Dubai Digital Investments Seeks IPO to Raise Cash for Tech Deals - Bloomberg
A new platform founded by entrepreneur Faisal Belhoul is planning an initial public offering in Dubai by the end of this year to invest in technology firms.
Dubai Digital Investment Co. aims to raise 1 billion dirhams ($272 million) from the listing, Belhoul told Bloomberg in an interview. “We’ve been granted permission by the local authorities to launch a greenfield investment company that focuses on the technology sector,” he said.
Belhoul, vice-chairman of the Dubai Chamber of Commerce & Industry, was previously involved in the IPO of Al Noor Hospitals Group in London in 2013 and the share sale of another healthcare and education firm in Dubai a year later.
With his latest venture, he plans to invest in regional and global technology opportunities alongside VC firms and founders. That also fits in with Dubai’s ambitions to become a major technology hub.
Friday 15 July 2022
Oil up 2.5% as no immediate #Saudi output boost expected | Reuters
Oil up 2.5% as no immediate Saudi output boost expected | Reuters
Oil was up 2.5% on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production.
The comment during U.S. President Joe Biden's Middle East visit comes at a time when spare capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low. read more
"Part of the support (today) is that everybody and their brother who digs down into the Saudi situation see that they don't have a lot of capacity left," said John Kilduff, partner at Again Capital LLC in New York.
Brent crude futures were up $2.40, or 2.4%, to $101.50 a barrel by 12:57 p.m. EDT (1657 GMT), while West Texas Intermediate crude rose $2.41, or 2.5%, to $98.19.
Both benchmarks are on track for their biggest weekly percentage drops in about a month, largely on fears earlier in the week that a nearing recession would chop away at demand. Brent moved towards its third weekly drop, while WTI headed for its second weekly decline.
Oil was up 2.5% on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production.
The comment during U.S. President Joe Biden's Middle East visit comes at a time when spare capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low. read more
"Part of the support (today) is that everybody and their brother who digs down into the Saudi situation see that they don't have a lot of capacity left," said John Kilduff, partner at Again Capital LLC in New York.
Brent crude futures were up $2.40, or 2.4%, to $101.50 a barrel by 12:57 p.m. EDT (1657 GMT), while West Texas Intermediate crude rose $2.41, or 2.5%, to $98.19.
Both benchmarks are on track for their biggest weekly percentage drops in about a month, largely on fears earlier in the week that a nearing recession would chop away at demand. Brent moved towards its third weekly drop, while WTI headed for its second weekly decline.
#UAE bourses extend gains tracking crude prices | Reuters
UAE bourses extend gains tracking crude prices | Reuters
Stock markets in United Arab Emirates ended higher on Friday, as oil prices firmed following reports that U.S. was not expecting Saudi Arabia to immediately boost oil production.
The market received further relief from indications the U.S. Federal Reserve could raise interest rates less aggressively than anticipated. read more
Dubai's benchmark index (.DFMGI) rose 0.2%, supported by a 0.5% gain in sharia lender Dubai Islamic Bank (DISB.DU) and a 0.4% increase in top lender Emirates NBD (ENBD.DU).
The Dubai stock market was volatile after recording a rebound this week. "The market could return to the downside next week under the weight of the current global economic conditions," said Fadi Reyad, market analyst at CAPEX.com MENA.
The Dubai index recorded a weekly gain of 1.7% after posting five consecutive weekly losses.
Separately, The United Arab Emirates has pledged $2 billion to help develop a series of "food parks" in India to tackle food insecurity in South Asia and the Middle East. read more
In Abu Dhabi, the index (.FTFADGI) edged 0.1% higher, with Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) rising 1.2% and National Marine Dredging (NMDC.AD) jumped 1.9%.
The United Arab Emirates wants a more stable oil market and will abide by decisions made by OPEC+, Anwar Gargash, the diplomatic adviser to the UAE president, said on Friday. read more
Gargash said Abu Dhabi would back any accord between Saudi Arabia and the United Sates if a deal is agreed during President Joe Biden's visit to the kingdom this week.
Stock markets in United Arab Emirates ended higher on Friday, as oil prices firmed following reports that U.S. was not expecting Saudi Arabia to immediately boost oil production.
The market received further relief from indications the U.S. Federal Reserve could raise interest rates less aggressively than anticipated. read more
Dubai's benchmark index (.DFMGI) rose 0.2%, supported by a 0.5% gain in sharia lender Dubai Islamic Bank (DISB.DU) and a 0.4% increase in top lender Emirates NBD (ENBD.DU).
