Oil settles near 2014 high on Russia-Ukraine escalation | Reuters
Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but pared gains to end near 2014 highs following Western efforts to stop what they fear is the beginning of a full-scale Russian invasion.
The United States and Britain announced sanctions targeting Russian banks, while the European Union blacklisted more politicians and Germany put the brakes on the $11 billion Nord Stream 2 gas pipeline project. read more
"The market obviously pumped in excess risk premium as Russia entered the separatists’ portion of the Ukraine and this fear premium gradually dissolved," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Global benchmark Brent crude traded as high as $99.50 a barrel, its highest since September 2014, before settling at $96.84 with a $1.52, or 1.5%, gain.
U.S. West Texas Intermediate (WTI) crude also hit a seven-year high as it peaked at $96 a barrel, before ending at $92.35, $1.28, or 1.4%, higher from Friday. The U.S. market was closed on Monday for a public holiday.
Tuesday, 22 February 2022
Mubadala and Apollo expand partnership to seek multi-billion deals across asset classes
Mubadala and Apollo expand partnership to seek multi-billion deals across asset classes
Apollo Global Management, one of the world’s largest alternative investment managers, and Abu Dhabi’s strategic investment arm Mubadala Investment Company, are expanding their global partnership to further build capabilities to originate transactions across asset classes.
The expanded partnership builds on the Mubadala-backed Apollo Strategic Origination Partners (Asop) platform and is designed to benefit a range of capital needs and meet increasing market demand for multi-billion-dollar equity and debt solutions, Mubadala said in a statement on Tuesday.
Apollo expects the deal will help to achieve its five-year deal origination targets and support other goals set at its Investor Day.
“We have long been a solutions provider to large issuers in credit, and now through this expanded partnership and our growing capital solutions business, we continue to better position ourselves to serve clients across the capital structure,” Apollo chief executive Marc Rowan said.
Apollo Global Management, one of the world’s largest alternative investment managers, and Abu Dhabi’s strategic investment arm Mubadala Investment Company, are expanding their global partnership to further build capabilities to originate transactions across asset classes.
The expanded partnership builds on the Mubadala-backed Apollo Strategic Origination Partners (Asop) platform and is designed to benefit a range of capital needs and meet increasing market demand for multi-billion-dollar equity and debt solutions, Mubadala said in a statement on Tuesday.
Apollo expects the deal will help to achieve its five-year deal origination targets and support other goals set at its Investor Day.
“We have long been a solutions provider to large issuers in credit, and now through this expanded partnership and our growing capital solutions business, we continue to better position ourselves to serve clients across the capital structure,” Apollo chief executive Marc Rowan said.
Russian Oil Sells at Deepest Discount in Years on Ukraine Tensions - Bloomberg
Russian Oil Sells at Deepest Discount in Years on Ukraine Tensions - Bloomberg
Russia’s flagship crude traded at one of the deepest discounts in years as traders fret about how the crisis over Ukraine will play out.
Trafigura Group and the trading arm of Lukoil PJSC both offered Urals, the nation’s largest export grade, at $6.30 a barrel below the regional Dated Brent benchmark. That’s the deepest discount in at least 11 years, according to data compiled by Bloomberg. Surgutneftgas PJSC earlier sold the same crude for delivery to Europe at $6 a barrel lower than the same marker.
They’re the latest examples of how sharply the relative value of Russian oil delivered into Europe has slumped over the past few weeks. Traders have been warily watching to see what -- if any -- major measures the U.S. and its allies take to disrupt the flow of Russia’s oil exports.
“Russia-U.S. tensions over Ukraine have contributed to the collapse in Urals differentials,” consultant Facts Global Energy wrote in a note. “It seems that after many European refiners went on a Urals buying spree in December/January, those that have a choice are now shying away from Urals.”
Russia’s flagship crude traded at one of the deepest discounts in years as traders fret about how the crisis over Ukraine will play out.
