Oil hits 7-yr highs as Ukraine fears Russian attack imminent | Reuters
Oil prices surged on Monday over 2% to their highest in more than seven years as Ukraine's President said he had heard that Russia could invade the country on Wednesday.
Russia is one of the world's largest oil-and-gas producers, and fears that it could invade Ukraine have driven the rally in oil closer to the $100-per-barrel mark.
"The market remains hyper-sensitive to the developments over the Russian/Ukraine situation," said John Kilduff, partner at Again Capital in New York. "This is now intensifying to a terrific degree. Right now, it's buy now, ask later."
Brent crude rose $2.04, or 2.2%, to settle at $96.48 a barrel, after touching its highest since September 2014 at $96.78.
U.S. West Texas Intermediate (WTI) crude rose $2.36, or 2.5%, to settle at $95.46 a barrel, after hitting $95.82, the loftiest since September 2014.
Ukraine's President Volodymyr Zelenskiy said he had heard that Wednesday could be the day of a Russian invasion. read more
Monday, 14 February 2022
EU’s Qatari LNG Antitrust Probe May Be Dropped Within Weeks - Bloomberg
EU’s Qatari LNG Antitrust Probe May Be Dropped Within Weeks - Bloomberg
European Union regulators may drop a four-year antitrust probe into Qatar Energy within weeks, according to two people familiar with the case.
EU officials haven’t confirmed concerns that supply agreements unfairly prevented the sale of liquefied natural gas across Europe, said one of the people, who both asked not to be named because the process isn’t public.
Europe has been seeking emergency supplies of gas from Qatar and other producers as ongoing tensions with Russia have sent energy prices soaring this winter.
Reuters earlier reported the likely closure of the probe.
Qatar Energy didn’t immediately respond to a request for comment outside of normal office hours. The European Commission declined to comment on the potential ending of the probe.
Regulators have “engaged in extensive fact-finding” and can’t anticipate when they might end their investigation, EU spokesman Daniel Ferrie told reporters at a Monday press briefing.
European Union regulators may drop a four-year antitrust probe into Qatar Energy within weeks, according to two people familiar with the case.
EU officials haven’t confirmed concerns that supply agreements unfairly prevented the sale of liquefied natural gas across Europe, said one of the people, who both asked not to be named because the process isn’t public.
Europe has been seeking emergency supplies of gas from Qatar and other producers as ongoing tensions with Russia have sent energy prices soaring this winter.
Reuters earlier reported the likely closure of the probe.
Qatar Energy didn’t immediately respond to a request for comment outside of normal office hours. The European Commission declined to comment on the potential ending of the probe.
Regulators have “engaged in extensive fact-finding” and can’t anticipate when they might end their investigation, EU spokesman Daniel Ferrie told reporters at a Monday press briefing.
Shuaa Capital's 2021 profit dips on one-off charges
Shuaa Capital's 2021 profit dips on one-off charges
Dubai-based investment bank Shuaa Capital reported a 68 per cent drop in net profit last year as the earnings were impacted due to the one-off charges.
The company’s net profit dipped to Dh40 million ($10.8m), down from Dh125m in 2020.
The result included one-off charges of net Dh189m related to the valuation impairments following the decision to accelerate the restructuring of a legacy, illiquid investment portfolio, the company said in a statement on Monday.
It added that net profit on a like for like basis would have been Dh229m last year.
“As we draw an end to cleaning up legacy and non-core investments and portfolios, our focus is now solely on driving revenues and shareholder returns … [while] maintaining a strict discipline on costs,” Jassim Alseddiqi, group chief executive of Shuaa Capital, said.
Dubai-based investment bank Shuaa Capital reported a 68 per cent drop in net profit last year as the earnings were impacted due to the one-off charges.
The company’s net profit dipped to Dh40 million ($10.8m), down from Dh125m in 2020.
The result included one-off charges of net Dh189m related to the valuation impairments following the decision to accelerate the restructuring of a legacy, illiquid investment portfolio, the company said in a statement on Monday.
It added that net profit on a like for like basis would have been Dh229m last year.
“As we draw an end to cleaning up legacy and non-core investments and portfolios, our focus is now solely on driving revenues and shareholder returns … [while] maintaining a strict discipline on costs,” Jassim Alseddiqi, group chief executive of Shuaa Capital, said.
Oil eases as Ukraine hints at concessions to Russia | Reuters
Oil eases as Ukraine hints at concessions to Russia | Reuters
Oil eased on Monday from its highest in more than seven years as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war.
Brent crude was down 60 cents, or 0.6%, at $93.84 a barrel by 1440 GMT after touching its highest since October 2014 at $96.16.
