#UAE to launch $30bn investment fund at COP28

UAE to launch $30bn investment fund at COP28

The United Arab Emirates is preparing to launch a $30bn climate-related investment fund with BlackRock, TPG and Brookfield, according to people familiar with the matter. 

The launch comes as the UAE attempts to bolster its credentials as host of COP28 on the first days of the UN summit. 

Lunate Capital, a new Abu Dhabi-based asset manager set up with $50bn in assets, will oversee the fund with at least $5bn earmarked for investment in Global South countries, three people involved in discussions said. 

The UAE is drawing on vast resources amassed as one of the world’s biggest oil and gas producers. The nation sits on assets worth $2.5tn across its sovereign wealth fund, pension funds and central bank, according to data provider Global SWF.

Mideast Stocks: Most Gulf markets rise on strong oil prices

Mideast Stocks: Most Gulf markets rise on strong oil prices

Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year. Oil prices - a key catalyst for the Gulf's financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters. The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.

Saudi Arabia's benchmark index was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April. Elm Company rose 1.4% and the kingdom's largest lender Saudi National Bank climbed 2%. 

The Qatari index snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank and 5.7% surge in Mesaieed Petrochemical.

In Abu Dhabi, the benchmark index was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties and 1% rise in UAE's largest lender First Abu Dhabi Bank.

Dubai's benchmark index fell 0.2%, with most sectors in the red. Emirates Central Cooling Systems Corp declined 1.8% and Emirate's largest lender Emirates NBD lost 0.9%. 

Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank dropping 1% and Talaat Mostafa Group Holding sliding 3.3%. However, Misr Fertilizer and Orascom Egypt gained 2.6% and 9.9% respectively.

#AbuDhabi: Morgan Stanley, Rothschild Join Finance Elite - Bloomberg

Abu Dhabi: Morgan Stanley, Rothschild Join Finance Elite - Bloomberg

Rothschild & Co. and Morgan Stanley are among global investment banks opening up in Abu Dhabi as the deep-pocketed United Arab Emirates’ capital continues to attract more international money and financial firms.

The Paris-based boutique bank secured a license to operate in the Abu Dhabi Global Market, the emirate’s main business zone, according to a statement on Thursday.

Separately, JPMorgan & Chase Co. this week said it’s expanding in the city by offering deposit taking and payment processing to its wholesale banking clients from the capital and is seeking a full banking license in ADGM. The plans signal the Wall Street firm’s “intent and commitment to the size of the opportunity here,” Chief Executive Officer Jamie Dimon said in the statement.

JPMorgan’s expansion come about a month after Morgan Stanley CEO James Gorman told analysts that the bank plans to open an outpost in Abu Dhabi. Earlier this year, Goldman Sachs Group Inc. said it was opening an office in the capital that would initially focus on asset management.

Global investment banks are making inroads into Abu Dhabi at the same time hedge funds, private equity firms, crypto companies and asset managers are being drawn to the city that’s home to sovereign wealth funds overseeing more than $2 trillion. Ray Dalio has set up a branch of his family office in the UAE capital, while Brevan Howard Asset Management, one of the world’s biggest hedge funds, also opened an outpost in ADGM.

#Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group is seeking to raise as much as $222 million from the sale of a 10% stake through an initial public offering after the company disclosed an indicative price range on Thursday.

The price range was set between 23 riyals ($6.13) and 25 riyals per share, the company said in a statement, implying an equity value for the group of between $2.04 billion and $2.22 billion.

The final price will be disclosed at the end of the book-building period, which is slated for December 6.

Major Gulf markets ease in early trade | Reuters

Major Gulf markets ease in early trade | Reuters

Major stock markets in the Gulf were subdued in early trade on Thursday on volatile oil prices, while the Qatari benchmark was on course to extend losses for a sixth session.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, dragged down by a 0.2% fall in oil behemoth Saudi Aramco (2222.SE).

Oil - a major catalyst for the region's financial markets - was little changed as investors remained cautious ahead of expected production cuts by the OPEC+ group and as weaker-than-expected Chinese factory data underscored slowing growth in the world's second largest economy.

Oil prices will face an uphill struggle in 2024 as global growth risks, including China's patchy economic recovery, restrain demand, a Reuters poll showed on Wednesday, while markets expect that OPEC+ may extend production cuts.

Among individual stocks, auto rental firm Lumi (4262.SE) advanced 1.7%, following a purchase order from Royal Commission for Alula to provide vehicle rental services for 41.8 million riyals ($11.14 million).

Separately, Saudi Arabian media giant MBC Group is seeking to raise as much as $222 million from the sale of a 10% stake through an initial public offering after the company disclosed an indicative price range on Thursday.

Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.4% rise in blue-chip developer Emaar Properties (EMAR.DU).

Meanwhile, U.S. President Joe Biden on Wednesday held a call with President Mohamed bin Zayed of the United Arab Emirates and discussed the war in the Middle East and an upcoming climate summit, the White House said in a statement.

In Abu Dhabi, the index (.FTFADGI) lost 0.1%.

The Qatari benchmark (.QSI) was down 0.2%, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), losing 0.3%.

#SaudiArabia Heathrow Deal Adds to European Portfolio - Bloomberg

MBS: Saudi Arabia Heathrow Deal Adds to European Portfolio - Bloomberg

Saudi Arabia’s powerful sovereign wealth fund is set to add a crucial transport hub to the growing list of European assets linked to the oil-rich kingdom and its de facto ruler, Crown Prince Mohammed Bin Salman.

The investments are a sign of how Saudi Arabia is becoming an increasingly active dealmaking force outside the United States, which has typically been the focus of the kingdom’s attention. Below is a list of some of Saudi Arabia’s most significant European investments:

Heathrow Airport
The Public Investment Fund this week said it will acquire a 10% stake in London’s Heathrow Airport in a deal that also involved France’s Ardian. The two investors will take a combined 25% stake in the airport worth £2.4 billion ($3 billion). PIF, as the wealth fund is known, said it aims to be a “long-term partner” for the airport, which already counts sovereign funds from Qatar and Singapore as investors. It comes as Saudi Arabia embarks on a plan to spend hundreds of billions of dollars on boosting its own tourism and travel infrastructure to attract more international visitors.

Telefonica
Government-controlled Saudi Telecom Co. said in September it’s seeking to buy a 10% stake in Spain’s Telefonica SA in a deal valued at around $2.25 billion. STC, as the firm 64% owned by the country’s wealth fund is known, said at the time it was making a ‘friendly’ approach and was supportive of Telefonica’s management. Yet the deal sparked a backlash in Spain, with the government saying it was considering taking its own stake in the business to shield its “most strategic” company from foreign takeovers and limit the influence of international investors.

