Davos 2023 Investcorp targets Indonesia to expand Southeast Asia footprint | Reuters
Bahrain-based Investcorp is working on multiple initiatives in Indonesia, including one in partnership with the nation's sovereign wealth fund as it seeks to expand its footprint in Southeast Asia, the firm's co-chief executive officer said on Monday.
"We have two terrific initiatives in Indonesia right now, and hopefully, a third very soon in partnership with the local sovereign wealth fund," Hazem Ben-Gacem told the Reuters Global Markets Forum on the sidelines of the World Economic Forum (WEF)annual meeting in Davos.
The first is Indian dialysis service provider NephroPlus that is set to expand into Indonesia, and the second is a recently acquired leading local specialty retailer, he said.
The country's natural resources mean it stands to benefit from higher inflation and rising commodity prices, said Ben-Gacem, whose firm managed $50 billion in assets as of December 2022.
Monday, 16 January 2023
Mideast Stocks: Most Gulf markets rise on China demand optimism
Mideast Stocks: Most Gulf markets rise on China demand optimism
Most major Gulf markets closed higher on Monday as optimism over China's energy demand outlook and expectations of smaller U.S. rate hikes eased investors' worries, but Qatar extended losses.
Oil prices - a key catalyst for the Gulf's financial markets - declined, but optimism that China's reopening from COVID restrictions will lift energy demand in the world's top crude importer kept prices near 2023 highs.
The benchmark index in Saudi Arabia closed flat, with luxury real estate developer Retal Urban Development rising 1.1% while miner Saudi Arabian Mining continued its slide for second session to close 2.4% lower.
In Abu Dhabi, the index rose 0.5%, with the biggest lender First Abu Dhabi Bank up 1.4%. and Al Dar Properties 2.3% higher. U.S. Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter point interest rate increase when the central bank meets in just under three weeks.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Dubai's benchmark index inched up 0.3%, lifted by a rise of 1.4% in Emirates Central Cooling Systems and a gain of 0.8% for lender Emirates NBD. Meanwhile, the United Arab Emirates has decided to invest $30 billion in South Korea's industries as the two countries seek to expand economic cooperation.
Qatar's stock index dived 1.1%, falling for a fifth session in a row, with almost all banking stocks declining, led by a 3.2% slide in the Gulf's biggest lender Qatar National Bank and a 3.4% fall in Qatar Islamic Bank.
The latter reported on Monday after the market close a more than 12% rise in 2022 net profit. Outside the Gulf, Egypt's blue-chip index added 1.8%, continuing its rally since Wednesday.
Most major Gulf markets closed higher on Monday as optimism over China's energy demand outlook and expectations of smaller U.S. rate hikes eased investors' worries, but Qatar extended losses.
Oil prices - a key catalyst for the Gulf's financial markets - declined, but optimism that China's reopening from COVID restrictions will lift energy demand in the world's top crude importer kept prices near 2023 highs.
The benchmark index in Saudi Arabia closed flat, with luxury real estate developer Retal Urban Development rising 1.1% while miner Saudi Arabian Mining continued its slide for second session to close 2.4% lower.
In Abu Dhabi, the index rose 0.5%, with the biggest lender First Abu Dhabi Bank up 1.4%. and Al Dar Properties 2.3% higher. U.S. Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter point interest rate increase when the central bank meets in just under three weeks.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Dubai's benchmark index inched up 0.3%, lifted by a rise of 1.4% in Emirates Central Cooling Systems and a gain of 0.8% for lender Emirates NBD. Meanwhile, the United Arab Emirates has decided to invest $30 billion in South Korea's industries as the two countries seek to expand economic cooperation.
Qatar's stock index dived 1.1%, falling for a fifth session in a row, with almost all banking stocks declining, led by a 3.2% slide in the Gulf's biggest lender Qatar National Bank and a 3.4% fall in Qatar Islamic Bank.
The latter reported on Monday after the market close a more than 12% rise in 2022 net profit. Outside the Gulf, Egypt's blue-chip index added 1.8%, continuing its rally since Wednesday.
#Qatar Islamic Bank posts 13% rise in FY-2022 net profit at $1.1bln
Qatar Islamic Bank posts 13% rise in FY-2022 net profit at $1.1bln
Qatar Islamic Bank has reported its FY-2022 net profit at 4 billion riyals ($1.1 billion), up 13% over the same period in 2021.
The profit came in well above analysts’ mean estimate of QAR3.7 billion, according to data provider Refinitiv.
Basic earnings per share was QAR1.62 versus QAR1.42 as at 31 December 2021, the bank said in a statement on its website on Monday.