The Dubai stock market was volatile after recording a rebound this week. "The market could return to the downside next week under the weight of the current global economic conditions," said Fadi Reyad, market analyst at CAPEX.com MENA.
The Dubai index recorded a weekly gain of 1.7% after posting five consecutive weekly losses.
Separately, The United Arab Emirates has pledged $2 billion to help develop a series of "food parks" in India to tackle food insecurity in South Asia and the Middle East. read more
In Abu Dhabi, the index (.FTFADGI) edged 0.1% higher, with Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) rising 1.2% and National Marine Dredging (NMDC.AD) jumped 1.9%.
The United Arab Emirates wants a more stable oil market and will abide by decisions made by OPEC+, Anwar Gargash, the diplomatic adviser to the UAE president, said on Friday. read more
Gargash said Abu Dhabi would back any accord between Saudi Arabia and the United Sates if a deal is agreed during President Joe Biden's visit to the kingdom this week.
KPMG #Dubai boss accused of ‘sham’ election and flouting governance norms | Financial Times
KPMG Dubai boss accused of ‘sham’ election and flouting governance norms | Financial Times
The head of KPMG’s business in Dubai has been accused of exploiting weak governance to extend his tenure despite complaints about his conduct.
The head of KPMG’s business in Dubai has been accused of exploiting weak governance to extend his tenure despite complaints about his conduct.
Nader Haffar won a five-year extension to his term as chief executive of KPMG Lower Gulf after a partner vote in December that was arranged at short notice and lacked any alternative candidates, according to senior insiders and former partners.
A former board member said the vote — which insiders feared was not truly anonymous — “completely violated” KPMG’s normal practices.
Partners usually receive several weeks’ notice ahead of any vote and competition against the incumbent is encouraged.
A senior insider added: “We received an email from the board saying his tenure had been approved and capital partners would need to endorse that by tomorrow morning. This was a complete sham — you don’t elect a leader for five years in five hours.”
With an annual salary of around $2mn, Haffar was effectively granted another $10mn by the tenure extension.
#Saudi Crown Prince’s $500 Billion ’Smart City’ Desert Dream Just Keeps Getting Weirder
#Saudi Crown Prince’s $500 Billion ’Smart City’ Desert Dream Just Keeps Getting Weirder
One day last September, a curious email arrived in Chris Hables Gray’s inbox. An author and self-described anarchist, feminist, and revolutionary, Gray fits right into Santa Cruz, Calif., where he lives. He’s written extensively about genetic engineering and the inevitable rise of cyborgs, attending protests in between for causes such as Black Lives Matter.
While Gray had taken some consulting gigs over the years, he’d never received an offer like this one. The first shock was the money: significantly more than he’d earned from all but one of his books. The second was the task: researching the aesthetics of seminal works of science fiction such as Blade Runner. The biggest surprise, however, was the ultimate client: Mohammed bin Salman, the 36-year-old crown prince of Saudi Arabia.
MBS, as he’s known abroad, was in the early stages of one of the largest and most difficult construction projects in history, which involves turning an expanse of desert the size of Belgium into a high-tech city-region called Neom. Starting with a budget of $500 billion, MBS bills Neom as a showpiece that will transform Saudi Arabia’s economy and serve as a testbed for technologies that could revolutionize daily life. And as Gray’s proposed assignment suggested, the crown prince’s vision bears little resemblance to the cities of today. Intrigued, Gray took the job. “If I can be honest with how I see the world, I’ll pretty much put my work out to anyone,” he says.
Gray had signed on to a city-building exercise so ambitious that it verges on the fantastical. An internal Neom “style catalog” viewed by Bloomberg Businessweek includes elevators that somehow fly through the sky, an urban spaceport, and buildings shaped like a double helix, a falcon’s outstretched wings, and a flower in bloom. The chosen site in Saudi Arabia’s far northwest, stretching from the sun-scorched Red Sea coast into craggy mountain badlands, has summer temperatures over 100F and almost no fresh water. Yet, according to MBS and his advisers, it will soon be home to millions of people who’ll live in harmony with the environment, relying on desalination plants and a fully renewable electric grid. They’ll benefit from cutting-edge infrastructure and a regulatory system designed expressly to foster new ideas—as long as those ideas don’t include challenging the authority of MBS. There may even be booze. Neom appears to be one of the crown prince’s highest priorities, and the Saudi state is devoting immense resources to making it a reality.