U.S. West Texas Intermediate (WTI) crude fell 47 cents, or 0.5%, to $92.63 after hitting $94.94, the loftiest since September 2014.
"Market participants are concerned that a conflict between Russia and Ukraine could disrupt supply," said UBS commodities analyst Giovanni Staunovo.
Oil eased on Monday from its highest in more than seven years as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war.
Brent crude was down 60 cents, or 0.6%, at $93.84 a barrel by 1440 GMT after touching its highest since October 2014 at $96.16.
U.S. West Texas Intermediate (WTI) crude fell 47 cents, or 0.5%, to $92.63 after hitting $94.94, the loftiest since September 2014.
"Market participants are concerned that a conflict between Russia and Ukraine could disrupt supply," said UBS commodities analyst Giovanni Staunovo.
Air Arabia swings to profit in 2021 as travel demand recovers and restrictions ease
Air Arabia swings to profit in 2021 as travel demand recovers and restrictions ease
Middle East budget airline Air Arabia swung to a full-year profit in 2021 as governments around the world began to ease travel restrictions and passenger demand started to recover.
Net profit reached Dh720 million ($196m) for the year ending December 31, up from a loss of Dh192m in 2020 that was heavily impacted by pandemic-related curbs on air travel, Air Arabia said in a statement on Monday. Revenue increased 71 per cent year-on-year to Dh3.17 billion in 2021 as the airline carried more passengers.
"Air Arabia’s full year record profitability is a testament to the strength of the business model we operate, the group’s management team, as well as the diversification and growth strategy adopted," Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said.
"The year 2021 continued to be challenging for the aviation industry worldwide because of the lasting impact of the Covid-19 pandemic and the restrictions it imposed on air travel. Despite that ... Air Arabia managed to deliver such a performance, signalling a steady recovery for the industry."
Middle East budget airline Air Arabia swung to a full-year profit in 2021 as governments around the world began to ease travel restrictions and passenger demand started to recover.
Net profit reached Dh720 million ($196m) for the year ending December 31, up from a loss of Dh192m in 2020 that was heavily impacted by pandemic-related curbs on air travel, Air Arabia said in a statement on Monday. Revenue increased 71 per cent year-on-year to Dh3.17 billion in 2021 as the airline carried more passengers.
"Air Arabia’s full year record profitability is a testament to the strength of the business model we operate, the group’s management team, as well as the diversification and growth strategy adopted," Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia, said.
"The year 2021 continued to be challenging for the aviation industry worldwide because of the lasting impact of the Covid-19 pandemic and the restrictions it imposed on air travel. Despite that ... Air Arabia managed to deliver such a performance, signalling a steady recovery for the industry."
#UAE's Mubadala Capital raises $322mln via Brazil investment fund | ZAWYA MENA Edition
UAE's Mubadala Capital raises $322mln via Brazil investment fund | ZAWYA MENA Edition
Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Co., has raised $322 million with its first fund in Brazil.
The Brazil Special Opportunities Fund I (BSOF I) raised capital from a diverse set of global investors, including a leading public pension fund, family offices, corporates, private equity funds and asset managers across North America, Europe, the Middle East and Asia, the asset manager said in a statement on Monday.
The fund is focused primarily on taking controlling stakes in mature companies that are facing some form of financial or legal distress but where the underlying business fundamentals are compelling. "This strategy enables BSOF I to acquire businesses at attractive entry prices, creating a margin of safety at the closing of the transaction that reduces BSOF I’s dependency on Brazil’s economic cycles including currency depreciation while retaining the upside exposure associated with a growing economy."
Mubadala Capital manages over $10 billion of assets in third-party managed funds across Brazil, private equity, public equities and venture capital businesses. It has two funds in Brazil focused on special situations, three private equity funds, two early-stage venture funds and a public fund.
Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Co., has raised $322 million with its first fund in Brazil.
The Brazil Special Opportunities Fund I (BSOF I) raised capital from a diverse set of global investors, including a leading public pension fund, family offices, corporates, private equity funds and asset managers across North America, Europe, the Middle East and Asia, the asset manager said in a statement on Monday.
The fund is focused primarily on taking controlling stakes in mature companies that are facing some form of financial or legal distress but where the underlying business fundamentals are compelling. "This strategy enables BSOF I to acquire businesses at attractive entry prices, creating a margin of safety at the closing of the transaction that reduces BSOF I’s dependency on Brazil’s economic cycles including currency depreciation while retaining the upside exposure associated with a growing economy."
Mubadala Capital manages over $10 billion of assets in third-party managed funds across Brazil, private equity, public equities and venture capital businesses. It has two funds in Brazil focused on special situations, three private equity funds, two early-stage venture funds and a public fund.