The lender's board has proposed a dividend distribution of QAR0.625 per share at 62.5% of the nominal share value.
Net income from financing activities rose by 8.4% to reach QAR6.5 billion compared to QAR6 billion for the year earlier. Income from investing grew 28.2% to reach QAR1.5 billion, the bank said.
Qatar Islamic Bank has reported its FY-2022 net profit at 4 billion riyals ($1.1 billion), up 13% over the same period in 2021.
The profit came in well above analysts’ mean estimate of QAR3.7 billion, according to data provider Refinitiv.
Basic earnings per share was QAR1.62 versus QAR1.42 as at 31 December 2021, the bank said in a statement on its website on Monday.
The lender's board has proposed a dividend distribution of QAR0.625 per share at 62.5% of the nominal share value.
Net income from financing activities rose by 8.4% to reach QAR6.5 billion compared to QAR6 billion for the year earlier. Income from investing grew 28.2% to reach QAR1.5 billion, the bank said.
Mideast Stocks: Major Gulf markets mixed in early trade, #Qatar extends losses
Mideast Stocks: Major Gulf markets mixed in early trade, Qatar extends losses
Major stock markets in the Gulf were mixed in early trade on Monday, with the Qatari index on course to extend losses for a fourth session.
Saudi Arabia's benchmark index dropped 0.3%, weighed down by a 0.5% fall in oil behemoth Saudi Aramco.
Oil prices - a key catalyst for the Gulf's financial markets - dipped, but optimism that China's reopening from COVID restrictions will lift fuel demand in the world's top crude importer kept prices near 2023 highs, reached after a surge in prices last week.
The Organization of the Petroleum Exporting Countries and the International Energy Agency will release their monthly reports this week, closely watched by investors for global demand and supply outlooks.
Saudi Arabia's annual inflation rate ticked up to 3.3% in December from 2.9% in November, government data showed on Sunday, with price rises again driven mainly by housing costs.
Dubai's main share index rose 0.2%, helped by a 1.4% gain in Emirates Central Cooling Systems and a 0.5% increase in blue-chip developer Emaar Properties.
The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.
In Qatar, the index declined 1.2%, dragged down by a 3.2% slide in the Gulf's biggest lender Qatar National Bank.
Major stock markets in the Gulf were mixed in early trade on Monday, with the Qatari index on course to extend losses for a fourth session.
Saudi Arabia's benchmark index dropped 0.3%, weighed down by a 0.5% fall in oil behemoth Saudi Aramco.
Oil prices - a key catalyst for the Gulf's financial markets - dipped, but optimism that China's reopening from COVID restrictions will lift fuel demand in the world's top crude importer kept prices near 2023 highs, reached after a surge in prices last week.
The Organization of the Petroleum Exporting Countries and the International Energy Agency will release their monthly reports this week, closely watched by investors for global demand and supply outlooks.
Saudi Arabia's annual inflation rate ticked up to 3.3% in December from 2.9% in November, government data showed on Sunday, with price rises again driven mainly by housing costs.
Dubai's main share index rose 0.2%, helped by a 1.4% gain in Emirates Central Cooling Systems and a 0.5% increase in blue-chip developer Emaar Properties.
The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.
In Qatar, the index declined 1.2%, dragged down by a 3.2% slide in the Gulf's biggest lender Qatar National Bank.
#Dubai Real Estate: Russian Buyers Help Propel Dubai’s Property Sales to Record - Bloomberg
Dubai Real Estate: Russian Buyers Help Propel Dubai’s Property Sales to Record - Bloomberg
Russians were the biggest international buyers of Dubai real estate last year, when the city emerged as a safe haven amid geopolitical and economic uncertainty elsewhere, according to brokerage Betterhomes.
Once a niche group of buyers in Dubai, Russians’ interest surged after the war in Ukraine as their nation faced ever tighter sanctions, helping to push the value and number of sales to record levels.
Dubai registered more than 86,000 residential sales transactions last year, surpassing a previous record of 80,000 in 2009, according to Dubai-based Betterhomes. About 208 billion dirhams ($56.6 billion) worth of property was sold last year, an almost 80% gain from 2021. The increase in prices slowed to 11% in 2022 from 21% a year earlier, it said.
The property market in Dubai has bucked the trend in much of the world, where home values have dropped amid surging interest rates and a darkening growth outlook. Prices and rents in the emirate have also been buoyed by bankers fleeing strict lockdowns in Asia, Israeli investors, crypto millionaires, and hedge fund executives after the city eased social restrictions and liberalized laws to cement its position as the region’s top business hub.
