Oil prices fall 5% after IMF cuts growth outlook | Reuters
Oil prices were down about 5% in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation.
Brent crude , the global benchmark, fell $5.91, or 5.22%, to settle at $107.25 a barrel, while U.S. West Texas Intermediate dropped $5.65, or 5.22%, to settle at $102.56 a barrel.
Prices declined despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decrease following sanctions imposed by the West over its invasion of Ukraine, according to a report from the producer alliance seen by Reuters. read more
Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.
Tuesday 19 April 2022
Oil slides in volatile trade after IMF cuts growth outlook | Reuters
Oil slides in volatile trade after IMF cuts growth outlook | Reuters
Oil prices were down nearly 5% in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation.
Prices fell despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decline following sanctions imposed by the West, according to a report from the producer alliance seen by Reuters. read more
Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.
Brent crude was down $5.48, or 4.8%, at $107.68 a barrel at 1:28 p.m. EDT (1728 GMT), while U.S. West Texas Intermediate crude fell $5.26, or 4.9%, to $102.95.
Oil prices were down nearly 5% in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation.
Prices fell despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decline following sanctions imposed by the West, according to a report from the producer alliance seen by Reuters. read more
Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.
Brent crude was down $5.48, or 4.8%, at $107.68 a barrel at 1:28 p.m. EDT (1728 GMT), while U.S. West Texas Intermediate crude fell $5.26, or 4.9%, to $102.95.
#SaudiArabia’s Growth Outlook Boosted by IMF on Oil Surge - Bloomberg
Saudi Arabia’s Growth Outlook Boosted by IMF on Oil Surge - Bloomberg
The International Monetary Fund raised its estimate for Saudi Arabia’s economic growth by nearly three percentage points after Russia’s war on Ukraine drove oil prices higher.
The kingdom’s gross domestic product is now seen expanding 7.6% this year before slowing to 3.6% in 2023, the IMF said Tuesday in its World Economic Outlook. The Washington-based lender cut its growth forecast for the world economy for 2022 by 0.8 percentage points to 3.6%, and also lowered its predictions for the U.S., China and India.
The projected acceleration for Saudi Arabia reflects both higher oil production and stronger-than-anticipated growth in the non-oil sector, according to the IMF.
The kingdom’s economy expanded 6.7% on an annual basis during the fourth quarter of 2021, according to official estimates. The Finance Ministry expects GDP to grow 7.5% this year, in line with the Fund’s latest projections.
The International Monetary Fund raised its estimate for Saudi Arabia’s economic growth by nearly three percentage points after Russia’s war on Ukraine drove oil prices higher.
The kingdom’s gross domestic product is now seen expanding 7.6% this year before slowing to 3.6% in 2023, the IMF said Tuesday in its World Economic Outlook. The Washington-based lender cut its growth forecast for the world economy for 2022 by 0.8 percentage points to 3.6%, and also lowered its predictions for the U.S., China and India.
The projected acceleration for Saudi Arabia reflects both higher oil production and stronger-than-anticipated growth in the non-oil sector, according to the IMF.
The kingdom’s economy expanded 6.7% on an annual basis during the fourth quarter of 2021, according to official estimates. The Finance Ministry expects GDP to grow 7.5% this year, in line with the Fund’s latest projections.
Russians Climb #Dubai Property Ladder as Sanctions Imperil Wealth - Bloomberg
Russians Climb Dubai Property Ladder as Sanctions Imperil Wealth - Bloomberg
Russian buyers snapped up Dubai real estate in the first quarter of this year, climbing two places to fifth in a country ranking by brokerage Betterhomes.
It’s the latest evidence of Russians investing in property in the Gulf business hub as the nation faces ever tighter sanctions over its invasion of Ukraine. Among those scouting the market has been Roman Abramovich, the tycoon with longstanding ties to President Vladimir Putin.
Purchases by Russians surged an annual 67%, Dubai-based Betterhomes said, declining to give a total for transactions. Russian buyers had placed seventh for two years after rising from ninth in 2019.