#Dubai's Emaar Properties sees 2021 net profit soar to $1bln; beats estimate | ZAWYA MENA Edition
Dubai's Emaar Properties sees 2021 net profit soar to $1bln; beats estimate | ZAWYA MENA Edition
Dubai’s Emaar Properties posted an 80 percent rise in its 2021 full year net profit at 3.80 billion dirhams ($1.03 billion) on the back of record property sales in the UAE.
Revenue came in at 28.27 billion dirhams during 2021, a 57 percent jump compared with 18 billion dirhams in the year-ago period, the developer said in a statement to the Dubai Financial Market where its shares trade.
The profit comfortably beat analysts’ average estimate of 3.67 billion dirhams, as per Refinitiv data.
Emaar shares closed trading 1.2 percent lower at 4.84 dirhams on DFM today.
Property sales jumped 335 percent over 2020 to 27.51 billion dirhams, the highest ever recorded by Emaar since incorporation in 1997, the statement said.
Dubai’s Emaar Properties posted an 80 percent rise in its 2021 full year net profit at 3.80 billion dirhams ($1.03 billion) on the back of record property sales in the UAE.
Revenue came in at 28.27 billion dirhams during 2021, a 57 percent jump compared with 18 billion dirhams in the year-ago period, the developer said in a statement to the Dubai Financial Market where its shares trade.
The profit comfortably beat analysts’ average estimate of 3.67 billion dirhams, as per Refinitiv data.
Emaar shares closed trading 1.2 percent lower at 4.84 dirhams on DFM today.
Property sales jumped 335 percent over 2020 to 27.51 billion dirhams, the highest ever recorded by Emaar since incorporation in 1997, the statement said.
Column: Hedge funds take oil profits as inflation fears intensify | Reuters
Column: Hedge funds take oil profits as inflation fears intensify | Reuters
A bout of profit-taking ensued last week as seven-year highs in crude oil and middle distillates prices intensified concerns about inflation and the possibility of countermeasures from central banks.
Rapidly escalating prices for oil and other commodities have become a central problem for macroeconomic policymakers in advanced economies. Unless inflation in oil and other commodities starts to decelerate on its own, the U.S. Federal Reserve and other central banks will be forced to raise interest rates to slow growth and bring prices back under control.
Against that backdrop, hedge funds and other money managers sold the equivalent of 28 million barrels in the six most important petroleum-related futures and options contracts in the week to Feb. 8.
It was the second time in three weeks that portfolio managers sold petroleum, and the sales were the largest since the end of last November.
A bout of profit-taking ensued last week as seven-year highs in crude oil and middle distillates prices intensified concerns about inflation and the possibility of countermeasures from central banks.
Rapidly escalating prices for oil and other commodities have become a central problem for macroeconomic policymakers in advanced economies. Unless inflation in oil and other commodities starts to decelerate on its own, the U.S. Federal Reserve and other central banks will be forced to raise interest rates to slow growth and bring prices back under control.
Against that backdrop, hedge funds and other money managers sold the equivalent of 28 million barrels in the six most important petroleum-related futures and options contracts in the week to Feb. 8.
It was the second time in three weeks that portfolio managers sold petroleum, and the sales were the largest since the end of last November.
#Saudi Aramco’s $80 Billion Deal Muddies Wealth Fund Before Green Debut - Bloomberg
Saudi Aramco’s $80 Billion Deal Muddies Wealth Fund Before Green Debut - Bloomberg
The Saudi sovereign wealth fund’s environmental credentials suddenly look a lot less appealing after it was handed an $80 billion stake in the world’s largest oil exporter, just ahead of its planned debut green bond.
The 4% of Aramco that the Saudi government is transferring to the Public Investment Fund will make up about 14% of the $580 billion sovereign wealth fund. That would make it the PIF’s biggest holding by value, according to data compiled by Bloomberg.
Just days before the transfer of Aramco shares, Moody’s Investors Service lavished praise on the Saudi fund for its limited exposure to “the energy and resources sector” or “environmental and social risks.”
The addition of Aramco shares underlines the dilemma facing investors already struggling to reconcile Saudi Arabia’s record on climate with its plans for sustainable financing, as it rolls out ambitious targets to stay relevant amid the energy transition.
The Saudi sovereign wealth fund’s environmental credentials suddenly look a lot less appealing after it was handed an $80 billion stake in the world’s largest oil exporter, just ahead of its planned debut green bond.
The 4% of Aramco that the Saudi government is transferring to the Public Investment Fund will make up about 14% of the $580 billion sovereign wealth fund. That would make it the PIF’s biggest holding by value, according to data compiled by Bloomberg.
Just days before the transfer of Aramco shares, Moody’s Investors Service lavished praise on the Saudi fund for its limited exposure to “the energy and resources sector” or “environmental and social risks.”
