Central Bank of UAE’s balance totalled $151.1bln at end of 2022
The Central Bank of the UAE’s (CBUAE) balance sheet reached a record AED555 billion in December 2022, the highest in its history.
The balance sheet increased every month by 8.1 percent, reaching AED554.99 billion at the end of last December, compared to AED513.61 billion in November 2022, the bank said in its latest statistics.
Its balance sheet also increased annually by 6.4 percent, equivalent to AED33.4 billion, compared to some AED521.54 billion in December 2021, it added.
According to the bank’s statistics, in December 2022, its balance was distributed between assets, including cash and bank balances worth AED279.25 billion, investments saved to maturity worth AED180.44 billion, and deposits worth 63.43 billion, loans and advances worth AED5.55 billion, and other assets worth AED26.32 billion.
Its balance sheet was also distributed between liabilities and capital, including current accounts and deposit accounts worth AED236.66 billion, certificates of deposit and cash bills worth AED164.75 billion, issued bills and coins worth AED120.01 billion, capital and reserves worth AED13.35 billion, and other liabilities worth AED20.22 billion.
Monday 27 February 2023
Mideast Stocks: Most Gulf markets fall on worries of more U.S. rate hikes
Mideast Stocks: Most Gulf markets fall on worries of more U.S. rate hikes
Most Gulf bourses ended lower on Monday that the U.S. Federal Reserve might keep interest rates higher for longer due to a resilient economy. Data on Friday showed the U.S. personal consumption expenditures price index shot up 0.6% last month after gaining 0.2% in December, bringing back fears of a hawkish central bank.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index in Saudi Arabia ended 0.6% lower at 9,995, its lowest close since April 2021. The world's largest Islamic bank by assets, Al Rajhi Bank , declined 1.6%, while oil giant Aramco slid 1.3%. Fertilizer maker SABIC Agri-Nutrients, however, gained 2.7% after reporting a 92% jump in annual net profit.
In Abu Dhabi, the index fell 0.3%, extending its losses to a second session. The index was pulled down by a 1.3% drop in Abu Dhabi Commercial Bank and a 3.3% slide in Americana Restaurants International.
Dubai's benchmark index fell marginally, cushioned by gains in real estate, utilities and financial sectors, with Emaar Properties rising 1.3% and Dubai's largest lender Emirates NBD adding 0.4%. Among the losers, United Arab Emirates-based commercial lender Commercial Bank of Dubai and Deyaar Development dropped 1.9% and 1.2%, respectively. Real estate developer Deyaar's board said it would seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.
The Qatari Stock index ended slightly lower, with the losses in financial and communications sectors partly offset by the gains in industrial, materials and energy sectors. The gulf region's largest lender Qatar National Bank rose 1.8% and Qatar Navigation gained 2.8%. Gulf's largest insurer Qatar Insurance plunged 8.3% after it surged nearly 10% for two consecutive sessions. The insurer said on Sunday its listed unit in Oman, Oman Qatar Insurance, acquired another listed rival Vision Insurance.
Outside the Gulf, Egypt's blue-chip index fell 0.6%, ending two sessions gaining streak. The index was weighed down by losses in most sectors, with Commercial International Bank dropping 2% and Egypt Kuwait Holding losing 0.9%. Egypt-based automotive company GB Auto, however, rose 3.6% after it reported a rise in fourth-quarter profit.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
The benchmark index in Saudi Arabia ended 0.6% lower at 9,995, its lowest close since April 2021. The world's largest Islamic bank by assets, Al Rajhi Bank , declined 1.6%, while oil giant Aramco slid 1.3%. Fertilizer maker SABIC Agri-Nutrients, however, gained 2.7% after reporting a 92% jump in annual net profit.
In Abu Dhabi, the index fell 0.3%, extending its losses to a second session. The index was pulled down by a 1.3% drop in Abu Dhabi Commercial Bank and a 3.3% slide in Americana Restaurants International.
Dubai's benchmark index fell marginally, cushioned by gains in real estate, utilities and financial sectors, with Emaar Properties rising 1.3% and Dubai's largest lender Emirates NBD adding 0.4%. Among the losers, United Arab Emirates-based commercial lender Commercial Bank of Dubai and Deyaar Development dropped 1.9% and 1.2%, respectively. Real estate developer Deyaar's board said it would seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.
The Qatari Stock index ended slightly lower, with the losses in financial and communications sectors partly offset by the gains in industrial, materials and energy sectors. The gulf region's largest lender Qatar National Bank rose 1.8% and Qatar Navigation gained 2.8%. Gulf's largest insurer Qatar Insurance plunged 8.3% after it surged nearly 10% for two consecutive sessions. The insurer said on Sunday its listed unit in Oman, Oman Qatar Insurance, acquired another listed rival Vision Insurance.
