Kuwait Wealth Fund Says UK Head Termination, Issue Being Probed - Bloomberg
The controversial removal last month of the head of the London office of Kuwait’s sovereign wealth fund is being investigated, the Kuwait Investment Authority said on Sunday.
Saleh Al-Ateeqi, who was hired in 2018 to modernize the UK branch known as the Kuwait Investment Office, was abruptly removed in July. That triggered heated local debate, mostly on social media, with some attributing his removal to local Kuwaiti politics rather than professional merit. Others have described it as a mismanaged HR issue that’s been politicized.
“The termination of the contract of the head of the KIO has its reasons and justifications that the KIA keeps to itself,” the authority said, in its first public comment on the matter. “Also, the whole issue is before special investigation committees, and before the public prosecution.”
The KIA, which manages the OPEC member’s $700 billion Future Generations Fund, rarely comments publicly on matters related to its investments or policies. A secretive organization once guarded from politics, it was last year caught in the crosshairs of a power struggle when political differences spilled over into disagreement over the make-up of the current board.
Sunday 21 August 2022
#AbuDhabi Securities Exchange tops Arab region in market value increase: AMF
Abu Dhabi Securities Exchange tops Arab region in market value increase: AMF
The Abu Dhabi Securities Exchange (ADX) was the leading Arab financial market in terms of performance last week, as its index surged by 3.6 percent, and its market value by 3.03%, according to the Arab Monetary Fund (AMF).
In its weekly bulletin on Arab capital markets' performance, the AMF noted that the market value of Arab stock exchanges rose by 2.5 percent, equivalent to some US$110.64 billion (US$110,637,836) at the end of trading last week.
The bulletin also highlighted the fact that the market value of the 13 Arab stock exchanges listed in the AMF’s database rose to $4.58 trillion at the end of last week, compared to some $4.46 trillion at the end of the previous week.
The bulletin then highlighted several positive factors that contributed to the rise in performance indicators of several Arab stock exchanges. This included the growth of trade and market values in the major stock exchanges, as well as their ongoing efforts to expand the scope of companies listed in primary and secondary markets over the past week, in addition to the positive results of listed companies and more foreign investment activity at institutional and individual levels.
The bulletin stressed that nine Arab stock exchanges witnessed an increase during the past week, led by the ADX at 3.6 percent, the Dubai Financial Market at 2.35 percent, and the Qatar Stock Exchange at 2.75 percent while the stock exchanges of Saudi Arabia, Morocco, Syria and Palestine also recorded growth ranging from between 1.2 percent and 1.95 percent, and the stock exchanges of Tunisia and Jordan witnessed improvements of less than 1 percent.
The Abu Dhabi Securities Exchange (ADX) was the leading Arab financial market in terms of performance last week, as its index surged by 3.6 percent, and its market value by 3.03%, according to the Arab Monetary Fund (AMF).
In its weekly bulletin on Arab capital markets' performance, the AMF noted that the market value of Arab stock exchanges rose by 2.5 percent, equivalent to some US$110.64 billion (US$110,637,836) at the end of trading last week.
The bulletin also highlighted the fact that the market value of the 13 Arab stock exchanges listed in the AMF’s database rose to $4.58 trillion at the end of last week, compared to some $4.46 trillion at the end of the previous week.
The bulletin then highlighted several positive factors that contributed to the rise in performance indicators of several Arab stock exchanges. This included the growth of trade and market values in the major stock exchanges, as well as their ongoing efforts to expand the scope of companies listed in primary and secondary markets over the past week, in addition to the positive results of listed companies and more foreign investment activity at institutional and individual levels.
The bulletin stressed that nine Arab stock exchanges witnessed an increase during the past week, led by the ADX at 3.6 percent, the Dubai Financial Market at 2.35 percent, and the Qatar Stock Exchange at 2.75 percent while the stock exchanges of Saudi Arabia, Morocco, Syria and Palestine also recorded growth ranging from between 1.2 percent and 1.95 percent, and the stock exchanges of Tunisia and Jordan witnessed improvements of less than 1 percent.
Major Gulf markets dip on oil weakness, inflation worries | Reuters
Major Gulf markets dip on oil weakness, inflation worries | Reuters
Most major Gulf stock markets fell on Sunday amid fears of a potential global recession and volatile oil prices, but Egypt continued to rise after its central bank kept its overnight interest rates steady on Thursday.