Trafigura Group and the trading arm of Lukoil PJSC both offered Urals, the nation’s largest export grade, at $6.30 a barrel below the regional Dated Brent benchmark. That’s the deepest discount in at least 11 years, according to data compiled by Bloomberg. Surgutneftgas PJSC earlier sold the same crude for delivery to Europe at $6 a barrel lower than the same marker.
They’re the latest examples of how sharply the relative value of Russian oil delivered into Europe has slumped over the past few weeks. Traders have been warily watching to see what -- if any -- major measures the U.S. and its allies take to disrupt the flow of Russia’s oil exports.
“Russia-U.S. tensions over Ukraine have contributed to the collapse in Urals differentials,” consultant Facts Global Energy wrote in a note. “It seems that after many European refiners went on a Urals buying spree in December/January, those that have a choice are now shying away from Urals.”
#AbuDhabi Hasn’t Provided Economic Growth Data Since Covid Struck - Bloomberg
Abu Dhabi Hasn’t Provided Economic Growth Data Since Covid Struck - Bloomberg
The last time anyone knew exactly how Abu Dhabi’s economy was faring was in 2019, before the pandemic hit.
The capital of the United Arab Emirates -- a major oil producer and business hub with clout around the Middle East -- last provided official annual gross domestic product data for the emirate in 2020, when it released preliminary figures for the previous year, according to the official website of the Abu Dhabi Statistics Centre.
Its most recent quarterly data covered the first three months of 2019, and was published in July of that year, according to official data. A bond prospectus issued by the emirate in May 2021 was also based on data from 2019.
The black hole at the heart of Abu Dhabi’s public spreadsheets isn’t just a problem for data crunchers. It’s an example of the sluggishness and lack of clarity in disclosing indicators that has long frustrated investors, economists and rating companies focused on the Persian Gulf.
The last time anyone knew exactly how Abu Dhabi’s economy was faring was in 2019, before the pandemic hit.
The capital of the United Arab Emirates -- a major oil producer and business hub with clout around the Middle East -- last provided official annual gross domestic product data for the emirate in 2020, when it released preliminary figures for the previous year, according to the official website of the Abu Dhabi Statistics Centre.
Its most recent quarterly data covered the first three months of 2019, and was published in July of that year, according to official data. A bond prospectus issued by the emirate in May 2021 was also based on data from 2019.
The black hole at the heart of Abu Dhabi’s public spreadsheets isn’t just a problem for data crunchers. It’s an example of the sluggishness and lack of clarity in disclosing indicators that has long frustrated investors, economists and rating companies focused on the Persian Gulf.
Sovereign sukuk to fall to $73bln this year; #SaudiArabia leads decline: Moody’s | ZAWYA MENA Edition
Sovereign sukuk to fall to $73bln this year; Saudi Arabia leads decline: Moody’s | ZAWYA MENA Edition
Global sovereign sukuk issuance is expected to drop to $73 billion this year on the back of narrowed fiscal deficits, Moody’s said in a report on Tuesday.
The rating agency added that the total sukuk value stood at $88 billion last year and is anticipated to dip to $75 billion in 2023.
"We expect issuance to fall as government deficits continue to narrow because of higher oil prices, lower coronavirus-related expenditure, and accelerating economic activity in core sukuk-issuing countries," said Senior Analyst, Alexander Perjessy.
"Issuance volumes already dropped 22 percent in 2021, with the largest decline from the Gulf Cooperation Council sovereigns, mainly Saudi Arabia,” Perjessy noted.
Moody’s sees the total government deficit of Sukuk-issuing sovereigns in Saudi Arabia, Malaysia, Indonesia, and Turkey dropping to $92 billion this year, down from $118 billion in 2021.
GCC sovereigns are likely to see a surplus of $50 billion in 2022, compared to a surplus of $13 billion last year and a deficit of $112 billion in 2020, according to the rating agency.
The rating agency added that the total sukuk value stood at $88 billion last year and is anticipated to dip to $75 billion in 2023.