The addition of Aramco shares underlines the dilemma facing investors already struggling to reconcile Saudi Arabia’s record on climate with its plans for sustainable financing, as it rolls out ambitious targets to stay relevant amid the energy transition.
Newsletter - Deals Spree in Middle East - Bloomberg
Newsletter - Deals Spree in Middle East - Bloomberg
The Middle East is seeing a flurry of deals as leading companies chase new growth opportunities and expand their global footprint.
The United Arab Emirates’ largest lender kicked off what's likely to be its biggest acquisition yet in Egypt. First Abu Dhabi Bank made a non-binding offer to buy no less than 51% in EFG-Hermes, valuing Egypt's biggest investment bank at $1.2 billion.
A potential takeover would give First Abu Dhabi Bank a larger presence in the Arab world's most populous country alongside a foothold in several emerging markets, including Kenya, Nigeria and Bangladesh.
The Abu Dhabi lender is not alone in an expansion mode. Dubai Islamic Bank is actively exploring opportunities to grow "organically and inorganically" in Pakistan, Indonesia and Kenya. The UAE's biggest Islamic bank also has Egypt, Saudi Arabia and Turkey on its radar, according to CEO Adnan Chilwan.
The Middle East is seeing a flurry of deals as leading companies chase new growth opportunities and expand their global footprint.
The United Arab Emirates’ largest lender kicked off what's likely to be its biggest acquisition yet in Egypt. First Abu Dhabi Bank made a non-binding offer to buy no less than 51% in EFG-Hermes, valuing Egypt's biggest investment bank at $1.2 billion.
A potential takeover would give First Abu Dhabi Bank a larger presence in the Arab world's most populous country alongside a foothold in several emerging markets, including Kenya, Nigeria and Bangladesh.
The Abu Dhabi lender is not alone in an expansion mode. Dubai Islamic Bank is actively exploring opportunities to grow "organically and inorganically" in Pakistan, Indonesia and Kenya. The UAE's biggest Islamic bank also has Egypt, Saudi Arabia and Turkey on its radar, according to CEO Adnan Chilwan.
#Kuwait's Jazeera Airways aims to increase its fleet to 60 planes by 2025 - chairman | Reuters
Kuwait's Jazeera Airways aims to increase its fleet to 60 planes by 2025 - chairman | Reuters
Kuwait's Jazeera Airways (JAZK.KW) aims to increase its fleet to 60 planes by 2025, Chairman Marwan Boodai told CNBC Arabia on Monday.
It currently has 17 planes in operation, according to the latest available data on website Airfleets.net.
Boodai also said the airline has liquidity of 50 million dinars ($165 million) to be used in investments and dividends.
Kuwait's Jazeera Airways (JAZK.KW) aims to increase its fleet to 60 planes by 2025, Chairman Marwan Boodai told CNBC Arabia on Monday.
It currently has 17 planes in operation, according to the latest available data on website Airfleets.net.
Boodai also said the airline has liquidity of 50 million dinars ($165 million) to be used in investments and dividends.
Most Gulf markets rise as Ukraine tensions boost oil | Reuters
Most Gulf markets rise as Ukraine tensions boost oil | Reuters
Most Gulf markets ended higher on Monday, as warnings that Russia could invade Ukraine at any time drove oil prices to seven-year peaks, though Dubai slipped on losses in the real estate and industrials sectors.
Crude was at $94.55 a barrel by 1107 GMT on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions that could disrupt exports from one of the world's top producers.
Russia denies it is planning an invasion and has accused the West of "hysteria". read more
In Abu Dhabi, the index (.FTFADGI) reversed course to gain 1.2% and hit a record high. The index posted its biggest gain since Jan 19.
International Holding Co (IHC) shares ended 1.4% higher after the company said on Friday it plans to list its Pure Health business late in the second quarter of this year or early in the third. read more
Aldar Properties (ALDAR.AD) rose 1.2% after the developer said Apollo Global Management (APO.N) will invest $1.4 billion in a deal that includes Apollo taking a minority stake in Aldar's investment unit. read more
Saudi Arabia's benchmark index (.TASI) rose 1.5% in its best day in nearly two months.
Shares of East Pipes Integrated Company for Industry (1321.SE) advanced 6.3% in their trading debut.
The Qatari index (.QSI) gained 0.4%, even with financials weighing heavily on sentiment.
Bucking the trend, Dubai's main share index (.DFMGI) fell 0.3%.