Wealthy Russian customers “want premium beach views for the most part,” Ryan Mahoney, chief executive officer of Betterhomes, said in an interview. Popular neighborhoods include Dubai’s famous man-made island The Palm Jumeirah, home to multi-million-dollar properties.
Russian buyers snapped up Dubai real estate in the first quarter of this year, climbing two places to fifth in a country ranking by brokerage Betterhomes.
It’s the latest evidence of Russians investing in property in the Gulf business hub as the nation faces ever tighter sanctions over its invasion of Ukraine. Among those scouting the market has been Roman Abramovich, the tycoon with longstanding ties to President Vladimir Putin.
Purchases by Russians surged an annual 67%, Dubai-based Betterhomes said, declining to give a total for transactions. Russian buyers had placed seventh for two years after rising from ninth in 2019.
Wealthy Russian customers “want premium beach views for the most part,” Ryan Mahoney, chief executive officer of Betterhomes, said in an interview. Popular neighborhoods include Dubai’s famous man-made island The Palm Jumeirah, home to multi-million-dollar properties.
Tadawul Index: #SaudiArabia Stocks Attracting Bulls on Higher Oil Price, Rates - Bloomberg
Tadawul Index: Saudi Arabia Stocks Attracting Bulls on Higher Oil Price, Rates - Bloomberg
Saudi stocks are outperforming virtually all other markets this year and gains may not be over yet, according to analysts and fund managers.
Up 22% this year in dollar terms, the benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022. Rich in banks and energy stocks, the gauge has been supported by soaring oil prices and rising interest rates.
“The structure of the Saudi equity markets, dominated by banks and energy, position it well to tackle the double whammy of rising interest rates and inflation,” according to a note from Al Rajhi Capital. A survey of 51 fund managers conducted by the firm showed investors also expect Saudi stocks to outperform global equity markets this year.
Foreign inflows have picked up in recent weeks, helping support Saudi shares, even though they trade at a significant premium to emerging-market peers. Morgan Stanley strategists remain overweight the kingdom’s stocks, citing a growing list of tailwinds, from reform measures to “extraordinary” inflows and low funds positioning.
“Amid higher oil prices, Saudi’s fiscal balance is likely moving to a sizable surplus,” a Morgan Stanley team including Saul Rans wrote in a note. “We see several ways this could be used to compensate households for global inflation. We expect any such measures to support Saudi equities’ outperformance further, especially given relatively low CPI.”
Saudi stocks are outperforming virtually all other markets this year and gains may not be over yet, according to analysts and fund managers.
Up 22% this year in dollar terms, the benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022. Rich in banks and energy stocks, the gauge has been supported by soaring oil prices and rising interest rates.
“The structure of the Saudi equity markets, dominated by banks and energy, position it well to tackle the double whammy of rising interest rates and inflation,” according to a note from Al Rajhi Capital. A survey of 51 fund managers conducted by the firm showed investors also expect Saudi stocks to outperform global equity markets this year.
Foreign inflows have picked up in recent weeks, helping support Saudi shares, even though they trade at a significant premium to emerging-market peers. Morgan Stanley strategists remain overweight the kingdom’s stocks, citing a growing list of tailwinds, from reform measures to “extraordinary” inflows and low funds positioning.
“Amid higher oil prices, Saudi’s fiscal balance is likely moving to a sizable surplus,” a Morgan Stanley team including Saul Rans wrote in a note. “We see several ways this could be used to compensate households for global inflation. We expect any such measures to support Saudi equities’ outperformance further, especially given relatively low CPI.”
Citi, HSBC Set to Share Up to $97 Million in Fees From DEWA IPO - Bloomberg
Citi, HSBC Set to Share Up to $97 Million in Fees From DEWA IPO - Bloomberg
Banks including Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC are set to share as much as 357 million dirhams ($97 million) in fees for working on the landmark initial public offering of Dubai’s main utility.