Outside the Gulf, Egypt's blue-chip index fell 0.6%, ending two sessions gaining streak. The index was weighed down by losses in most sectors, with Commercial International Bank dropping 2% and Egypt Kuwait Holding losing 0.9%. Egypt-based automotive company GB Auto, however, rose 3.6% after it reported a rise in fourth-quarter profit.
General Atlantic Joins Push for Middle East Sovereign Wealth - Bloomberg
General Atlantic Joins Push for Middle East Sovereign Wealth - Bloomberg
Some of the private equity industry’s biggest names are expanding in the Middle East to develop closer ties with the region’s deep-pocketed investors and source dealmaking opportunities.
General Atlantic, which manages nearly $73 billion, on Monday named Samir Assaf — who joined in 2021 as a senior adviser — to the newly created role of chairman of its Middle East and North Africa business. Assaf, HSBC Holdings Plc’s former chief executive officer of global banking and markets and still an adviser to the bank, will identify investment opportunities and build relationships across the region.
The New York-based firm has been investing in the Middle East since 2015 and has so far deployed about $400 million in firms such as online real estate search platform Property Finder and Network International, the credit card processing firm. The company currently doesn’t have anyone on the ground but intends to build a physical presence in the region later this year.
“We see meaningful opportunities to expand our commitment to the region strategically and Samir’s expanded role as MENA chairman accelerates our ability to do that,” General Atlantic Chairman and Chief Executive Officer Bill Ford said in a statement.
Some of the private equity industry’s biggest names are expanding in the Middle East to develop closer ties with the region’s deep-pocketed investors and source dealmaking opportunities.
General Atlantic, which manages nearly $73 billion, on Monday named Samir Assaf — who joined in 2021 as a senior adviser — to the newly created role of chairman of its Middle East and North Africa business. Assaf, HSBC Holdings Plc’s former chief executive officer of global banking and markets and still an adviser to the bank, will identify investment opportunities and build relationships across the region.
The New York-based firm has been investing in the Middle East since 2015 and has so far deployed about $400 million in firms such as online real estate search platform Property Finder and Network International, the credit card processing firm. The company currently doesn’t have anyone on the ground but intends to build a physical presence in the region later this year.
“We see meaningful opportunities to expand our commitment to the region strategically and Samir’s expanded role as MENA chairman accelerates our ability to do that,” General Atlantic Chairman and Chief Executive Officer Bill Ford said in a statement.
IPIC, Aabar to Pay Malaysia $1.8 Billion in 1MDB Dispute - Bloomberg #AbuDhabi #UAE
IPIC, Aabar to Pay Malaysia $1.8 Billion in 1MDB Dispute - Bloomberg
Malaysia reached a $1.8 billion settlement with International Petroleum Investment Co. and Aabar Investments PJS to end a legal dispute linked to the multi-billion scandal involving the southeast Asian nation’s 1Malaysia Development Bhd.
The two sides have been locked in proceedings at a London’s court, with Malaysia claiming that the Abu Dhabi entities — which have since been rolled into Mubadala Investment Co. — were aware of fraud allegations against former Prime Minister Najib Razak at the time the deal was struck.
“With this settlement, Malaysia and Abu Dhabi look forward to continue working together for the prosperity and economic benefit of both countries in the future,” the Finance Ministry said in the statement Monday.
1Malaysia Development Bhd., or 1MDB, was an investment fund intended to develop the nation’s economy. Instead, it became the focus of a scandal that spawned probes in Asia, the US and Europe. Much of the money was allegedly embezzled by people connected to Najib and diverted for bribes.
Malaysia reached a $1.8 billion settlement with International Petroleum Investment Co. and Aabar Investments PJS to end a legal dispute linked to the multi-billion scandal involving the southeast Asian nation’s 1Malaysia Development Bhd.
The two sides have been locked in proceedings at a London’s court, with Malaysia claiming that the Abu Dhabi entities — which have since been rolled into Mubadala Investment Co. — were aware of fraud allegations against former Prime Minister Najib Razak at the time the deal was struck.
“With this settlement, Malaysia and Abu Dhabi look forward to continue working together for the prosperity and economic benefit of both countries in the future,” the Finance Ministry said in the statement Monday.
1Malaysia Development Bhd., or 1MDB, was an investment fund intended to develop the nation’s economy. Instead, it became the focus of a scandal that spawned probes in Asia, the US and Europe. Much of the money was allegedly embezzled by people connected to Najib and diverted for bribes.
Adnoc Gas IPO Upsized to About $2.5 Billion on Heavy Demand - Bloomberg
Adnoc Gas IPO Upsized to About $2.5 Billion on Heavy Demand - Bloomberg
The United Arab Emirate’s main oil company has increased the size of the initial public offering of its gas business — already set to be the world’s largest so far this year — by a quarter to as much as $2.5 billion.
The move comes after investors snapped up all available shares within hours of them going on sale last week. Abu Dhabi National Oil Co. will now offer 3.84 billion shares, or a stake of about 5%, in Adnoc Gas in the IPO, according to a statement on Monday. It was previously looking to sell 4%.
