Saudi Arabia's PIF says U.S. stocks value falls nearly $6 billion in fourth quarter | Reuters
Saudi Arabia's sovereign Public Investment Fund held $30.9 billion worth of U.S. stocks at the end of 2022, down from $36.8 billion at the end of September, dragged down by a $6.8 billion decrease in value of electric carmaker Lucid (LCID.O), it said in a regulatory filing.
PIF, which already owned more than 60% of Lucid, bought more than 93.75 million shares in the carmaker in the third quarter, according to Reuters calculations based on the U.S. filing.
That was equivalent to roughly 5.6% of Lucid shares, according to calculations based on Refinitiv data.
PIF's stake in Lucid, despite increasing, nearly halved in value to $7.57 billion at the end of December from $14.18 billion three months earlier, the filing showed.
Shares of Lucid, which plans to build its first overseas factory in Saudi Arabia, were down 51% in the fourth quarter.
Tuesday 14 February 2023
Emaar revenue reaches Dh24.9 billion in 2022, net profit rises 80% | Business – Gulf News
Emaar revenue reaches Dh24.9 billion in 2022, net profit rises 80% | Business – Gulf News
Emaar reported revenue of Dh24.9 billion in 2022, the property developer said on Tuesday, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism.
EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to Dh9.8 billion and Dh6.8 billion compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs, the company said.
The group property sales in 2022 reached Dh35.1 billion, primarily driven by new project launches, while backlog of property sales reached Dh53.2 billion.
In 2022, Emaar completed the acquisition of Dubai Creek Harbour for an overall consideration of Dh7.5 billion.
Emaar reported revenue of Dh24.9 billion in 2022, the property developer said on Tuesday, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism.
EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to Dh9.8 billion and Dh6.8 billion compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs, the company said.
The group property sales in 2022 reached Dh35.1 billion, primarily driven by new project launches, while backlog of property sales reached Dh53.2 billion.
In 2022, Emaar completed the acquisition of Dubai Creek Harbour for an overall consideration of Dh7.5 billion.
Most Gulf bourses fall on weak corporate earnings; #AbuDhabi gains | Reuters
Most Gulf bourses fall on weak corporate earnings; Abu Dhabi gains | Reuters
Most Gulf stock markets ended lower on Tuesday, weighed down by oil prices and weaker-than-expected corporate earnings, while the Abu Dhabi index recouped early losses.
Oil prices - a key contributor to the Gulf's economies - slid more than 1% after the U.S. government said it would release more crude from its Strategic Petroleum Reserve.
Brent crude futures fell $1.06, or 1.22%, to $85.56 a barrel by 1152 GMT.
Dubai's benchmark stock index (.DFMGI) settled 0.3% lower to snap nine sessions of rally, dragged down by losses in utilities, industry and communication sectors.
Air Arabia (AIRA.DU) tumbled 3.4%, its worst day since early May, after the low cost-carrier posted a 24% decrease in its fourth-quarter net profit.
The Abu Dhabi index (.FTFADGI) edged up 0.1%, helped by a 0.25% rise in Conglomerate International Holding Co (IHC.AD) ahead of reporting annual earnings later in the day.
After trading hours, Conglomerate reported 175% growth in full-year net profit to 31.86 billion dirhams ($8.68 billion).
Saudi Arabia's benchmark stock index (.TASI) eased 0.2%, dragged down by losses in financial and health care sectors.
Arab National Bank (1080.SE) slipped 3.2% after the lender missed market estimates of 3.20 billion riyals for full-year profit. It reported net profit of 3.07 billion riyals, a 41% from 2021.
Outside the Gulf , Egypt's blue-chip index (.EGX30) rose 1.3%, boosted by a 7.7% surge in Juhayna Food Industries (JUFO.CA) after the firm appointed Seif El-Din Safwan Thabet as vice-chairman and CEO.
Most Gulf stock markets ended lower on Tuesday, weighed down by oil prices and weaker-than-expected corporate earnings, while the Abu Dhabi index recouped early losses.
Oil prices - a key contributor to the Gulf's economies - slid more than 1% after the U.S. government said it would release more crude from its Strategic Petroleum Reserve.
Brent crude futures fell $1.06, or 1.22%, to $85.56 a barrel by 1152 GMT.
Dubai's benchmark stock index (.DFMGI) settled 0.3% lower to snap nine sessions of rally, dragged down by losses in utilities, industry and communication sectors.