One day last September, a curious email arrived in Chris Hables Gray’s inbox. An author and self-described anarchist, feminist, and revolutionary, Gray fits right into Santa Cruz, Calif., where he lives. He’s written extensively about genetic engineering and the inevitable rise of cyborgs, attending protests in between for causes such as Black Lives Matter.
While Gray had taken some consulting gigs over the years, he’d never received an offer like this one. The first shock was the money: significantly more than he’d earned from all but one of his books. The second was the task: researching the aesthetics of seminal works of science fiction such as Blade Runner. The biggest surprise, however, was the ultimate client: Mohammed bin Salman, the 36-year-old crown prince of Saudi Arabia.
MBS, as he’s known abroad, was in the early stages of one of the largest and most difficult construction projects in history, which involves turning an expanse of desert the size of Belgium into a high-tech city-region called Neom. Starting with a budget of $500 billion, MBS bills Neom as a showpiece that will transform Saudi Arabia’s economy and serve as a testbed for technologies that could revolutionize daily life. And as Gray’s proposed assignment suggested, the crown prince’s vision bears little resemblance to the cities of today. Intrigued, Gray took the job. “If I can be honest with how I see the world, I’ll pretty much put my work out to anyone,” he says.
Gray had signed on to a city-building exercise so ambitious that it verges on the fantastical. An internal Neom “style catalog” viewed by Bloomberg Businessweek includes elevators that somehow fly through the sky, an urban spaceport, and buildings shaped like a double helix, a falcon’s outstretched wings, and a flower in bloom. The chosen site in Saudi Arabia’s far northwest, stretching from the sun-scorched Red Sea coast into craggy mountain badlands, has summer temperatures over 100F and almost no fresh water. Yet, according to MBS and his advisers, it will soon be home to millions of people who’ll live in harmony with the environment, relying on desalination plants and a fully renewable electric grid. They’ll benefit from cutting-edge infrastructure and a regulatory system designed expressly to foster new ideas—as long as those ideas don’t include challenging the authority of MBS. There may even be booze. Neom appears to be one of the crown prince’s highest priorities, and the Saudi state is devoting immense resources to making it a reality.
Rents in #Dubai accelerate at fastest rate since mid-2014: CBRE
Rents in Dubai accelerate at fastest rate since mid-2014: CBRE
Dubai's housing rents have accelerated at their fastest rate since mid-2014, with some properties now costing as much as AED889.225 per year ($242,000), as demand continued to accelerate, according to real estate consultancy CBRE.
In the 12 months to June 2022, average leasing rates went up by 21.7 percent, led by villa properties, which jumped by 24.7 percent to AED255.437 per year. The cost of renting apartments rose by 21.2 percent to AED85,294 during the same period.
"Rents, on average, are increasing at the fastest rate since mid-2014," said Taimur Khan, Head of Research, MENA at CBRE in Dubai.
Among the locations tracked by CBRE, Al Barari recorded the highest jump in rents, which averaged AED889,225. Palm Jumeirah properties also recorded significant increases, with apartment and villa rents rising to AED218,413 per year.
According to CBRE, demand for properties remained near historic highs, with property deals in the year to June 2022 reaching 38,901, the highest since 2009.
The month of June alone saw a total of 7,941 transactions, up by 33.3 percent compared to the previous year.
Off-plan deals went up by 46.7 percent, while the secondary market recorded a 24.4 percent growth.
Dubai's housing rents have accelerated at their fastest rate since mid-2014, with some properties now costing as much as AED889.225 per year ($242,000), as demand continued to accelerate, according to real estate consultancy CBRE.
In the 12 months to June 2022, average leasing rates went up by 21.7 percent, led by villa properties, which jumped by 24.7 percent to AED255.437 per year. The cost of renting apartments rose by 21.2 percent to AED85,294 during the same period.
"Rents, on average, are increasing at the fastest rate since mid-2014," said Taimur Khan, Head of Research, MENA at CBRE in Dubai.
Among the locations tracked by CBRE, Al Barari recorded the highest jump in rents, which averaged AED889,225. Palm Jumeirah properties also recorded significant increases, with apartment and villa rents rising to AED218,413 per year.