Dubai Electricity & Water Authority raised $6.1 billion in its IPO, the second-biggest deal this year, ushering Dubai into the ranks of the world’s top listing venues. DEWA said the government, which sold an 18% stake in the utility, would pay a 1% selling commission for the IPO, as well as a discretionary fee of up to 0.6% of the deal size.
In its pricing statement, DEWA said the selling commissions would amount to 213.7 million dirhams. The three joint global coordinators -- Citi, Emirates NBD and HSBC -- will receive the vast majority of that amount, according to people familiar with the matter.
The rest will be split among the four joint bookrunners: Credit Suisse Group AG, EFG-Hermes, First Abu Dhabi Bank PJSC, and Goldman Sachs Group Inc., the people said, asking not to be identified as the information isn’t publicly available.
Banks including Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC are set to share as much as 357 million dirhams ($97 million) in fees for working on the landmark initial public offering of Dubai’s main utility.
Dubai Electricity & Water Authority raised $6.1 billion in its IPO, the second-biggest deal this year, ushering Dubai into the ranks of the world’s top listing venues. DEWA said the government, which sold an 18% stake in the utility, would pay a 1% selling commission for the IPO, as well as a discretionary fee of up to 0.6% of the deal size.
In its pricing statement, DEWA said the selling commissions would amount to 213.7 million dirhams. The three joint global coordinators -- Citi, Emirates NBD and HSBC -- will receive the vast majority of that amount, according to people familiar with the matter.
The rest will be split among the four joint bookrunners: Credit Suisse Group AG, EFG-Hermes, First Abu Dhabi Bank PJSC, and Goldman Sachs Group Inc., the people said, asking not to be identified as the information isn’t publicly available.
Oil dips on demand concerns after IMF cuts growth outlook | Reuters
Oil dips on demand concerns after IMF cuts growth outlook | Reuters
Oil prices fell in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation.
Brent crude was down $3.94, or 3.4%, to $109.22 a barrel at 1338 GMT, having risen more than $1 to $114.21 earlier in the session.
U.S. West Texas Intermediate crude fell $3.80, or 3.5%, to $104.41 after touching $108.92.
The IMF on Tuesday cut its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion of Ukraine, and warned that inflation is now a "clear and present danger" for many countries. read more
Oil prices fell in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation.
Brent crude was down $3.94, or 3.4%, to $109.22 a barrel at 1338 GMT, having risen more than $1 to $114.21 earlier in the session.
U.S. West Texas Intermediate crude fell $3.80, or 3.5%, to $104.41 after touching $108.92.
The IMF on Tuesday cut its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion of Ukraine, and warned that inflation is now a "clear and present danger" for many countries. read more
#Saudi sees steepest fall in nearly 2 mths; #Dubai and #Qatar gain | Reuters
Saudi sees steepest fall in nearly 2 mths; Dubai and Qatar gain | Reuters
Dubai and Qatar indexes ended higher on Tuesday, while Saudi Arabia's fell more than 1% after a series of gains and as demand concerns weighed on the price of its main export oil.
Crude prices were volatile as investors balanced demand prospects against tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen following a COVID-19 shutdown.
Saudi Arabia's benchmark index (.TASI) fell 1.1% in its biggest daily percentage loss since Feb. 24.
"The Saudi stock market inched lower today as investors moved to secure their gains after a series of increases," said Farah Mourad, Senior Market Analyst of XTB MENA.
Investment firm Kingdom Holding Company (4280.SE) closed up 2%, a day after the company posted higher quarterly profit.
Shares of Sulaiman Alhabib (4013.SE) fell 1.4% as the company began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) slipped 0.4% while Egypt's blue-chip index (.EGX30) fell 0.9%.
Financials weighed on sentiment in Egypt, with index heavyweight Commerce International Bank Egypt (COMI.CA) ending 2.8% lower.
Dubai's main share index (.DFMGI) jumped 1.6%, marking its best day since March 28.
The Qatari index recouped initial gains to end 0.6% higher.
Qatar Islamic Bank (QISB.QA) closed 3.5% higher, while Qatar International Islamic Bank (QIIB.QA) rose 2%.