Air Arabia (AIRA.DU) tumbled 3.4%, its worst day since early May, after the low cost-carrier posted a 24% decrease in its fourth-quarter net profit.
The Abu Dhabi index (.FTFADGI) edged up 0.1%, helped by a 0.25% rise in Conglomerate International Holding Co (IHC.AD) ahead of reporting annual earnings later in the day.
After trading hours, Conglomerate reported 175% growth in full-year net profit to 31.86 billion dirhams ($8.68 billion).
Saudi Arabia's benchmark stock index (.TASI) eased 0.2%, dragged down by losses in financial and health care sectors.
Arab National Bank (1080.SE) slipped 3.2% after the lender missed market estimates of 3.20 billion riyals for full-year profit. It reported net profit of 3.07 billion riyals, a 41% from 2021.
Outside the Gulf , Egypt's blue-chip index (.EGX30) rose 1.3%, boosted by a 7.7% surge in Juhayna Food Industries (JUFO.CA) after the firm appointed Seif El-Din Safwan Thabet as vice-chairman and CEO.
#AbuDhabi's economy expands 10.5% in first nine months of 2022 on non-oil sector growth
Abu Dhabi's economy expands 10.5% in first nine months of 2022 on non-oil sector growth
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector, according to government data.
The non-oil sector grew 10.3 per cent annually thanks to government efforts to diversify the economy, boost the private sector's contribution and invest in human capital, the Abu Dhabi Media Office said on Tuesday, citing the latest data released by the Statistics Centre Abu Dhabi (Scad).
The non-oil sector contributed 50.3 per cent to the emirate's gross domestic product, figures showed. It recorded an increase of Dh39 billion ($10.6 billion) from the same period in 2021 to hit Dh417.3 billion by the end of the third quarter.
“Abu Dhabi’s robust economy continues to prove its superiority driven by … its ability to attract foreign direct investments and agile policies that enabled our economy to achieve the strongest growth in the region,” said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (Added).
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, driven by strong growth in the non-oil sector, according to government data.
The non-oil sector grew 10.3 per cent annually thanks to government efforts to diversify the economy, boost the private sector's contribution and invest in human capital, the Abu Dhabi Media Office said on Tuesday, citing the latest data released by the Statistics Centre Abu Dhabi (Scad).
The non-oil sector contributed 50.3 per cent to the emirate's gross domestic product, figures showed. It recorded an increase of Dh39 billion ($10.6 billion) from the same period in 2021 to hit Dh417.3 billion by the end of the third quarter.
“Abu Dhabi’s robust economy continues to prove its superiority driven by … its ability to attract foreign direct investments and agile policies that enabled our economy to achieve the strongest growth in the region,” said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (Added).
Air Arabia delivers record 2022 net profit of $326mln
Air Arabia delivers record 2022 net profit of $326mln
Air Arabia today announced historic financial results for the full year ending 31st December, 2022 (FY'22), almost doubling the profit and passenger numbers of the previous year, as the airline continued with its growth plans, delivering remarkable financial and operational performance.
Air Arabia reported a FY'22 net profit of AED 1.2 billion, an increase of 70 percent year-on-year (YoY). The airline's FY'22 turnover reached AED 5.2 billion, an increase of 65 percent YoY.
Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 percent compared to 6.8 million passengers carried in 2021. The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Air Arabia today announced historic financial results for the full year ending 31st December, 2022 (FY'22), almost doubling the profit and passenger numbers of the previous year, as the airline continued with its growth plans, delivering remarkable financial and operational performance.
Air Arabia reported a FY'22 net profit of AED 1.2 billion, an increase of 70 percent year-on-year (YoY). The airline's FY'22 turnover reached AED 5.2 billion, an increase of 65 percent YoY.
Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 percent compared to 6.8 million passengers carried in 2021. The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
TAQA’s profits to owners hit $2.1bln in 2022; special dividends announced
TAQA’s profits to owners hit $2.1bln in 2022; special dividends announced
Abu Dhabi National Energy Company (TAQA) achieved net profits attributable to the equityholders worth AED 8.03 billion in 2022, higher than AED 5.96 billion in 2021.
Revenues amounted to AED 49.96 billion during the January-December 2022 period, up 10.30% year-on-year (YoY) from AED 45.29 billion, according to the consolidated income statements.
