Love Is Blind, Planet of the Apes Producer Peter Chernin Gets Qatar Investment - Bloomberg
Qatar’s sovereign wealth fund is investing $150 million in North Road Co., an independent studio that produces the TV series Love Is Blind and the Planet of the Apes films, a sign that Hollywood’s growing austerity hasn’t dampened investor enthusiasm for entertainment.
The deal values North Road at more than $1 billion and resumes a relationship between the Qataris and media mogul Peter Chernin, North Road’s chief executive officer. The Qatar Investment Authority previously invested in the Chernin Group, the investment and media company he founded after leaving Fox.
The money from Qatar is on top of an earlier commitment of as much as $500 million from Providence Equity Partners and another $300 million in debt financing from Apollo Global Management Inc. Chernin is stockpiling cash because he believes that several entertainment assets will go up for sale in the coming year or two and wants to have the resources to make deals. His company is already looking at three or four transactions, but he declined to specify which ones.
Tuesday, 31 January 2023
#Kuwait Sees $16.4 Billion Deficit, Looks to Boost Revenue - Bloomberg
Kuwait Sees $16.4 Billion Deficit, Looks to Boost Revenue - Bloomberg
Kuwait unveiled budget proposals that forecast a deficit for the fiscal year starting April 1, despite efforts by the OPEC member to boost revenue booked from independent state entities.
The Gulf nation is projecting a 5 billion dinar ($16.4 billion) shortfall, the Finance Ministry said Tuesday, after reducing the price it expects to get for oil to $70 a barrel and increasing spending. That compares with a 1.35 billion dinar surplus expected for the current year, revised up from a 124 million dinar deficit.
Income in 2023/24 is projected at 21.23 billion dinars, after including profit generated by government entities such as Kuwait Petroleum Corp. not historically added to the state’s budget revenue streams. That compares with 24.75 billion dinars estimated in the current fiscal year. The change is expected to be a more accurate representation of the budget’s true revenue.
Non-oil income is expected to account for 19% of total projected income, compared with around 10% in previous years. Oil revenues are expected to fall.
Kuwait unveiled budget proposals that forecast a deficit for the fiscal year starting April 1, despite efforts by the OPEC member to boost revenue booked from independent state entities.
The Gulf nation is projecting a 5 billion dinar ($16.4 billion) shortfall, the Finance Ministry said Tuesday, after reducing the price it expects to get for oil to $70 a barrel and increasing spending. That compares with a 1.35 billion dinar surplus expected for the current year, revised up from a 124 million dinar deficit.
Income in 2023/24 is projected at 21.23 billion dinars, after including profit generated by government entities such as Kuwait Petroleum Corp. not historically added to the state’s budget revenue streams. That compares with 24.75 billion dinars estimated in the current fiscal year. The change is expected to be a more accurate representation of the budget’s true revenue.
Non-oil income is expected to account for 19% of total projected income, compared with around 10% in previous years. Oil revenues are expected to fall.
Hedge Fund Davidson Kempner Buys $1.1 Billion #AbuDhabi Commercial Bank Bad Debt - Bloomberg
Hedge Fund Davidson Kempner Buys $1.1 Billion Abu Dhabi Commercial Bank Bad Debt - Bloomberg
US hedge fund Davidson Kempner Capital Management bought $1.1 billion in bad debt from Abu Dhabi Commercial Bank PJSC as the lender cleans up a balance sheet battered by a series of corporate defaults.
The portfolio consists of 44 corporate loans to United Arab Emirates-based small- and medium-size enterprises, according to a statement. Davidson Kempner didn’t disclose the price at which it bought the non-performing debt.
ADCB, the third-largest lender in the UAE, was impacted by corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding. Since lending to these firms, the bank has been tied up in restructuring talks and has been forced to write down the value of many of the loans.
US hedge fund Davidson Kempner Capital Management bought $1.1 billion in bad debt from Abu Dhabi Commercial Bank PJSC as the lender cleans up a balance sheet battered by a series of corporate defaults.
The portfolio consists of 44 corporate loans to United Arab Emirates-based small- and medium-size enterprises, according to a statement. Davidson Kempner didn’t disclose the price at which it bought the non-performing debt.
ADCB, the third-largest lender in the UAE, was impacted by corporate collapses such as that of hospital group NMC Health Plc, payments firm Finablr Plc and construction company Arabtec Holding. Since lending to these firms, the bank has been tied up in restructuring talks and has been forced to write down the value of many of the loans.
Airbus and #Qatar edge towards agreement in A350 dispute - sources | Reuters
Airbus and Qatar edge towards agreement in A350 dispute - sources | Reuters
Airbus (AIR.PA) and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday.
After months of public feuding, there is no guarantee that an agreement can be reached, after previous attempts to avoid a high-profile trial in London this year were abandoned.
But two of the sources said the tone appeared more encouraging and negotiations had accelerated after some political activity and an uneventful four-way meeting between the two sides and their respective regulators in Doha last week.
"There will be an agreement," one of the sources said, while another cautioned that the talks were still ongoing.
Airbus and Qatar Airways had no immediate comment.
Airbus (AIR.PA) and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday.
After months of public feuding, there is no guarantee that an agreement can be reached, after previous attempts to avoid a high-profile trial in London this year were abandoned.
But two of the sources said the tone appeared more encouraging and negotiations had accelerated after some political activity and an uneventful four-way meeting between the two sides and their respective regulators in Doha last week.
"There will be an agreement," one of the sources said, while another cautioned that the talks were still ongoing.
Airbus and Qatar Airways had no immediate comment.
Distressed debt funds eye Gulf region opportunities | Reuters
Distressed debt funds eye Gulf region opportunities | Reuters
International investors focused on distressed debt said they are eyeing opportunities in the Gulf region, where banks may need to make provisions for more non-performing loans as companies navigate global economic headwinds and post-COVID-19 recovery.
Higher interest rates globally and a strong U.S. dollar - to which most regional currencies are pegged - are translating into higher borrowing and other costs in the non-oil private sector.
Corporate restructuring opportunities have improved with the introduction of legislative changes, which are bringing rules more in line with global standards. Some successful examples of these changes have also reduced the stigma attached to insolvency.
For example, Saudi Arabia, the region's biggest economy, introduced a bankruptcy law in 2018 and the United Arab Emirates enacted one in 2016 and amended it in 2020.
On Tuesday, U.S. hedge fund Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from the United Arab Emirates' Abu Dhabi Commercial Bank (ADCB.AD) worth 4.2 billion dirhams ($1.14 billion).
Executives from distressed debt investors SC Lowy and Fidera have also said they plan to set up a presence in the UAE this year.
International investors focused on distressed debt said they are eyeing opportunities in the Gulf region, where banks may need to make provisions for more non-performing loans as companies navigate global economic headwinds and post-COVID-19 recovery.
Higher interest rates globally and a strong U.S. dollar - to which most regional currencies are pegged - are translating into higher borrowing and other costs in the non-oil private sector.
Corporate restructuring opportunities have improved with the introduction of legislative changes, which are bringing rules more in line with global standards. Some successful examples of these changes have also reduced the stigma attached to insolvency.
For example, Saudi Arabia, the region's biggest economy, introduced a bankruptcy law in 2018 and the United Arab Emirates enacted one in 2016 and amended it in 2020.
On Tuesday, U.S. hedge fund Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from the United Arab Emirates' Abu Dhabi Commercial Bank (ADCB.AD) worth 4.2 billion dirhams ($1.14 billion).
Executives from distressed debt investors SC Lowy and Fidera have also said they plan to set up a presence in the UAE this year.
OPEC oil output falls in January led by Iraq -Reuters survey | Reuters
OPEC oil output falls in January led by Iraq -Reuters survey | Reuters
OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further, while Gulf members maintained strong compliance with an OPEC+ production cut deal to support the market.
The Organization of the Petroleum Exporting Countries pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December.
In September, OPEC output hit its highest since 2020.
OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further, while Gulf members maintained strong compliance with an OPEC+ production cut deal to support the market.
The Organization of the Petroleum Exporting Countries pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December.
In September, OPEC output hit its highest since 2020.
Most Gulf markets fall on lower oil prices; #AbuDhabi up | Reuters
Most Gulf markets fall on lower oil prices; Abu Dhabi up | Reuters
Most Gulf stock markets closed lower on Tuesday, as falling oil prices and expectations of an interest rate hike by the U.S. Federal Reserve subdued investor sentiment, while Abu Dhabi bucked trend.
Oil prices - a key catalyst for the Gulf's financial markets - slipped by more than 1% on Tuesday with March Brent crude futures 1.25% lower at $83.97 a barrel by 1414 GMT.
Investors expect the Federal Reserve will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.2%, extending losses into a second session. The index was weighed down by a 1.8% loss in Saudi Basic Industries (2010.SE) and a 0.2% fall in luxury real estate developer Retal Urban Development (4322.SE).
Meanwhile, the Gulf's second-largest economy Saudi Arabia grew by 5.4% in the fourth quarter of 2022, according to initial government estimates, down from 8.8% annual growth in the previous quarter.
In Abu Dhabi, the index (.FTFADGI) rose 0.1%, helped by a 5.7% gain in Abu Dhabi Islamic Bank, which saw it highest intra-day rise since July.
Abu Dhabi's biggest Sharia-compliant lender reported a surge in quarterly net profit, supported by broad-based income momentum across all its operating businesses.
Dubai's benchmark index (.DFMGI) dropped marginally, weighed down by losses in financial and heavyweight real estate sectors with Dubai Islamic Bank (DISB.DU) declining 3% and Emaar Properties (EMAR.DU) falling 0.7%.
The Qatari Stock index (.QSI) dropped 1.7%, with most of its constituent stocks in negative territory.
"Milder winters are affecting the demand for energy in Europe and the US, and could fuel pressures on the Qatari market," said Farah Mourad, Senior Market Analyst of XTB MENA.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its slide, falling 3% and Masraf Al Rayan (MARK.QA) fell for a third consecutive session, sinking 5.5% on weak earnings.
The lender reported a more than 22% slump in full-year net profit on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended down 3.4%, extending losses into a second session with almost all its constituent stocks in the red.
Commercial International Bank (COMI.CA) and E-Finance (EFIH.CA) dropped 5.7% and 6.1% respectively.
Most Gulf stock markets closed lower on Tuesday, as falling oil prices and expectations of an interest rate hike by the U.S. Federal Reserve subdued investor sentiment, while Abu Dhabi bucked trend.
Oil prices - a key catalyst for the Gulf's financial markets - slipped by more than 1% on Tuesday with March Brent crude futures 1.25% lower at $83.97 a barrel by 1414 GMT.
Investors expect the Federal Reserve will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, and Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.2%, extending losses into a second session. The index was weighed down by a 1.8% loss in Saudi Basic Industries (2010.SE) and a 0.2% fall in luxury real estate developer Retal Urban Development (4322.SE).
Meanwhile, the Gulf's second-largest economy Saudi Arabia grew by 5.4% in the fourth quarter of 2022, according to initial government estimates, down from 8.8% annual growth in the previous quarter.
In Abu Dhabi, the index (.FTFADGI) rose 0.1%, helped by a 5.7% gain in Abu Dhabi Islamic Bank, which saw it highest intra-day rise since July.