Qatar National Bank (QNBK.QA) was the biggest drag with its nearly 2% drop.
Dubai and Qatar indexes ended higher on Tuesday, while Saudi Arabia's fell more than 1% after a series of gains and as demand concerns weighed on the price of its main export oil.
Crude prices were volatile as investors balanced demand prospects against tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen following a COVID-19 shutdown.
Saudi Arabia's benchmark index (.TASI) fell 1.1% in its biggest daily percentage loss since Feb. 24.
"The Saudi stock market inched lower today as investors moved to secure their gains after a series of increases," said Farah Mourad, Senior Market Analyst of XTB MENA.
Investment firm Kingdom Holding Company (4280.SE) closed up 2%, a day after the company posted higher quarterly profit.
Shares of Sulaiman Alhabib (4013.SE) fell 1.4% as the company began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) slipped 0.4% while Egypt's blue-chip index (.EGX30) fell 0.9%.
Financials weighed on sentiment in Egypt, with index heavyweight Commerce International Bank Egypt (COMI.CA) ending 2.8% lower.
Dubai's main share index (.DFMGI) jumped 1.6%, marking its best day since March 28.
The Qatari index recouped initial gains to end 0.6% higher.
Qatar Islamic Bank (QISB.QA) closed 3.5% higher, while Qatar International Islamic Bank (QIIB.QA) rose 2%.
Qatar National Bank (QNBK.QA) was the biggest drag with its nearly 2% drop.
National Bank of #Kuwait's first-quarter profit surges 38% | Reuters
National Bank of Kuwait's first-quarter profit surges 38% | Reuters
National Bank of Kuwait (NBKK.KW), the country's biggest lender, reported on Tuesday a first quarter profit of 116.6 million dinars ($381.79 million), a 38% annual rise on lower impairment losses and higher net operating income.
EFG Hermes (HRHO.CA) had estimated 94 million dinars in profit for the quarter.
Total operating revenue in the quarter reached 236.5 million dinars from 221.5 million dinars a year earlier.
S&P Global Ratings said on Monday it expected the operating environment for banks in Kuwait will improve this year on the back of high oil prices and a continued recovery from the impact of the pandemic.
"However, some constraints persist. The Kuwaiti government's fiscal funding strategy remains uncertain, considering that the debt law has yet to be adopted," S&P said, referring to a proposed law that successive parliaments and cabinets have wrangled over for years that would allow Kuwait to raise international debt.
"What's more, the government's key liquidity buffer, the General Reserve Fund (GRF), has diminished substantially."
Still, S&P expected non-performing loans and cost of risk to "gradually normalise" and that higher interest rates would boost banks' profits, while high exposure to real estate "continues to be a key risk."
National Bank of Kuwait (NBKK.KW), the country's biggest lender, reported on Tuesday a first quarter profit of 116.6 million dinars ($381.79 million), a 38% annual rise on lower impairment losses and higher net operating income.
EFG Hermes (HRHO.CA) had estimated 94 million dinars in profit for the quarter.
Total operating revenue in the quarter reached 236.5 million dinars from 221.5 million dinars a year earlier.
S&P Global Ratings said on Monday it expected the operating environment for banks in Kuwait will improve this year on the back of high oil prices and a continued recovery from the impact of the pandemic.
"However, some constraints persist. The Kuwaiti government's fiscal funding strategy remains uncertain, considering that the debt law has yet to be adopted," S&P said, referring to a proposed law that successive parliaments and cabinets have wrangled over for years that would allow Kuwait to raise international debt.
"What's more, the government's key liquidity buffer, the General Reserve Fund (GRF), has diminished substantially."
Still, S&P expected non-performing loans and cost of risk to "gradually normalise" and that higher interest rates would boost banks' profits, while high exposure to real estate "continues to be a key risk."
Bahrain Confirms Firm's Talks to Buy AC Milan for $1.1B - Bloomberg
Bahrain Confirms Firm's Talks to Buy AC Milan for $1.1B - Bloomberg
Bahrain’s government announced that a private equity firm based in the country is in “exclusive talks” to buy seven-time European champion AC Milan and become the Italian league’s first Middle East investor.