The basic and diluted earnings per share (EPS) attributable to the owners from continuing operations reached AED 0.07 in 2022, versus AED 0.05 a year earlier.
Meanwhile, the total assets increased to AED 181.50 billion as of 31 December 2022, compared to AED 180.19 billion in 2021.
Abu Dhabi National Energy Company (TAQA) achieved net profits attributable to the equityholders worth AED 8.03 billion in 2022, higher than AED 5.96 billion in 2021.
Revenues amounted to AED 49.96 billion during the January-December 2022 period, up 10.30% year-on-year (YoY) from AED 45.29 billion, according to the consolidated income statements.
The basic and diluted earnings per share (EPS) attributable to the owners from continuing operations reached AED 0.07 in 2022, versus AED 0.05 a year earlier.
Meanwhile, the total assets increased to AED 181.50 billion as of 31 December 2022, compared to AED 180.19 billion in 2021.
Vale acquires #Oman's OQ 30% stake in Vale Oman -state news agency | Reuters
Vale acquires Oman's OQ 30% stake in Vale Oman -state news agency | Reuters
Brazilian mining company Vale (VALE3.SA) has bought back a 30% stake in Vale Oman from Oman's state energy company OQ, the Omani state news agency reported on Tuesday.
OQ, formerly known as Oman Oil Company, bought the stake from Vale in 2010.
Vale Oman has become a 100% foreign company after the acquisition, the state news agency added.
Brazilian mining company Vale (VALE3.SA) has bought back a 30% stake in Vale Oman from Oman's state energy company OQ, the Omani state news agency reported on Tuesday.
OQ, formerly known as Oman Oil Company, bought the stake from Vale in 2010.
Vale Oman has become a 100% foreign company after the acquisition, the state news agency added.
Emirates NBD raises A$450 million with kangaroo bonds | Reuters
Emirates NBD raises A$450 million with kangaroo bonds | Reuters
Emirates NBD, Dubai's biggest lender, has raised A$450 million ($313.29 million) through an issuance of 10-year bonds at a coupon of 6.1%, a document on the sale showed on Tuesday.
The kangaroo bonds - debt issued in Australia by foreign issuers - will yield 6.122%, the document seen by Reuters showed. On Monday, Emirates NBD began marketing the bonds with an indicative yield of 6.3% and an indicative coupon of 6.25%.
ANZ, Emirates NBD Capital, JPMorgan and Nomura were lead managers for the debt sale.
The bonds were issued under Emirates NBD's A$4 billion ($2.77 billion) Kangaroo Debt Issuance Programme. They are expected to be rated A2 by Moody's and A+ by Fitch.
Emirates NBD, Dubai's biggest lender, has raised A$450 million ($313.29 million) through an issuance of 10-year bonds at a coupon of 6.1%, a document on the sale showed on Tuesday.
The kangaroo bonds - debt issued in Australia by foreign issuers - will yield 6.122%, the document seen by Reuters showed. On Monday, Emirates NBD began marketing the bonds with an indicative yield of 6.3% and an indicative coupon of 6.25%.
ANZ, Emirates NBD Capital, JPMorgan and Nomura were lead managers for the debt sale.
The bonds were issued under Emirates NBD's A$4 billion ($2.77 billion) Kangaroo Debt Issuance Programme. They are expected to be rated A2 by Moody's and A+ by Fitch.
#UAE’s Biggest Power Firm Taqa Plans Green Bonds and M&A Deals - Bloomberg
UAE’s Biggest Power Firm Taqa Plans Green Bonds and M&A Deals - Bloomberg
The largest power producer in the United Arab Emirates plans to sell bonds and acquire assets this year, according to the company’s chief executive officer.
Bolstered by gains at its oil and gas businesses, the utility known as Taqa wants to aims to expand in renewable energy projects as well as its main industries of power generation and water desalination. Abu Dhabi National Energy Co., as it’s officially known, posted a one-third jump in profit last year, helped by oil prices that averaged nearly $100 a barrel last year.
“Our focus is on growth,” Jasim Husain Thabet said in an interview in Abu Dhabi. “We’re in discussions and, if there are deals that bring value to the shareholders, we’ll follow through and execute.”
The company is also looking at issuing “several hundred million dollars” of green bonds for specific projects in 2023, he said.
The largest power producer in the United Arab Emirates plans to sell bonds and acquire assets this year, according to the company’s chief executive officer.
