Abu Dhabi’s Adnoc and Gunvor extend talks to reach investment deal | Financial Times
Abu Dhabi National Oil Company and Gunvor, the energy trading house, are extending an exclusivity period for deal talks as they try to reach an agreement over a possible investment.
People close to the deal say discussions could lead to Adnoc taking a minority stake in Gunvor, whose net profits soared to $841mn in the first half of last year — higher than its full-year profits in 2021 — as energy markets were roiled by Russia’s full-scale invasion of Ukraine.
The exclusivity period for the talks, which began last summer, had been due to expire at the end of December, according to people familiar with the matter.
Adnoc, which is the United Arab Emirates’ state oil producer and pumps roughly 4 per cent of all global crude supplies, is working to diversify its revenue streams and build out its trading division.
Monday, 23 January 2023
Credit Suisse Backer #Qatar Investment Authority Raises Stake - Bloomberg
Credit Suisse Backer Qatar Investment Authority Raises Stake - Bloomberg
The Qatar Investment Authority boosted its stake in Credit Suisse Group AG to 6.87%, according to a filing from the sovereign wealth fund.
With the purchase, QIA becomes the Swiss bank’s second largest shareholder — just behind the Saudi National Bank — after Credit Suisse issued new shares as part of a 4 billion Swiss franc ($4.3 billion) capital raise it completed in December.
Earlier this month, the Swiss lender’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%.
The Saudi National Bank, 37% owned by the nation’s sovereign wealth fund, was an anchor investor in Credit Suisse’s capital raise and now holds a near 10% stake in the firm, making it the top shareholder.
The Qatar Investment Authority boosted its stake in Credit Suisse Group AG to 6.87%, according to a filing from the sovereign wealth fund.
With the purchase, QIA becomes the Swiss bank’s second largest shareholder — just behind the Saudi National Bank — after Credit Suisse issued new shares as part of a 4 billion Swiss franc ($4.3 billion) capital raise it completed in December.
Earlier this month, the Swiss lender’s longtime largest shareholder Harris Associates, which once held a stake of about 10%, reported a holding of below 3%.
The Saudi National Bank, 37% owned by the nation’s sovereign wealth fund, was an anchor investor in Credit Suisse’s capital raise and now holds a near 10% stake in the firm, making it the top shareholder.
#Dubai Stock Exchange in Talks to Attract Dual Listings, CEO Says - Bloomberg
Dubai Stock Exchange in Talks to Attract Dual Listings, CEO Says - Bloomberg
Dubai’s stock exchange is in talks with companies planning dual listings to attract both foreign and local investors, its chief executive officer said.
The plan follows a booming year for initial public offerings in the Gulf in 2022, as investors flocked to a region that was growing even as listings elsewhere dried up under the weight of rising interest rates globally.
“We have a number of stories that are looking at Dubai as a much better hub for them to attract regional and international investors,” CEO Hamed Ahmed Ali told reporters on the sidelines of the MENA IPO Summit held in Dubai. These firms are “regional with an international flavor,” he said, without elaborating.
The dual-listing plan follows the success of such a deal in the Gulf region late last year when Americana Restaurants International Plc raised $1.8 billion in a share sale in Abu Dhabi and Riyadh. Shares in the Middle Eastern operator of KFC and Pizza Hut outlets are up around 30% since they went public in the first dual listing on the two bourses.
Dubai’s stock exchange is in talks with companies planning dual listings to attract both foreign and local investors, its chief executive officer said.
The plan follows a booming year for initial public offerings in the Gulf in 2022, as investors flocked to a region that was growing even as listings elsewhere dried up under the weight of rising interest rates globally.
“We have a number of stories that are looking at Dubai as a much better hub for them to attract regional and international investors,” CEO Hamed Ahmed Ali told reporters on the sidelines of the MENA IPO Summit held in Dubai. These firms are “regional with an international flavor,” he said, without elaborating.
The dual-listing plan follows the success of such a deal in the Gulf region late last year when Americana Restaurants International Plc raised $1.8 billion in a share sale in Abu Dhabi and Riyadh. Shares in the Middle Eastern operator of KFC and Pizza Hut outlets are up around 30% since they went public in the first dual listing on the two bourses.
Most Gulf markets track oil prices higher, #AbuDhabi falls | Reuters
Most Gulf markets track oil prices higher, Abu Dhabi falls | Reuters
Most Gulf stock markets closed higher on Monday, as oil prices climbed on robust demand outlook amid expectations of economic recovery in the world's top importer China, while Abu Dhabi bucked the trend.