Three days after news of the dealings emerged, Bahrain’s embassy to Britain confirmed in a tweet on Monday that Investcorp is in discussions to buy the Serie A leader for $1.1 billion.
The U.S.-based hedge firm Elliott Management has owned Milan since 2018 after the former Chinese owner failed to repay part of a loan. Former Italian premier Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.
Neither Elliott nor Milan has discussed the talks with Investcorp, and club director Paolo Maldini said little when asked about it on Friday.
Bahrain’s government announced that a private equity firm based in the country is in “exclusive talks” to buy seven-time European champion AC Milan and become the Italian league’s first Middle East investor.
Three days after news of the dealings emerged, Bahrain’s embassy to Britain confirmed in a tweet on Monday that Investcorp is in discussions to buy the Serie A leader for $1.1 billion.
The U.S.-based hedge firm Elliott Management has owned Milan since 2018 after the former Chinese owner failed to repay part of a loan. Former Italian premier Silvio Berlusconi controlled Milan for more than 30 years before selling to the Chinese group in 2017.
Neither Elliott nor Milan has discussed the talks with Investcorp, and club director Paolo Maldini said little when asked about it on Friday.
#Dubai, #Qatar indexes rise over 1% on oil price jump | Reuters
Dubai, Qatar indexes rise over 1% on oil price jump | Reuters
Gulf bourses gained on Tuesday, with Dubai and Qatar's main indexes rising more than 1% each, as oil prices jumped on increasing supply woes after Libya was forced to halt exports.
Libya's National Oil Corp warned on Monday it could not deliver oil from its biggest oil field, and it shut another field as forces in the east expanded their blockade of the sector over a political standoff. read more
Crude prices rose, aided by factories preparing to reopen in Shanghai, but gains were capped with the dollar at a two-year high.
Meanwhile, caution prevailed in Asia, with China's economic slowdown from COVID-19 lockdowns and the prospect of aggressive Federal Reserve monetary policy tightening keeping markets on edge.
Dubai's main share index (.DFMGI) jumped 1%, with index heavyweight Emaar Properties (EMAR.DU) leading the gains.
Shares of Dubai Electricity and Water Authority (DEWAA.DU) were down 0.3%, after a 20% surge on debut last week. The stock has lost 4% in its first week on the stock exchange.
The Qatari index (.QSI) advanced 1%, after three sessions of losses.
Financials led the gains. Qatar Islamic Bank (QISB.QA) was 3% higher, while Qatar International Islamic Bank (QIIB.QA) rose 2.1%.
Saudi Arabia's benchmark index (.TASI) added 0.2%, with state-run oil giant Saudi Aramco (2222.SE) trading flat.
Investment firm Kingdom Holding Company (4280.SE) jumped 5% a day after the company posted higher quarterly profit.
Shares of Sulaiman Alhabib (4013.SE) edged marginally lower as the company began trading ex-dividend.
Sentiment was muted in Abu Dhabi, with the main share index (.FTFADGI) trading marginally higher.
Gulf bourses gained on Tuesday, with Dubai and Qatar's main indexes rising more than 1% each, as oil prices jumped on increasing supply woes after Libya was forced to halt exports.
Libya's National Oil Corp warned on Monday it could not deliver oil from its biggest oil field, and it shut another field as forces in the east expanded their blockade of the sector over a political standoff. read more
Crude prices rose, aided by factories preparing to reopen in Shanghai, but gains were capped with the dollar at a two-year high.
Meanwhile, caution prevailed in Asia, with China's economic slowdown from COVID-19 lockdowns and the prospect of aggressive Federal Reserve monetary policy tightening keeping markets on edge.
Dubai's main share index (.DFMGI) jumped 1%, with index heavyweight Emaar Properties (EMAR.DU) leading the gains.
Shares of Dubai Electricity and Water Authority (DEWAA.DU) were down 0.3%, after a 20% surge on debut last week. The stock has lost 4% in its first week on the stock exchange.
