UAE, Indonesia Ink Economic Pact to Boost Trade - Bloomberg
The United Arab Emirates signed a wide-ranging economic pact with Indonesia on Friday as the two countries seek to boost bilateral trade to more than $10 billion by 2030.
Indonesia sees its exports to the UAE climbing 54% over the next 10 years, as the deal erases about 94% of existing tariffs, according to a statement from Indonesia’s trade ministry.
The UAE, the Middle East’s finance and tourism hub, is deepening its trade ties in fast-growing economies in Asia and Africa. It wants to remodel itself as a global hub for business and finance as regional competition heats up.
The Indonesia deal is the UAE’s third major trade pact since it announced the plan to broaden its economic relationships in 2021. It inked a similar agreements with India and Israel this year which lift or largely alleviate tariffs on goods. It is also working on a deal with Turkey.
Friday 1 July 2022
Oil rises more than 2% as supply outages outweigh recession fears | Reuters
Oil rises more than 2% as supply outages outweigh recession fears | Reuters
Oil prices gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures settled at $111.63 a barrel, rising $2.60, or 2.4%. West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5%.
WTI and Brent traded at about 70% and 77%, respectively, of the previous session's volumes ahead of the U.S. Fourth of July holiday.
For the week, Brent lost 1.3%, while WTI rose 0.8%. For June, both benchmarks had ended the month lower for the first time since November.
Prices rose on Friday despite the release of industry data showing U.S manufacturing activity slowed more than expected last month, adding to evidence that the country's economy was cooling as the Federal Reserve tightens monetary policy. read more
Oil prices gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures settled at $111.63 a barrel, rising $2.60, or 2.4%. West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5%.
WTI and Brent traded at about 70% and 77%, respectively, of the previous session's volumes ahead of the U.S. Fourth of July holiday.
For the week, Brent lost 1.3%, while WTI rose 0.8%. For June, both benchmarks had ended the month lower for the first time since November.
Prices rose on Friday despite the release of industry data showing U.S manufacturing activity slowed more than expected last month, adding to evidence that the country's economy was cooling as the Federal Reserve tightens monetary policy. read more
New Hedge Fund Hotspot? #Dubai Draws More Finance Firms - Bloomberg
New Hedge Fund Hotspot? Dubai Draws More Finance Firms - Bloomberg
After attracting crypto firms, property investors and Russian billionaires, Dubai is drawing a new crowd: hedge fund managers.
Izzy Englander’s Millennium Management has grown its staff in the Dubai International Financial Centre to about 30 since securing a license in 2020. Michael Gelband's ExodusPoint Capital Management, one of the largest multi-strategy hedge funds in the world, registered in the DIFC in June, according to a filing.
All Blue Capital ditched its London headquarters to base itself in the city, where it now has almost half its global staff. Michael Platt’s private investment firm BlueCrest Capital Management is also expanding in the emirate, with former Citadel money manager Chris Wheeler among those hired.
They are part of a growing clutch of firms choosing to expand in the sun-splashed business hub. Brexit has spurred many funds to seek new bases outside the City of London, while some traders have fled Hong Kong’s strict Covid restrictions. And with living costs soaring around the world, Dubai’s tax-free welcome mat has seldom looked so appealing.
“We are in a unique situation where the classic financial centers are disintegrating,” said Tom Kirchmaier, professor at the Centre for Economic Performance at the London School of Economics. “Living in Dubai -- that’s now come down to personal preferences with low taxes, good infrastructure and low regulation.”
After attracting crypto firms, property investors and Russian billionaires, Dubai is drawing a new crowd: hedge fund managers.
Izzy Englander’s Millennium Management has grown its staff in the Dubai International Financial Centre to about 30 since securing a license in 2020. Michael Gelband's ExodusPoint Capital Management, one of the largest multi-strategy hedge funds in the world, registered in the DIFC in June, according to a filing.
All Blue Capital ditched its London headquarters to base itself in the city, where it now has almost half its global staff. Michael Platt’s private investment firm BlueCrest Capital Management is also expanding in the emirate, with former Citadel money manager Chris Wheeler among those hired.