Trading was halted in National Central Cooling Co (Tabreed) (TABR.DU). The company is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, according to two sources close to the matter. read more
"GCC (Gulf Cooperation Council) stock markets moved in different directions as they reacted to the increasing geopolitical tensions in Eastern Europe and the rise in oil prices. At the same time, the expectations of a tighter monetary policy in the US are fuelling risk aversion," Farah Mourad, Senior Market Analyst of XTB MENA, said.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shed 0.3%.
Most Gulf markets ended higher on Monday, as warnings that Russia could invade Ukraine at any time drove oil prices to seven-year peaks, though Dubai slipped on losses in the real estate and industrials sectors.
Crude was at $94.55 a barrel by 1107 GMT on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions that could disrupt exports from one of the world's top producers.
Russia denies it is planning an invasion and has accused the West of "hysteria". read more
In Abu Dhabi, the index (.FTFADGI) reversed course to gain 1.2% and hit a record high. The index posted its biggest gain since Jan 19.
International Holding Co (IHC) shares ended 1.4% higher after the company said on Friday it plans to list its Pure Health business late in the second quarter of this year or early in the third. read more
Aldar Properties (ALDAR.AD) rose 1.2% after the developer said Apollo Global Management (APO.N) will invest $1.4 billion in a deal that includes Apollo taking a minority stake in Aldar's investment unit. read more
Saudi Arabia's benchmark index (.TASI) rose 1.5% in its best day in nearly two months.
Shares of East Pipes Integrated Company for Industry (1321.SE) advanced 6.3% in their trading debut.
The Qatari index (.QSI) gained 0.4%, even with financials weighing heavily on sentiment.
Bucking the trend, Dubai's main share index (.DFMGI) fell 0.3%.
Trading was halted in National Central Cooling Co (Tabreed) (TABR.DU). The company is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, according to two sources close to the matter. read more
"GCC (Gulf Cooperation Council) stock markets moved in different directions as they reacted to the increasing geopolitical tensions in Eastern Europe and the rise in oil prices. At the same time, the expectations of a tighter monetary policy in the US are fuelling risk aversion," Farah Mourad, Senior Market Analyst of XTB MENA, said.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shed 0.3%.
Oil eases as Ukraine hints at concessions to Russia | Reuters
Oil eases as Ukraine hints at concessions to Russia | Reuters
Oil eased on Monday, after earlier hitting its highest in more than seven years, as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war.
Brent crude was down 81 cents, or 0.9%, at $93.63 a barrel by 1259 GMT, off an ealier peak of $96.16, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude fell 83 cents, or 0.9%, to $92.27 a barrel, after hitting $94.94, the loftiest since September 2014.
"Market participants are concerned that a conflict between Russia and the Ukraine could disrupt supply," said Giovanni Staunovo, commodity analyst at UBS.
Oil eased on Monday, after earlier hitting its highest in more than seven years, as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war.
Brent crude was down 81 cents, or 0.9%, at $93.63 a barrel by 1259 GMT, off an ealier peak of $96.16, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude fell 83 cents, or 0.9%, to $92.27 a barrel, after hitting $94.94, the loftiest since September 2014.
"Market participants are concerned that a conflict between Russia and the Ukraine could disrupt supply," said Giovanni Staunovo, commodity analyst at UBS.
#Dubai developer Damac is all set to stop trading on DFM on Feb 15 | Property – Gulf News
Dubai developer Damac is all set to stop trading on DFM on Feb 15 | Property – Gulf News
February 14 will be the last day of trading for Damac Properties’ stock, with the company set to inform DFM authorities to suspend trading from Tuesday.
This will set the stage for Hussein Sajwani, Damac’s founder, and entities/individuals related to him owning 100 per cent of the company. Last year, Sajwani followed up a plan that had been there for some time to de-list Damac and set a new course for the developer back fully in private mode.
Through his investment company Maple, Sajwani then set in motion a process to buy up all shares that were not held by him, his family or associated enterprises. An initial offer price was renewed after the matter was raised before the UAE stock market regulator, SCA (Securities and Commodities Authority).
Today (February 14), the re-privatisation of Damac has reached its final moments. “Damac shareholders are notified that the notice period for the mandatory acquisition ended on 13 February,” Damac said. “As of today’s date, neither DAMAC nor Maple has received any objection to the mandatory acquisition announced on 13 December 2021.”
February 14 will be the last day of trading for Damac Properties’ stock, with the company set to inform DFM authorities to suspend trading from Tuesday.
This will set the stage for Hussein Sajwani, Damac’s founder, and entities/individuals related to him owning 100 per cent of the company. Last year, Sajwani followed up a plan that had been there for some time to de-list Damac and set a new course for the developer back fully in private mode.
Through his investment company Maple, Sajwani then set in motion a process to buy up all shares that were not held by him, his family or associated enterprises. An initial offer price was renewed after the matter was raised before the UAE stock market regulator, SCA (Securities and Commodities Authority).