Abu Dhabi's biggest Sharia-compliant lender reported a surge in quarterly net profit, supported by broad-based income momentum across all its operating businesses.
Dubai's benchmark index (.DFMGI) dropped marginally, weighed down by losses in financial and heavyweight real estate sectors with Dubai Islamic Bank (DISB.DU) declining 3% and Emaar Properties (EMAR.DU) falling 0.7%.
The Qatari Stock index (.QSI) dropped 1.7%, with most of its constituent stocks in negative territory.
"Milder winters are affecting the demand for energy in Europe and the US, and could fuel pressures on the Qatari market," said Farah Mourad, Senior Market Analyst of XTB MENA.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its slide, falling 3% and Masraf Al Rayan (MARK.QA) fell for a third consecutive session, sinking 5.5% on weak earnings.
The lender reported a more than 22% slump in full-year net profit on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended down 3.4%, extending losses into a second session with almost all its constituent stocks in the red.
Commercial International Bank (COMI.CA) and E-Finance (EFIH.CA) dropped 5.7% and 6.1% respectively.
#UAE's ADCB Q4 net profit jumps 23%; beats estimate
UAE's ADCB Q4 net profit jumps 23%; beats estimate
Abu Dhabi Commercial Bank (ADCB) has posted a Q4 2022 net profit of 1.78 billion UAE dirhams ($485 million), up 23% year-on-year (YoY).
For the full year (FY), the lender posted a record net profit of 6.43 billion UAE dirhams, 23% higher YoY.
The efforts beat Refinitiv's mean analysts’ estimates of 1.611 billion UAE dirhams for the latest quarter, and 6.09 billion UAE dirhams for FY.
Quarterly net interest income jumped 30% to 2.91 billion UAE dirhams while net fees and commissions grew 19% to 620 million UAE dirhams.
As of end December, 2022, net loans and advances stood at 258 billion UAE dirhams.
ADCB has proposed a cash-and-stock dividend of 0.55 UAE dirhams, amounting to a total payout of 60% of the net profit.
Abu Dhabi Commercial Bank (ADCB) has posted a Q4 2022 net profit of 1.78 billion UAE dirhams ($485 million), up 23% year-on-year (YoY).
For the full year (FY), the lender posted a record net profit of 6.43 billion UAE dirhams, 23% higher YoY.
The efforts beat Refinitiv's mean analysts’ estimates of 1.611 billion UAE dirhams for the latest quarter, and 6.09 billion UAE dirhams for FY.
Quarterly net interest income jumped 30% to 2.91 billion UAE dirhams while net fees and commissions grew 19% to 620 million UAE dirhams.
As of end December, 2022, net loans and advances stood at 258 billion UAE dirhams.
ADCB has proposed a cash-and-stock dividend of 0.55 UAE dirhams, amounting to a total payout of 60% of the net profit.
Emirates NBD partners with ADX to offer instant trading access
Emirates NBD partners with ADX to offer instant trading access
Emirates NBD Securities, a leading brokerage firm in the UAE, has partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange’s listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange.
The partnership will allow more than one million Emirates NBD customers to start trading instantly on ADX and support the buoyant demand for ADX listed companies. Investors will be able to kickstart their trading journey through a simple three-step process which will provide instant National Investor Number (NIN), trading account and investor account. This will eliminate the need to print, sign, scan and e-mail documents.
The initiative supports ADX’s strategy of leveraging digital solutions to widen its investor base and to enhance market liquidity. Trading value on the ADX reached AED 450 billion in 2022, an increase of almost 21.9 percent from 2021, supported by a series of listings and increased international investor participation. Meanwhile, the benchmark FADX 15 Index gained 22.6 percent in 2022, making it the best performing index in the Arab world.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “Emirates NBD Securities is delighted to partner with ADX to offer investors quick and easy access to the dynamic companies traded on the exchange, enabling us to provide instant access to both of the UAE’s stock markets. Our end-to-end digital investor onboarding platform will now enable our customers to start trading instantly on two of the region’s top three stock exchanges by market capitalization. With this partnership, our digital onboarding platform, IPO subscription facility and NIN generation service, we are the only regional bank to offer UAE investors an all-inclusive package to trade with ease on the UAE’s burgeoning capital markets. We are confident that our efforts will increase the flow of capital into regional markets, enhance market liquidity and reinforce the UAE’s position as the region’s leading financial center and hub for technological innovation.”
Emirates NBD Securities, a leading brokerage firm in the UAE, has partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange’s listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange.
The partnership will allow more than one million Emirates NBD customers to start trading instantly on ADX and support the buoyant demand for ADX listed companies. Investors will be able to kickstart their trading journey through a simple three-step process which will provide instant National Investor Number (NIN), trading account and investor account. This will eliminate the need to print, sign, scan and e-mail documents.
The initiative supports ADX’s strategy of leveraging digital solutions to widen its investor base and to enhance market liquidity. Trading value on the ADX reached AED 450 billion in 2022, an increase of almost 21.9 percent from 2021, supported by a series of listings and increased international investor participation. Meanwhile, the benchmark FADX 15 Index gained 22.6 percent in 2022, making it the best performing index in the Arab world.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said, “Emirates NBD Securities is delighted to partner with ADX to offer investors quick and easy access to the dynamic companies traded on the exchange, enabling us to provide instant access to both of the UAE’s stock markets. Our end-to-end digital investor onboarding platform will now enable our customers to start trading instantly on two of the region’s top three stock exchanges by market capitalization. With this partnership, our digital onboarding platform, IPO subscription facility and NIN generation service, we are the only regional bank to offer UAE investors an all-inclusive package to trade with ease on the UAE’s burgeoning capital markets. We are confident that our efforts will increase the flow of capital into regional markets, enhance market liquidity and reinforce the UAE’s position as the region’s leading financial center and hub for technological innovation.”
#Dubai real estate market ‘momentum’ to slow down this year
Dubai real estate market ‘momentum’ to slow down this year
Dubai will continue to attract strong demand from property investors and witness project launches this year, but the “momentum” in the market is expected to slow in the wake of global turbulences, according to Asteco.
Mortgage transactions and project launches, in particular, are forecast to see some declines in 2023 compared to last year, as more rate hikes are implemented, and investors’ spending power is likely to weaken.
On the positive side, sales prices and rentals rates will remain “elevated”, while the market will continue to boost its supply stock, as developers complete ongoing projects.
In its report released on Monday, Asteco said around 47,700 apartments and villas will be added to the emirate’s housing supply this year, up by 53.8% from the number of homes delivered in 2022. The bulk of the units, around 40,000, will be apartments, while the remaining supply (7,700) will be residential villas.
“We will continue to see new project launches [this year] but the momentum is expected to slow, as constrained global growth will impact the spending power of international investors,” Asteco said.
“With more but smaller interest rate hikes expected in 2023, we anticipate a drop in mortgage transactions,” HP Aengaar, CEO of Asteco, also noted in the report.
Dubai will continue to attract strong demand from property investors and witness project launches this year, but the “momentum” in the market is expected to slow in the wake of global turbulences, according to Asteco.
Mortgage transactions and project launches, in particular, are forecast to see some declines in 2023 compared to last year, as more rate hikes are implemented, and investors’ spending power is likely to weaken.
On the positive side, sales prices and rentals rates will remain “elevated”, while the market will continue to boost its supply stock, as developers complete ongoing projects.
In its report released on Monday, Asteco said around 47,700 apartments and villas will be added to the emirate’s housing supply this year, up by 53.8% from the number of homes delivered in 2022. The bulk of the units, around 40,000, will be apartments, while the remaining supply (7,700) will be residential villas.
“We will continue to see new project launches [this year] but the momentum is expected to slow, as constrained global growth will impact the spending power of international investors,” Asteco said.
“With more but smaller interest rate hikes expected in 2023, we anticipate a drop in mortgage transactions,” HP Aengaar, CEO of Asteco, also noted in the report.
China foreign minister seeks stronger economic ties with #SaudiArabia | Reuters
China foreign minister seeks stronger economic ties with Saudi Arabia | Reuters
China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published late on Monday.
Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian counterpart, Prince Faisal bin Farhan Al Saud, adding that China highly appreciates Saudi Arabia's consistent firm support on issues involving China's core interests.
He said the sides should further expand cooperation on economy, trade, energy, infrastructure, investment, finance, and high technology.
In addition, Qin pressed for continuously strengthening the China-Gulf strategic partnership and building "the China-Gulf Free Trade Zone as soon as possible".
China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published late on Monday.
Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian counterpart, Prince Faisal bin Farhan Al Saud, adding that China highly appreciates Saudi Arabia's consistent firm support on issues involving China's core interests.
He said the sides should further expand cooperation on economy, trade, energy, infrastructure, investment, finance, and high technology.
In addition, Qin pressed for continuously strengthening the China-Gulf strategic partnership and building "the China-Gulf Free Trade Zone as soon as possible".
#SaudiArabia's Non-Oil Economy Grows at Fastest Pace in More Than a Year - Bloomberg
Saudi Arabia's Non-Oil Economy Grows at Fastest Pace in More Than a Year - Bloomberg
Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.
The non-oil economy grew an annual 6.2% during the fourth quarter of last year, the highest level since the third quarter of 2021, flash estimates from the General Authority for Statistics showed Tuesday. The oil economy rose 6.1% during the same period, thanks to high global crude prices.
Overall growth was an estimated 8.7% last year, the Saudi projections showed. That’s on a par with forecasts from the International Monetary Fund, which show the kingdom leading the ranks of top economies ahead of India at 6.8%. The only major country to shrink last year was Russia.
Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.
The non-oil economy grew an annual 6.2% during the fourth quarter of last year, the highest level since the third quarter of 2021, flash estimates from the General Authority for Statistics showed Tuesday. The oil economy rose 6.1% during the same period, thanks to high global crude prices.
Overall growth was an estimated 8.7% last year, the Saudi projections showed. That’s on a par with forecasts from the International Monetary Fund, which show the kingdom leading the ranks of top economies ahead of India at 6.8%. The only major country to shrink last year was Russia.
Most Gulf bourses decline, tracking oil prices; #Dubai gains | Reuters
Most Gulf bourses decline, tracking oil prices; Dubai gains | Reuters
Most major stock markets in the Gulf fell in early trade on Tuesday, in tandem with oil prices and Asian peers as investors were cautious ahead of major central bank meetings this week, while Dubai bucked the trend.
Investors expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The Qatari Stock index (.QSI) declined 1%, pressured by losses in banking stocks, with the Gulf's largest lender Qatar National Bank (QNBK.QA) falling 1.9%, while Commercial Bank (COMB.QA) dropped 2.3%.
Abu Dhabi's benchmark index (.FTFADGI) retreated 0.9%, as Conglomerate International Holding Company (IHC.AD) moved down 2.1% on plans to invest 1.4 billion dirhams ($381.2 million) in Adani Enterprises' (ADEL.NS) follow-on stock offering.
Adani Enterprises is the flagship company of the Adani Group, controlled by Asia's richest man, Gautam Adani. Last week, short-seller Hindenburg Research accused the group of improper use of offshore tax havens and flagged concerns about high debt, eroding $65 billion of the group's combined market value. Adani has called the report baseless.
However, Abu Dhabi Islamic Bank (ADIB.AD) surged 4.3% after the lender posted a 56% jump in fourth-quarter net profit to 1.14 billion dirhams ($310.38 million).