"We expect issuance to fall as government deficits continue to narrow because of higher oil prices, lower coronavirus-related expenditure, and accelerating economic activity in core sukuk-issuing countries," said Senior Analyst, Alexander Perjessy.
"Issuance volumes already dropped 22 percent in 2021, with the largest decline from the Gulf Cooperation Council sovereigns, mainly Saudi Arabia,” Perjessy noted.
Moody’s sees the total government deficit of Sukuk-issuing sovereigns in Saudi Arabia, Malaysia, Indonesia, and Turkey dropping to $92 billion this year, down from $118 billion in 2021.
GCC sovereigns are likely to see a surplus of $50 billion in 2022, compared to a surplus of $13 billion last year and a deficit of $112 billion in 2020, according to the rating agency.
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $1.93, or 2%, at $97.32 by 1448 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.96, or 3.3%, from Friday to $94.03, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $1.93, or 2%, at $97.32 by 1448 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.96, or 3.3%, from Friday to $94.03, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil prices rose to their highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $2.24, or 2.4%, at $97.63 by 1250 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.92, or 3.2%, from Friday to $93.99, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
Oil prices rose to their highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $2.24, or 2.4%, at $97.63 by 1250 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.92, or 3.2%, from Friday to $93.99, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
Gulf markets mixed amid rising Ukraine tensions | Reuters
Gulf markets mixed amid rising Ukraine tensions | Reuters
Stock markets in the Gulf ended mixed on Tuesday as investors clung to hopes that Moscow's deployment of troops to two breakaway regions in eastern Ukraine will be as far Russia goes.
The spectre of war on Europe's eastern flank had flared on Monday, sending oil prices to a seven-year high, after Russian President Vladimir Putin ordered troops into the Donetsk and Luhansk regions of Ukraine. read more
The United States and its European allies started to announce harsh new sanctions in response, with German Chancellor Olaf Scholz warning that the Nord Stream 2 gas pipeline would now be denied certification to begin operating. read more
Dubai's main share index (.DFMGI) edged 0.1% lower, with Emirates Integrated Telecommunications (DU.DU) losing 0.5%.
Separately, Dubai Electricity & Water Authority (DEWA) expects to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, Reuters reported on Tuesday, citing sources. read more
The company plans to offer at least 5% of its shares to investors, said the sources, while one of them said the offering could go up to 10%.
In Abu Dhabi, the index (.FTFADGI) reversed early losses to close 0.6% higher, with the country's largest lender, First Abu Dhabi Bank (FAB.AD), rising 0.5%.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued the investment bank at nearly $1.2 billion. read more
The Qatari index (.QSI) added 0.2%, supported by a 0.6% rise in Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) slid 1.7%, as most of the stocks on the index were in negative territory including top lender Commercial International Bank (COMI.CA).
Investors have taken the current geopolitical tensions in Europe into account and as the region is one of the country's largest trading partners, any economic shock would be felt on both sides, said Daniel Takieddine, CEO MENA BDSwiss.
"At the same time, the rise in oil prices was not able to support the market."
The Saudi Arabian market was closed for a public holiday on Tuesday.
The spectre of war on Europe's eastern flank had flared on Monday, sending oil prices to a seven-year high, after Russian President Vladimir Putin ordered troops into the Donetsk and Luhansk regions of Ukraine. read more
The United States and its European allies started to announce harsh new sanctions in response, with German Chancellor Olaf Scholz warning that the Nord Stream 2 gas pipeline would now be denied certification to begin operating. read more
Dubai's main share index (.DFMGI) edged 0.1% lower, with Emirates Integrated Telecommunications (DU.DU) losing 0.5%.
Separately, Dubai Electricity & Water Authority (DEWA) expects to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, Reuters reported on Tuesday, citing sources. read more
The company plans to offer at least 5% of its shares to investors, said the sources, while one of them said the offering could go up to 10%.