Crude prices - a key catalyst for the Gulf's financial markets - extended last week's gains on Monday with Brent crude up 88 cents, or 1%, to $88.51 a barrel at 1247 GMT, their highest since November 18.
The benchmark index (.TASI) in Saudi Arabia added 0.4%, lifted by gains in banking and energy sector stocks with oil giant Saudi Aramco (2222.SE) rising 1.7%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) jumped 1%.
Among other stocks, East Pipes Integrated Company For Industry (1321.SE) surged 5.2% after it signed two separate contracts worth 569 million riyals ($151.5 million) on Sunday.
The Qatari index (.QSI) climbed 1.1%, extending its rally since Thursday with almost all its constituent stocks in positive territory.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its gains with a 3.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 2.3%.
In Abu Dhabi, the index (.FTFADGI) fell 0.3%, extending losses for four consecutive sessions. The country's biggest lender First Abu Dhabi Bank (FAB.AD) dropped 2% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) continued its slide since Wednesday, dropping 0.9%.
Dubai's benchmark index (.DFMGI) lost 0.1%, dragged down by a decline in industrial and heavyweight real estate sectors, with Emirates Central Cooling Systems (EMPOWER.DU) falling 2.5% and toll operator Salik (SALIK.DU) dipping 2.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.4%, continuing its rally since Wednesday.
"The Egyptian stock market maintained its gains while the country continued to secure financing deals to cope with the impact of current global conditions", said Farah Mourad, Senior Market Analyst of XTB MENA.
Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.
Most Gulf stock markets closed higher on Monday, as oil prices climbed on robust demand outlook amid expectations of economic recovery in the world's top importer China, while Abu Dhabi bucked the trend.
Crude prices - a key catalyst for the Gulf's financial markets - extended last week's gains on Monday with Brent crude up 88 cents, or 1%, to $88.51 a barrel at 1247 GMT, their highest since November 18.
The benchmark index (.TASI) in Saudi Arabia added 0.4%, lifted by gains in banking and energy sector stocks with oil giant Saudi Aramco (2222.SE) rising 1.7%, while the world's largest Islamic bank by market capitalization Al Rajhi Bank (1120.SE) jumped 1%.
Among other stocks, East Pipes Integrated Company For Industry (1321.SE) surged 5.2% after it signed two separate contracts worth 569 million riyals ($151.5 million) on Sunday.
The Qatari index (.QSI) climbed 1.1%, extending its rally since Thursday with almost all its constituent stocks in positive territory.
The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its gains with a 3.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 2.3%.
In Abu Dhabi, the index (.FTFADGI) fell 0.3%, extending losses for four consecutive sessions. The country's biggest lender First Abu Dhabi Bank (FAB.AD) dropped 2% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) continued its slide since Wednesday, dropping 0.9%.
Dubai's benchmark index (.DFMGI) lost 0.1%, dragged down by a decline in industrial and heavyweight real estate sectors, with Emirates Central Cooling Systems (EMPOWER.DU) falling 2.5% and toll operator Salik (SALIK.DU) dipping 2.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.4%, continuing its rally since Wednesday.
"The Egyptian stock market maintained its gains while the country continued to secure financing deals to cope with the impact of current global conditions", said Farah Mourad, Senior Market Analyst of XTB MENA.
Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.
Lazard Names Key Aramco IPO Banker as Head of MENA Advisory - Bloomberg
Lazard Names Key Aramco IPO Banker as Head of MENA Advisory - Bloomberg
Lazard Ltd. hired Wassim Al-Khatib as chief executive officer for the firm’s advisory business in the Middle East and North Africa, and the boutique investment bank plans to make Riyadh its regional banking hub.
Al-Khatib, the former head of Citigroup Inc. in Saudi Arabia, will also be CEO of Lazard Saudi Arabia, according to a statement, confirming a Bloomberg News report. Prior to that Al-Khatib was the head of investment banking at NCB Capital, where he was one of the key bankers involved in Saudi Aramco’s mammoth initial public offering.
Investment banks are expanding in Saudi Arabia as the kingdom embarks on a plan to diversify its economy away from oil by selling stakes in state-owned companies and investing in new industries. The country is also trying to become the region’s main business and finance hub.
Lazard Ltd. hired Wassim Al-Khatib as chief executive officer for the firm’s advisory business in the Middle East and North Africa, and the boutique investment bank plans to make Riyadh its regional banking hub.
Al-Khatib, the former head of Citigroup Inc. in Saudi Arabia, will also be CEO of Lazard Saudi Arabia, according to a statement, confirming a Bloomberg News report. Prior to that Al-Khatib was the head of investment banking at NCB Capital, where he was one of the key bankers involved in Saudi Aramco’s mammoth initial public offering.