Aston Martin
PIF holds a 21% stake in British luxury carmaker Aston Martin Lagonda Global Holdings Plc. The Saudi fund built its stake as part of a wider investment in global carmakers that includes a 60% stake in US electric vehicle maker Lucid Group Inc. The deals are part of the PIF’s wider strategy to develop a domestic auto industry on the west coast of the kingdom.

Newcastle FC
In one of PIF’s first big sporting acquisitions, it was the major backer of a more than £300 million deal to acquire English Premier League football club Newcastle United FC in 2021. The deal was in limbo for some time as the UK Premier League sought assurances the PIF, which is chaired by Prince Mohammed, was independent from the state. Once complete, the acquisition showcased Saudi Arabia’s sporting ambitions, and paved the way for the kingdom to spend nearly $1 billion this year on international players to join its Saudi Pro League.

Vantage Towers
The PIF was one of the backers, alongside KKR & Co. and Global Infrastructure Partners, for a deal to buy a stake in Vodafone Group Plc’s towers unit in November 2022. The deal valued Vantage Towers AG at €16.2 billion ($17.8 billion).

Teesside
Saudi Basic Industries Corporation., the chemicals firm controlled by oil producer Saudi Aramco, is investing nearly £1 billion in its facility in the northeast of England as part of an upgrade of its UK operations to lower emissions. The deal, announced in 2021, was greeted by Britain’s then Prime Minister Boris Johnson as a key deal to safeguard jobs and position the area as a hub for emissions reductions.

#Dubai Taxi Gets $41 Billion in Orders for $315 Million IPO - Bloomberg

Dubai Taxi Gets $41 Billion in Orders for $315 Million IPO - Bloomberg

Dubai Taxi Co. received over 150 billion dirhams ($41 billion) in investor orders for its $315 million initial public offering, a record for the city, in a sign the Persian Gulf continues to be a bright spot for listings.

The IPO, which is Dubai’s first privatization in over a year, was 130 times covered, according to a statement on Wednesday. The company said it was the highest oversubscription level ever for a Dubai IPO. The institutional investor tranche was almost 135 times oversubscribed.

The emirate’s government sold 624.75 million shares, or a 25% stake, at 1.85 dirhams each, which is at the top of a marketed range, it said. The pricing values Dubai Taxi at 4.62 billion dirhams, and shares will start trading on Dec. 7.

The overwhelming level of demand for Dubai Taxi’s IPO underscores the chasm between the Gulf’s booming listings market and the gloomy sentiment globally, where share sales have been hobbled for the past two years by high interest rates and market volatility.

The energy-rich region has instead become a hotspot for IPOs thanks to elevated oil prices, strong local investor demand and government efforts to list state-owed companies.

Dubai is the Gulf’s best performing market this year, with the benchmark index up 20% so far on the back of a jump in property-related shares.

Most Gulf markets drop ahead of OPEC+ meeting; #AbuDhabi gains | Reuters

Most Gulf markets drop ahead of OPEC+ meeting; Abu Dhabi gains | Reuters

Most stock markets in the Gulf were subdued on Wednesday amid volatile oil prices, as investors remained cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months.

Oil prices - a key catalyst for the Gulf's financial markets - rose 1.2% on Wednesday with Brent trading at $82.69 a barrel by 1340 GMT, as supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying.

The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies is scheduled to meet online on Thursday to decide oil output levels for 2024, according to a draft agenda seen by Reuters on Monday.

The Qatari index (.QSI) was down for a sixth consecutive session and ended 0.2% lower, weighed down by a 1.3% drop in Commercial Bank (COMB.QA) and 1.8% decline in Dukhan Bank(DUBK.QA).

Dubai's benchmark index (.DFMGI) fell 0.2%, snapping three consecutive sessions of gains, with most sectors in the red.

Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Emirate's largest lender Emirates NBD (ENBD.DU) lost 0.7%.

Saudi Arabia's benchmark index (.TASI) gained marginally, with Etihad Atheeb Telecom (7040.SE) rising 1.3% and Saudi Pharmaceutical Industries and Medical Appliances Corporation (2070.SE) surging 8.3%.

However, Lumi Rental (4262.SE) and Elm Company (7203.SE) dropped 3.2% and 1.2%, respectively.

In Abu Dhabi, the benchmark index (.FTFADGI) was up for a second consecutive session, ending 0.1% higher, helped by a 2.5% surge in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.9% gain in Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD).

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell for a second consecutive session and ended 1.4% lower, with all sectors in the red.

Commercial International Bank (COMI.CA) declined 2.7% and Misr Fertilizer (MFPC.CA) slumped 3.6%.

Fertilizers and petrochemicals maker MOPCO reported a decrease in third-quarter consolidated net profit.

#Dubai Firm’s Africa Ambitions Raises Carbon Colonialism Concerns - Bloomberg

Dubai Firm’s Africa Ambitions Raises Carbon Colonialism Concerns - Bloomberg

While a new UN market for the international trading of carbon credits begins to take shape, Blue Carbon, a firm backed by an Emirati royal family, has been on the hunt. This summer, it sought to gain rights to 10% of Liberia’s landmass to generate carbon credits, and it’s been discussing similar deals with several countries across the continent, including Zimbabwe, Zambia and Tanzania.

Blue Carbon’s recent spree is seen by some as a harbinger of a new era of mega-deals as the UN market for country-to-country offset trading begins to get off the ground. Finalizing the rules governing that will be central to discussions at this year’s UN climate talks starting Thursday in Dubai.

The Liberia deal and the prospect of others like it are giving rise to concerns of “carbon colonialism” – whereby foreign entities gain control over forest land on the continent to offset the emissions from rich, polluting countries, with very little benefit to local communities.

“There’s a risk of a land grab, a risk of land dispossession because richer countries want to lock land up for climate mitigation,” said Kate Dooley, an expert on forest carbon accounting and governance at the University of Melbourne.

Blue Carbon’s rights would be “limited to project implementation” and the company wouldn’t own the land, it said in an emailed response to questions. The company said it will respect the consent of local communities, and that the project land area is expected to narrow after feasibility and eligibility assessments.

#Dubai Is Bucking a Global Slowdown in Luxury Real Estate Sales - Bloomberg

Dubai, London Luxury Real Estate Sales: Homes Selling for More Than $10 Million - Bloomberg

Not even the super wealthy are immune to a slowing real estate market.