They are part of a growing clutch of firms choosing to expand in the sun-splashed business hub. Brexit has spurred many funds to seek new bases outside the City of London, while some traders have fled Hong Kong’s strict Covid restrictions. And with living costs soaring around the world, Dubai’s tax-free welcome mat has seldom looked so appealing.
“We are in a unique situation where the classic financial centers are disintegrating,” said Tom Kirchmaier, professor at the Centre for Economic Performance at the London School of Economics. “Living in Dubai -- that’s now come down to personal preferences with low taxes, good infrastructure and low regulation.”
#UAE stocks extend losses on economic slowdown concerns | Reuters
UAE stocks extend losses on economic slowdown concerns | Reuters
Stock markets in the United Arab Emirates ended lower on Friday, tracking Asian equities as concerns over a global economic slowdown weighed on investor sentiment.
On Wednesday, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
Dubai's main stock index (.DFMGI) fell 0.7%, pressured by the decline in financial sector stocks, as top lender Emirates NBD (ENBD.DU) dropped 3% and Sharia-compliant lender Dubai Islamic Bank (DISB.DU) fell 2.1%.
The Dubai stock market saw a volatile trading session as investors reacted to the increasing talk of a recession, in particular in the United States, and the market could extend its losses, said Fadi Reyad, Market Analyst at CAPEX.com MENA.
In Abu Dhabi, equities (.FTFADGI) slipped 0.3%, extending losses to a third straight session, weighed down by a 3.2% decline in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), while Ghitha Holding (GHITHA.AD) dipped 4.3%.
The Abu Dhabi Index posted a weekly gain of 1.2%.
Separately, Indonesia and the United Arab Emirates on Friday signed a free trade agreement, strengthening economic ties between Southeast Asia's largest economy and the major Gulf oil producer.
Stock markets in the United Arab Emirates ended lower on Friday, tracking Asian equities as concerns over a global economic slowdown weighed on investor sentiment.
On Wednesday, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
Dubai's main stock index (.DFMGI) fell 0.7%, pressured by the decline in financial sector stocks, as top lender Emirates NBD (ENBD.DU) dropped 3% and Sharia-compliant lender Dubai Islamic Bank (DISB.DU) fell 2.1%.
The Dubai stock market saw a volatile trading session as investors reacted to the increasing talk of a recession, in particular in the United States, and the market could extend its losses, said Fadi Reyad, Market Analyst at CAPEX.com MENA.
In Abu Dhabi, equities (.FTFADGI) slipped 0.3%, extending losses to a third straight session, weighed down by a 3.2% decline in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), while Ghitha Holding (GHITHA.AD) dipped 4.3%.
The Abu Dhabi Index posted a weekly gain of 1.2%.
Separately, Indonesia and the United Arab Emirates on Friday signed a free trade agreement, strengthening economic ties between Southeast Asia's largest economy and the major Gulf oil producer.
Oil prices up 3% on supply outages | Reuters
Oil prices up 3% on supply outages | Reuters
Oil prices rose about 3% on Friday, recouping most of the previous session's declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures were up $3.03, or 2.8%, at $112.06 a barrel by 1157 GMT, having dropped to $108.03 a barrel earlier in the session.
WTI crude futures gained $2.84, or 2.7%, to $108.60 a barrel, after retreating to $104.56 a barrel earlier.
Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.
Oil prices rose about 3% on Friday, recouping most of the previous session's declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures were up $3.03, or 2.8%, at $112.06 a barrel by 1157 GMT, having dropped to $108.03 a barrel earlier in the session.
WTI crude futures gained $2.84, or 2.7%, to $108.60 a barrel, after retreating to $104.56 a barrel earlier.
Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.
#Saudi Alamar Foods sets IPO final price at $30.66 per share
Saudi Alamar Foods sets IPO final price at $30.66 per share
Saudi Arabia’s Alamar Foods, the master franchise operator of Domino’s Pizza in the region, has set its IPO final offer price at 115 riyals ($30.66) per share, the top of the price range, implying a market capitalization of 2.93 billion riyals ($782 million).
The IPO order book was 47.5 times oversubscribed, the company said in a statement.
The subscription period for individual investor is between 20 July and 21 July 2022.
