Centrica, Masdar Only Bidders for U.K.’s Failed Bulb: S. Times - Bloomberg
Only two firms, British Gas owner Centrica Plc and Abu Dhabi’s Mubadala Investment Co.-owned Masdar bid to buy collapsed U.K. energy supplier Bulb, the Sunday Times reported.
The first round of bids closed earlier this month, but of the six interested parties only those two submitted non-binding offers, the newspaper said, without detailing how it got the information. That makes a potential sale less likely, raising the chances that taxpayers will have to provide more funds than initially estimated. An outcome is not expected until June.
Centrica declined to comment to the Sunday Times, while Masdar did not reply to requests for comment.
Bulb Energy Ltd. collapsed in November as rocketing wholesale energy prices brought the company to its knees.
Sunday, 24 April 2022
#Oman's sovereign wealth fund splits into two portfolios | Reuters
Oman's sovereign wealth fund splits into two portfolios | Reuters
The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday.
Abdulsalam al-Murshidi head of the Omani Investment Authority said the "Generation Portfolio", which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, aims at achieving the greatest returns for future generations, the news agency reported.
The "National Development Portfolio", is concerned with managing local assets and more than 160 Omani companies, and aims to contribute to the growth and development of the economy, in addition to supporting the state's general budget through dividends, privatisation proceeds, and treasury management.
Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and finance ministry assets.
The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday.
Abdulsalam al-Murshidi head of the Omani Investment Authority said the "Generation Portfolio", which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, aims at achieving the greatest returns for future generations, the news agency reported.
The "National Development Portfolio", is concerned with managing local assets and more than 160 Omani companies, and aims to contribute to the growth and development of the economy, in addition to supporting the state's general budget through dividends, privatisation proceeds, and treasury management.
Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and finance ministry assets.
Growth expected in #Kuwait economy by 5.8% in 2022
Growth expected in Kuwait economy by 5.8% in 2022
The Kuwaiti economy is expected to increase by 5.8 percent in 2022, and about 3.8 percent in 2023, supported by the growth of non-oil sectors and an increase in the production in the oil sector, reports Al-Rai daily.
According to the “Arab Economic Prospects” report issued by the Arab Monetary Fund, which includes expectations of the overall economic performance of Arab countries on a number of levels in the years 2022 and 2023, it is expected that the pace of Kuwait’s economic growth will be affected by the surrounding conditions.
The economic activity in Kuwait will return to the pre-pandemic level by 2023, in conjunction with the recovery of oil production in 2022 on the background of increased production in accordance with the decisions of the Organization of Petroleum Exporting Countries (OPEC), and the continued recovery of the nonoil sector.
The Kuwaiti economy is expected to increase by 5.8 percent in 2022, and about 3.8 percent in 2023, supported by the growth of non-oil sectors and an increase in the production in the oil sector, reports Al-Rai daily.
According to the “Arab Economic Prospects” report issued by the Arab Monetary Fund, which includes expectations of the overall economic performance of Arab countries on a number of levels in the years 2022 and 2023, it is expected that the pace of Kuwait’s economic growth will be affected by the surrounding conditions.
The economic activity in Kuwait will return to the pre-pandemic level by 2023, in conjunction with the recovery of oil production in 2022 on the background of increased production in accordance with the decisions of the Organization of Petroleum Exporting Countries (OPEC), and the continued recovery of the nonoil sector.
Most Gulf bourses in red as investors eye rate hikes | Reuters
Most Gulf bourses in red as investors eye rate hikes | Reuters
Most stock markets in the Gulf ended lower on Sunday, tracking Friday's fall in global shares as investors prepared for a series of interest rate hikes as central banks fight inflation.
U.S. Federal Reserve Chairman Jerome Powell drove headlines on Thursday by saying a 50 basis point rate hike is "on the table" at the Fed's next meeting, adding that it "is appropriate to be moving a little more quickly" to combat inflation. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 3.7% drop in Saudi Arabian Mining Company (1211.SE) and a 1.6% decline in Saudi Telecom Company (7010.SE).
Among other losers, Tabuk Cement (3090.SE) retreated 1.6% as the stock traded ex-dividend.
Oil prices, a key catalyst for the Gulf's financial markets, slipped on Friday with the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would tighten supply. read more
In Qatar, the stock index (.QSI) slipped 0.5%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.2%.
** Egypt was closed for a public holiday
Most stock markets in the Gulf ended lower on Sunday, tracking Friday's fall in global shares as investors prepared for a series of interest rate hikes as central banks fight inflation.
U.S. Federal Reserve Chairman Jerome Powell drove headlines on Thursday by saying a 50 basis point rate hike is "on the table" at the Fed's next meeting, adding that it "is appropriate to be moving a little more quickly" to combat inflation. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 3.7% drop in Saudi Arabian Mining Company (1211.SE) and a 1.6% decline in Saudi Telecom Company (7010.SE).
Among other losers, Tabuk Cement (3090.SE) retreated 1.6% as the stock traded ex-dividend.
Oil prices, a key catalyst for the Gulf's financial markets, slipped on Friday with the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would tighten supply. read more
In Qatar, the stock index (.QSI) slipped 0.5%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.2%.
** Egypt was closed for a public holiday
Banque #Saudi Fransi first-quarter net profit up 12% on higher operating income
Banque Saudi Fransi first-quarter net profit up 12% on higher operating income
Banque Saudi Fransi posted a 12 per cent increase in first-quarter net profit as operating income rose and expenses fell.
Net profit for the three months ending March 31 increased to 875 million Saudi riyals ($233m), Saudi Fransi said in a statement to the Tadawul stock exchange on Sunday.
The impairment charge for credit losses for the first three month of 2022 fell by 5.2 per cent year-on-year to 275m riyals that helped to cut operating expenses and improve operating income, the bank said.
“Net income increased mainly because of an increase in total operating income by 3.06 per cent,” the lender said.
Banque Saudi Fransi posted a 12 per cent increase in first-quarter net profit as operating income rose and expenses fell.
Net profit for the three months ending March 31 increased to 875 million Saudi riyals ($233m), Saudi Fransi said in a statement to the Tadawul stock exchange on Sunday.
The impairment charge for credit losses for the first three month of 2022 fell by 5.2 per cent year-on-year to 275m riyals that helped to cut operating expenses and improve operating income, the bank said.
“Net income increased mainly because of an increase in total operating income by 3.06 per cent,” the lender said.