In Abu Dhabi, the index (.FTFADGI) reversed early losses to close 0.6% higher, with the country's largest lender, First Abu Dhabi Bank (FAB.AD), rising 0.5%.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued the investment bank at nearly $1.2 billion. read more
The Qatari index (.QSI) added 0.2%, supported by a 0.6% rise in Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) slid 1.7%, as most of the stocks on the index were in negative territory including top lender Commercial International Bank (COMI.CA).
Investors have taken the current geopolitical tensions in Europe into account and as the region is one of the country's largest trading partners, any economic shock would be felt on both sides, said Daniel Takieddine, CEO MENA BDSwiss.
"At the same time, the rise in oil prices was not able to support the market."
The Saudi Arabian market was closed for a public holiday on Tuesday.
#Dubai state utility DEWA expects to launch intention to float March 7 -sources | Reuters
Dubai state utility DEWA expects to launch intention to float March 7 -sources | Reuters
Dubai Electricity & Water Authority (DEWA) expects to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, sources told Reuters.
The state-owned company plans to announce its intention to float on March 7, sources with knowledge of the matter said, declining to be named as the matter is not public.
DEWA declined to comment when contacted by Reuters on Tuesday.
The company plans to offer at least 5% of its shares to investors, said the sources, while one of them said the offering could go up to 10%.
Dubai Electricity & Water Authority (DEWA) expects to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, sources told Reuters.
The state-owned company plans to announce its intention to float on March 7, sources with knowledge of the matter said, declining to be named as the matter is not public.
DEWA declined to comment when contacted by Reuters on Tuesday.
The company plans to offer at least 5% of its shares to investors, said the sources, while one of them said the offering could go up to 10%.
Brookfield in Talks for First #AbuDhabi Bank’s $1 Billion Payments Arm - Bloomberg
Brookfield in Talks for First Abu Dhabi Bank’s $1 Billion Payments Arm - Bloomberg
Brookfield Asset Management Inc. is in talks to buy the payments business of the UAE’s largest lender First Abu Dhabi Bank PJSC, according to people familiar with the matter.
The Canadian investor is the frontrunner to acquire the Magnati unit, the people said, asking not to be identified as the matter is private. A deal will likely value Magnati at more than $1 billion, the people said.
Deliberations are ongoing and while Brookfield is in pole position, other parties could still emerge, according to the people. A representative for Brookfield declined to comment, while a spokesperson for First Abu Dhabi Bank didn’t immediately provide comment.
FAB completed the carveout of its payments business into a fully-owned subsidiary in April and has been working with Morgan Stanley to identify suitors for the business, Bloomberg News has reported. A sale would add to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers.
Brookfield is an active investor in the Middle East and is among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise.
FAB has a market value of $60 billion. It’s separately bid for a majority stake in EFG Hermes, valuing the firm at $1.2 billion, in what’s likely to be the biggest acquisition yet in Egypt by the lender.
Brookfield Asset Management Inc. is in talks to buy the payments business of the UAE’s largest lender First Abu Dhabi Bank PJSC, according to people familiar with the matter.
The Canadian investor is the frontrunner to acquire the Magnati unit, the people said, asking not to be identified as the matter is private. A deal will likely value Magnati at more than $1 billion, the people said.
Deliberations are ongoing and while Brookfield is in pole position, other parties could still emerge, according to the people. A representative for Brookfield declined to comment, while a spokesperson for First Abu Dhabi Bank didn’t immediately provide comment.
FAB completed the carveout of its payments business into a fully-owned subsidiary in April and has been working with Morgan Stanley to identify suitors for the business, Bloomberg News has reported. A sale would add to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers.
Brookfield is an active investor in the Middle East and is among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise.
FAB has a market value of $60 billion. It’s separately bid for a majority stake in EFG Hermes, valuing the firm at $1.2 billion, in what’s likely to be the biggest acquisition yet in Egypt by the lender.
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.
The United States and its European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognised the two regions in eastern Ukraine, escalating a security crisis on the continent. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $3.38, or 3.5%, at $98.77 at 1000 GMT, having earlier reached $99.50, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude jumped $4.40, or 4.8%, to $95.47 versus Friday's settlement, having earlier reached $96, also the highest since 2014. The U.S. market was closed on Monday for a public holiday.
Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.
The United States and its European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognised the two regions in eastern Ukraine, escalating a security crisis on the continent. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $3.38, or 3.5%, at $98.77 at 1000 GMT, having earlier reached $99.50, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude jumped $4.40, or 4.8%, to $95.47 versus Friday's settlement, having earlier reached $96, also the highest since 2014. The U.S. market was closed on Monday for a public holiday.
Middle East hospital operator VPS Healthcare considers #AbuDhabi IPO - sources | Reuters
Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO - sources | Reuters
Middle Eastern hospital operator VPS Healthcare is considering an initial public offering in Abu Dhabi and has invited a select number of banks to pitch for roles, two sources told Reuters.
A request for proposals was sent to the banks earlier this month, said the sources with knowledge of the matter, declining to be named as the matter was not public.
The owner of the company is considering the possibility of a deal this year, they said, adding that no final decision had been made regarding the initial share sale. They did not provide further details.
VPS did not respond to a request for comment when contacted by Reuters on Monday.
Middle Eastern hospital operator VPS Healthcare is considering an initial public offering in Abu Dhabi and has invited a select number of banks to pitch for roles, two sources told Reuters.
A request for proposals was sent to the banks earlier this month, said the sources with knowledge of the matter, declining to be named as the matter was not public.
The owner of the company is considering the possibility of a deal this year, they said, adding that no final decision had been made regarding the initial share sale. They did not provide further details.
VPS did not respond to a request for comment when contacted by Reuters on Monday.
Mubadala Leads $500 Million Round for Asian Data-Center Firm - Bloomberg
Mubadala Leads $500 Million Round for Asian Data-Center Firm - Bloomberg
Data-center operator Princeton Digital Group Pte. has pulled in more than $500 million in a round led by Abu Dhabi sovereign fund Mubadala Investment Co., underscoring investor demand for the infrastructure that supports the internet.
Mubadala put in over $350 million while existing investors Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated, the Singapore-based firm said in a statement Tuesday. The financing could boost Princeton Digital’s valuation to more than $2 billion and serve as a stepping stone to a potential initial public offering, Bloomberg News has reported.
Princeton Digital invests in, develops and operates data-center infrastructure in countries including China, Singapore, Japan, India and Indonesia, according to its website. It runs 20 data centers across 14 cities. Founded in 2017, the company was set up by Warburg Pincus along with Princeton Digital Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
The fresh capital will help it expand into new markets such as South Korea and deepen its presence in the countries it operates in over the next two years, Salgame said in an interview with Bloomberg TV’s Haslinda Amin and Yvonne Man.
Data-center operator Princeton Digital Group Pte. has pulled in more than $500 million in a round led by Abu Dhabi sovereign fund Mubadala Investment Co., underscoring investor demand for the infrastructure that supports the internet.
Mubadala put in over $350 million while existing investors Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated, the Singapore-based firm said in a statement Tuesday. The financing could boost Princeton Digital’s valuation to more than $2 billion and serve as a stepping stone to a potential initial public offering, Bloomberg News has reported.
Princeton Digital invests in, develops and operates data-center infrastructure in countries including China, Singapore, Japan, India and Indonesia, according to its website. It runs 20 data centers across 14 cities. Founded in 2017, the company was set up by Warburg Pincus along with Princeton Digital Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
The fresh capital will help it expand into new markets such as South Korea and deepen its presence in the countries it operates in over the next two years, Salgame said in an interview with Bloomberg TV’s Haslinda Amin and Yvonne Man.
#Qatar's LNG production capacity to reach 126 mln T a year by 2027, says Emir | Reuters
Qatar's LNG production capacity to reach 126 mln T a year by 2027, says Emir | Reuters
Qatar's Emir Sheikh Tamim bin Hamad al-Thani said on Tuesday that Qatar's liquefied natural gas production capacity will rise to 126 million tonnes a year by 2027.