Saudi Arabia's benchmark stock index (.TASI) slipped 0.5%, dragged down by financial and real state stocks.
Luxury home maker Retal Urban Development (4322.SE) fell 0.7% and Riyad Bank (1010.SE) decreased 2.2%.
Brent Crude fell 11 cents, or 0.13%, to $84.79 a barrel by 0743 GMT.
However, National Shipping Company Of Saudi Arabia (known as Bahri) (4030.SE) jumped 4.3% as the company reported more than 500% growth in fourth-quarter net profit and a 76% increase in revenue.
Dubai's benchmark index (.DFMGI) edged 0.1% higher, supported by a 0.8% gain each in top lender Emirates NBD (ENBD.DU) and toll operator Salik Company (SALIK.DU).
Most major stock markets in the Gulf fell in early trade on Tuesday, in tandem with oil prices and Asian peers as investors were cautious ahead of major central bank meetings this week, while Dubai bucked the trend.
Investors expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The Qatari Stock index (.QSI) declined 1%, pressured by losses in banking stocks, with the Gulf's largest lender Qatar National Bank (QNBK.QA) falling 1.9%, while Commercial Bank (COMB.QA) dropped 2.3%.
Abu Dhabi's benchmark index (.FTFADGI) retreated 0.9%, as Conglomerate International Holding Company (IHC.AD) moved down 2.1% on plans to invest 1.4 billion dirhams ($381.2 million) in Adani Enterprises' (ADEL.NS) follow-on stock offering.
Adani Enterprises is the flagship company of the Adani Group, controlled by Asia's richest man, Gautam Adani. Last week, short-seller Hindenburg Research accused the group of improper use of offshore tax havens and flagged concerns about high debt, eroding $65 billion of the group's combined market value. Adani has called the report baseless.
However, Abu Dhabi Islamic Bank (ADIB.AD) surged 4.3% after the lender posted a 56% jump in fourth-quarter net profit to 1.14 billion dirhams ($310.38 million).
Saudi Arabia's benchmark stock index (.TASI) slipped 0.5%, dragged down by financial and real state stocks.
Luxury home maker Retal Urban Development (4322.SE) fell 0.7% and Riyad Bank (1010.SE) decreased 2.2%.
Brent Crude fell 11 cents, or 0.13%, to $84.79 a barrel by 0743 GMT.
However, National Shipping Company Of Saudi Arabia (known as Bahri) (4030.SE) jumped 4.3% as the company reported more than 500% growth in fourth-quarter net profit and a 76% increase in revenue.
Dubai's benchmark index (.DFMGI) edged 0.1% higher, supported by a 0.8% gain each in top lender Emirates NBD (ENBD.DU) and toll operator Salik Company (SALIK.DU).
Monday, 30 January 2023
#SaudiArabia to invest about $266 bln for clean energy - minister | Reuters
Saudi Arabia to invest about $266 bln for clean energy - minister | Reuters
Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister.
Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen."
Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister.
Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen."
ADIB registers $980.1mln net profit in 2022
ADIB registers $980.1mln net profit in 2022
Abu Dhabi Islamic Bank (ADIB) announced a net profit of AED 3.62 billion in 2022, a 55% increase from the previous year. The bank also reported a 60% growth in Q4 2022 with a net profit of AED 1.2 billion, compared to AED 728 million in Q4 2021.
ADIB's revenue increased by 23% to AED 6,835 million in 2022, driven by a 43% increase in fees and commissions and a 24% growth in funded income.
The Chairman of ADIB, Jawaan Awaidah Al Khaili, said the results will allow the bank to invest and grow, while supporting the national economy and UAE's sustainability agenda.
The CEO, Nasser Al Awadhi, added that the bank will continue to invest in growth and transformation to deliver sustainable returns to shareholders.
Abu Dhabi Islamic Bank (ADIB) announced a net profit of AED 3.62 billion in 2022, a 55% increase from the previous year. The bank also reported a 60% growth in Q4 2022 with a net profit of AED 1.2 billion, compared to AED 728 million in Q4 2021.
ADIB's revenue increased by 23% to AED 6,835 million in 2022, driven by a 43% increase in fees and commissions and a 24% growth in funded income.
The Chairman of ADIB, Jawaan Awaidah Al Khaili, said the results will allow the bank to invest and grow, while supporting the national economy and UAE's sustainability agenda.
The CEO, Nasser Al Awadhi, added that the bank will continue to invest in growth and transformation to deliver sustainable returns to shareholders.
Putin and #Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin | Reuters
Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin | Reuters
Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting on Wednesday.
Two OPEC+ delegates told Reuters on Monday that the panel was likely to recommend keeping the group's current oil output policy.
Russian oil production has so far shown resilience in the face of Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24 and price caps introduced by Western countries in December.
Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting on Wednesday.
Two OPEC+ delegates told Reuters on Monday that the panel was likely to recommend keeping the group's current oil output policy.
Russian oil production has so far shown resilience in the face of Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24 and price caps introduced by Western countries in December.
Most Gulf markets fall, #AbuDhabi ends higher | Reuters
Most Gulf markets fall, Abu Dhabi ends higher | Reuters
Most Gulf stock markets closed lower on Monday,tracking global peers, as looming interest rate hikes by major central banks including the U.S. Federal Reserve weigh on investor sentiments, while Abu Dhabi bucked the trend.
Investors expect the Fed will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.3%, ending its seven sessions of gains. The index was weighed down by losses in financial and material sector stocks, with Al Rajhi Bank (1120.SE) falling 0.4% and Riyad Bank dropping 1.9%.
Among other stocks, Saudi National Bank (1180.SE) and Saudi Basic Industries fell 2.% and 0.6% respectively.
In Abu Dhabi, the index (.FTFADGI) ended 0.7% higher after tumbling more than 3% to hit a six-month low.
The index was lifted by a 4.2% gain in integrated utility firm Abu Dhabi National Energy (TAQA.AD) and a 5.2% rise in telecoms provider Emirates Telecommunications (EAND.AD).
While conglomerate International Holding Company (IHC.AD) recovered its early losses and ended flat, its subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) recouped only partially, closing lower 2.9% and 4.2% respectively after they both plunged 10%.
Separately, IHC said on Monday it will invest 1.4 billion dirhams ($381.17 million) in India's Adani Enterprises' (ADEL.NS) follow-on public offer.
Dubai's benchmark index (.DFMGI) lost 0.8%, hurt by a decline in industrial and heavyweight real estate sectors with Emaar Properties (EMAR.DU) falling 2.1%, and toll operator Salik (SALIK.DU) declining 3.1%.
The Qatari Stock index (.QSI) fell 0.3%, with most of its constituent stocks were in negative territory.
The Gulf's biggest lender, Qatar National Bank (QNBK.QA), fell 0.5% and Masraf Al Rayan (MARK.QA) dropped 5.1% on weak earnings.
The lender posted a more than 22% slump in full-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, snapping its 12-session rally. The index was dragged down by losses in almost all its constituent stocks.
Telecom Egypt dropped 7.1% and Talaat Mostafa (TMGH.CA) and EFG Hermes(HRHO.CA) declined 3.3% and 2.9% respectively.
Most Gulf stock markets closed lower on Monday,tracking global peers, as looming interest rate hikes by major central banks including the U.S. Federal Reserve weigh on investor sentiments, while Abu Dhabi bucked the trend.
Investors expect the Fed will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index (.TASI) in Saudi Arabia lost 0.3%, ending its seven sessions of gains. The index was weighed down by losses in financial and material sector stocks, with Al Rajhi Bank (1120.SE) falling 0.4% and Riyad Bank dropping 1.9%.
Among other stocks, Saudi National Bank (1180.SE) and Saudi Basic Industries fell 2.% and 0.6% respectively.
In Abu Dhabi, the index (.FTFADGI) ended 0.7% higher after tumbling more than 3% to hit a six-month low.
The index was lifted by a 4.2% gain in integrated utility firm Abu Dhabi National Energy (TAQA.AD) and a 5.2% rise in telecoms provider Emirates Telecommunications (EAND.AD).
While conglomerate International Holding Company (IHC.AD) recovered its early losses and ended flat, its subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) recouped only partially, closing lower 2.9% and 4.2% respectively after they both plunged 10%.
Separately, IHC said on Monday it will invest 1.4 billion dirhams ($381.17 million) in India's Adani Enterprises' (ADEL.NS) follow-on public offer.
Dubai's benchmark index (.DFMGI) lost 0.8%, hurt by a decline in industrial and heavyweight real estate sectors with Emaar Properties (EMAR.DU) falling 2.1%, and toll operator Salik (SALIK.DU) declining 3.1%.
The Qatari Stock index (.QSI) fell 0.3%, with most of its constituent stocks were in negative territory.
The Gulf's biggest lender, Qatar National Bank (QNBK.QA), fell 0.5% and Masraf Al Rayan (MARK.QA) dropped 5.1% on weak earnings.
The lender posted a more than 22% slump in full-year net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.2%, snapping its 12-session rally. The index was dragged down by losses in almost all its constituent stocks.
Telecom Egypt dropped 7.1% and Talaat Mostafa (TMGH.CA) and EFG Hermes(HRHO.CA) declined 3.3% and 2.9% respectively.
#AbuDhabi's IHC plans to invest $381 mln in Adani Enterprises | Reuters
Abu Dhabi's IHC plans to invest $381 mln in Adani Enterprises | Reuters
Abu Dhabi conglomerate International Holding Company (IHC.AD) on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' (ADEL.NS) follow-on public offer.
The Indian conglomerate owned by Asia's richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group's stock values after Adani's rebuttal of a U.S. short-seller's criticism failed to pacify investors.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.
IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.
Abu Dhabi conglomerate International Holding Company (IHC.AD) on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' (ADEL.NS) follow-on public offer.
The Indian conglomerate owned by Asia's richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group's stock values after Adani's rebuttal of a U.S. short-seller's criticism failed to pacify investors.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.
IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.
Mashreq Bank posts 2022 profit of $1bln
Mashreq Bank posts 2022 profit of $1bln
Dubai-based Mashreq Bank has announced a 2022 net profit of 3.7 billion UAE dirhams ($1 billion), up 270% year-on-year in what its chairman described as “a transformative year”.
The bank announced net profit for the fourth quarter or 2022 up to 1.126 billion UAE dirhams, up from 1.181 billion UAE dirhams quarter-on-quarter and from 737million UAE dirhams YoY.
Operating profit for 2022 was 7.496 billion UAE dirhams, up from 5.806 billion UAE dirhams in 2021. Operating profit for the year was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams for the year.
AbdulAziz Al Ghurair, chairman of Mashreq, said the bank had had a “transformative year”.
Group CEO Ahmed Abdelaal, said retail banking operations grew by 42% during the year while Mashreq’s digital solutions Neo and personal banking net profit grew by 43%.
Dubai-based Mashreq Bank has announced a 2022 net profit of 3.7 billion UAE dirhams ($1 billion), up 270% year-on-year in what its chairman described as “a transformative year”.
The bank announced net profit for the fourth quarter or 2022 up to 1.126 billion UAE dirhams, up from 1.181 billion UAE dirhams quarter-on-quarter and from 737million UAE dirhams YoY.