Today (February 14), the re-privatisation of Damac has reached its final moments. “Damac shareholders are notified that the notice period for the mandatory acquisition ended on 13 February,” Damac said. “As of today’s date, neither DAMAC nor Maple has received any objection to the mandatory acquisition announced on 13 December 2021.”
Chimera Capital unveils ETF focused on #Kuwait’s equity markets
Chimera Capital unveils ETF focused on Kuwait’s equity markets
Chimera Capital, an Abu Dhabi asset management company and subsidiary of Chimera Investments, is introducing a Sharia-compliant exchange-traded fund that will give investors access to Kuwait’s equity markets.
The Chimera S&P Kuwait Sharia ETF will be listed on the Abu Dhabi Securities Exchange under the Income Share Class B category and will track the performance of the top 15 most liquid Sharia-compliant equities on the Boursa Kuwait, the company said on Monday.
“The listing of the Chimera S&P Kuwait Sharia ETF reflects ADX’s efforts to promote cross-border investments and provide unique growth opportunities,” said ADX managing director and chief executive Saeed Al Dhaheri.
“As part of its growth strategy, ADX will continue to encourage and introduce diverse, liquid and cost-effective investment tools that help to mitigate risk and promote sustainable long-term growth.”
Chimera Capital, an Abu Dhabi asset management company and subsidiary of Chimera Investments, is introducing a Sharia-compliant exchange-traded fund that will give investors access to Kuwait’s equity markets.
The Chimera S&P Kuwait Sharia ETF will be listed on the Abu Dhabi Securities Exchange under the Income Share Class B category and will track the performance of the top 15 most liquid Sharia-compliant equities on the Boursa Kuwait, the company said on Monday.
“The listing of the Chimera S&P Kuwait Sharia ETF reflects ADX’s efforts to promote cross-border investments and provide unique growth opportunities,” said ADX managing director and chief executive Saeed Al Dhaheri.
“As part of its growth strategy, ADX will continue to encourage and introduce diverse, liquid and cost-effective investment tools that help to mitigate risk and promote sustainable long-term growth.”
#SaudiArabia's Al Rajhi Bank posts 39% rise in 2021 profit as operating income grows
Saudi Arabia's Al Rajhi Bank posts 39% rise in 2021 profit as operating income grows
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 39 per cent rise surge in its 2021 net profit as operating income rose steeply on the back of the kingdom's economic recovery.
Net profit for year ended December reached 14.74 billion Saudi riyals ($3.9bn), the lender said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded.
Total operating income was up 24.1 per cent a year in 2021 to 25.7bn riyals, thanks to an increase in net financing and investment income, which grew 21 per cent, fees from banking services, which rose 48 per cent, and other operating and exchange income.
Operating expenses during the period rose 4.1 per cent due to an rise in salaries and employee benefits, depreciation expenses and other administrative expenses. There was also an 8.3 per cent increase in impairment charges for financing.
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 39 per cent rise surge in its 2021 net profit as operating income rose steeply on the back of the kingdom's economic recovery.
Net profit for year ended December reached 14.74 billion Saudi riyals ($3.9bn), the lender said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded.
Total operating income was up 24.1 per cent a year in 2021 to 25.7bn riyals, thanks to an increase in net financing and investment income, which grew 21 per cent, fees from banking services, which rose 48 per cent, and other operating and exchange income.
Operating expenses during the period rose 4.1 per cent due to an rise in salaries and employee benefits, depreciation expenses and other administrative expenses. There was also an 8.3 per cent increase in impairment charges for financing.
Israeli Firm to Help #Dubai’s Mashreqbank Detect Financial Crimes - Bloomberg
Israeli Firm to Help Dubai’s Mashreqbank Detect Financial Crimes - Bloomberg
Israel-based ThetaRay plans to roll out AI-driven solutions to help Mashreqbank PSC, Dubai’s third-biggest lender, detect financial fraud during cross-border payment transfers.
Mashreqbank is ThetaRay’s first customer in the United Arab Emirates, according to a statement. It follows Israel and the UAE normalizing their relations in 2020.
The UAE has taken several steps in the past to better align with global standards on anti-money laundering and countering terrorist financing. The central bank in recent months levied penalties on multiple banks for breaching anti-money laundering regulations.
“ThetaRay’s technology “allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” Scott Ramsay, group head of compliance at Mashreqbank, said in a statement on Monday.
Mashreqbank in November reached a $100 million deal with U.S. regulators to settle allegations that it violated American sanctions by illegally processing payments.
Israel-based ThetaRay plans to roll out AI-driven solutions to help Mashreqbank PSC, Dubai’s third-biggest lender, detect financial fraud during cross-border payment transfers.
