timespread was at 8 cents a barrel in backwardation after briefly flipping into contango on Tuesday. Oil declined for a third day as global markets tip into a supply surplus, with demand pressured by the spread of the omicron Covid-19 variant worldwide and Chinese constraints on fuel use. Futures slid 1.1% in New York amid a growing conviction that inventories are starting to rise and will accumulate more rapidly next year amid curbs on travel, a view adopted by the International Energy Agency on Tuesday. The outlook is deteriorating further on signs that demand in China -- the world’s biggest importer of crude -- is coming under pressure as the government limits holiday travel to contain the virus, while also cracking down on pollution. Refiners are expected to replenish inventories hesitantly this winter. “Supply has finally caught up with demand and this trend is forecast to intensify heading into 2022,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd. “Simply put, the oil market faces a significant oversupply next year.”

Most Gulf markets fall as cenbank decisions, Omicron fears loom | Reuters

Most Gulf markets fall as cenbank decisions, Omicron fears loom | Reuters

Most stock markets in the Gulf ended lower on Wednesday over Omicron worries and as investors worldwide await the U.S. Federal Reserve's plan to wind down asset purchases and start raising interest rates.

The Fed's decision will set the tone for the central banks of the European Union, the UK and Japan when they meet this week, and add to pressure for policy tightening in emerging markets. read more

Omicron coronavirus variant fears impacted risk appetite as current vaccines are deemed less effective, said Farah Mourad, senior market analyst of XTB MENA.

In Abu Dhabi, the index (.ADI) dropped 0.3%, pressured by a 0.3% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).

Dubai's main share index (.DFMGI) dropped 0.7%, snapping a 10-session winning run triggered after announcements of upcoming initial public offerings.

Last month, the government announced plans for 10 state-backed companies to be listed as part of efforts to boost activity on the local bourse.

The listings are aimed at making Dubai a more competitive market in the region, as bourses in Saudi Arabia and Abu Dhabi see larger listings and strong liquidity.

Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and Emirates NBD Bank (ENBD.DU) dropped 1.1% each.

On the other hand, National General Insurance Co added 0.6%, after it received an offer from Dubai Investments (DINV.DU) to gain full ownership of the company, in a deal that values the insurer at nearly 468 million dirhams ($127.43 million).

The Qatari benchmark (.QSI) declined 0.7%, dragged down by a 2.3% slide in petrochemical maker Industries Qatar (IQCD.QA).

Saudi Arabia's benchmark index (.TASI) advanced 1.1%, buoyed by a 1.6% rise in Al Rajhi Bank (1120.SE) and a 2% jump in the kingdom's biggest lender Saudi National Bank (1180.SE).

The Saudi market, which advanced after declining for two consecutive sessions ahead of the Federal Reserve meet, continues to be supported by local economic fundamentals, said Mourad.

As Arab leaders gather in #SaudiArabia King Salman’s absence looms large | King Salman | The Guardian

As Arab leaders gather in Saudi Arabia King Salman’s absence looms large | King Salman | The Guardian

Beaming in satisfaction as Arab rulers arrived in Riyadh on Tuesday, Mohammed bin Salman looked like a man in charge. As a succession of planes disgorged heads of state for a regional summit, the Saudi crown prince was there to receive them – standing in for his father at yet another big event.

But as Prince Mohammed ushered leaders of Kuwait, the UAE, Qatar, Oman and Bahrain along a purple carpet to a reception hall, the king’s absence loomed large. If the ailing monarch was to reappear in public – a once every five year gathering under his auspices would have been the time and place.

To regional figures, King Salman’s failure to assume his role signalled something more consequential than an heir to the throne being gifted more responsibilities. So significant was the missing monarch that observers in Saudi Arabia say the dynastic shift from father to son has – for all intents and purposes – already taken place.

Over the past 20 months, King Salman has made only one public appearance and has stayed for the duration of the Covid pandemic in the new age city of Neom – the pet project of the man who will one day formally take his throne.

#Dubai developer Union Properties elects new chairman, vice chairman | ZAWYA MENA Edition

Dubai developer Union Properties elects new chairman, vice chairman  | ZAWYA MENA Edition

UAE developer Union Properties has elected Mohamed Ali Al Fardan as the new chairman of the board, the company confirmed in a disclosure to the Dubai Financial Market (DFM).

In a meeting on Wednesday morning, the board of directors also picked Abdul Wahab Al Halabi as the vice chairman and formed the permanent committees for the board of directors.

The move comes about a month after the Dubai-based real estate developer announced the dismissal of its chairman and three other board members on claims of financial irregularities.