Operating profit for 2022 was 7.496 billion UAE dirhams, up from 5.806 billion UAE dirhams in 2021. Operating profit for the year was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams for the year.
AbdulAziz Al Ghurair, chairman of Mashreq, said the bank had had a “transformative year”.
Group CEO Ahmed Abdelaal, said retail banking operations grew by 42% during the year while Mashreq’s digital solutions Neo and personal banking net profit grew by 43%.
National Bank of #Kuwait reports $1.7bln net profits for 2022
National Bank of Kuwait reports $1.7bln net profits for 2022
National Bank of Kuwait (NBK) released its results for the twelve months period ended December 31, 2022. The Bank recorded a net profit of KD 509.1 million (USD 1.7 billion), up 40.5% year-on-year from KD 362.2 million (USD 1.2 billion) in the corresponding period of 2021.
As of the end of December 2022, total assets grew by 9.3% year-on-year to reach KD 36.3 billion (USD 118.6 billion), whereas customer deposits surged by 10.4% to reach KD 20.2 billion (USD 65.9 billion). Meanwhile, total loans and advances stood at KD 21.0 billion (USD 68.6 billion), up by 6.5% year-on-year, while shareholders’ equity reached KD 3.4 billion (USD 11.2 billion), growing by 3.3% year-on-year.
In terms of distributions, the Board of Directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividends for the year to 35 fils, representing 52% of profits attributable. The Board of Directors also proposed the distribution of 5% bonus shares (5 shares for every 100 shares owned). The proposed cash dividend distribution and bonus shares are subject to approval by the Annual General Assembly, which will be scheduled during March 2023.
Earnings per share (EPS) stood at 65 fils per share at the end of the year, compared to 45 fils at the end of 2021.
National Bank of Kuwait (NBK) released its results for the twelve months period ended December 31, 2022. The Bank recorded a net profit of KD 509.1 million (USD 1.7 billion), up 40.5% year-on-year from KD 362.2 million (USD 1.2 billion) in the corresponding period of 2021.
As of the end of December 2022, total assets grew by 9.3% year-on-year to reach KD 36.3 billion (USD 118.6 billion), whereas customer deposits surged by 10.4% to reach KD 20.2 billion (USD 65.9 billion). Meanwhile, total loans and advances stood at KD 21.0 billion (USD 68.6 billion), up by 6.5% year-on-year, while shareholders’ equity reached KD 3.4 billion (USD 11.2 billion), growing by 3.3% year-on-year.
In terms of distributions, the Board of Directors proposed a cash dividend of 25 fils per share for the second half of 2022, bringing the total cash dividends for the year to 35 fils, representing 52% of profits attributable. The Board of Directors also proposed the distribution of 5% bonus shares (5 shares for every 100 shares owned). The proposed cash dividend distribution and bonus shares are subject to approval by the Annual General Assembly, which will be scheduled during March 2023.
Earnings per share (EPS) stood at 65 fils per share at the end of the year, compared to 45 fils at the end of 2021.
#Saudi's Al Rajhi Bank 2022 net profit rises 16% on higher operating income | Reuters
Saudi's Al Rajhi Bank 2022 net profit rises 16% on higher operating income | Reuters
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, reported a 16% rise in its full-year net profit on Monday, beating analyst estimates as it registered higher operating income.
The bank made 17.15 billion riyals ($4.57 billion) in 2022, up from 14.75 billion riyals in 2021, it said in a bourse filing. Two analysts predicted a profit of 16.88 billion riyals for last year, according to Refinitiv.
Al Rajhi made 4.4 billion riyals in the fourth quarter, according to Reuters calculations, compared with 4 billion riyals in the same period last year.
The bank attributed its annual results on higher operating income - which rose 11% helped by net financing and investment income - fees from banking services, exchange income and other operating income.
Loans and advances last year stood at 568.34 billion riyals, gaining 25.5% over 2021, while deposits rose 10.3% to 564.93 billion riyals.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, reported a 16% rise in its full-year net profit on Monday, beating analyst estimates as it registered higher operating income.
The bank made 17.15 billion riyals ($4.57 billion) in 2022, up from 14.75 billion riyals in 2021, it said in a bourse filing. Two analysts predicted a profit of 16.88 billion riyals for last year, according to Refinitiv.
Al Rajhi made 4.4 billion riyals in the fourth quarter, according to Reuters calculations, compared with 4 billion riyals in the same period last year.
The bank attributed its annual results on higher operating income - which rose 11% helped by net financing and investment income - fees from banking services, exchange income and other operating income.
Loans and advances last year stood at 568.34 billion riyals, gaining 25.5% over 2021, while deposits rose 10.3% to 564.93 billion riyals.
ADNOC eyes valuation of at least $50 bln for its gas business - sources | Reuters
ADNOC eyes valuation of at least $50 bln for its gas business - sources | Reuters
The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year.
The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public.
They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March.
The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year.
The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public.
They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March.
#AbuDhabi leads losses in Gulf markets | Reuters
Abu Dhabi leads losses in Gulf markets | Reuters
Major bourses in the Gulf declined in early trade on Monday, with Abu Dhabi index tumbling more than 3% to hit a six-month low, overwhelmed by losses in conglomerate International Holding Company (IHC.AD) and its subsidiaries.
According to media report, IHC - which has an exposure in Adani Enterprises (ADEL.NS), Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) - was considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday. The deal closes on Tuesday.
In a statement to Bloomberg, IHC Spokesperson Ahmad Ibrahim said the conglomerate's business decisions are purely based on an analysis of objective facts.
Most Adani Group shares extended their sharp losses on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to $66 billion over three days.
Stock markets in the region also dropped, tracking losses in oil prices as global producers are likely to keep production unchanged during a meeting this week and investors are cautious ahead of the U.S. Federal Reserve meeting.
Crude price - a key catalyst for Gulf's financial markets - fell 69 cents, or 0.8%, to $85.97 a barrel by 0738 GMT.
Abu Dhabi's benchmark index (.FTFADGI) plunged 3.4%, its steepest decline since November 2019, as shares of comglomerate IHC slipped 5.2%.
Among other losers, IHC's subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) plunged 10% each, while state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) dropped 8.9%.
Dubai's benchmark index (.DFMGI) fell 1.1%, trading near its six-month low, as blue-chip developer Emaar Properties (EMAR.DU) dropped 1.9%.
Benchmark Qatari index (.QSI) retreated 1% as almost all of the index constituents were in negative territory, dragged down by a 5.1% decline in Islamic lender Masraf Al Rayan (MARK.QA).
The lender posted a more than 22% slump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) dipped 0.8%, on course to snap a seven-day rally, with largest Islamic lender in the world Al Rajhi Bank (1120.SE) falling 2.2% after posting almost flat quarterly growth sequentially, although bank reported a 16% rise in its full-year net profit.
Major bourses in the Gulf declined in early trade on Monday, with Abu Dhabi index tumbling more than 3% to hit a six-month low, overwhelmed by losses in conglomerate International Holding Company (IHC.AD) and its subsidiaries.
According to media report, IHC - which has an exposure in Adani Enterprises (ADEL.NS), Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) - was considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday. The deal closes on Tuesday.
In a statement to Bloomberg, IHC Spokesperson Ahmad Ibrahim said the conglomerate's business decisions are purely based on an analysis of objective facts.
Most Adani Group shares extended their sharp losses on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, driving stock market losses for the companies to $66 billion over three days.
Stock markets in the region also dropped, tracking losses in oil prices as global producers are likely to keep production unchanged during a meeting this week and investors are cautious ahead of the U.S. Federal Reserve meeting.
Crude price - a key catalyst for Gulf's financial markets - fell 69 cents, or 0.8%, to $85.97 a barrel by 0738 GMT.
Abu Dhabi's benchmark index (.FTFADGI) plunged 3.4%, its steepest decline since November 2019, as shares of comglomerate IHC slipped 5.2%.
Among other losers, IHC's subsidiaries Alpha Dhabi Holding (ALPHADHABI.AD) and Multiply Group (MULTIPLY.AD) plunged 10% each, while state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) dropped 8.9%.
Dubai's benchmark index (.DFMGI) fell 1.1%, trading near its six-month low, as blue-chip developer Emaar Properties (EMAR.DU) dropped 1.9%.
Benchmark Qatari index (.QSI) retreated 1% as almost all of the index constituents were in negative territory, dragged down by a 5.1% decline in Islamic lender Masraf Al Rayan (MARK.QA).
The lender posted a more than 22% slump in full-year net profit.
Saudi Arabia's benchmark stock index (.TASI) dipped 0.8%, on course to snap a seven-day rally, with largest Islamic lender in the world Al Rajhi Bank (1120.SE) falling 2.2% after posting almost flat quarterly growth sequentially, although bank reported a 16% rise in its full-year net profit.
Sunday, 29 January 2023
SPY ($SPY) ETF Faces Challenges from BlackRock, Vanguard - Bloomberg
SPY ($SPY) ETF Faces Challenges from BlackRock, Vanguard - Bloomberg
Few champions can stay on top forever—even the ones who virtually invent the game. On Jan. 29 the SPDR S&P 500 ETF Trust turns 30. With $375 billion in assets, it’s the biggest exchange-traded fund on the planet, but competition for the No. 1 spot is getting fierce.
Known by everyday investors and pros alike by its ticker symbol, SPY, the fund simply tracks the S&P 500 index of the largest US public companies, for a modest fee of 0.095% of assets per year. It’s the go-to product especially for institutional money managers who want a fast and dependable way to hop in and out of the market. But other ETFs follow the same index at a third of its expense ratio and have become a magnet for everyday investors. In the past year, BlackRock Inc.’s $302 billion iShares Core S&P 500 ETF and the $275 billion Vanguard S&P 500 ETF have added tens of billions of new assets while SPY posted outflows.
Even if SPY is overtaken, its place in history as the fund that changed both personal investing and the asset management business is secure. It wasn’t technically the first ETF—that distinction belongs to a Canadian product—but it was the first in the biggest stock market when its shares began trading in 1993 under the original name Standard & Poor’s Depositary Receipts, or “spiders.” In an echo of its challengers today, the new fund upset plenty of established businesses.
First and foremost, it was a passive index fund. In the early 1990s, these were still fairly novel—they accounted for less than 2% of US fund assets, according to Investment Company Institute data, compared with close to half today. While Vanguard founder Jack Bogle was evangelizing the virtues of low-cost indexing, the biggest stars of the mutual fund business were the stockpickers at places such as Fidelity, T. Rowe Price and Templeton. Investment products commonly carried hefty upfront sales commissions to compensate the brokers who hawked them, and equity funds carried average annual expenses of more than 1.4%.
Few champions can stay on top forever—even the ones who virtually invent the game. On Jan. 29 the SPDR S&P 500 ETF Trust turns 30. With $375 billion in assets, it’s the biggest exchange-traded fund on the planet, but competition for the No. 1 spot is getting fierce.
Known by everyday investors and pros alike by its ticker symbol, SPY, the fund simply tracks the S&P 500 index of the largest US public companies, for a modest fee of 0.095% of assets per year. It’s the go-to product especially for institutional money managers who want a fast and dependable way to hop in and out of the market. But other ETFs follow the same index at a third of its expense ratio and have become a magnet for everyday investors. In the past year, BlackRock Inc.’s $302 billion iShares Core S&P 500 ETF and the $275 billion Vanguard S&P 500 ETF have added tens of billions of new assets while SPY posted outflows.