A total of 362 homes sold for more than $10 million across 12 global markets between July and September, down 2.4% from the same period last year, according to real estate company Knight Frank.

In London, 51 so-called super-prime homes sold in the third quarter, down from 63 last year. In Singapore, there were 13 ultra-luxury sales, down from 34. New York also saw a drop.

Dubai, meanwhile, bucked the slowdown with 89 sales over $10 million, an increase from 58 in the third quarter of 2022. Geneva and Hong Kong also posted increases.

First Asia ETF Tracking #Saudi Arabian Stocks Debuts in Hong Kong - Bloomberg

First Asia ETF Tracking Saudi Arabian Stocks Debuts in Hong Kong - Bloomberg

The first exchange-traded fund tracking Saudi Arabian shares debuted today in Hong Kong, marking the largest of its type to trade in the city this year and underscoring efforts by the Middle Eastern country and the Asian financial hub to build closer ties.

The CSOP Saudi Arabia ETF, domiciled in Hong Kong, is Asia’s first to focus on shares listed in Riyadh. It has more than $1 billion in assets and counts Saudi Arabia’s sovereign fund as a top investor.

Hong Kong last month announced steps to boost investor activity to counter a slump in average trading volume. While a 14% slide puts the Hang Seng Index on course for a fourth consecutive year of losses, the volume of shares traded in Riyadh has risen and a 6% gain in its main equities gauge in 2023 is outperforming emerging market peers.

“The Saudi market is expected to more than double by 2030. There is a lot of interest in this market,” said Rebecca Sin, an analyst at Bloomberg Intelligence in Hong Kong. Apart from having oil giant Saudi Aramco as the second-biggest holding, the fund is “very financial heavy,” a group favored by Hong Kong investors, she added.

#Saudi's Kingdom Holding buys $450 mln stake in Citigroup from Alwaleed | Reuters

Saudi's Kingdom Holding buys $450 mln stake in Citigroup from Alwaleed | Reuters

Saudi Arabian Prince Alwaleed Bin Talal's investment company Kingdom Holding (4280.SE) said on Wednesday it raised its ownership in Citigroup (C.N) to 2.2% after acquiring from the prince a stake in the bank worth about $450 million.

The company previously owned 1.6% of the Wall Street lender, it told the Saudi bourse in a filing, adding that the deal supported Kingdom Holding's strategic plans, but did not elaborate.

Saudi Arabia’s self-styled Warren Buffett, Prince Alwaleed has made hundreds of millions of dollars by investing with almost complete autonomy in companies from Uber to social network Twitter, now known as X.

Alwaleed rose to international prominence after making a big successful bet on Citigroup in the 1990s when the bank struggled with Latin American loan losses and the U.S. real estate market collapse. He was also an early investor in Apple.

#SaudiArabia to Buy Stake in Heathrow in Ownership Reshuffle - Bloomberg

Saudi Arabia to Buy Stake in Heathrow in Ownership Reshuffle - Bloomberg

Saudi Arabia’s Public Investment Fund will buy a 10% stake in London Heathrow Airport as part of a shareholder reshuffle, becoming a partial owner in one of Europe’s busiest airports alongside the Qatar Investment Authority.

The fund is buying the stake as Spain’s Ferrovial sells down its 25% holding. The remaining 15% held by the infrastructure firm will go to Ardian, a Paris-based private equity firm, according to a statement late Tuesday. For Ferrovial, the deal represents a £2.37 billion ($3 billion) windfall for a holding it had previously valued at zero.

The Public Investment Fund, better known as the PIF, has become a major investing force around the world as Saudi Crown Prince Mohammed bin Salman, Saudi Arabia’s de-facto leader, reshapes the oil-rich country with his own brand of state capitalism. The fund, part of a consortium that bought Vodafone Group Plc’s towers unit in 2022, aims to reach $2 trillion in assets by 2030. That would make PIF the world’s biggest wealth fund, a title now held by Norway’s oil fund.

Ferrovial, whose airport interests span the UK, Turkey and a stake in one terminal at New York’s John F. Kennedy, said earlier this month it would consider a sale of its holding in London Heathrow. Air traffic has rebounded after being decimated during the Covid-19 pandemic, helping Heathrow to narrow its losses over the first nine months of this year.

Most Gulf markets fall on caution ahead of OPEC+ meeting; #Saudi gains | Reuters

Most Gulf markets fall on caution ahead of OPEC+ meeting; Saudi gains | Reuters

Most Gulf stock markets dropped in early trade on Wednesday amid volatile oil prices, as investors remained cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months.

Oil prices - a key catalyst for the Gulf's financial markets - fell slightly with Brent trading at $81.59 a barrel by 0740 GMT, after it gained about 2% on Tuesday.

OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26.

In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.5%, weighed down by a 1.4% drop in Multiply(MULTIPLY.AD) and 1.2% decline in National Marine Dredging (NMDC.AD).

Dubai's benchmark stock index (.DFMGI) fell 0.1% in early trade, with most sectors in the red.

Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Aramex (ARMX.DU) dropped 3.8%.

The Qatari benchmark index (.QSI) was down 0.1% with most sectors in the red, dragged down by 0.6% drop in Qatar Commercial Bank (COMB.QA) and 0.7% decline in Dukhan Bank (DUBK.QA).

Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, helped by gains in most sectors with Etihad Atheeb Telecommunication (7040.SE) surging 2.9% and Arabian Pipes (2200.SE) climbing 2.2%.

ADX CEO says 2024 will see continued momentum in new listings

ADX CEO says 2024 will see continued momentum in new listings

Abdulla Salem Al Nuaimi, Chief Executive Officer at Abu Dhabi Securities Exchange (ADX), anticipates continued growth and momentum in 2024, including numerous new listings and offerings.

Speaking to the Emirates News Agency (WAM) on the sidelines of the Environmental, Social, and Governance (ESG) index launch during Abu Dhabi Finance Week (ADFW) 2023, Al Nuaimi noted the Abu Dhabi market's robust activity in 2023, maintaining the exceptional growth momentum witnessed in 2022.

He attributed the listings and offerings to ADX's pivotal role in connecting investors with companies, fostering growth opportunities, and solidifying the UAE and Abu Dhabi's positions as global investment hubs.

Notable listings in 2023 include ADNOC Gas, Presight AA Holding, ADNOC Distribution, and Investcorp Capital. The listing of Phoenix Group shares is scheduled for 5th December, while Pure Health Holdings announced its intention to conduct an initial public offering (IPO) followed by the listing of its shares on ADX in December 2023, subject to regulatory approvals and legal procedures.