Investment banks are expanding in Saudi Arabia as the kingdom embarks on a plan to diversify its economy away from oil by selling stakes in state-owned companies and investing in new industries. The country is also trying to become the region’s main business and finance hub.
#Dubai Billionaire Al Habtoor Eyes $3 Billion Property Investment - Bloomberg
Dubai Billionaire Al Habtoor Eyes $3 Billion Property Investment - Bloomberg
Dubai billionaire Khalaf Al Habtoor plans to invest as much as $3 billion in real estate this year and is looking toward Central Europe to expand his property and hotel empire.
“We are investing around $2.8 billion to $3 billion this year,” the chairman of Al Habtoor Group told Bloomberg TV in an interview on Monday. The family-owned business may look at places like Budapest and Slovakia to invest after London had become a “little bit difficult.”
Al Habtoor, whose group owns hotels, as well as car dealerships, residential properties and schools, said his businesses have been booming after Dubai’s handling of the coronavirus pandemic. The city has become an attractive place for investors looking for a place to park their wealth.
A spectacular turnaround in the emirate’s property market has also seen the Middle East’s financial hub break a decade-long record for total home sales and lifted rents to unprecedented levels. That bucked the trend in much of the world, where values have largely dropped amid surging interest rates and an increasingly darkening economic outlook.
Dubai billionaire Khalaf Al Habtoor plans to invest as much as $3 billion in real estate this year and is looking toward Central Europe to expand his property and hotel empire.
“We are investing around $2.8 billion to $3 billion this year,” the chairman of Al Habtoor Group told Bloomberg TV in an interview on Monday. The family-owned business may look at places like Budapest and Slovakia to invest after London had become a “little bit difficult.”
Al Habtoor, whose group owns hotels, as well as car dealerships, residential properties and schools, said his businesses have been booming after Dubai’s handling of the coronavirus pandemic. The city has become an attractive place for investors looking for a place to park their wealth.
A spectacular turnaround in the emirate’s property market has also seen the Middle East’s financial hub break a decade-long record for total home sales and lifted rents to unprecedented levels. That bucked the trend in much of the world, where values have largely dropped amid surging interest rates and an increasingly darkening economic outlook.
#UAE-#Israel trade more than doubles in 2022
UAE-Israel trade more than doubles in 2022
Bilateral trade between the UAE and Israel more than doubled last year with the Emirates becoming among the top 20 trading partners of Israel.
Amir Hayek, Israel’s ambassador to the UAE, said trade jumped 109.7 per cent to $2.56 billion (Dh9.4 billion) in 2022 as compared to $1.22 billion in the previous year. This excludes software trade. The UAE is now the 16th largest trading partner out of 126 countries.
Trade between the two countries has been growing since the signing of the Abraham Accord in September 2020, especially after the signing of the Comprehensive Economic Partnership Agreement (Cepa) last year.
The Agreement provides unprecedented economic benefits for both parties by lowering or eliminating tariffs on more than 96 per cent of tariff lines and 99 per cent value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries, including energy, environment, and digital trade. The two countries aim to cross $10 billion in bilateral trade in the coming years.
Not just trade, tourism has also flourished between the two countries as more than 150,000 Israeli tourists visited the UAE in the last 10 months of 2022.
Bilateral trade between the UAE and Israel more than doubled last year with the Emirates becoming among the top 20 trading partners of Israel.
Amir Hayek, Israel’s ambassador to the UAE, said trade jumped 109.7 per cent to $2.56 billion (Dh9.4 billion) in 2022 as compared to $1.22 billion in the previous year. This excludes software trade. The UAE is now the 16th largest trading partner out of 126 countries.
Trade between the two countries has been growing since the signing of the Abraham Accord in September 2020, especially after the signing of the Comprehensive Economic Partnership Agreement (Cepa) last year.
The Agreement provides unprecedented economic benefits for both parties by lowering or eliminating tariffs on more than 96 per cent of tariff lines and 99 per cent value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries, including energy, environment, and digital trade. The two countries aim to cross $10 billion in bilateral trade in the coming years.
Not just trade, tourism has also flourished between the two countries as more than 150,000 Israeli tourists visited the UAE in the last 10 months of 2022.
Most Gulf markets open slightly higher, #AbuDhabi extends losses | Reuters
Most Gulf markets open slightly higher, Abu Dhabi extends losses | Reuters
Most major stock markets in the Gulf opened slightly higher on Monday, shrugging off a small retreat in oil prices, although Abu Dhabi was poised to extend its losing streak.