Even if SPY is overtaken, its place in history as the fund that changed both personal investing and the asset management business is secure. It wasn’t technically the first ETF—that distinction belongs to a Canadian product—but it was the first in the biggest stock market when its shares began trading in 1993 under the original name Standard & Poor’s Depositary Receipts, or “spiders.” In an echo of its challengers today, the new fund upset plenty of established businesses.
First and foremost, it was a passive index fund. In the early 1990s, these were still fairly novel—they accounted for less than 2% of US fund assets, according to Investment Company Institute data, compared with close to half today. While Vanguard founder Jack Bogle was evangelizing the virtues of low-cost indexing, the biggest stars of the mutual fund business were the stockpickers at places such as Fidelity, T. Rowe Price and Templeton. Investment products commonly carried hefty upfront sales commissions to compensate the brokers who hawked them, and equity funds carried average annual expenses of more than 1.4%.
TotalEnergies says well drilling in Lebanon's offshore Block 9 to begin in Q3 | Reuters
TotalEnergies says well drilling in Lebanon's offshore Block 9 to begin in Q3 | Reuters
TotalEnergies (TTEF.PA) is keen to start work on Lebanon's offshore Block 9 "as soon as possible", with assessments to begin early next month and well-drilling to launch in the third quarter of 2023, its CEO Patrick Pouyanne said on Sunday.
Pouyanne was speaking in a joint news conference in Beirut after signing a three-way consortium deal with QatarEnergy and Eni (ENI.MI) to explore oil and gas in two maritime blocks off the coast of Lebanon known as Blocks 4 and 9.
Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each.
TotalEnergies (TTEF.PA) is keen to start work on Lebanon's offshore Block 9 "as soon as possible", with assessments to begin early next month and well-drilling to launch in the third quarter of 2023, its CEO Patrick Pouyanne said on Sunday.
Pouyanne was speaking in a joint news conference in Beirut after signing a three-way consortium deal with QatarEnergy and Eni (ENI.MI) to explore oil and gas in two maritime blocks off the coast of Lebanon known as Blocks 4 and 9.
Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each.
Gulf stocks rise on hope of slower Fed rate hikes | Reuters
Gulf stocks rise on hope of slower Fed rate hikes | Reuters
Stock markets in the Gulf ended higher on Sunday after cooling U.S. inflation lifted expectations the Federal Reserve would slow its pace of interest rate hikes.
The U.S. central bank's preferred gauge for inflation slowed in in December, the government reported on Friday, hitting its lowest level since September 2021.
The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by gains in financial and energy sector stocks.
Saudi oil giant Aramco (2222.SE) inched up 0.3%, and the world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE) rose 1.6%.
The Qatari Stock index (.QSI) rose 0.4%, with most of its constituent stocks in positive territory.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its rally with a 0.9% gain and Commercial Bank (COMB.QA) continued its rally since Monday, settling 2.6% after it climbed 10% on Thursday.
The bank reported Tuesday a more than 22% rise in FY net profit, beating analyst's expectations.
Outside the Gulf, Egypt's blue-chip index (.EGX30) surged 3.7%, its highest intraday rise since November.
The index was helped by a 14.7% jump in Telecom Egypt (ETEL.CA) and Commercial International Bank Egypt (COMI.CA) jumping 6.1%.
Among other gainers, Alexandria Container And Cargo Handling (ALCN.CA) and Abu Qir Fertilizers And Chemical Industries (ABUK.CA) rose 2.4% and 0.5% respectively after they reported rises in half year net profit.
Stock markets in the Gulf ended higher on Sunday after cooling U.S. inflation lifted expectations the Federal Reserve would slow its pace of interest rate hikes.
The U.S. central bank's preferred gauge for inflation slowed in in December, the government reported on Friday, hitting its lowest level since September 2021.
The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by gains in financial and energy sector stocks.
Saudi oil giant Aramco (2222.SE) inched up 0.3%, and the world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE) rose 1.6%.
The Qatari Stock index (.QSI) rose 0.4%, with most of its constituent stocks in positive territory.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its rally with a 0.9% gain and Commercial Bank (COMB.QA) continued its rally since Monday, settling 2.6% after it climbed 10% on Thursday.
The bank reported Tuesday a more than 22% rise in FY net profit, beating analyst's expectations.
Outside the Gulf, Egypt's blue-chip index (.EGX30) surged 3.7%, its highest intraday rise since November.
The index was helped by a 14.7% jump in Telecom Egypt (ETEL.CA) and Commercial International Bank Egypt (COMI.CA) jumping 6.1%.
Among other gainers, Alexandria Container And Cargo Handling (ALCN.CA) and Abu Qir Fertilizers And Chemical Industries (ABUK.CA) rose 2.4% and 0.5% respectively after they reported rises in half year net profit.
#AbuDhabi's IHC 'still evaluating' Adani Enterprises FPO stake (published 27-01-2023)
Abu Dhabi's IHC 'still evaluating' Adani Enterprises FPO stake
International Holding Company (IHC), the UAE's most valuable listed company, is "still evaluating the opportunity" to bid for Indian conglomerate Adani Enterprises' 200 billion rupees ($2.45 billion) follow-on sale of shares that began this week.
"We are still evaluating the opportunity, just like any other business case," Ahmad Ibrahim of IHC told The National in a statement, adding that the company does not comment on other organisations' business activities as part of its policy.
"Our business decisions are purely based on an analysis of objective facts, aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation."
Shares in Adani Group companies, which are controlled by one of the world's richest men, Gautam Adani, plummeted this week after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused companies owned by Asia’s richest man of brazen market manipulation and accounting fraud.
International Holding Company (IHC), the UAE's most valuable listed company, is "still evaluating the opportunity" to bid for Indian conglomerate Adani Enterprises' 200 billion rupees ($2.45 billion) follow-on sale of shares that began this week.
"We are still evaluating the opportunity, just like any other business case," Ahmad Ibrahim of IHC told The National in a statement, adding that the company does not comment on other organisations' business activities as part of its policy.
"Our business decisions are purely based on an analysis of objective facts, aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation."
Shares in Adani Group companies, which are controlled by one of the world's richest men, Gautam Adani, plummeted this week after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused companies owned by Asia’s richest man of brazen market manipulation and accounting fraud.
Saturday, 28 January 2023
Gulf royals own more than £1bn of UK property via tax havens | Real estate | The Guardian
Gulf royals own more than £1bn of UK property via tax havens | Real estate | The Guardian
The royal families of Gulf states including Saudi Arabia, the United Arab Emirates and Qatar own more than £1bn of UK property via offshore jurisdictions, such as Jersey and the British Virgin Islands, the Guardian can reveal.
Nearly 200 properties, including hotels, London mansions and country estates, belong to a few small but super-rich dynasties, according to analysis of a new government register that reveals who is behind offshore companies that own UK property.
Gulf royals who hold assets through offshore entities include Sheikh Mansour, the owner of Manchester City football club, members of the Al Saud ruling family of Saudi Arabia, and the al-Thani clan that controls Qatar.
The most expensive is a £150m Surrey estate which, according to Land Registry documents, is owned by Sheikh Mansour’s wife, Sheikha Manal bint Mohammed al-Maktoum.
Sheikh Mansour, who is the deputy prime minister of the UAE, owns 17 other land titles via Jersey, including a London apartment and land connected to urban developments in Manchester.
The royal families of Gulf states including Saudi Arabia, the United Arab Emirates and Qatar own more than £1bn of UK property via offshore jurisdictions, such as Jersey and the British Virgin Islands, the Guardian can reveal.
Nearly 200 properties, including hotels, London mansions and country estates, belong to a few small but super-rich dynasties, according to analysis of a new government register that reveals who is behind offshore companies that own UK property.
Gulf royals who hold assets through offshore entities include Sheikh Mansour, the owner of Manchester City football club, members of the Al Saud ruling family of Saudi Arabia, and the al-Thani clan that controls Qatar.
The most expensive is a £150m Surrey estate which, according to Land Registry documents, is owned by Sheikh Mansour’s wife, Sheikha Manal bint Mohammed al-Maktoum.
Sheikh Mansour, who is the deputy prime minister of the UAE, owns 17 other land titles via Jersey, including a London apartment and land connected to urban developments in Manchester.
Exclusive: Top U.S. Treasury official to warn #UAE, #Turkey over sanctions evasion | Reuters
Exclusive: Top U.S. Treasury official to warn UAE, Turkey over sanctions evasion | Reuters
The U.S. Treasury Department's top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose U.S. market access if they do business with entities subject to U.S. curbs as Washington cracks down on Russian attempts to evade sanctions imposed over its war in Ukraine.
Brian Nelson, undersecretary for terrorism and financial intelligence, will travel to Oman, the United Arab Emirates and Turkey from Jan. 29 to Feb. 3 and meet with government officials as well as businesses and financial institutions to reiterate that Washington will continue to aggressively enforce its sanctions, a Treasury spokesperson told Reuters.
"Individuals and institutions operating in permissive jurisdictions risk potentially losing access to U.S. markets on account of doing business with sanctioned entities or not conducting appropriate due diligence," the spokesperson said.
While in the region, Nelson will discuss Treasury's efforts to crack down on Russian efforts to evade sanctions and export controls imposed over its brutal war against Ukraine, Iran’s destabilizing activity in the region, illicit finance risks undermining economic growth, and foreign investment.
The U.S. Treasury Department's top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose U.S. market access if they do business with entities subject to U.S. curbs as Washington cracks down on Russian attempts to evade sanctions imposed over its war in Ukraine.
Brian Nelson, undersecretary for terrorism and financial intelligence, will travel to Oman, the United Arab Emirates and Turkey from Jan. 29 to Feb. 3 and meet with government officials as well as businesses and financial institutions to reiterate that Washington will continue to aggressively enforce its sanctions, a Treasury spokesperson told Reuters.
"Individuals and institutions operating in permissive jurisdictions risk potentially losing access to U.S. markets on account of doing business with sanctioned entities or not conducting appropriate due diligence," the spokesperson said.
While in the region, Nelson will discuss Treasury's efforts to crack down on Russian efforts to evade sanctions and export controls imposed over its brutal war against Ukraine, Iran’s destabilizing activity in the region, illicit finance risks undermining economic growth, and foreign investment.
EV maker Lucid surges on report #Saudi PIF to buy remaining stake | Reuters
EV maker Lucid surges on report Saudi PIF to buy remaining stake | Reuters
Lucid Group's (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia's Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.
The speculation originated from an "uncooked" alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.
The PIF, the sovereign wealth fund that owns more than 65% of Newark, California-based Lucid, did not immediately respond to a request for comment. Lucid declined to comment.
In 2018, PIF was interested in taking Tesla private, but the deal did not materialize. Tesla chief Elon Musk is under trial for allegedly misleading investors with his tweet "funding secured" for taking the company private.
Lucid has been struggling to deliver its sleek Air luxury EVs after delivering 4,369 vehicles last year.
Lucid Group's (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia's Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.
The speculation originated from an "uncooked" alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.
The PIF, the sovereign wealth fund that owns more than 65% of Newark, California-based Lucid, did not immediately respond to a request for comment. Lucid declined to comment.