Hospital chain Aster DM sells stake in its Gulf business for $1.01 bln | Reuters

Hospital chain Aster DM sells stake in its Gulf business for $1.01 bln | Reuters

Hospital and pharmacy operator Aster DM Healthcare (ATRD.NS) said on Tuesday it would sell its stake in its Gulf business to Alpha GCC Holdings for $1.01 billion as it looks to separate its businesses in India and the Middle East.

Most Gulf markets rise on strong oil prices | Reuters

Most Gulf markets rise on strong oil prices | Reuters

Most stock markets in the Gulf ended higher on Tuesday on rising oil prices amid expectations that the OPEC+ producer group would deepen and extend output cuts.

Oil prices - a catalyst for the Gulf's financial markets - were up 1.1% on Tuesday with Brent trading at $80.82 a barrel by 1240 GMT.

OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, is due to hold a ministerial meeting on Thursday to discuss production targets for 2024.

Dubai's benchmark index (.DFMGI) was up for a third consecutive session, ending 0.4% higher, with almost all sectors in the green.

The real estate developer Emaar Properties (EMAR.DU) surged 2.7% and Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.1%.

In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.3%, helped by a 1.1% gain in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.8% surge in Abu Dhabi National Oil Company for Distribution(ADNOCDIST.AD).

Saudi Arabia's benchmark index (.TASI) gained 0.2%, snapping the previous session of losses, supported by gains in energy, finance, healthcare and materials sectors.

Lumi Rental (4262.SE) advanced 2.4% and Dr Sulaiman Al Habib Medical Services (4013.SE) climbed 3.7%.

The Qatari index (.QSI) was down for a fifth straight session and ended 0.2% lower, weighed down by a 0.9% drop in Industries Qatar (IQCD.QA) and 2.7% decline in Qatar Navigation(QNNC.QA).

However, the Gulf's largest lender, Qatar National Bank (QNBK.QA), and Qatar Islamic Bank (QISB.QA) gained 0.8% and 0.9% respectively.

Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 3% with all sectors in the red.

Commercial International Bank (COMI.CA) declined 4.8% and Eastern Co(EAST.CA) lost 4.4%.

UK’s Investment Minister Targets Chinese, Mideast Investment - Bloomberg

UK’s Investment Minister Targets Chinese, Mideast Investment - Bloomberg

The British government’s minister for investment says political tensions between Beijing and Washington don’t mean the UK is closed to Chinese money.

While the geopolitical picture remains fraught, Dominic Johnson says he’s still looking to attract Chinese investors, particularly electric vehicle manufacturers.

“I welcome strong business collaboration between the UK and China,” Johnson said on the sidelines of the UK’s Global Investment Summit in London. “China has a very powerful electric car industry. I’d much rather they made great cars in the UK that we could then capitalize from and export,” noting one of his ambitions is “to attract a Chinese car manufacturer.”

While some lawmakers in his governing Conservative party have expressed concern about the prospect of a United Arab Emirates-backed investment vehicle taking over the Telegraph newspaper, Johnson welcomes such interest.

“The UAE is a great partner for the UK,” he said. “We’re an open and liberal economy and where it is possible I welcome their investment.”

#SaudiArabia's PIF Raises Up to $5 Billion Loan With Korea Export Agency - Bloomberg

Saudi Arabia's PIF Raises Up to $5 Billion Loan With Korea Export Agency - Bloomberg

Saudi Arabia’s sovereign wealth fund raised a loan of up to $5 billion from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries.

The Public Investment Fund, which manages about $778 billion in assets, has agreed the initial $3 billion loan with a tenor of 13 years with Korea Trade Insurance Corp. and has an option to boost it to $5 billion, according to a statement on Tuesday.

The deal is the first export credit agency financing by the PIF and will help the fund and its subsidiaries finance exports from Korea to Saudi Arabia.

“Through this financial support, Korean companies have not only gained technological competitiveness but also financial competitiveness to increase orders,” Inho Lee, President of K-Sure, as the Korean agency is known, said in the statement.

The PIF has been increasingly turned to borrowing for its huge investment plans in Saudi Arabia. Since 2022, it has raised $8.5 billion from two green bond sales and a $17 billion loan.

The fund is an instrumental part of a diversification plan championed by Crown Prince Mohammed bin Salman after transforming from a domestically-focused holding company into a sovereign fund in 2016. While part of those plans will be funded by oil revenue, the government also needs to attract foreign investment and borrow.

The PIF plans to invest an average of $40 billion a year in the kingdom as it looks to develop projects including the $500 billion city Neom to diversify its oil dependent economy. Even though the price at relatively high at current levels, the kingdom is forecasting several years of budget deficits.

Billionaire Alan Howard Pitches #AbuDhabi as Global Financial Hub - Bloomberg

Billionaire Alan Howard Pitches Abu Dhabi as Global Financial Hub - Bloomberg

Abu Dhabi could become a global financial center, according to billionaire Alan Howard who pitched the emerging hedge fund region as the best time zone to trade for macro money managers.

In a rare public appearance, the co-founder of Brevan Howard Asset Management counted the city’s robust regulation, rule of law and favorable taxation as a lure for financial firms moving to the capital of the United Arab Emirates.

“You can see the BOJ beginning of the day and at the end of the day you can see the Fed,” Howard said in an interview with former UK Chancellor of the Exchequer George Osborne at Abu Dhabi Finance Week on Tuesday. “So that is an incredible advantage of Abu Dhabi and because of that we also need an execution desk here.”

Brevan Howard, one of the world’s biggest hedge funds with assets of more than $35 billion, opened an outpost in Abu Dhabi earlier this year, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.

Major Gulf markets mixed in early trade | Reuters

Major Gulf markets mixed in early trade | Reuters

Major stock markets in the Gulf were mixed in early trade on Tuesday on rising oil prices and ahead of a crucial inflation report later this week.

Oil prices - a catalyst for the Gulf's financial markets -rose slightly due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued.

Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 2.9% gain in auto rental firm Lumi (4262.SE).

Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.8% and a 0.6% increase in sharia-compliant lender Dubai ISlamic Bank (DISB.DU).

Markets are pricing in a 96.8% likelihood that the U.S. central bank will leave interest rates unchanged next month, with the possibility of a rate cut starting to gain ground in mid-2024, according to CME's FedWatch tool.

Investors will focus this week on the Fed's preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed.

COP28 host the United Arab Emirates planned to discuss possible natural gas and other commercial deals ahead of U.N. climate talks that begin this week, an investigation by the BBC and the Centre for Climate Reporting (CCR) said on Monday.

