UK on course for £10bn of #UAE investment after relationship reset | Financial Times

UK on course for £10bn of UAE investment after relationship reset | Financial Times

The UK expects to raise tens of billions of pounds of investment from the United Arab Emirates as it resets its business relationship after last year’s political chaos in Westminster. 

Grant Shapps, secretary of state for business, energy and industrial strategy, said on Friday that “political changes” in the UK, which resulted in the country having three prime ministers in a year, had potentially slowed the pace of inward investment from the Gulf state. 

He added that Russia’s invasion of Ukraine last February and resulting policy changes, such as windfall taxes on energy companies had also been factors. 

During meetings with government official and sovereign funds, Shapps said that UAE investors were focused on going beyond the £6.1bn of investment already made through the five-year £10bn UAE-UK partnership, which was sealed in 2021.

#SaudiArabia’s Petromin Revives $1 Billion IPO Plan - Bloomberg

Saudi Arabia’s Petromin Revives $1 Billion IPO Plan - Bloomberg

Saudi Arabian automotive services firm Petromin Corp. is reviving plans for its initial public offering in the kingdom that could raise as much as $1 billion, according to people familiar with the matter.

The company, which is also the Middle East’s oldest lubricants firm, is working with Saudi National Bank and Moelis & Co. on the planned offering, the people said, asking not to be identified as the information isn’t public.

Details of the deal, such as its size and timing, may change, the people said. More banks may also be added to the syndicate, they said.

Al Dabbagh Group, a family-owned conglomerate with interests from automobiles to real estate and food, bought a 49% stake in Petromin in 2013 from India’s Hinduja Group. The Saudi firm has since considered both an IPO and a stake sale for Petromin, Bloomberg News has reported. Hinduja was also planning an IPO of the company in 2010, but that deal never materialized.

#UAE, Britain sign MoU to advance energy sector, climate action | Reuters

UAE, Britain sign MoU to advance energy sector, climate action | Reuters

The United Arab Emirates (UAE) and Britain on Friday signed a memorandum of understanding to enhance strategic and technical cooperation in the energy sector.

The MoU was signed during a visit by Britain's Business and Energy Secretary, Grant Shapps, to Abu Dhabi.

Britain's Department for Business, Energy & Industrial Strategy said the MoU would facilitate the sharing of technical knowledge, advice, skills and expertise, opening up new avenues for cooperation between the UAE and Britain on energy and climate, while boosting jobs and investment in the UK.

Shapps said the agreement "provides further evidence that not only are we are strengthening our energy security and lowering bills for consumers in the long term, we’re unlocking huge opportunities for investment in British expertise and jobs in the process," a statement sent by the department said.

#UAE bourses track oil prices higher | Reuters

UAE bourses track oil prices higher | Reuters

Stock exchanges in the United Arab Emirates rose on Friday, in line with oil prices and global equities, as hopes of demand growth in top oil importer China boosted investor sentiment and slowing inflation trend in the United States eased aggressive rate hike fears.

Oil, a key catalyst for Gulf's financial market, was up $0.74, or 0.88%, to $84.78 a barrel by 1106GMT.

Abu Dhabi's share index (.FTFADGI) advanced 0.6%, extending gains to the second session as real estate developer Aldar Properties (ALDAR.AD) jumped 2.9%, while fertiliser maker Fertiglobe (FERTIGLOBE.AD) rose 2.3%.

Dubai's main share index (.DFMGI) gained 0.3%, supported by gains in banking and real state sector stocks as sharia-compliant lender Dubai Islamic Bank (DISB.DU) was up 1.8% and blue-chip developer Emaar Properties (EMAR.DU) added 0.5%.

Daniel Takieddine, CEO MENA at BDSwiss said the Dubai stock market remained relatively stable after U.S. inflation figures came out as expected.

European, Middle Eastern & African Stocks - Bloomberg #UAE mid-session

European, Middle Eastern & African Stocks - Bloomberg