In 2018, PIF was interested in taking Tesla private, but the deal did not materialize. Tesla chief Elon Musk is under trial for allegedly misleading investors with his tweet "funding secured" for taking the company private.
Lucid has been struggling to deliver its sleek Air luxury EVs after delivering 4,369 vehicles last year.
Friday, 27 January 2023
First Abu Dhabi Bank drags #AbuDhabi on weaker earnings | Reuters
First Abu Dhabi Bank drags Abu Dhabi on weaker earnings | Reuters
Abu Dhabi stocks closed more than 2% lower to hit a three-month low on Friday after its largest lender by assets, First Abu Dhabi Bank, reported weaker than expected earnings.
The Abu Dhabi index (.FTFADGI) slid 2.7%, its biggest intraday loss since mid may, dragged down by a 4.8% drop in First Abu Dhabi Bank (FAB.AD).
On Thursday, the lender posted 2.5 billion dirhams ($680.66 million) net profit in the fourth-quarter, a 26% decline from last year that missed analyst estimates of 2.95 billion dirhams.
The lender also slashed its annual cash dividend by 26% to 52 fils a share from 2021.
Among other losers, state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) (TAQA.AD) tumbled 8.2%, while investment firm Multiply Group (MULTIPLY.AD) plunged 6.7%.
The Abu Dhabi index continued its decline under the pressure of the lower performance of First Abu Dhabi Bank, said Daniel Takieddine, CEO MENA at BDSwiss.
According to Daniel, a modest performance in oil markets is also leaving equities without much support.
Dubai's benchmark index (.DFMGI) settled 0.8% lower, weighed down by heavy losses in utilities and index heavyweight real estate stocks.
Shares of Emirates Central Cooling Systems Corporation (EMPOWER.DU) declined 4.6%, its worst day since debut in the market, while blue-chip developer Emaar Properties (EMAR.DU) lost 1.6%.
Abu Dhabi stocks closed more than 2% lower to hit a three-month low on Friday after its largest lender by assets, First Abu Dhabi Bank, reported weaker than expected earnings.
The Abu Dhabi index (.FTFADGI) slid 2.7%, its biggest intraday loss since mid may, dragged down by a 4.8% drop in First Abu Dhabi Bank (FAB.AD).
On Thursday, the lender posted 2.5 billion dirhams ($680.66 million) net profit in the fourth-quarter, a 26% decline from last year that missed analyst estimates of 2.95 billion dirhams.
The lender also slashed its annual cash dividend by 26% to 52 fils a share from 2021.
Among other losers, state-controlled integrated utility firm Abu Dhabi National Energy Company (also known as TAQA) (TAQA.AD) tumbled 8.2%, while investment firm Multiply Group (MULTIPLY.AD) plunged 6.7%.
The Abu Dhabi index continued its decline under the pressure of the lower performance of First Abu Dhabi Bank, said Daniel Takieddine, CEO MENA at BDSwiss.
According to Daniel, a modest performance in oil markets is also leaving equities without much support.
Dubai's benchmark index (.DFMGI) settled 0.8% lower, weighed down by heavy losses in utilities and index heavyweight real estate stocks.
Shares of Emirates Central Cooling Systems Corporation (EMPOWER.DU) declined 4.6%, its worst day since debut in the market, while blue-chip developer Emaar Properties (EMAR.DU) lost 1.6%.
Hindenburg Report: Adani's #AbuDhabi Backer Says Decisions Based on Facts - Bloomberg
Hindenburg Report: Adani's Abu Dhabi Backer Says Decisions Based on Facts - Bloomberg
Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by billionaire Gautam Adani, said its business decisions are based on facts after a scathing report on the Indian tycoon’s business empire by US short seller Hindenburg Research.
“Our business decisions are purely based on an analysis of objective facts,” said Ahmad Ibrahim, a spokesman for IHC, in a statement to Bloomberg. That’s “aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation.”
More than $50 billion of market value has been wiped of Adani’s corporate empire after Hindenburg issued a report on Jan. 24 detailing wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies. Adani has said it’s exploring legal action after what it called the “maliciously mischievous, unresearched” report by the short seller.
Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by billionaire Gautam Adani, said its business decisions are based on facts after a scathing report on the Indian tycoon’s business empire by US short seller Hindenburg Research.
“Our business decisions are purely based on an analysis of objective facts,” said Ahmad Ibrahim, a spokesman for IHC, in a statement to Bloomberg. That’s “aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation.”
More than $50 billion of market value has been wiped of Adani’s corporate empire after Hindenburg issued a report on Jan. 24 detailing wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies. Adani has said it’s exploring legal action after what it called the “maliciously mischievous, unresearched” report by the short seller.
PIF: How Giant #Saudi Arabian Fund Is Building a Post-Oil Future: QuickTake - Bloomberg
PIF: How Giant Saudi Arabian Fund Is Building a Post-Oil Future: QuickTake - Bloomberg
In a world where deep-pocketed investors are becoming harder to find, Saudi Arabia’s $600 billion sovereign wealth fund is spreading around the oil-rich kingdom’s largesse as never before. The Public Investment Fund has snapped up sports teams and electric carmakers and funded new cities in the desert as it seeks to amass $2 trillion in assets by 2030. Whether all these investments earn a big return is beside the point. The fund’s ultimate goal is to diversify the kingdom’s oil-reliant economy and project Saudi influence around the world.
1. How has the fund’s purpose changed?
What was once a sleepy government holding company is now a vehicle for the global ambitions of the country’s de facto ruler, Crown Prince Mohammed Bin Salman, under a plan known as Vision 2030. Its main purpose is to stimulate inward investment, access new technologies, develop local industries and address widespread underemployment in the kingdom. One focus is tourism: In a country that until recently was largely closed off to foreign holidaymakers and entertainment was a taboo, PIF is investing in luxury resorts, cinemas and entertainment complexes to lure more tourists, and to stop Saudis seeking fun abroad. It also does deals just to make money. The fund is expanding its team in New York to manage a growing portfolio of US stocks.
In a world where deep-pocketed investors are becoming harder to find, Saudi Arabia’s $600 billion sovereign wealth fund is spreading around the oil-rich kingdom’s largesse as never before. The Public Investment Fund has snapped up sports teams and electric carmakers and funded new cities in the desert as it seeks to amass $2 trillion in assets by 2030. Whether all these investments earn a big return is beside the point. The fund’s ultimate goal is to diversify the kingdom’s oil-reliant economy and project Saudi influence around the world.
1. How has the fund’s purpose changed?
What was once a sleepy government holding company is now a vehicle for the global ambitions of the country’s de facto ruler, Crown Prince Mohammed Bin Salman, under a plan known as Vision 2030. Its main purpose is to stimulate inward investment, access new technologies, develop local industries and address widespread underemployment in the kingdom. One focus is tourism: In a country that until recently was largely closed off to foreign holidaymakers and entertainment was a taboo, PIF is investing in luxury resorts, cinemas and entertainment complexes to lure more tourists, and to stop Saudis seeking fun abroad. It also does deals just to make money. The fund is expanding its team in New York to manage a growing portfolio of US stocks.
2. What does the PIF invest in?
It’s gradually reducing its legacy holdings in local businesses such as Saudi National Bank and Saudi Telecom Co. to free up money for other investments. Those include national projects like Neom, a $500-billion city-state that would run entirely on renewable power and export green energy. Since 2016, when it committed $45 billion to SoftBank Group Corp.’s technology-focused Vision Fund, PIF’s foreign interests have also mushroomed. An investment in electric carmaker Lucid Motors Inc. has increased in value to almost $10 billion and the company is opening a factory in Saudi Arabia. The fund has stakes in video game makers Activision Blizzard Inc. and Electronic Arts Inc. and the digital services and retail businesses of Asia’s richest man, Mukesh Ambani.
It’s gradually reducing its legacy holdings in local businesses such as Saudi National Bank and Saudi Telecom Co. to free up money for other investments. Those include national projects like Neom, a $500-billion city-state that would run entirely on renewable power and export green energy. Since 2016, when it committed $45 billion to SoftBank Group Corp.’s technology-focused Vision Fund, PIF’s foreign interests have also mushroomed. An investment in electric carmaker Lucid Motors Inc. has increased in value to almost $10 billion and the company is opening a factory in Saudi Arabia. The fund has stakes in video game makers Activision Blizzard Inc. and Electronic Arts Inc. and the digital services and retail businesses of Asia’s richest man, Mukesh Ambani.
3. What makes the PIF unusual?
While traditional sovereign funds invest excess national wealth to generate profits in the future, PIF was repurposed as a global investor while the Saudi budget was in deficit. As a result, it’s also turned to borrowing in order to hit its growth targets, which will require it to spend prolifically on development projects at home. It’s already tapped global banks for multi-billion-dollar loans. In 2022, it raised $3 billion from its debut green bond sale. While it may seem incongruous for a petrodollar-backed fund to be raising money from climate-conscious investors, the PIF is the main backer of most of the kingdom’s renewable energy investments. Through Neom, it’s funding one of the world’s largest projects to produce hydrogen fuel without creating any harmful emissions.
While traditional sovereign funds invest excess national wealth to generate profits in the future, PIF was repurposed as a global investor while the Saudi budget was in deficit. As a result, it’s also turned to borrowing in order to hit its growth targets, which will require it to spend prolifically on development projects at home. It’s already tapped global banks for multi-billion-dollar loans. In 2022, it raised $3 billion from its debut green bond sale. While it may seem incongruous for a petrodollar-backed fund to be raising money from climate-conscious investors, the PIF is the main backer of most of the kingdom’s renewable energy investments. Through Neom, it’s funding one of the world’s largest projects to produce hydrogen fuel without creating any harmful emissions.
Wizz Air #AbuDhabi to ‘accelerate’ expansion as passengers rise six-fold in 2022
Wizz Air Abu Dhabi to ‘accelerate’ expansion as passengers rise six-fold in 2022
Low-cost carrier Wizz Air Abu Dhabi, a joint venture between state-owned ADQ and Wizz Air Holdings, said on Friday that it will accelerate and expand operations further this year after a “record-breaking” 2022.
The airline, which now flies to a total of 36 destinations to 25 countries from Abu Dhabi, saw its passenger numbers rising by six-fold to more than 1.2 million last year. It also doubled its fleet size from four to eight state-of-the-art brand-new A321-neo aircraft.
“[The airline] is ready to accelerate and expand operations further in 2023,” Wizz Air said in a statement, adding that the airline is now the second-largest carrier in Abu Dhabi by seat capacity.
“Wizz Air Abu Dhabi is looking forward to future growth, in line with the UAE Tourism Strategy 2031, and further strengthen the position of the UAE as one of the best destinations in the world for tourism.”
The budget carrier launched operations in December 2019. It has recently expanded its network into Central Asia and other major destinations including the Maldives and across the Gulf region.
Low-cost carrier Wizz Air Abu Dhabi, a joint venture between state-owned ADQ and Wizz Air Holdings, said on Friday that it will accelerate and expand operations further this year after a “record-breaking” 2022.
The airline, which now flies to a total of 36 destinations to 25 countries from Abu Dhabi, saw its passenger numbers rising by six-fold to more than 1.2 million last year. It also doubled its fleet size from four to eight state-of-the-art brand-new A321-neo aircraft.