In Abu Dhabi, the index (.FTFADGI) eased 0.1%.

The Qatari benchmark (.QSI) declined 0.5%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 0.6%.

Brent crude oil closes below $80 ahead of OPEC+ meeting | Reuters

Brent crude oil closes below $80 ahead of OPEC+ meeting | Reuters

Oil prices fell on Monday, with the Brent benchmark dipping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.

Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. Both contracts lost $1 in early trading.

Prices tumbled midweek when OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.

#SaudiArabia Seeks OPEC+ Oil Production Quota Cuts While Some Members Resist - Bloomberg

Saudi Arabia Seeks OPEC+ Oil Production Quota Cuts While Some Members Resist - Bloomberg

Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.

The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners, said the delegates, asking not to be identified because the information is private.

The Saudi proposal comes amid difficult talks for the producers’ group, which was forced to delay its policy meeting by four days to Nov. 30 as Angola and Nigeria resist reductions to their own quota limits for 2024, which were set out at the cartel’s last conference in June.

The producers were progressing toward a compromise on this matter before the weekend, but have yet to clinch an agreement, delegates said.

Mideast Stocks: Most Gulf markets drop on falling oil prices

Mideast Stocks: Most Gulf markets drop on falling oil prices

Most stock markets in the Gulf dropped on Monday following a decline in oil prices, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.

Oil prices - a catalyst for the Gulf's financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.

The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red. Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.

"Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month", said Daniel Takieddine, CEO MENA at BDSwiss.

In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE's largest lender First Abu Dhabi Bank sliding 1%.

Saudi Arabia's benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.

Dubai's benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik. However, the Emirate's largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.

Outside the Gulf, Egypt's blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.

Brent falls below $80 ahead of OPEC+ meeting | Reuters

Brent falls below $80 ahead of OPEC+ meeting | Reuters

Oil prices fell on Monday, with the Brent benchmark dropping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.

Brent crude futures were down 91 cents, or 1.1%, at $79.67 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 89 cents, or 1.2%, to $74.65.

Both contracts lost $1 in early trading, having registered their first weekly gains in five last week on expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.

JPMorgan to expand payments, corporate banking services in #AbuDhabi | Reuters

JPMorgan to expand payments, corporate banking services in Abu Dhabi | Reuters

JPMorgan (JPM.N) said on Monday it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates (UAE), after getting a nod from regulators.

The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil.

The Financial Services Regulatory Authority has granted in-principle approval to JPMorgan to upgrade its license to category one, the bank said.

UK approved millions paid to top #Saudi officials, London court told | Reuters

UK approved millions paid to top Saudi officials, London court told | Reuters

The British government facilitated millions of pounds of payments to senior Saudi Arabian officials over decades to win and maintain lucrative contracts, lawyers representing a former civil servant accused of corruption said on Monday.

Jeffrey Cook, the former managing director of an Airbus subsidiary GPT Special Project Management, is accused of paying nearly 9.7 million pounds ($12.2 million) to middlemen to win contracts with the Saudi Arabian National Guard.

Cook, formerly a civil servant with Britain's Ministry of Defence (MoD), is charged with one count of corruption between 2007 and 2012 alongside John Mason.

Both men deny the charges and Cook's lawyer Tom Allen told jurors at Southwark Crown Court that payments were made to middlemen from the late 1970s "with the oversight, with the approval (and) with the encouragement of our government".

Prosecutor Mark Heywood said last week that Cook and Mason were at the heart of "deep corruption" to funnel bribes to top Saudi officials, including Prince Miteb bin Abdullah, son of the late King Abdullah.

Brent slips toward $80/bbl ahead of OPEC+ meeting | Reuters

Brent slips toward $80/bbl ahead of OPEC+ meeting | Reuters

Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.

Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%.

Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.

Major Gulf markets track oil prices lower | Reuters

Major Gulf markets track oil prices lower | Reuters

Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower.

Oil prices - a catalyst for the Gulf's financial markets - slipped, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.

Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies, including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences in production targets for African producers.

Saudi Arabia's benchmark index (.TASI) fell 0.2%, with oil behemoth Saudi Aramco (2222.SE) losing 0.3% and a 0.7% decrease in auto rental firm Lumi (4262.SE).

In Abu Dhabi, the index (.FTFADGI) eased 0.3%.

Dubai's main share index (.DFMGI) lost 0.2%, weighed down by a 1.4% fall in top lender Emirates NBD (ENBD.DU).

However, the United Arab Emirates is set to ramp up exports of flagship Murban crude early next year as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.

The Qatari benchmark (.QSI) retreated 1%, on course to extend losses for a third session, with petrochemical maker Industries Qatar (IQCD.QA).

#Kuwait #Israel #SaudiArabia #Qatar close - Bloomberg

#Kuwait #Israel #SaudiArabia #Qatar close - Bloomberg

Making Sense of the Oil Kingdom’s Climate Summit - Bloomberg podcast

Making Sense of the Oil Kingdom’s Climate Summit - Bloomberg

COP28 begins in Dubai on Thursday, with around 70,000 people expected to attend the behemoth climate conference. The Zero podcast team will be on the ground, meeting leaders and experts helping shape the outcome of the summit. Catch up on recent episodes of the podcast that look at what might be achieved at the summit, and the key technologies and policies being discussed.

The man in front of the curtain

COP28 is one of the most controversial climate summits in recent memory. It is being hosted by the United Arab Emirates, an oil-dependent nation, and the president of the summit, Sultan Al Jaber, is also the head of the state oil company. Little is publicly known about Al Jaber, despite the pivotal role he will play in shaping the ambition and outcome of this climate summit. Earlier this year, Zero host Akshat Rathi spent months tracking down Al Jaber to write a profile, and is one of the few journalists who have managed to interview him. In this episode of Zero, Rathi talks with Bloomberg Green editor Aaron Rutkoff about how Al Jaber is likely to shape the summit, and what role fossil fuel companies will play in the negotiations. They also decode COP jargon like “orderly phase down,” discuss the stakes for the UAE’s biggest ever diplomatic exercise and expectations for the final communiqué.

#Dubai’s investment arm ICD posts $7.7bln net profit on tourism boom, high interest rates

Dubai’s investment arm ICD posts $7.7bln net profit on tourism boom, high interest rates

Investment Corporation of Dubai (ICD), the main investment arm of the Dubai government, nearly doubled its net profit during the first half of the year as the local economy continued its growth momentum.

The company reported on Thursday a net profit of 28.3 billion dirhams ($7.7 billion), up by 91% from a year earlier. The record earnings were propped up by strong revenues in key business segments that have benefited from the expansion in travel and tourism, as well as high interest rates and strong lending.