The Qatari index (.QSI) advanced 1%, after three sessions of losses.
Financials led the gains. Qatar Islamic Bank (QISB.QA) was 3% higher, while Qatar International Islamic Bank (QIIB.QA) rose 2.1%.
Saudi Arabia's benchmark index (.TASI) added 0.2%, with state-run oil giant Saudi Aramco (2222.SE) trading flat.
Investment firm Kingdom Holding Company (4280.SE) jumped 5% a day after the company posted higher quarterly profit.
Shares of Sulaiman Alhabib (4013.SE) edged marginally lower as the company began trading ex-dividend.
Sentiment was muted in Abu Dhabi, with the main share index (.FTFADGI) trading marginally higher.
Oil volatile as Libya outage fuels supply woes, Shanghai prepares to reopen | Reuters
Oil volatile as Libya outage fuels supply woes, Shanghai prepares to reopen | Reuters
Oil prices see-sawed on Tuesday as investors fretted over tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries.
Brent crude was down 26 cents, or 0.23%, to $112.90 a barrel at 0643 GMT, after rising more than $1 to $114.21 earlier in the session.
U.S. West Texas Intermediate crude fell 45 cents, or 0.42%, to $107.76 a barrel, after rising to $108.92 earlier.
Prices came under pressure with the dollar trading at a fresh two-year high. A firmer greenback makes commodities priced in dollars more expensive for holders of other currencies.
Oil prices see-sawed on Tuesday as investors fretted over tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries.
Brent crude was down 26 cents, or 0.23%, to $112.90 a barrel at 0643 GMT, after rising more than $1 to $114.21 earlier in the session.
U.S. West Texas Intermediate crude fell 45 cents, or 0.42%, to $107.76 a barrel, after rising to $108.92 earlier.
Prices came under pressure with the dollar trading at a fresh two-year high. A firmer greenback makes commodities priced in dollars more expensive for holders of other currencies.
Mannai Surges After Plan to Sell Inetum at $2 Billion Valuation - Bloomberg
Mannai Surges After Plan to Sell Inetum at $2 Billion Valuation - Bloomberg
Mannai Corp. shares soared after the Qatari trading firm agreed to sell its stake in Inetum SA for an enterprise value of 1.85 billion euros ($2 billion) to a group of investors led by Bain Capital Private Equity.
The shares jumped 10% in Doha to the highest level since 2016, taking their gains this year to 114%. The benchmark Qatar Exchange Index fell 0.5% on Monday.
Mannai said the sale of the French information technology services provider to the investor group, which also includes NB Renaissance and Inetum’s management team, could result in an equity value for Mannai in the range of 1.03 billion euros to 1.06 billion euros.
Mannai in 2016 acquired 51% of Inetum, known at the time as GFI Informatique. It later bought out remaining shareholders and delisted the company from the Paris bourse.
Inetum offers systems integration, technology consulting, application engineering, outsourcing and software development services and is a top player in several European markets. The Paris-based company has nearly 27,000 employees in 26 countries and generated 1.97 billion euros of revenue in 2020, according to its website.
Mannai Corp. shares soared after the Qatari trading firm agreed to sell its stake in Inetum SA for an enterprise value of 1.85 billion euros ($2 billion) to a group of investors led by Bain Capital Private Equity.
The shares jumped 10% in Doha to the highest level since 2016, taking their gains this year to 114%. The benchmark Qatar Exchange Index fell 0.5% on Monday.
Mannai said the sale of the French information technology services provider to the investor group, which also includes NB Renaissance and Inetum’s management team, could result in an equity value for Mannai in the range of 1.03 billion euros to 1.06 billion euros.
Mannai in 2016 acquired 51% of Inetum, known at the time as GFI Informatique. It later bought out remaining shareholders and delisted the company from the Paris bourse.
Inetum offers systems integration, technology consulting, application engineering, outsourcing and software development services and is a top player in several European markets. The Paris-based company has nearly 27,000 employees in 26 countries and generated 1.97 billion euros of revenue in 2020, according to its website.
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