Speaking at a gas exporters summit hosted in Doha, al-Thani renewed calls for further dialogue among member countries of the gas forum, as well as gas importers and exporters to ensure the security of global gas supply.
"To further promote our role in the production of natural gas, we are endeavouring towards increasing our LNG production capacity from 77 million tonnes yearly to 126 million tonnes yearly by 2027," he said.
Al Thani touted a carbon capture facility Qatar is building - the biggest in the Middle East - he said, which will isolate and store 2.5 million tonnes of carbon per year in four years. By 2030, the facility will isolate 9 million tonnes per year.
Qatar's Emir Sheikh Tamim bin Hamad al-Thani said on Tuesday that Qatar's liquefied natural gas production capacity will rise to 126 million tonnes a year by 2027.
Speaking at a gas exporters summit hosted in Doha, al-Thani renewed calls for further dialogue among member countries of the gas forum, as well as gas importers and exporters to ensure the security of global gas supply.
"To further promote our role in the production of natural gas, we are endeavouring towards increasing our LNG production capacity from 77 million tonnes yearly to 126 million tonnes yearly by 2027," he said.
Al Thani touted a carbon capture facility Qatar is building - the biggest in the Middle East - he said, which will isolate and store 2.5 million tonnes of carbon per year in four years. By 2030, the facility will isolate 9 million tonnes per year.
Chimera Capital: Nascent Gulf ETF Market Gets First Fund Tracking #Kuwait Stocks - Bloomberg
Chimera Capital: Nascent Gulf ETF Market Gets First Fund Tracking Kuwait Stocks - Bloomberg
Chimera Capital LLC is launching an exchange-traded fund that will allow Abu Dhabi-based investors to track Kuwaiti stocks, a month after it started a similar product focused on Saudi Arabia.
The Chimera S&P Kuwait Shariah ETF starts trading in Abu Dhabi on Tuesday. It tracks the S&P Kuwait Shariah Liquid 35/20 Capped Index, which is up 36% over the past year.
“The Kuwaiti market is one of the biggest and most liquid markets in the MENA region,” Sherif Salem, Chimera Capital’s chief investment officer of public markets said in written comments to Bloomberg. The product is “the first ETF that gives access to the Kuwait market from another Arab exchange.”
Kuwait’s benchmark Premier Index is up 8.4% this year, making it the tenth-best performing gauge globally in U.S. dollar terms. Middle Eastern markets are outperforming other regions in 2022 amid elevated energy prices.
Chimera Capital last month listed its S&P KSA Shariah exchange-traded fund in Abu Dhabi, allowing traders there to track Saudi stocks via a local bourse -- a first for the fledgling ETF market in the Gulf.
Chimera Capital LLC is launching an exchange-traded fund that will allow Abu Dhabi-based investors to track Kuwaiti stocks, a month after it started a similar product focused on Saudi Arabia.
The Chimera S&P Kuwait Shariah ETF starts trading in Abu Dhabi on Tuesday. It tracks the S&P Kuwait Shariah Liquid 35/20 Capped Index, which is up 36% over the past year.
“The Kuwaiti market is one of the biggest and most liquid markets in the MENA region,” Sherif Salem, Chimera Capital’s chief investment officer of public markets said in written comments to Bloomberg. The product is “the first ETF that gives access to the Kuwait market from another Arab exchange.”
Kuwait’s benchmark Premier Index is up 8.4% this year, making it the tenth-best performing gauge globally in U.S. dollar terms. Middle Eastern markets are outperforming other regions in 2022 amid elevated energy prices.
Chimera Capital last month listed its S&P KSA Shariah exchange-traded fund in Abu Dhabi, allowing traders there to track Saudi stocks via a local bourse -- a first for the fledgling ETF market in the Gulf.
Most Gulf bourses turn south as Ukraine crisis deepens | Reuters
Most Gulf bourses turn south as Ukraine crisis deepens | Reuters
Most stock markets in the Gulf fell in early trade on Tuesday, tracking global shares, as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine.