Total revenues reached AED145.1 billion, up by 20%, said the company, whose portfolio includes various free zones, as well as top brands such as Emaar, Emirates, dnata, flydubai and Emirates NBD, among many others.

“[The growth in revenues was] due to the significant rise in travel and tourism activities reflected in the transportation and other segments, and a jump in banking and financial services revenues on higher interest rates and strong lending growth,” the company said.

“Overall, revenues increased faster than operational costs, boosting margins.”

Assets grew 6.5% to approximately AED1.3 trillion, primarily driven by the expansion in banking assets.

Liabilities rose to AED974.5 billion on much higher banking customer deposits, while non-banking borrowings and lease liabilities fell by 5.7%. The group’s share of equity went up by 4.2% to AED225.7 billion.

“The Group clearly benefited from the strong economic momentum the emirate is experiencing,” said Mohammed Ibrahim Al Shaibani, Managing Director, ICD.

The Dubai economy grew by 3.6% to AED223.8 billion in the first half of the year, driven by strong growth in transportation, wholesale and retail trade, financial and insurance, accommodation and food services, real estate, information and communication and manufacturing.

#SaudiArabia: Syndicated Loan Raises $11 Billion to Help Fund Budget Deficit - Bloomberg

Saudi Arabia: Syndicated Loan Raises $11 Billion to Help Fund Budget Deficit - Bloomberg

Saudi Arabia raised $11 billion through a syndicated loan, the biggest globally by a government this year, as it looks to finance a budget deficit amid weaker oil revenues.

The 10-year loan was funded by roughly 18 banks, including a handful of branches affiliated with the same parent lender, according to people familiar with the matter. Chinese banks committed roughly $5 billion, the people said.

A spokesperson for the Saudi Ministry of Finance didn’t respond to requests to comment.

Saudi Arabia revised its financial outlook, forecasting deficits from 2023 until at least 2026, according to a medium term budget projection published in October. The deficit comes amid weaker-than-expected oil prices, lower production from May and rising government spending as the kingdom pours hundreds of billions of dollars into a diversification drive championed by Crown Prince Mohammed bin Salman and dubbed Vision 2030.

Turkey: Simsek Sees ADQ Bond Sale By End of 2024 - Bloomberg

Turkey: Simsek Sees ADQ Bond Sale By End of 2024 - Bloomberg

Turkey is nearing its inaugural bond sale to an Abu Dhabi sovereign wealth fund by the end of this year, a milestone for Turkish policymakers trying to regain foreign investor confidence after years of mistrust.

The government will likely offer 10-year bonds in tranches to ADQ, owned by the oil-rich capital of the United Arab Emirates, Turkey’s Treasury and Finance Minister Mehmet Simsek told Bloomberg on Thursday.

The expected transaction marks the beginning of what’s likely to be the biggest flow of capital into Turkey’s $1 trillion economy from the Middle East petrostates. The UAE and Saudi Arabia have both expressed interest in investing, following a policy makeover that’s brought Turkey’s era of cheap money to an end under Simsek, who was appointed in June. At the same time, President Recep Tayyip Erdogan boosted ties with regional heavyweights and led the outreach to oil producers.

“We don’t have to spend it immediately,” Simsek said of the likely proceeds from the expected sale. “Therefore, we may benefit from this opportunity partially before the end of this year.”

Simsek’s comments boosted the nation’s equities and domestic debt. The benchmark Borsa Istanbul 100 index rose as much as 1.2%, led by a 2% surge in the banking index. The yield on two-year lira notes fell from an intraday high of 41.6% to 41.17% as of 4:55 p.m. in Istanbul, though it was still six basis points higher than Thursday’s close.

The ADQ funds will be used to finance reconstruction efforts in Turkey’s southeastern provinces that were struck by two powerful earthquakes in February.

COP28 President's Renewable Firm Masdar Isn't The Giant It Claims - Bloomberg

COP28 President's Renewable Firm Masdar Isn't The Giant It Claims - Bloomberg

As world leaders descend on Dubai for this year’s biggest climate conference COP28, the United Arab Emirates is pushing for a global commitment to triple renewable energy deployment by the end of the decade. It will also showcase its own investments in solar and wind power.

But a closer look at the numbers shows the UAE’s homegrown renewables champion isn’t the giant it claims — at least not yet.

The UAE was among the first of the Middle East’s major oil exporters to start thinking about the end of fossil fuels. In 2006, it founded Abu Dhabi Future Energy Company (Masdar) under the management of Sultan Al Jaber, who’s now president of COP28. (He also remains Masdar chairman and chief executive officer of the Abu Dhabi National Oil Co.)

Masdar, which operates renewable projects in the US and the UK as well as the UAE, now claims it has “more than 20 gigawatts of total clean energy production capacity” and that it is “one of the world’s largest renewable energy companies.”

Mideast Wealth Funds Draw US Scrutiny Over China Ties - Bloomberg

Mideast Wealth Funds Draw US Scrutiny Over China Ties - Bloomberg

Middle Eastern wealth funds are facing greater scrutiny on US deals from the Biden administration, part of a broader pushback on entities perceived to have close ties with Beijing, according to people with direct knowledge of the matter.

The Committee on Foreign Investment in the United States is reviewing several multibillion dollar deals this year on concerns they could pose national security risks, said the people, who requested anonymity as the matter is private. Officials in President Joe Biden’s cabinet are currently reviewing more than half a dozen acquisitions, including deals from Abu Dhabi Investment Authority, Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund, they said.

While the US remains a preferred investment destination for the region’s largest wealth funds, China has emerged as an increasingly attractive jurisdiction. The value of acquisitions and investments by Gulf funds into the Asian country has climbed to $2.3 billion in 2023 from about $100 million last year, according to boutique adviser Global SWF. That coincides with Beijing’s push to bolster political ties in the region since President Xi Jinping’s December visit to Riyadh.

“An area where we’re starting to see increased sensitivity is with the Gulf states,” Stephenie Gosnell Handler, a Washington-based partner at Gibson Dunn, said on a webinar last month. “We have been seeing CFIUS start to ask more questions.”

Sheikh Mohammed: #Qatar’s hostage negotiator is no stranger to crisis

Sheikh Mohammed: Qatar’s hostage negotiator is no stranger to crisis

Just hours after Hamas’s devastating dawn assault on southern Israel, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani was preparing for action. He established a task force and a working group to co-ordinate with Washington — his government being one of the few with direct lines to the US, Israel, Hamas and the Islamist group’s backer, Iran. Within 48 hours, Sheikh Mohammed, who is also foreign minister, had spoken to Mossad chief David Barnea, US secretary of state Antony Blinken, his Iranian counterpart, and Hamas’s political leader, Ismail Haniyeh. 