The UAE Attorney-General, Hamad Saif Al Shamsi, confirmed last October that an investigation into the real estate developer has kicked off after the Securities and Commodities Authority lodged complaints against Union Properties’ chairman, Khalifa Hassan Al Hammadi, and other executives.

#Saudi Aramco eyes investment in Reliance Industries' clean energy unit | ZAWYA MENA Edition

Saudi Aramco eyes investment in Reliance Industries' clean energy unit | ZAWYA MENA Edition

Saudi Aramco, the world's biggest oil company, is looking to invest in the clean energy unit of India's Reliance Industries Ltd., news website Mint reported, citing people in the know.

This comes weeks after both firms announced the scrapping of a $15-billion investment in Reliance's oil-to-chemicals (O2C) business.

Saudi Aramco and other investors have shown interest in investing in the Indian company’s clean energy unit, New Energy Solar Ltd., the report said.

"Reliance plans to get investors in its renewable energy business. While many investors are excited about this opportunity, Aramco is also said to be evaluating the same," sources told the publication.

In June, Reliance Industries chairman Mukesh Ambani pledged to invest $10 billion in clean energy projects over three years.

Most Gulf bourses fall in early trade; #Saudi gains | Reuters

Most Gulf bourses fall in early trade; Saudi gains | Reuters

Most stock markets in the Gulf eased in early trade on Wednesday as investors worldwide awaited the U.S. Federal Reserve's plan to wind down asset purchases and start raising interest rates.

The Fed's decision will set the tone for the central banks of the European Union, the UK and Japan when they meet this week, and add to pressure for further tightening in emerging markets. read more

In Abu Dhabi, the index (.ADI) lost 0.3%, hit by a 0.5% drop in the United Arab Emirates' largest lender, First Abu Dhabi Bank (FAB.AD).

Oil prices, a key catalyst for the Gulf's financial markets, fell for a third straight day on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not expected to curb mobility as sharply as earlier COVID-19 variants.

Dubai's main share index (.DFMGI) declined 0.5%, on course to end ten sessions of gains, weighed down by a 1.4% fall in Emirates NBD Bank (ENBD.DU).

Among other losers, budget airline Air Arabia (AIRA.DU) retreated 1.3%.

The Qatari index (.QSI)inched down 0.2%, pressured by a 0.6% fall in the Gulf's largest lender, Qatar National Bank (QNBK.QA).

Saudi Arabia's benchmark index (.TASI) bucked the trend to trade 0.3% higher, with Al Rajhi Bank (1120.SE) rising 0.3% and petrochemical maker Saudi Basic Industries Corp (2010.SE)adding 0.9%.

The kingdom's economy grew 7% in the third quarter from a year earlier, official data showed on Tuesday. read more

The largest Arab economy was hit hard last year by the twin shocks of the COVID-19 pandemic and record-low oil prices, but it rebounded this year amid easing coronavirus restrictions, higher oil prices and production hikes.

Oil Extends Losses on Omicron Spread Uncertainty, China Demand - Bloomberg

Oil Extends Losses on Omicron Spread Uncertainty, China Demand - Bloomberg

PRICES:

West Texas Intermediate for January delivery dropped 1.3% to $69.83 a barrel at 2:04 p.m. in Singapore after falling 0.8% on Tuesday. Brent for February settlement slumped 1.1% to $72.86 a barrel. Brent’s prompt timespread was at 7 cents a barrel in backwardation after briefly flipping into contango on Tuesday. Oil declined for a third day as further restrictions were imposed to counter the spread of the omicron Covid-19 variant while the outlook for demand in China dimmed as Beijing cracks down on the virus, pollution and rule-breakers. Futures in New York tumbled to below $70 a barrel, extending this week’s decline to more than 2%. China, the world’s biggest importer of crude, is set to start 2022 with a subdued appetite that will partially offset the traditional increase in demand from refineries to replenish inventories during the winter months. That comes as the Paris-based International Energy Agency says that the global market has already returned to surplus and that jet fuel demand is faltering due to omicron. On Tuesday, Brent’s prompt timespread briefly flipped into contango, a bearish signal suggesting supplies are plentiful. Oil’s drop this week has eaten into a partial recovery from a bear market at the end of November. The fast increase in omicron cases, which have surged to 3% of all those sequenced in the U.S. just this month, coupled with another report showing inflation running hot are likely to damp risk appetite, which is being reflected in thinning trading volumes ahead of the year-end holiday season. Aggregated trading volumes for the U.S. benchmark on Tuesday shrank to the lowest since Nov. 24.