Mashreqbank is ThetaRay’s first customer in the United Arab Emirates, according to a statement. It follows Israel and the UAE normalizing their relations in 2020.
The UAE has taken several steps in the past to better align with global standards on anti-money laundering and countering terrorist financing. The central bank in recent months levied penalties on multiple banks for breaching anti-money laundering regulations.
“ThetaRay’s technology “allows banks to effectively thwart financial crime risks in the increasingly complex space of cross-border payments,” Scott Ramsay, group head of compliance at Mashreqbank, said in a statement on Monday.
Mashreqbank in November reached a $100 million deal with U.S. regulators to settle allegations that it violated American sanctions by illegally processing payments.
Watch Apollo to Invest $1.4 Billion in #AbuDhabi’s Aldar - Bloomberg video
Watch Apollo to Invest $1.4 Billion in Abu Dhabi’s Aldar - Bloomberg
Apollo-managed funds and clients to invest $1.4 billion in Aldar Properties, the biggest real-estate developer in Abu Dhabi. Yazan Abdeen, CEO and PM of Abu Dhabi Investment Company talked about M&A in the region, as well as Saudi Arabia moving $80 billion Aramco stake to wealth fund. Abdeen speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
ADQ, STV invest in Mideast Uber-like service for trucks | Reuters
ADQ, STV invest in Mideast Uber-like service for trucks | Reuters
Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.
The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company (MUDEV.UL) and other existing investors also participated in the fund raising.
TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.
TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.
Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.
The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company (MUDEV.UL) and other existing investors also participated in the fund raising.
TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.
TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.
#Turkey's President Erdogan Visits #UAE as Trade and Political Ties Deepen - Bloomberg
Turkey's President Erdogan Visits UAE as Trade and Political Ties Deepen - Bloomberg
Turkish President Recep Tayyip Erdogan will hold talks with the de facto ruler of the United Arab Emirates in Abu Dhabi on Monday as the longtime Middle East rivals aim to unlock billions in trade and investment.
The meeting between Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Erdogan is the second in just three months, after years of hostility between their countries over the role of Islamist groups in the 2011 Arab Spring uprisings. Erdogan’s visit, reciprocating Sheikh Mohammed’s trip to Turkey in November, is expected to yield a series of accords, including a letter of intent regarding defense industry cooperation, according to the Turkish president’s office.
The countries are also expected to sign memorandums of understanding for cooperation in investment, agriculture, industry, high tech and other areas, plus an agreement to collaborate on land and marine transportation, the Turkish president’s office said.
The UAE, a small but influential oil-and-business powerhouse, signed a $4.9 billion currency swap with Turkey in January, and has outlined plans for a $10 billion fund to support investments as it seeks to at least double bilateral trade. Turkey was the UAE’s 11th-biggest trading partner in 2020, with $8.645 billion in two-way commerce in 2020, according to data compiled by Bloomberg.
Turkish President Recep Tayyip Erdogan will hold talks with the de facto ruler of the United Arab Emirates in Abu Dhabi on Monday as the longtime Middle East rivals aim to unlock billions in trade and investment.
The meeting between Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Erdogan is the second in just three months, after years of hostility between their countries over the role of Islamist groups in the 2011 Arab Spring uprisings. Erdogan’s visit, reciprocating Sheikh Mohammed’s trip to Turkey in November, is expected to yield a series of accords, including a letter of intent regarding defense industry cooperation, according to the Turkish president’s office.
The countries are also expected to sign memorandums of understanding for cooperation in investment, agriculture, industry, high tech and other areas, plus an agreement to collaborate on land and marine transportation, the Turkish president’s office said.
The UAE, a small but influential oil-and-business powerhouse, signed a $4.9 billion currency swap with Turkey in January, and has outlined plans for a $10 billion fund to support investments as it seeks to at least double bilateral trade. Turkey was the UAE’s 11th-biggest trading partner in 2020, with $8.645 billion in two-way commerce in 2020, according to data compiled by Bloomberg.
Apollo Deepens #AbuDhabi Investment With $1.4 Billion Aldar Deal - Bloomberg
Apollo Deepens Abu Dhabi Investment With $1.4 Billion Aldar Deal - Bloomberg
Apollo Global Management Inc. signed a deal to invest $1.4 billion in Aldar Properties PJSC as the private equity giant deepens its investments in Abu Dhabi’s real estate market.
As part of the transaction, Apollo will take a direct minority stake in Aldar Investment Properties, one of the largest foreign direct investments in Abu Dhabi’s private sector, according to a statement. The deal is expected to close in the first quarter.