The initial intention was to take the temperature of an erupting crisis. Israel, enraged and traumatised after the deadliest attack on its soil since the state’s founding in 1948, was in no mood for negotiations. Instead, it demanded that Hamas released the hostages its militants seized during its brutal October 7 raid, says an official briefed on the talks. 

When Sheikh Mohammed spoke to Hamas’s political leaders — in exile in Doha and distanced from the group’s military wing in Gaza — they insisted that the militants did not mean to capture so many hostages, including civilians. “OK, show us by releasing all the civilians now,” replied Qatari officials. “It’s more complicated,” was the response. 

It has been complicated for Sheikh Mohammed ever since. Working closely with Barnea and CIA chief Bill Burns, the quietly spoken 43-year-old has co-ordinated diplomatic efforts to secure the hostages’ release. On Wednesday, after weeks of tortuous negotiations, Israel and Hamas finally agreed a deal in which the militant group will release 50 women and children from around 240 captives. In return, Israel will pause its offensive on Hamas-controlled Gaza for four days, beginning on Friday, allow more aid and fuel into the besieged strip and free 150 Palestinian women and children from Israeli prisons.

European, Middle Eastern & African Stocks - Bloomberg #AbuDhabi #Dubai #UAE close

European, Middle Eastern & African Stocks - Bloomberg

TCI joins hedge fund race to open #UAE office

TCI joins hedge fund race to open UAE office

Sir Christopher Hohn’s activist hedge fund TCI has opened an office in Abu Dhabi, joining a wave of groups betting that the United Arab Emirates will help power the industry’s growth. 

The fund, which manages $60bn, said it will use the office to forge ties with local investors and expand its assets under management. Bronwyn Owen, the group’s head of investors relations, is relocating from New York to run the office. 

The UAE has in recent years become a hedge fund hotspot, drawing the likes of Izzy Englander’s Millennium, Steve Cohen’s Point 72, quant investing firm AQR and macro fund Brevan Howard. 

Industry executives say that having an office in the region has become increasingly important to winning local business and building ties with major sovereign wealth funds. 

“The Middle East is a vital market for the investment management industry, both from a talent and asset growth perspective, as well as a critical partner in global efforts to reduce carbon emissions and climate change,” Hohn said on Thursday.

#UAE Tightens Scrutiny on Russian Firms Amid Pressure From US - Bloomberg

UAE Tightens Scrutiny on Russian Firms Amid Pressure From US - Bloomberg

Russian firms based in the United Arab Emirates are coming under greater scrutiny from local banks as the Gulf state faces increased US pressure to tackle sanctions evasion and ramps up efforts to get off a global organization’s watch list.

The UAE attracted a flood of Russian money in the first year after President Vladimir Putin ordered troops into Ukraine, with firms finding banking quick and easy to navigate. That process has gradually grown more arduous, with rejections increasingly common, because the UAE is showing less appetite for sanctions-related risk and pushing to get off the so-called gray list, according to more than half a dozen business owners and consultants interviewed by Bloomberg, who asked not to be identified as such information isn’t public.

Money transfers — whether for companies repatriating funds to Russia or moving cash to a third country — have also been subject to greater oversight and now take more time, the people said. Some banks are demanding more documentation, and at times blocking funds, while seeking justification for the transfer or questioning the origin of the money, they said.

In the initial aftermath of Russia’s invasion of Ukraine, UAE officials hewed to policies that attracted a surge of inflows from high net worth individuals. In recent months, officials have looked to close perceived gaps in sanctions compliance, the people said, as the UAE seeks to be removed from a list of jurisdictions subject to more oversight maintained by the Financial Action Task Force, a group that aims to combat global money laundering.

In the meantime, the US, UK and European Union have ramped up pressure on Emirati officials to tackle illicit flows and close channels used by Moscow to skirt trade sanctions and finance the Kremlin’s war machine. This month, the Biden administration targeted several UAE-based shipping firms, part of a crackdown on non-compliance with its oil price cap.

#UAE’s Federal Wealth Fund Names Al Mehairi CEO - Bloomberg

UAE’s Federal Wealth Fund Names Al Mehairi CEO - Bloomberg

The United Arab Emirates’ federal wealth fund has appointed Mohamed Hamad Al Mehairi as its new chief executive, replacing Mubarak Rashed Al Mansoori who led the $90 billion entity for just over 15 years.

Al Mehairi was previously executive director of strategic assets at the Emirates Investment Authority. He’s also worked at the $276 billion Abu Dhabi wealth fund, Mubadala Investment Co., and state energy firm Adnoc.

Hassa Balouma, who sits on the board of several EIA portfolio companies, was elevated to the position of executive director, according to two people familiar with the matter, who requested anonymity as the matter is private. That positions her as one of the most senior women at a sovereign wealth fund in the Persian Gulf.

Representatives at EIA didn’t respond to calls and messages seeking comment.

Established in 2007, EIA is the smallest of the UAE’s multiple wealth funds. Its largest holding is a 60% stake in Emirates Telecom, a $46 billion giant that’s Vodafone Group Plc’s biggest shareholder and has been pursuing an ambitious global expansion strategy.

The fund also holds a stake in Du, which is the UAE’s other telecoms firm. In recent years, the fund has invested in a string of local listings including in the landmark IPO of Dubai’s main utility.

Sheikh Mansour bin Zayed, a brother to UAE President Sheikh Mohammed bin Zayed, is chairman of the EIA. Other wealth funds in the Gulf country include Abu Dhabi Investment Authority, which is among the world’s largest, and ADQ.

Oil slips 2% on growing angst over delayed OPEC+ meeting | Reuters

Oil slips 2% on growing angst over delayed OPEC+ meeting | Reuters

Oil prices dipped about 2% on Thursday, extending losses after the postponement of an OPEC+ meeting stoked expectations that the group might not deepen output cuts next year.

Brent crude futures were down $1.40, or about 1.7%, at $80.56 a barrel by 1434 GMT after falling as much as 4% on Wednesday.

U.S. West Texas Intermediate crude slid $1.37, also about 1.4%, to $75.73 after dropping as much as 5% in the previous session.

In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts.

Producers were struggling to agree on output levels ahead of the meeting originally set for Nov. 26, OPEC+ sources said, suggesting that the disagreement was largely linked to a trio of African nations.