Moscow's move drew international condemnation and U.S. officials said Washington in coordination with allies is planning to announce new sanctions on Russia.
U.S. President Joe Biden has issued an executive order to halt U.S. business activity in the breakaway regions and ban import of all goods from those areas. read more
Dubai's main share index (.DFMGI) dropped 1.1%, as most of the stocks in the index were in negative territory including bluechip developer Emaar Properties (EMAR.DU), which retreated 2.2%.
The United Arab Emirates' Interior Ministry extended on Monday a decision to ground all private drones and light sports aircraft used for recreational purposes until further notice, state news agency WAM said. read more
The ministry's original decision was announced in January, following a deadly attack on the UAE by Yemen's Houthis. read more .
In Abu Dhabi, the index (.ADI) eased 0.1%, hit by a 0.3% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
On the other hand, crude prices jumped more than $2 on supply disruption worries as tensions between top energy exporter Russia and Ukraine escalated.
The Qatari index (.QSI) dropped 0.5%, weighed down by a 1% fall in Islamic lender Masraf Al Rayan (MARK.QA).
The Saudi Arabian market was closed for a public holiday on Tuesday.
Most stock markets in the Gulf fell in early trade on Tuesday, tracking global shares, as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine.
Moscow's move drew international condemnation and U.S. officials said Washington in coordination with allies is planning to announce new sanctions on Russia.
U.S. President Joe Biden has issued an executive order to halt U.S. business activity in the breakaway regions and ban import of all goods from those areas. read more
Dubai's main share index (.DFMGI) dropped 1.1%, as most of the stocks in the index were in negative territory including bluechip developer Emaar Properties (EMAR.DU), which retreated 2.2%.
The United Arab Emirates' Interior Ministry extended on Monday a decision to ground all private drones and light sports aircraft used for recreational purposes until further notice, state news agency WAM said. read more
The ministry's original decision was announced in January, following a deadly attack on the UAE by Yemen's Houthis. read more .
In Abu Dhabi, the index (.ADI) eased 0.1%, hit by a 0.3% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
On the other hand, crude prices jumped more than $2 on supply disruption worries as tensions between top energy exporter Russia and Ukraine escalated.
The Qatari index (.QSI) dropped 0.5%, weighed down by a 1% fall in Islamic lender Masraf Al Rayan (MARK.QA).
The Saudi Arabian market was closed for a public holiday on Tuesday.
Oil rises as Russia-Ukraine escalation spurs supply concerns | Reuters
Oil rises as Russia-Ukraine escalation spurs supply concerns | Reuters
Brent crude futures rose $2.14, or 2.24%, to $97.53 a barrel at 0710 GMT, adding to a 2% gain on Monday. Earlier on Tuesday it hit $97.66, its highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures jumped $3.60, or 3.95%, to $94.67 a barrel versus Friday's settlement. The U.S. market was closed on Monday for a public holiday.
Commonwealth Bank analyst Vivek Dhar said it was unlikely U.S. and European governments would impose oil or gas sanctions on Russia if it invaded Ukraine further, as that would inflict pain on themselves.
However, Russia itself could hold back oil and gas supplies if it sought to retaliate against any other sanctions imposed by the West, Dhar added.
Brent crude futures rose $2.14, or 2.24%, to $97.53 a barrel at 0710 GMT, adding to a 2% gain on Monday. Earlier on Tuesday it hit $97.66, its highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures jumped $3.60, or 3.95%, to $94.67 a barrel versus Friday's settlement. The U.S. market was closed on Monday for a public holiday.
Commonwealth Bank analyst Vivek Dhar said it was unlikely U.S. and European governments would impose oil or gas sanctions on Russia if it invaded Ukraine further, as that would inflict pain on themselves.
However, Russia itself could hold back oil and gas supplies if it sought to retaliate against any other sanctions imposed by the West, Dhar added.