The offering comprises 10.6 million shares to be sold by the US-based The Carlyle Group, which owns nearly 42 percent of Alamar. The buyout firm bought the stake from the Al Jammaz Group for an undisclosed amount, according to an earlier statement issued by Carlyle.
The balance is held by Abdulaziz Ibrahim AlJammaz and Brothers, which will be locked up for six months post completion.
Saudi Arabia’s Alamar Foods, the master franchise operator of Domino’s Pizza in the region, has set its IPO final offer price at 115 riyals ($30.66) per share, the top of the price range, implying a market capitalization of 2.93 billion riyals ($782 million).
The IPO order book was 47.5 times oversubscribed, the company said in a statement.
The subscription period for individual investor is between 20 July and 21 July 2022.
The offering comprises 10.6 million shares to be sold by the US-based The Carlyle Group, which owns nearly 42 percent of Alamar. The buyout firm bought the stake from the Al Jammaz Group for an undisclosed amount, according to an earlier statement issued by Carlyle.
The balance is held by Abdulaziz Ibrahim AlJammaz and Brothers, which will be locked up for six months post completion.
#UAE supermarket Union Coop to list on Dubai stock market | Reuters
UAE supermarket Union Coop to list on Dubai stock market | Reuters
Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.
The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.
The share price will be determined on the first day of trading, it said.
Union Coop, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its website.
Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.
The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.
The share price will be determined on the first day of trading, it said.
Union Coop, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its website.
NYSE Pitches US Listings to Gulf Tech Firms Amid Global Selloff - Bloomberg
NYSE Pitches US Listings to Gulf Tech Firms Amid Global Selloff - Bloomberg
The New York Stock Exchange is trying to lure Middle Eastern technology companies to list in the US, promising access to a broader investor base and deeper capital markets, even amid heightened volatility that’s scuppered listings worldwide.
“We have spoken to some companies in the region,” NYSE’s head of international capital markets Alexandre Ibrahim said, without naming the firms. “They could come here without a capital raise or conduct an initial public offering in the capital markets,” he said. “There are a lot of unicorns in the Middle East already.”
Regional tech startups include SoftBank Group Corp.-backed cloud kitchen startup Kitopi -- a unicorn -- as well as e-commerce firm Noon, used-car marketplace SellAnyCar.com and online baby shop Mumzworld.
The US has long been the destination of choice for tech startups globally, which flocked to its liquid markets and high valuations. But the Middle East is now in the midst of an IPO boom -- one of the lone bright spots in an otherwise gloomy market for new share sales -- as governments list state assets to fund a transition away from a fossil fuel economy.
The New York Stock Exchange is trying to lure Middle Eastern technology companies to list in the US, promising access to a broader investor base and deeper capital markets, even amid heightened volatility that’s scuppered listings worldwide.
“We have spoken to some companies in the region,” NYSE’s head of international capital markets Alexandre Ibrahim said, without naming the firms. “They could come here without a capital raise or conduct an initial public offering in the capital markets,” he said. “There are a lot of unicorns in the Middle East already.”
Regional tech startups include SoftBank Group Corp.-backed cloud kitchen startup Kitopi -- a unicorn -- as well as e-commerce firm Noon, used-car marketplace SellAnyCar.com and online baby shop Mumzworld.
The US has long been the destination of choice for tech startups globally, which flocked to its liquid markets and high valuations. But the Middle East is now in the midst of an IPO boom -- one of the lone bright spots in an otherwise gloomy market for new share sales -- as governments list state assets to fund a transition away from a fossil fuel economy.
Oil prices up 2% on supply outages | Reuters
Oil prices up 2% on supply outages | Reuters
Oil prices rose 2% on Friday, recouping most of the previous session's declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures were up $2.07, or 1.9%, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel earlier in the session.
WTI crude futures gained $1.80, or 1.7%, to $107.56 a barrel, after retreating to $104.56 a barrel earlier.
Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.
Oil prices rose 2% on Friday, recouping most of the previous session's declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures were up $2.07, or 1.9%, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel earlier in the session.
WTI crude futures gained $1.80, or 1.7%, to $107.56 a barrel, after retreating to $104.56 a barrel earlier.
Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.