Major Gulf bourses dip on falling oil prices | Reuters

Major Gulf bourses dip on falling oil prices | Reuters

Major stock markets in the Gulf dropped on Thursday on falling oil prices after the postponing of an OPEC+ meeting stoked speculation the group might not deepen output cuts next year.

Oil prices - a catalyst for the Gulf's financial markets - slipped on Thursday after the Organization of the Petroleum Exporting Countries and allies including Russia in a surprise move on Wednesday delayed a ministerial meeting to Nov. 30.

Producers were struggling to agree on output levels ahead of the meeting originally set for Nov. 26, OPEC+ sources said.

Brent futures were down 0.9% at $81.925 a barrel by 1300 GMT, after falling as much as 4% on Wednesday.

Dubai's benchmark index (.DFMGI) fell 0.3%, contrasting with the previous session's gain, weighed down by a 2.3% decline in Emirates Central Cooling Systems Corp (EMPOWER.DU) and a 0.9% drop in Dubai Islamic Bank (DISB.DU).

Saudi Arabia's benchmark index (.TASI) was down for a second straight session and ended 0.2% lower, with most sectors in the red.

Saudi Arabian Mining (1211.SE) slid 2.2% and oil major Saudi Aramco (2222.SE) lost 0.2%.

The Qatari index (.QSI) fell 0.1%, dragged down by losses in industry, energy and materials sectors, with Industries Qatar (IQCD.QA) slipping 1% and Qatar Gas Transport Nakilat Co (QGTS.QA) dropping 1.2%.

In Abu Dhabi, the benchmark index (.FTFADGI) ended flat, with ADNOC Gas (ADNOCGAS.AD) dropping 2.4% while the UAE's largest lender First Abu Dhabi Bank (FAB.AD) gained 0.8%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) extended its rally to a third session and ended 2% higher, with almost all sectors in the green.

Commercial International Bank (COMI.CA) surged 5.1% and EFG Holding (HRHO.CA) rose 3.3%.

Can an Oil Exec Lead COP28 to a Successful Outcome? - Bloomberg podcast

Can an Oil Exec Lead COP28 to a Successful Outcome? - Bloomberg

When COP28 kicks off in Dubai on Nov. 30, it will mark the next stage of a prolonged referendum on this year’s conference president. Sultan Al Jaber, chief executive of Abu Dhabi National Oil Co. (Adnoc), has been criticized for blurring the lines between his day job and his conference role, and the delayed release of a COP28 agenda invited one constant question: What kind of climate conference could an oil boss possibly host?

“When I was in the UAE, I got told a couple of times, ‘Look, over here, things happen at the last minute,’” says Akshat Rathi on this week’s Zero. Rathi, who profiled Al Jaber in April, is more optimistic about the conference now than he was at the time. “It feels like there will be an agreement,” he tells Bloomberg Green Executive Editor (and Zero guest host) Aaron Rutkoff. Still, “we know by nature of COPs that agreement is never going to be enough.”

Potential points of consensus — known as “landing zones” in COP parlance — include tripling renewable energy capacity and doubling energy efficiency. On the flip side, arguments will play out around climate finance, as well as the difference between “orderly decline,” “phase out” and “phase down” when it comes to fossil fuels. This year’s conference also comes at a tough moment geopolitically, with two ongoing conflicts and uncertainty about where the next gathering will take place. It’s a lot for a COP president to wrangle.

#Qatar Energy is beneficiary of $570 mln ruling against Endesa - sources | Reuters

QatarEnergy is beneficiary of $570 mln ruling against Endesa - sources | Reuters

QatarEnergy is the company to which Spanish power utility Endesa (ELE.MC) will have to pay $570 million following an arbitration ruling over a liquefied natural gas (LNG) contract dispute, three people familiar with the matter told Reuters on Wednesday.

The Spanish firm said on Monday it would have to pay the sum to an unidentified LNG producer following a ruling by the International Court of Arbitration of the International Chamber of Commerce in a dispute over a retroactive price adjustment.

The opposing party was seeking around $1.28 billion, Endesa said in its financial report in October.

State-owned QatarEnergy didn't immediately reply to a request for comment outside of usual office hours.

An Endesa spokesperson declined to comment. Earlier on Wednesday, Endesa Chief Executive Jose Bogas said the other party in the dispute was from Qatar, Nigeria or Algeria.

#UAE Green Bond Sales Surge Before COP28 - Bloomberg

UAE Green Bond Sales Surge Before COP28 - Bloomberg

A record amount of green debt has been raised this year by issuers in the United Arab Emirates and Saudi Arabia ahead of a major global climate conference starting next week in Dubai.

Issuance in the Gulf States has reached $14.6 billion year-to-date, according to data compiled by Bloomberg, with the majority coming from borrowers in the UAE. Another big chunk of the amount is a $5.5 billion multi-tranche bond by Saudi Arabia’s Public Investment Fund in February.

The jump in sales comes as the largely oil-dependent nations in the Gulf Cooperation Council burnish their green credentials ahead of the COP28 climate summit, starting at the end of November. While the amount raised pales in comparison to issuance in Europe, it’s more than double what was sold in the region in 2022.

“With COP28 happening in the UAE this year a lot of issuers have accelerated or initiated ESG financing frameworks, given the increased focus in the region on energy transition agenda,” said Khaled Darwish, HSBC Bank Middle East Limited’s head of debt capital markets for Central Eastern Europe, the Middle East and Africa.

Major Gulf markets fall along with oil prices | Reuters

Major Gulf markets fall along with oil prices | Reuters

Major stock markets in the Gulf fell in early trade on Thursday on falling oil prices after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated.

Brent futures were down $1.02, or 1.2%, at $80.94 a barrel by 0625 GMT, after falling as much as 4% on Wednesday.

In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts.

Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said.

Saudi Arabia's benchmark index (.TASI) fell 0.1%, on course to extend losses from the previous session, hit by a 0.2% drop in oil giant Saudi Aramco (2222.SE).

U.S. Secretary of State Antony Blinken and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud reaffirmed their commitment to preventing a spread of the Israel-Palestinian conflict on Wednesday, the State Department said.

In Abu Dhabi, the index (.FTFADGI) eased 0.1%.

Trading worldwide was expected to be subdued due to the closure of U.S. markets for the Thanksgiving holiday.

Dubai's main share index (.DFMGI) dropped 0.3%, weighed down by a 2.3% fall in Emirates Central Cooling Systems (EMPOWER.DU) and a 0.5% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

However, the losses were cushioned as confidence grew that interest rates globally will head lower next year.

The Qatari benchmark (.QSI) retreated 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.2%.