How First #AbuDhabi Bank pursued Standard Chartered and ‘opened Pandora’s box’ | Financial Times

How First Abu Dhabi Bank pursued Standard Chartered and ‘opened Pandora’s box’ | Financial Times

In November, the world’s tallest tower, Dubai’s Burj Khalifa, was lit up with the colours and logo of Standard Chartered. 

As the bank’s chief executive Bill Winters and chair José Viñals looked on, messages such as “together we’re here for good” and “aligned ambitions” sparked into life. 

While in Dubai, the two directors held a full board meeting and met senior figures in the region. But two months later they were blindsided when news broke that First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, wanted to buy StanChart. 

“It was a complete surprise to the board,” said one person familiar with the matter. 

However, it was no secret that the oil-rich Emirates was in an acquisitive mood.

Gulf markets mixed as #Qatar falls, #Dubai gains | Reuters

Gulf markets mixed as Qatar falls, Dubai gains | Reuters

Qatar's stock market was the worst performer among mixed Gulf bourses on Thursday amid volatile energy markets, while Dubai shares ended higher on a strong banking sector performance.

The Qatari stock index (.QSI) dropped 0.9%, falling for a fourth consecutive session, with most of its constituent stocks in negative territory.

Index heavyweights Qatar International Islamic Bank (QIIB.QA) and Qatar Islamic Bank (QISB.QA) declined 1.3% and 0.9%, respectively.

Qatar's Commercial Bank (COMB.QA) dropped 3.8% and Doha Bank (DOBK.QA) slumped 10%.

"The Qatari stock market maintained its downtrend following the negative performance in natural gas markets," said Fadi Reyad, chief market analyst at CAPEX.com MENA.

The benchmark index (.TASI) in Saudi Arabia dropped 0.8%, weighed down by losses in most sectors, led by banking and energy stocks.

Shares of Alinma Bank (1150.SE) declined 4.3% after the bank reported 32.8% growth in annual net profit to 3.60 billion riyals ($959.3 million) that missed analysts' estimate of 3.72 billion riyals.

The world's largest Islamic bank by assets, Al Rajhi Bank (1120.SE), fell 0.7% and Dr Sulaiman Al Habib Medical (4013.SE) declined 3.3%.

Saudi oil giant Aramco (2222.SE) lost 0.9%.

Oil prices - a key contributor to Gulf economies - fell on Thursday as looming sanctions on Russian oil products added uncertainty over supply, with Brent crude down 0.51% at $82.40 a barrel by 1330 GMT.

Dubai's benchmark index (.DFMGI) closed up 0.5%, lifted by gains in banking, utilities and industry sectors stocks.

Dubai's biggest lender Emirates NBD (ENBD.DU) added 0.4% and Emirates Central Cooling Systems (EMPOWER.DU) rose 2%.

Commercial Bank Of Dubai (CBD.DU) jumped 8.1% after it reported a 26% jump in full-year net profit on Wednesday, helped by higher net interest income and solid operating income.

In Abu Dhabi, the index (.FTFADGI) ended up 0.1%, rising for a fourth straight session, helped by a 3% gain in National Marine Dredging (NMDC.AD) after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).

The MENA region's largest producer of nitrogen fertilisers, Fertiglobe (FERTIGLOBE.AD), rose 2.2%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.9% lower, falling for a fourth session with almost all its constituent stocks in the red.

Fawry banking (FWRY.CA) and El Sewedy Electric (SWDY.CA) dropped 3.6% and 6% respectively.

#AbuDhabi's IHC says funds invested in Adani FPO have been returned

Abu Dhabi's IHC says funds invested in Adani FPO have been returned

Abu Dhabi-based International Holding Co. (IHC), which invested 1.4 billion dirhams ($400 million) in Adani Enterprises Ltd.’s Follow-On Public Offer (FPO), confirmed that the invested funds have been transferred back into its account following the cancellation of the share sale by the Indian conglomerate.

The Adani group abandoned its flagship company's $2.5 billion stock offering after losing billions as shares plunged after US short seller Hindenburg Research accused the companies' billionaire-owner Gautam Adani of market manipulation and fraud.

The conglomerate's market losses amount to more than $100 billion and have set off worries regarding potential systemic impact.

IHC, an anchor investor in the FPO, said in a statement on Thursday to Abu Dhabi's ADX exchange where its shares trade, that the decision by Adani to pull the flotation isn't unique and "we understand floats get pulled for various reasons..."

Brevan Howard Joins Hedge Fund Shift With 100-Person #UAE Outpost - Bloomberg

Brevan Howard Joins Hedge Fund Shift With 100-Person UAE Outpost - Bloomberg

Brevan Howard Asset Management is opening an outpost in Abu Dhabi, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.

The Jersey, Channel Islands-based investment firm, best known for macro trading and a recent push into digital assets, plans to have about 100 people in the region, according to people with knowledge of the matter. Some of the staff will be supporting Brevan Howard’s digital currency fund, the people said, asking not to be identified because the details are private.

A spokesman for the firm declined to comment.

The move follows efforts by Abu Dhabi, whose sovereign wealth funds oversee more than $1.2 trillion, to draw in more foreign money and financial firms. A growing number of hedge fund traders also want to be based there, attracted in part by its lack of income tax.

#Saudi leads Gulf bourses lower on weak earnings, #Dubai gains | Reuters

Saudi leads Gulf bourses lower on weak earnings, Dubai gains | Reuters

Most stock exchanges in the Gulf fell in early trade on Thursday following a slew of corporate earnings that fell short of expectations, with the Saudi main share index dragged down by Alinma Bank (1150.SE).

Saudi Arabia's benchmark stock index (.TASI) slipped 0.2%, pressured by losses in banking and real estate sector stocks.

Shares of Alinma Bank fell 2.2% after the bank reported 32.8% growth in annual net profit to 3.60 billion riyals ($959.3 million) that missed analysts' estimate of 3.72 billion riyals.

Central banks in Saudi Arabia, the United Arab Emirates and Bahrain lifted their key interest rates by 25 basis points on Wednesday, following the Federal Reserve's hike of the same size, as their currencies are pegged to the dollar.

However, Qatar's central bank said on Wednesday it was keeping its interest rates unchanged.

CBQ typically follows the Fed's moves as the Qatari riyal is also pegged to the dollar.

The Qatari main share index (.QSI) slipped 0.5%, extending losses for a fourth straight session.

Banking sector stocks drove losses in the index with Masraf Al Rayan (MARK.QA) declining 2.6%, while Islamic lender Qatar Islamic Bank (QISB.QA) was down 1%.

Abu Dhabi's benchmark index (.FTFADGI) retreated 0.3%, on track to break a three-day winning streak, with the UAE's largest lender, First Abu Dhabi Bank (FAB.AD) losing 0.6% and conglomerate International Holding Company (IHC.AD) 0.9% lower.

However, National Marine Dredging Company (NMDC.AD) rose 1.7% after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).

Dubai's benchmark index (.DFMGI) was up 0.5%, bolstered by a 3.1% gain in low-cost carrier Air Arabia (AIRA.DU), while blue-chip developer Emaar Properties (EMAR.DU) rose 0.7%.

Oil prices - a key contributor to Gulf economies - drifted higher on Thursday after the OPEC+ panel endorsed keeping production cuts agreed last year in place.

Brent crude was up $0.39, or 0.47%, at $83.23 a barrel by 0818 GMT.