Once a niche group of buyers in Dubai, Russians’ interest surged after the war in Ukraine as their nation faced ever tighter sanctions, helping to push the value and number of sales to record levels.
Dubai registered more than 86,000 residential sales transactions last year, surpassing a previous record of 80,000 in 2009, according to Dubai-based Betterhomes. About 208 billion dirhams ($56.6 billion) worth of property was sold last year, an almost 80% gain from 2021. The increase in prices slowed to 11% in 2022 from 21% a year earlier, it said.
The property market in Dubai has bucked the trend in much of the world, where home values have dropped amid surging interest rates and a darkening growth outlook. Prices and rents in the emirate have also been buoyed by bankers fleeing strict lockdowns in Asia, Israeli investors, crypto millionaires, and hedge fund executives after the city eased social restrictions and liberalized laws to cement its position as the region’s top business hub.
#Qatar Fund to Reposition $450 Billion Portfolio Amid Turmoil - Bloomberg
Qatar Fund to Reposition $450 Billion Portfolio Amid Turmoil - Bloomberg
Qatar’s sovereign wealth fund will use the current economic turmoil as an opportunity to rebalance its $450 billion portfolio, according to its boss.
The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sports, Chief Executive Officer Mansoor Al Mahmoud said in a Bloomberg Television interview at Davos on Monday. The World Economic Forum returns to the resort during the winter for the first time in three years this week.
“It’s a challenging time. Inflation is the main topic for the global economy,” he said. “We see this as an opportunity to reposition our portfolio. We highlight the weaknesses we have in our portfolio and we wait for these sort of corrections in the market to fulfill the weaknesses we have.”
Sovereign wealth funds from the oil-rich Gulf region continued to be active acquirers last year even as global deal volumes fall and banks cut bank lending for acquisitions. The QIA in October agreed to invest €2.4 billion ($2.5 billion) in RWE AG to back the German utility’s purchase of US renewable assets. It was also a cornerstone investor in sports car brand Porsche AG’s IPO and has invested in a string of tech startups.
Known for its penchant for trophy assets, the QIA backed lenders such as Barclays Plc and Credit Suisse Group AG during the 2008 financial crisis. While a more recent focus on closely-held tech companies has taken it to growth markets, soaring energy prices are adding extra fuel to its return to big-ticket deals.
Qatar’s sovereign wealth fund will use the current economic turmoil as an opportunity to rebalance its $450 billion portfolio, according to its boss.
The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sports, Chief Executive Officer Mansoor Al Mahmoud said in a Bloomberg Television interview at Davos on Monday. The World Economic Forum returns to the resort during the winter for the first time in three years this week.
“It’s a challenging time. Inflation is the main topic for the global economy,” he said. “We see this as an opportunity to reposition our portfolio. We highlight the weaknesses we have in our portfolio and we wait for these sort of corrections in the market to fulfill the weaknesses we have.”
Sovereign wealth funds from the oil-rich Gulf region continued to be active acquirers last year even as global deal volumes fall and banks cut bank lending for acquisitions. The QIA in October agreed to invest €2.4 billion ($2.5 billion) in RWE AG to back the German utility’s purchase of US renewable assets. It was also a cornerstone investor in sports car brand Porsche AG’s IPO and has invested in a string of tech startups.
Known for its penchant for trophy assets, the QIA backed lenders such as Barclays Plc and Credit Suisse Group AG during the 2008 financial crisis. While a more recent focus on closely-held tech companies has taken it to growth markets, soaring energy prices are adding extra fuel to its return to big-ticket deals.
U.S., #UAE say $20 billion investment to fund 15 gw in new clean energy | Reuters
U.S., UAE say $20 billion investment to fund 15 gw in new clean energy | Reuters
The United States and United Arab Emirates announced on Sunday that the first $20 billion of their $100 billion clean energy partnership would be allocated to fund 15 new gigawatts of renewable energy projects before 2035, state news agency WAM said.
The investments would be led by UAE's Masdar and a consortium of US private investors, and financed through $7 billion in private sector cash equity and $13 billion in US debt financing and other instruments, WAM said.
The United States and United Arab Emirates announced on Sunday that the first $20 billion of their $100 billion clean energy partnership would be allocated to fund 15 new gigawatts of renewable energy projects before 2035, state news agency WAM said.
The investments would be led by UAE's Masdar and a consortium of US private investors, and financed through $7 billion in private sector cash equity and $13 billion in US debt financing and other instruments, WAM said.