Oil prices - a key catalyst for Gulf financial markets - drifted lower in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.
Brent crude futures were down by 46 cents, or 0.5%, to $87.17 at 0349 GMT.
Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, boosted by its energy and healthcare stocks, with state oil giant and index heavyweight Saudi Aramco (2222.SE) gaining 0.6% and Sulaiman Al-Habib Medical Services Group (4013.SE) rising 0.8%.
Among other stocks, East Pipes Integrated Company For Industry (1321.SE) surged more than 9% after it signed two separate contracts worth 569 million riyals ($151.5 million) on Sunday.
Most major stock markets in the Gulf opened slightly higher on Monday, shrugging off a small retreat in oil prices, although Abu Dhabi was poised to extend its losing streak.
Oil prices - a key catalyst for Gulf financial markets - drifted lower in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.
Brent crude futures were down by 46 cents, or 0.5%, to $87.17 at 0349 GMT.
Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, boosted by its energy and healthcare stocks, with state oil giant and index heavyweight Saudi Aramco (2222.SE) gaining 0.6% and Sulaiman Al-Habib Medical Services Group (4013.SE) rising 0.8%.
Among other stocks, East Pipes Integrated Company For Industry (1321.SE) surged more than 9% after it signed two separate contracts worth 569 million riyals ($151.5 million) on Sunday.
Dubai's main share index (.DFMGI) gained 0.1%, supported by a 1.4% jump in Emirates low-cost airline Air Arabia (AIRA.DU) and a 1.3% lift in Emirates Central Cooling System Corp. (EMPOWER.DU).
The benchmark stock index (.QSI) in Qatar rose 0.3%, led by lenders. Qatar National Bank (QNBK.QA), the Gulf's largest lender by assets, and Qatar International Islamic Bank (QIIB.QA) climbed 2.1% and 1.8%, respectively.
However, Abu Dhabi's benchmark index (.FTFADGI) extended losses to a fourth straight session, opening 0.2% lower as conglomerate International Holding Co (IHC.AD) shed 0.5% and Alpha Dhabi (ALPHADHABI.AD) declined 0.6%.
The benchmark stock index (.QSI) in Qatar rose 0.3%, led by lenders. Qatar National Bank (QNBK.QA), the Gulf's largest lender by assets, and Qatar International Islamic Bank (QIIB.QA) climbed 2.1% and 1.8%, respectively.
However, Abu Dhabi's benchmark index (.FTFADGI) extended losses to a fourth straight session, opening 0.2% lower as conglomerate International Holding Co (IHC.AD) shed 0.5% and Alpha Dhabi (ALPHADHABI.AD) declined 0.6%.
#SaudiArabia Business News: TAM Consultancy Eyes Listing - Bloomberg
Saudi Arabia Business News: TAM Consultancy Eyes Listing - Bloomberg
Saudi Arabia-based management consultancy TAM Development Co. is planning an initial public offering later this year, in a test of whether investor demand for new share sales will carry through from last year.
TAM is planning to list on the Kingdom’s small cap market, co-founder and Chief Executive Officer Abdullah Yousef said in an interview. It will look to be upgraded to the main exchange within two years, he said. The consultancy derives most of its revenue from advising the Saudi government and government-related entities linked to its sovereign fund, the Public Investment Fund.
Yousef declined to comment on the company’s expected valuation but said it was growing rapidly and it already has contracts booked for this year representing 20% revenue growth. TAM’s financial data wasn’t publicly available.
Saudi Arabia was part of an IPO boom that swept the Middle East last year on the back of economic expansion and strong investor demand. Listings in the region accounted for about half of the proceeds in all of Europe, the Middle East and Africa, as deals elsewhere collapsed under the pressures of high inflation and rising interest rates.
Saudi Arabia-based management consultancy TAM Development Co. is planning an initial public offering later this year, in a test of whether investor demand for new share sales will carry through from last year.
TAM is planning to list on the Kingdom’s small cap market, co-founder and Chief Executive Officer Abdullah Yousef said in an interview. It will look to be upgraded to the main exchange within two years, he said. The consultancy derives most of its revenue from advising the Saudi government and government-related entities linked to its sovereign fund, the Public Investment Fund.
Yousef declined to comment on the company’s expected valuation but said it was growing rapidly and it already has contracts booked for this year representing 20% revenue growth. TAM’s financial data wasn’t publicly available.
Saudi Arabia was part of an IPO boom that swept the Middle East last year on the back of economic expansion and strong investor demand. Listings in the region accounted for about half of the proceeds in all of Europe, the Middle East and Africa, as deals elsewhere collapsed under the pressures of high inflation and rising interest rates.