“[The airline] is ready to accelerate and expand operations further in 2023,” Wizz Air said in a statement, adding that the airline is now the second-largest carrier in Abu Dhabi by seat capacity.
“Wizz Air Abu Dhabi is looking forward to future growth, in line with the UAE Tourism Strategy 2031, and further strengthen the position of the UAE as one of the best destinations in the world for tourism.”
The budget carrier launched operations in December 2019. It has recently expanded its network into Central Asia and other major destinations including the Maldives and across the Gulf region.
Thursday, 26 January 2023
#AbuDhabi leads fall in Gulf markets, #Saudi stocks rise | Reuters
Abu Dhabi leads fall in Gulf markets, Saudi stocks rise | Reuters
Abu Dhabi stock market slid on Thursday on weak earnings from heavyweight companies, while the Saudi Arabian shares ended higher amid firm oil prices.
In Abu Dhabi, the index (.FTFADGI) declined 1.7%, its worst day since September, dragged down by an 8% plunge in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), that logged its lowest close in more than eight months.
The bank reported a 26% drop in fourth-quarter net profit, missing analyst estimates, though annual net profit rose 7%.
The lender also slashed yearly cash dividend by 26% to 52 fils per share compared with 2021.
Al Seer Marine Supplies and Equipment (ASM.AD) dropped 1.1% after it reported a fall in earnings, recording annual net profit of 1.01 billion dirhams, down from 2.52 billion dirhams a year earlier.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 2% and Saudi Arabian Mining (1211.SE) climbing 1.4%.
The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), surged 1.4%, extending its rally since last Thursday.
Dubai's benchmark index (.DFMGI) rose marginally.
Most real estate stocks in the index dropped, with heavyweight Emaar Properties (EMAR.DU) down 1%, while the utilities and finance sectors stocks rose with Emirates Central Cooling Systems (EMPOWER.DU) adding 0.7% and lender Emirates NBD (ENBD) (ENBD.DU) gaining 0.4%.
Dubai's biggest lender, ENBD, reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted its overall income.
Qatari Index (.QSI) slipped 0.5%, ending a five-day winning streak, as most of the index constituents were in the negative territory.
Index heavyweights Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA) declined 3.5% and 0.8%, respectively.
"The Qatari stock market returned to the downside as traders moved to secure their gains after successive gains," said Farah Mourad, Senior Market Analyst of XTB MENA.
"The main index remains under pressure from the continuously falling natural gas prices".
Abu Dhabi stock market slid on Thursday on weak earnings from heavyweight companies, while the Saudi Arabian shares ended higher amid firm oil prices.
In Abu Dhabi, the index (.FTFADGI) declined 1.7%, its worst day since September, dragged down by an 8% plunge in the country's biggest lender, First Abu Dhabi Bank (FAB.AD), that logged its lowest close in more than eight months.
The bank reported a 26% drop in fourth-quarter net profit, missing analyst estimates, though annual net profit rose 7%.
The lender also slashed yearly cash dividend by 26% to 52 fils per share compared with 2021.
Al Seer Marine Supplies and Equipment (ASM.AD) dropped 1.1% after it reported a fall in earnings, recording annual net profit of 1.01 billion dirhams, down from 2.52 billion dirhams a year earlier.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 2% and Saudi Arabian Mining (1211.SE) climbing 1.4%.
The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), surged 1.4%, extending its rally since last Thursday.
Dubai's benchmark index (.DFMGI) rose marginally.
Most real estate stocks in the index dropped, with heavyweight Emaar Properties (EMAR.DU) down 1%, while the utilities and finance sectors stocks rose with Emirates Central Cooling Systems (EMPOWER.DU) adding 0.7% and lender Emirates NBD (ENBD) (ENBD.DU) gaining 0.4%.
Dubai's biggest lender, ENBD, reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted its overall income.
Qatari Index (.QSI) slipped 0.5%, ending a five-day winning streak, as most of the index constituents were in the negative territory.
Index heavyweights Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA) declined 3.5% and 0.8%, respectively.
"The Qatari stock market returned to the downside as traders moved to secure their gains after successive gains," said Farah Mourad, Senior Market Analyst of XTB MENA.
"The main index remains under pressure from the continuously falling natural gas prices".
Short Seller Nate Anderson's Hindenburg Targets Billionaire Gautam Adani - Bloomberg video
Short Seller Nate Anderson's Hindenburg Targets Billionaire Gautam Adani - Bloomberg
Over the past few years, Nathan Anderson has made a name with analysis that sends stocks sinking.
Now the activist short seller behind Hindenburg Research is going after his biggest game yet — what Hindenburg is calling, with characteristic chutzpah, “The Largest Con in Corporate History.’’
His target: Indian industrialist Gautam Adani, a figure even richer than Bill Gates or Warren Buffett, with a net worth of $113.4 billion, according to the Bloomberg Billionaires Index.
Hindenburg on Tuesday leveled a series of extraordinary allegations about the sprawling Adani Group conglomerate — the result, it said, of a two-year investigation into what it’s characterizing as a brazen scheme of stock manipulation and accounting fraud dating back decades.
The report, which the Adani Group has called “maliciously mischievous” and “unresearched” promptly wiped $12 billion of market value.
Over the past few years, Nathan Anderson has made a name with analysis that sends stocks sinking.
Now the activist short seller behind Hindenburg Research is going after his biggest game yet — what Hindenburg is calling, with characteristic chutzpah, “The Largest Con in Corporate History.’’
His target: Indian industrialist Gautam Adani, a figure even richer than Bill Gates or Warren Buffett, with a net worth of $113.4 billion, according to the Bloomberg Billionaires Index.
Hindenburg on Tuesday leveled a series of extraordinary allegations about the sprawling Adani Group conglomerate — the result, it said, of a two-year investigation into what it’s characterizing as a brazen scheme of stock manipulation and accounting fraud dating back decades.
The report, which the Adani Group has called “maliciously mischievous” and “unresearched” promptly wiped $12 billion of market value.
Emirates NBD 2022 profits up 40% by $3.54bln
Emirates NBD 2022 profits up 40% by $3.54bln
Emirates NBD saw its profits rise by 40% in 2022 to reach AED 13 billion ($3.54 billion) after an “exceptionally strong” fourth quarter.
Dubai’s largest bank reported a total income of AED 32.5 billion over the year, an increase of 36% year-on-year.
Profits in the fourth quarter were up 94% YoY to AED 3.9 billion, the bank said.
Chairman Sheikh Ahmed Ahmed bin Saeed Al Maktoum said Emirates NBD was proposing a 20% increase in dividend to 60 fils per share.
Emirates NBD’s assets reached AED 742 billion in 2022, up by 8% from 2021.
The bank’s Islamic arm, Emirates Islamic, reported its highest ever net profit of AED 1.24 billion, up 51% on 2021.
Income reached AED 3.18 billion for 2022, up 33%.
Emirates NBD saw its profits rise by 40% in 2022 to reach AED 13 billion ($3.54 billion) after an “exceptionally strong” fourth quarter.
Dubai’s largest bank reported a total income of AED 32.5 billion over the year, an increase of 36% year-on-year.
Profits in the fourth quarter were up 94% YoY to AED 3.9 billion, the bank said.
Chairman Sheikh Ahmed Ahmed bin Saeed Al Maktoum said Emirates NBD was proposing a 20% increase in dividend to 60 fils per share.
Emirates NBD’s assets reached AED 742 billion in 2022, up by 8% from 2021.
The bank’s Islamic arm, Emirates Islamic, reported its highest ever net profit of AED 1.24 billion, up 51% on 2021.
Income reached AED 3.18 billion for 2022, up 33%.
#UAE's biggest bank FAB’s Q4 net profit falls 26%; misses estimate
UAE's biggest bank FAB’s Q4 net profit falls 26%; misses estimate
The UAE’s biggest lender First Abu Dhabi Bank (FAB) posted a Q4 2022 net profit of 2.46 billion dirhams ($ million), 26% lower year-on-year (YoY) as impairment charges and operating expenses soared.
For FY 2022, the bank made a net profit of AED 13.41 billion, 7% higher YoY.
The efforts missed Refinitiv's mean analysts’ estimates of AED2.95 billion net profit for the quarter and AED13.78 billion for the full year.
On a quarterly basis, Q4 net profit was 16% lower, according to the lender's statement on Thursday on Abu Dhabi's ADX exchange where its shares trade.
Impairment charges for Q4 was 55% higher at AED1.1 billion while operating expenses jumped 35% YoY to AED2 billion.
FAB’s board of directors has recommended a cash dividend per share of 52 fils for FY 2022, compared to 49 fils in 2021.
The UAE’s biggest lender First Abu Dhabi Bank (FAB) posted a Q4 2022 net profit of 2.46 billion dirhams ($ million), 26% lower year-on-year (YoY) as impairment charges and operating expenses soared.
For FY 2022, the bank made a net profit of AED 13.41 billion, 7% higher YoY.
The efforts missed Refinitiv's mean analysts’ estimates of AED2.95 billion net profit for the quarter and AED13.78 billion for the full year.
On a quarterly basis, Q4 net profit was 16% lower, according to the lender's statement on Thursday on Abu Dhabi's ADX exchange where its shares trade.
Impairment charges for Q4 was 55% higher at AED1.1 billion while operating expenses jumped 35% YoY to AED2 billion.
FAB’s board of directors has recommended a cash dividend per share of 52 fils for FY 2022, compared to 49 fils in 2021.
#AbuDhabi's ADX expects increased listings this year | Reuters
Abu Dhabi's ADX expects increased listings this year | Reuters
The Abu Dhabi stock exchange expects an increase in listings this year, even as global economies grapple with high inflation and rising interest rates, its chairman said.
"We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities," Hisham Khalid Malak, chairman of the Abu Dhabi Securities Exchange (ADX) told Reuters on Wednesday.
The global picture is "starting to look better than expected, with a soft landing now forecast in the United States", he said, adding that "Europe is also starting to look better and China is opening up".
The Gulf's second-biggest market last year featured five initial public offerings (IPOs) and two dual listings, as well as listings for six exchange-traded funds and one blank-cheque company. It also had one listing on its secondary market, which connects investors with smaller privately owned businesses.
The Abu Dhabi stock exchange expects an increase in listings this year, even as global economies grapple with high inflation and rising interest rates, its chairman said.
"We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities," Hisham Khalid Malak, chairman of the Abu Dhabi Securities Exchange (ADX) told Reuters on Wednesday.
The global picture is "starting to look better than expected, with a soft landing now forecast in the United States", he said, adding that "Europe is also starting to look better and China is opening up".
The Gulf's second-biggest market last year featured five initial public offerings (IPOs) and two dual listings, as well as listings for six exchange-traded funds and one blank-cheque company. It also had one listing on its secondary market, which connects investors with smaller privately owned businesses.
Most major Gulf bourses fall, Emirates NBD lifts #Dubai | Reuters
Most major Gulf bourses fall, Emirates NBD lifts Dubai | Reuters
Most stock markets in the Gulf were slightly lower on Thursday, mirroring volatility in crude prices, while Dubai bucked the trend as its largest lender reported strong earnings.
Crude prices - a key catalyst for Gulf's financial market - were volatile on Thursday ahead of the OPEC+ meeting and the looming European Union ban on Russian refined products.