The investment follows a consortium led by Apollo agreeing to inject billions of dollars into the real estate assets of Abu Dhabi’s oil company. The private equity firm also has a strategic partnership with Mubadala Investment Co., one of Abu Dhabi’s sovereign wealth funds.
Aldar, which primarily operates in Abu Dhabi, has been chasing growth in a cramped market. At home, the developer is growing its management business, and beyond the United Arab Emirates it has gained a foothold in Egypt through the acquisition of a majority stake in Sodic.
Apollo deal is structured as:
Apollo Global Management Inc. signed a deal to invest $1.4 billion in Aldar Properties PJSC as the private equity giant deepens its investments in Abu Dhabi’s real estate market.
As part of the transaction, Apollo will take a direct minority stake in Aldar Investment Properties, one of the largest foreign direct investments in Abu Dhabi’s private sector, according to a statement. The deal is expected to close in the first quarter.
The investment follows a consortium led by Apollo agreeing to inject billions of dollars into the real estate assets of Abu Dhabi’s oil company. The private equity firm also has a strategic partnership with Mubadala Investment Co., one of Abu Dhabi’s sovereign wealth funds.
Aldar, which primarily operates in Abu Dhabi, has been chasing growth in a cramped market. At home, the developer is growing its management business, and beyond the United Arab Emirates it has gained a foothold in Egypt through the acquisition of a majority stake in Sodic.
Apollo deal is structured as:
- $500 million: investment into a land joint venture
- $500 million: perpetual subordinated notes issued by Aldar Investment Properties
- $300 million: mandatory convertible preferred equity investment in Aldar Investment Properties
- $100 million: common equity investment in Aldar Investment Properties
Gulf markets fall on heightened Ukraine, Russia fears | Reuters
Gulf markets fall on heightened Ukraine, Russia fears | Reuters
Middle East shares tracked the fall in global markets on Monday after the United States warned Russia could invade Ukraine at any time and oil prices hit a seven-year high.
Oil prices rose on fears that any invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market.
Russia denies it is planning an invasion and has accused the west of "hysteria". read more
Dubai's main share index (.DFMGI) led the way, falling 1.3% with stocks across the board in the red.
Trading was halted in National Central Cooling Co (Tabreed) (TABR.DU). The company is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, according to two sources close to the matter. read more
In Abu Dhabi, the index (.FTFADGI) fell 0.2% although shares of Aldar Properties (ALDAR.AD) rose 1.4% after the developer said Apollo Global Management (APO.N) will invest $1.4 billion in a deal that includes Apollo taking a minority stake in Aldar's investment unit. read more
Saudi Arabia's benchmark index (.TASI) also edged lower, a day after posting its biggest daily decline since late November.
Shares of East Pipes Integrated Company for Industry (1321.SE) jumped 10% in their trading debut.
The Qatari index (.QSI) eased 0.3%, with financials weighing heavily on sentiment.
Middle East shares tracked the fall in global markets on Monday after the United States warned Russia could invade Ukraine at any time and oil prices hit a seven-year high.
Oil prices rose on fears that any invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market.
Russia denies it is planning an invasion and has accused the west of "hysteria". read more
Dubai's main share index (.DFMGI) led the way, falling 1.3% with stocks across the board in the red.
Trading was halted in National Central Cooling Co (Tabreed) (TABR.DU). The company is in exclusive talks to buy regional mall operator Majid Al Futtaim's cooling assets, according to two sources close to the matter. read more
In Abu Dhabi, the index (.FTFADGI) fell 0.2% although shares of Aldar Properties (ALDAR.AD) rose 1.4% after the developer said Apollo Global Management (APO.N) will invest $1.4 billion in a deal that includes Apollo taking a minority stake in Aldar's investment unit. read more
Saudi Arabia's benchmark index (.TASI) also edged lower, a day after posting its biggest daily decline since late November.
Shares of East Pipes Integrated Company for Industry (1321.SE) jumped 10% in their trading debut.
The Qatari index (.QSI) eased 0.3%, with financials weighing heavily on sentiment.
Oil steady as Ukraine-Russia tensions loom | Reuters
Oil steady as Ukraine-Russia tensions loom | Reuters
Oil prices were steady on Monday after hitting their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from one of the world's top oil producers.
Brent crude was down 12 cents, or 0.1%, at $94.32 a barrel by 0844 GMT, after earlier hitting a peak of $96.16, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude rose 1 cent, or less than 0.1%, to $93.11 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
Oil prices were steady on Monday after hitting their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from one of the world's top oil producers.
Brent crude was down 12 cents, or 0.1%, at $94.32 a barrel by 0844 GMT, after earlier hitting a peak of $96.16, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude rose 1 cent, or less than 0.1%, to $93.11 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.