Crude prices, a key driver of the Gulf's financial markets, slipped after two days of gains and were heading for weekly losses, also under pressure from a strong dollar.
Saudi Arabia's benchmark index (.TASI) fell 0.5%, with Saudi Basic Industries Corporation (Sabic) (2010.SE) falling 2.3% and oil behemoth Aramco dropping 0.8%. Aramco is to start trading ex-dividend on Aug. 22.
Among other stocks, Saudi Pharmaceutical Industries and Medical Appliances Corp (2070.SE) plunged 4.8% after reporting a quarterly net loss on the back of rising operating expenses.
However, Saudia Dairy and Foodstuff Company (2270.SE) soared 10% after its second-quarter profit almost doubled to 56.3 million riyals ($14.99 million).
In Qatar the benchmark index (.QSI) fell 0.4%, snapping a three-session winning streak, weighed down by financial stocks as sharia lender Qatar Islamic Bank (QISB.QA) and Commercial Bank (COMB.QA) slid 1.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 2.4%, extending gains for a third session, boosted by its financial stocks after Egypt's central bank held rates steady after a change of governor on Thursday.
The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. read more
The CBE's Monetary Policy Committee (MPC) said it left its lending rate unchanged at 12.25% and its deposit rate at 11.25%.
Crude prices, a key driver of the Gulf's financial markets, slipped after two days of gains and were heading for weekly losses, also under pressure from a strong dollar.
Saudi Arabia's benchmark index (.TASI) fell 0.5%, with Saudi Basic Industries Corporation (Sabic) (2010.SE) falling 2.3% and oil behemoth Aramco dropping 0.8%. Aramco is to start trading ex-dividend on Aug. 22.
Among other stocks, Saudi Pharmaceutical Industries and Medical Appliances Corp (2070.SE) plunged 4.8% after reporting a quarterly net loss on the back of rising operating expenses.
However, Saudia Dairy and Foodstuff Company (2270.SE) soared 10% after its second-quarter profit almost doubled to 56.3 million riyals ($14.99 million).
In Qatar the benchmark index (.QSI) fell 0.4%, snapping a three-session winning streak, weighed down by financial stocks as sharia lender Qatar Islamic Bank (QISB.QA) and Commercial Bank (COMB.QA) slid 1.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 2.4%, extending gains for a third session, boosted by its financial stocks after Egypt's central bank held rates steady after a change of governor on Thursday.
The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. read more
The CBE's Monetary Policy Committee (MPC) said it left its lending rate unchanged at 12.25% and its deposit rate at 11.25%.
#SaudiArabia’s Booming and This Time It Isn’t Only About Oil - Bloomberg
Saudi Arabia’s Booming and This Time It Isn’t Only About Oil - Bloomberg
The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just a month for cash, without him even having to advertise.
This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy prices flows through the economy.
But Almajed says the scramble for the 1-million-riyal ($266,400) homes reflects something else, too: the social and economic shift that’s reshaping the kingdom, accelerated by the crown prince’s overhaul program.
“There’s a change in mindset,” said Almajed, who heads family-owned developer Almajdiah Residence, as some Saudis embrace the more open style of living his firm caters to. “Today there’s beautiful creativity in Saudi designs.”
The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just a month for cash, without him even having to advertise.
This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy prices flows through the economy.
But Almajed says the scramble for the 1-million-riyal ($266,400) homes reflects something else, too: the social and economic shift that’s reshaping the kingdom, accelerated by the crown prince’s overhaul program.
“There’s a change in mindset,” said Almajed, who heads family-owned developer Almajdiah Residence, as some Saudis embrace the more open style of living his firm caters to. “Today there’s beautiful creativity in Saudi designs.”
Gulf e-commerce company Noon to buy fashion venture Namshi | Reuters
Gulf e-commerce company Noon to buy fashion venture Namshi | Reuters
Dubai's Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).
Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.
Emaar was founded by Mohamed Alabbar and is the company's managing director.
Emaar is known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai. It bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.
Dubai's Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).
Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.
Emaar was founded by Mohamed Alabbar and is the company's managing director.
Emaar is known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai. It bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.
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