According to CBRE, demand for properties remained near historic highs, with property deals in the year to June 2022 reaching 38,901, the highest since 2009.
The month of June alone saw a total of 7,941 transactions, up by 33.3 percent compared to the previous year.
Off-plan deals went up by 46.7 percent, while the secondary market recorded a 24.4 percent growth.
Aston Martin (LON:AML) Plans £635 Million Fund Raising With #Saudi PIF Investment - Bloomberg
Aston Martin (LON:AML) Plans £635 Million Fund Raising With Saudi PIF Investment - Bloomberg
Just five months after declaring Aston Martin Lagonda Global Holdings Plc had plenty of cash, Chairman Lawrence Stroll announced plans to raise £653 million ($772 million) to pare debt and free up money for future product.
The carmaker intends to issue 23.3 million new shares to the Saudi Public Investment Fund at £3.35 a share, giving it a 17% stake, Aston said in a filing. The company will also undertake a rights issue with the PIF, Stroll’s Yew Tree Consortium and Mercedes-Benz AG investing a combined £335 million.
“With this capital raise, we are able to remove the significant overhang on our business,” Stroll said on a conference call. As much as half of the proceeds will be used to repay debt and reduce interest costs, with the rest providing a cushion amid the war in Ukraine, Covid-19 lockdowns in China and supply chain and logistics challenges.
The moves mark a stark reversal from Stroll’s position earlier this year, when he told reporters: “Let me be crystal-clear, black-and-white: we do not need money.” On Friday, he said the Aston’s progress had been slowed by legacy issues inherited from previous management and the downturn in China.
Aston shares climbed as much as 28% in London trading, their biggest intraday jump since May 2020.
Just five months after declaring Aston Martin Lagonda Global Holdings Plc had plenty of cash, Chairman Lawrence Stroll announced plans to raise £653 million ($772 million) to pare debt and free up money for future product.
The carmaker intends to issue 23.3 million new shares to the Saudi Public Investment Fund at £3.35 a share, giving it a 17% stake, Aston said in a filing. The company will also undertake a rights issue with the PIF, Stroll’s Yew Tree Consortium and Mercedes-Benz AG investing a combined £335 million.
“With this capital raise, we are able to remove the significant overhang on our business,” Stroll said on a conference call. As much as half of the proceeds will be used to repay debt and reduce interest costs, with the rest providing a cushion amid the war in Ukraine, Covid-19 lockdowns in China and supply chain and logistics challenges.
The moves mark a stark reversal from Stroll’s position earlier this year, when he told reporters: “Let me be crystal-clear, black-and-white: we do not need money.” On Friday, he said the Aston’s progress had been slowed by legacy issues inherited from previous management and the downturn in China.
Aston shares climbed as much as 28% in London trading, their biggest intraday jump since May 2020.
Oil rises on #Saudi oil production expectations | Reuters
Oil rises on Saudi oil production expectations | Reuters
Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated.
Brent crude futures for September delivery rose 76 cents, or 0.77%, to $99.86 a barrel by 0929 GMT while WTI crude rose 28 cents, or 0.29%, to $96.06.
The U.S. Federal Resreve's most hawkish policymakers on Thursday said they favoured a rate increase of 75 basis points at its policy meeting this month, not the bigger increase traders had priced in after a report on Wednesday showed inflation was accelerating. read more
The interest rate uncertainty and weak economic data led to Brent and WTI shedding more than $5 on Thursday to less than the closing price on Feb. 23, the day before Russia invaded Ukraine, though both contracts clawed back nearly all the losses by the end of the session.
The U.S. official's comment on Saudi oil production comes at a time when capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low, with most producers pumping at maximum capacity. read more
Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated.
Brent crude futures for September delivery rose 76 cents, or 0.77%, to $99.86 a barrel by 0929 GMT while WTI crude rose 28 cents, or 0.29%, to $96.06.
The U.S. Federal Resreve's most hawkish policymakers on Thursday said they favoured a rate increase of 75 basis points at its policy meeting this month, not the bigger increase traders had priced in after a report on Wednesday showed inflation was accelerating. read more
The interest rate uncertainty and weak economic data led to Brent and WTI shedding more than $5 on Thursday to less than the closing price on Feb. 23, the day before Russia invaded Ukraine, though both contracts clawed back nearly all the losses by the end of the session.
The U.S. official's comment on Saudi oil production comes at a time when capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low, with most producers pumping at maximum capacity. read more