Brent crude were up 3 cents, or 0.03%, to $86.15 per barrel by 0742 GMT.
Abu Dhabi's benchmark index (.FTFADGI) retreated 1%, weighed down by a 4.3% decline in UAE's largest lender First Abu Dhabi Bank (FAB.AD) as the bank reported a 26% drop in fourth-quarter net profit, although it had a 7% rise in 2022 net profit.
The lender missed analyst estimates of 2.95 billion dirhams ($803.22 million) in fourth-quarter net profit, according to Refinitiv data.
The lender also decreased annual cash dividend by 26% to 52 fils per share from 2021.
Sharjah Islamic Bank (SIB.AD), however, jumped 4% after the bank posted 27% growth in full-year net profit to 650.9 million dirhams ($177.23 million).
Benchmark Qatari index (.QSI) edged down 0.2%, breaking a five-day winning streak, as most of the index constituents were in negative territory.
Index heavyweight Islamic lender Qatar Islamic Bank (QISB.QA) and petrochemical maker Industries Qatar (IQCD.QA) declined 0.9% and 0.7%, respectively.
Separately, Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters.
Saudi Arabia's benchmark stock index (.TASI) dropped 0.2%, on course to snap a five-day rally, with luxury property developer Retal Urban Development (4322.SE) falling 0.7% and Riyad Bank losing 1.4%.
Dubai's main share index (.DFMGI), however, gained 0.1%, supported by a 1.2% hike in Dubai's largest lender Emirates NBD bank (ENBD.DU) as the lender reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.54 billion), helped by higher interest rates and transaction volumes.
Emirates NBD also proposed a 20% increase in dividend to 60 fils a share.
Most stock markets in the Gulf were slightly lower on Thursday, mirroring volatility in crude prices, while Dubai bucked the trend as its largest lender reported strong earnings.
Crude prices - a key catalyst for Gulf's financial market - were volatile on Thursday ahead of the OPEC+ meeting and the looming European Union ban on Russian refined products.
Brent crude were up 3 cents, or 0.03%, to $86.15 per barrel by 0742 GMT.
Abu Dhabi's benchmark index (.FTFADGI) retreated 1%, weighed down by a 4.3% decline in UAE's largest lender First Abu Dhabi Bank (FAB.AD) as the bank reported a 26% drop in fourth-quarter net profit, although it had a 7% rise in 2022 net profit.
The lender missed analyst estimates of 2.95 billion dirhams ($803.22 million) in fourth-quarter net profit, according to Refinitiv data.
The lender also decreased annual cash dividend by 26% to 52 fils per share from 2021.
Sharjah Islamic Bank (SIB.AD), however, jumped 4% after the bank posted 27% growth in full-year net profit to 650.9 million dirhams ($177.23 million).
Benchmark Qatari index (.QSI) edged down 0.2%, breaking a five-day winning streak, as most of the index constituents were in negative territory.
Index heavyweight Islamic lender Qatar Islamic Bank (QISB.QA) and petrochemical maker Industries Qatar (IQCD.QA) declined 0.9% and 0.7%, respectively.
Separately, Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters.
Saudi Arabia's benchmark stock index (.TASI) dropped 0.2%, on course to snap a five-day rally, with luxury property developer Retal Urban Development (4322.SE) falling 0.7% and Riyad Bank losing 1.4%.
Dubai's main share index (.DFMGI), however, gained 0.1%, supported by a 1.2% hike in Dubai's largest lender Emirates NBD bank (ENBD.DU) as the lender reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.54 billion), helped by higher interest rates and transaction volumes.
Emirates NBD also proposed a 20% increase in dividend to 60 fils a share.
Wednesday, 25 January 2023
Exclusive: #Qatar in talks to join TotalEnergies' $27 bln Iraqi energy project -sources | Reuters
Exclusive: Qatar in talks to join TotalEnergies' $27 bln Iraqi energy project -sources | Reuters
Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country.
A major investment by a Gulf state would mark an important win for Iraqi Prime Minister Mohammed al-Sudani, who took office last October following more than a year of political turmoil, and would also be considered a step towards countering Iranian influence.
QatarEnergy is looking to acquire a stake of around 30% in the project, one source said. Energy companies rarely own 100% of projects and prefer partnerships to reduce risk.
After a flurry of deals after the U.S. invasion over a decade ago, international oil companies have been trying to leave Iraq due to poor returns from revenue sharing agreements.
When TotalEnergies and Baghdad in 2021 signed an agreement to build four giant solar, gas, power and water projects in southern Iraq over 25 years, hopes for an exodus reversal were high. Exxon Mobil (XOM.N), Shell (SHEL.L) and BP(BP.L) have all sought to scale back their operations in Iraq in recent years.
Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country.
A major investment by a Gulf state would mark an important win for Iraqi Prime Minister Mohammed al-Sudani, who took office last October following more than a year of political turmoil, and would also be considered a step towards countering Iranian influence.
QatarEnergy is looking to acquire a stake of around 30% in the project, one source said. Energy companies rarely own 100% of projects and prefer partnerships to reduce risk.
After a flurry of deals after the U.S. invasion over a decade ago, international oil companies have been trying to leave Iraq due to poor returns from revenue sharing agreements.
When TotalEnergies and Baghdad in 2021 signed an agreement to build four giant solar, gas, power and water projects in southern Iraq over 25 years, hopes for an exodus reversal were high. Exxon Mobil (XOM.N), Shell (SHEL.L) and BP(BP.L) have all sought to scale back their operations in Iraq in recent years.
#SaudiArabia sees borrowing around 45 billion riyals in 2023 | Reuters
Saudi Arabia sees borrowing around 45 billion riyals in 2023 | Reuters
Saudi Arabia, the world's top oil exporter, expects its financing needs to be around 45 billion riyals ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Center said on Wednesday.
Saudi Finance Minister Mohammed al-Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC said in a statement. The kingdom raised about 48 billion riyals for 2023 financing needs in pre-funding transactions in 2022, it added.
Earlier this month, Saudi Arabia raised $10 billion in a multi-tranche bond sale, taking advantage of a window to tap global debt markets amid continuing market volatility.
High oil prices helped Saudi Arabia's fiscal balance tilt to its first surplus since 2013 last year, expected to be 2.6% of GDP. A consecutive, albeit narrower, surplus is forecast in 2023, clouded by global economic concerns and an uncertain oil price outlook.
Saudi Arabia, the world's top oil exporter, expects its financing needs to be around 45 billion riyals ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Center said on Wednesday.
Saudi Finance Minister Mohammed al-Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC said in a statement. The kingdom raised about 48 billion riyals for 2023 financing needs in pre-funding transactions in 2022, it added.
Earlier this month, Saudi Arabia raised $10 billion in a multi-tranche bond sale, taking advantage of a window to tap global debt markets amid continuing market volatility.
High oil prices helped Saudi Arabia's fiscal balance tilt to its first surplus since 2013 last year, expected to be 2.6% of GDP. A consecutive, albeit narrower, surplus is forecast in 2023, clouded by global economic concerns and an uncertain oil price outlook.
#Qatar leads Gulf markets higher, #AbuDhabi shares fall | Reuters
Qatar leads Gulf markets higher, Abu Dhabi shares fall | Reuters
Qatar's stock market on Wednesday extended its winning streak to a fifth straight session to outperform the Gulf region on strong earnings, while Abu Dhabi stocks ended lower.
Qatari index (.QSI) rose 0.5% as financial and materials sectors gained.
Qatar's Commercial Bank (COMB.QA) surged 10% on upbeat fiscal year earnings and higher dividend.
The bank reported a more than 22% rise in annual net profit to 2.81 bln-riyal ($771.98 million), beating analyst expectations of a profit of 2.34 bln riyal. It also raised annual cash dividend by 56% to 0.25 riyal per share compared with 2021.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) surging 3% and Dallah Health (4004.SE) rising 5.3%.
The oil giant Saudi Aramco (2222.SE) ended its six-session rally, falling 0.3%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) rose 0.4%.
Crude prices, a key catalyst for Gulf financial markets, steadied on Wednesday after a decline in the previous session, with Brent crude up 7 cents, or 0.1%, at $86.06 a barrel by 1227 GMT after declining 2.3% in the previous session.
Abu Dhabi stocks (.FTFADGI) fell 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) dropping 1.8% and International Holding (IHC.AD) sliding 0.2%.
UAE conglomerate IHC is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' (ADEL.NS) 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday, the company's spokesperson said.
Dubai's benchmark index (.DFMGI) lost 0.4%, dragged down by fall in utilities, financial and real estate sectors with Dubai Electric (DEWAA.DU) falling 0.8%, and Emirates Central Cooling Systems (EMPOWER.DU) dropping 1.3% while real estate heavyweight Emaar properties (EMAR.DU) lost 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 2.1%, continuing its rally since last Wednesday.
"The Egyptian stock market continued to surge while international investors maintained their buying trend. The market could continue to see benefits from the improving sentiment," said Fadi Reyad, chief market analyst at CAPEX.com MENA.
Egypt's economy will grow 4.8% in the current fiscal year, faster than predicted by the government but will not meet its targets over the medium term, a Reuters poll showed on Wednesday.
Qatar's stock market on Wednesday extended its winning streak to a fifth straight session to outperform the Gulf region on strong earnings, while Abu Dhabi stocks ended lower.
Qatari index (.QSI) rose 0.5% as financial and materials sectors gained.
Qatar's Commercial Bank (COMB.QA) surged 10% on upbeat fiscal year earnings and higher dividend.
The bank reported a more than 22% rise in annual net profit to 2.81 bln-riyal ($771.98 million), beating analyst expectations of a profit of 2.34 bln riyal. It also raised annual cash dividend by 56% to 0.25 riyal per share compared with 2021.
The benchmark index (.TASI) in Saudi Arabia added 0.1%, helped by gains in healthcare, financial and materials stocks with Dr Sulaiman Al-Habib Medical Services (4013.SE) surging 3% and Dallah Health (4004.SE) rising 5.3%.
The oil giant Saudi Aramco (2222.SE) ended its six-session rally, falling 0.3%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) rose 0.4%.
Crude prices, a key catalyst for Gulf financial markets, steadied on Wednesday after a decline in the previous session, with Brent crude up 7 cents, or 0.1%, at $86.06 a barrel by 1227 GMT after declining 2.3% in the previous session.
Abu Dhabi stocks (.FTFADGI) fell 0.4%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) dropping 1.8% and International Holding (IHC.AD) sliding 0.2%.
UAE conglomerate IHC is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises' (ADEL.NS) 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday, the company's spokesperson said.
Dubai's benchmark index (.DFMGI) lost 0.4%, dragged down by fall in utilities, financial and real estate sectors with Dubai Electric (DEWAA.DU) falling 0.8%, and Emirates Central Cooling Systems (EMPOWER.DU) dropping 1.3% while real estate heavyweight Emaar properties (EMAR.DU) lost 0.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 2.1%, continuing its rally since last Wednesday.
"The Egyptian stock market continued to surge while international investors maintained their buying trend. The market could continue to see benefits from the improving sentiment," said Fadi Reyad, chief market analyst at CAPEX.com MENA.
Egypt's economy will grow 4.8% in the current fiscal year, faster than predicted by the government but will not meet its targets over the medium term, a Reuters poll showed on Wednesday.