Bolstered by gains at its oil and gas businesses, the utility known as Taqa wants to aims to expand in renewable energy projects as well as its main industries of power generation and water desalination. Abu Dhabi National Energy Co., as it’s officially known, posted a one-third jump in profit last year, helped by oil prices that averaged nearly $100 a barrel last year.
“Our focus is on growth,” Jasim Husain Thabet said in an interview in Abu Dhabi. “We’re in discussions and, if there are deals that bring value to the shareholders, we’ll follow through and execute.”
The company is also looking at issuing “several hundred million dollars” of green bonds for specific projects in 2023, he said.
#Oman's OQ plans to raise up to $244 mln from oil and gas drilling unit Abraj IPO | Reuters
Oman's OQ plans to raise up to $244 mln from oil and gas drilling unit Abraj IPO | Reuters
Oman's state energy company OQ planned to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services, the unit said on Tuesday.
OQ is selling 49%, equivalent to 377,398,000 shares of Abraj in a public share sale, Abraj said in an emailed statement.
The IPO price band has been set at between 242 baizas and 249 baizas a share, it added, implying a market capitalisation of around $484 million and $498 million.
The offering is set to open on Feb. 20 till March 2 for institutional investors, while retail investors can subscribe until March 1. Shares are expected to commence trading on or around March 14, according to the statement.
Oman's state energy company OQ planned to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services, the unit said on Tuesday.
OQ is selling 49%, equivalent to 377,398,000 shares of Abraj in a public share sale, Abraj said in an emailed statement.
The IPO price band has been set at between 242 baizas and 249 baizas a share, it added, implying a market capitalisation of around $484 million and $498 million.
The offering is set to open on Feb. 20 till March 2 for institutional investors, while retail investors can subscribe until March 1. Shares are expected to commence trading on or around March 14, according to the statement.
Gulf bourses track oil prices lower; U.S. CPI data in focus | Reuters
Gulf bourses track oil prices lower; U.S. CPI data in focus | Reuters
Gulf stock markets fell in early trade on Tuesday, tracking weaker oil prices, while investors were cautious ahead of the release of U.S. inflation data.
Oil, which fuels the region's growth, declined, with Brent crude losing 0.5% to $86.18 a barrel by 0730 GMT.
Traders will be looking for clues from the crucial U.S. consumer price index (CPI) data for January scheduled to be released later in the day.
The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.
In Abu Dhabi, the benchmark stock index (.FTFADGI) eased 0.2%, hit by a 1% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank fell 0.6%.
However, Fertiglobe jumped 2.4% after it posted a 75% rise in 2022 net profit.
Dubai's benchmark stock index (.DFMGI) opened in the red, trading 0.3% lower, weighed down by losses in utilities, industry and real estate sectors, with Emirates Central Cooling Systems falling 1.3% and low cost flyer Air Arabia losing 2.5%.
Saudi Arabia's benchmark stock index (.TASI) eased 0.1%, dragged down by losses in financial and health care sectors, with Riyad Bank and Saudi National Bank dropped 1.4% and 0.8%, respectively.
However, luxury real estate developer Retal Urban surged 3.7%.
The Qatar stock market was closed for a public holiday.
Gulf stock markets fell in early trade on Tuesday, tracking weaker oil prices, while investors were cautious ahead of the release of U.S. inflation data.
Oil, which fuels the region's growth, declined, with Brent crude losing 0.5% to $86.18 a barrel by 0730 GMT.
Traders will be looking for clues from the crucial U.S. consumer price index (CPI) data for January scheduled to be released later in the day.
The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.
In Abu Dhabi, the benchmark stock index (.FTFADGI) eased 0.2%, hit by a 1% loss in Alpha Dhabi (ALPHADHABI.AD) and 0.4% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank fell 0.6%.
However, Fertiglobe jumped 2.4% after it posted a 75% rise in 2022 net profit.
Dubai's benchmark stock index (.DFMGI) opened in the red, trading 0.3% lower, weighed down by losses in utilities, industry and real estate sectors, with Emirates Central Cooling Systems falling 1.3% and low cost flyer Air Arabia losing 2.5%.
Saudi Arabia's benchmark stock index (.TASI) eased 0.1%, dragged down by losses in financial and health care sectors, with Riyad Bank and Saudi National Bank dropped 1.4% and 0.8%, respectively.
However, luxury real estate developer Retal Urban surged 3.7%.
The Qatar stock market was closed for a public holiday.