The price range remains unchanged at 2.25 dirhams ($0.61) to 2.43 dirhams per share, valuing the company at as much as $50.8 billion. The retail offering was boosted to 12% of the total deal while the employee tranche was increased to 4%.
There has been “significant investor demand across all tranches,” Adnoc Gas said. The Middle East had experienced increased investor interest last year on the back of its IPO boom which bucked a global slowdown and a surge in energy prices following Russia’s invasion of Ukraine.
The United Arab Emirate’s main oil company has increased the size of the initial public offering of its gas business — already set to be the world’s largest so far this year — by a quarter to as much as $2.5 billion.
The move comes after investors snapped up all available shares within hours of them going on sale last week. Abu Dhabi National Oil Co. will now offer 3.84 billion shares, or a stake of about 5%, in Adnoc Gas in the IPO, according to a statement on Monday. It was previously looking to sell 4%.
The price range remains unchanged at 2.25 dirhams ($0.61) to 2.43 dirhams per share, valuing the company at as much as $50.8 billion. The retail offering was boosted to 12% of the total deal while the employee tranche was increased to 4%.
There has been “significant investor demand across all tranches,” Adnoc Gas said. The Middle East had experienced increased investor interest last year on the back of its IPO boom which bucked a global slowdown and a surge in energy prices following Russia’s invasion of Ukraine.
#Dubai Holding takes full ownership of ‘Westin Paris – Vendome’
Dubai Holding takes full ownership of ‘Westin Paris – Vendome’
Dubai Holding, a diversified global investment company with operations in 13 countries, announced today that it has acquired full ownership of the iconic The Westin Paris – Vendome after acquiring Henderson Park’s stake in the property.
The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France. Henderson Park and Dubai Holding had acquired The Westin Paris – Vendome in a joint venture back in 2018.
The acquisition of this prime asset further strengthens Dubai Holding’s extensive portfolio of world-class assets in key gateway locations. In addition, it supports the Group’s long-term strategy of global expansion that is focused on boosting its presence in strategic destinations across the world, including North America, the Middle East, Europe and Asia.
The Westin Paris – Vendome is an iconic property that was built in 1878 and is situated in a unique location in the heart of the busiest luxury district in Paris. Overlooking the Jardin des Tuileries, the River Seine and the Eiffel Tower – and a few steps away from Place Vendome, Place de la Concorde, Avenue des Champs Elysees and Le Louvre Museum – the historic setting of the property offers visitors an unparalleled entry to the City of Lights.
Dubai Holding, a diversified global investment company with operations in 13 countries, announced today that it has acquired full ownership of the iconic The Westin Paris – Vendome after acquiring Henderson Park’s stake in the property.
The hotel, with its ultra-prime location, is one of the most sought-after real estate assets in Paris, France. Henderson Park and Dubai Holding had acquired The Westin Paris – Vendome in a joint venture back in 2018.
The acquisition of this prime asset further strengthens Dubai Holding’s extensive portfolio of world-class assets in key gateway locations. In addition, it supports the Group’s long-term strategy of global expansion that is focused on boosting its presence in strategic destinations across the world, including North America, the Middle East, Europe and Asia.
The Westin Paris – Vendome is an iconic property that was built in 1878 and is situated in a unique location in the heart of the busiest luxury district in Paris. Overlooking the Jardin des Tuileries, the River Seine and the Eiffel Tower – and a few steps away from Place Vendome, Place de la Concorde, Avenue des Champs Elysees and Le Louvre Museum – the historic setting of the property offers visitors an unparalleled entry to the City of Lights.
IPO final session highlights detailed offerings of Abraj Energy’s shares
IPO final session highlights detailed offerings of Abraj Energy’s shares
The Initial Public Offering (IPO) of Abraj Energy Services, a subsidiary of OQ, the Global Integrated Energy Group, enters its second week on Monday and ends on March 1 for the small investor category, while the large investors' subscription ends on March 2.
As part of its IPO introductory sessions tour, the company organised its last introductory meeting on Sunday, in cooperation with the branch of the Oman Chamber of Commerce and Industry (OCCI) in Dhofar Governorate. The session highlighted the detailed offerings of Abraj shares.
The sessions fall under the IPO introductory meetings in the Governorates of Al Sharqiyah South, Al Batinah North, and Al Dakhiliyah, in addition to a session organised in cooperation with the Muscat Stock Exchange (MSX).
Speaking on the occasion, Sheikh Nayef bin Hamid Beit Fadil, a member of the Board of Directors of the OCCI, Chairman of the Board of Directors of the chamber's branch in Dhofar said, "We appreciate the efforts of the Omani Investment Authority to exit certain government assets and the importance of attracting national and foreign investment to Oman. This, in addition to expanding the ownership base of government companies, is vital for stimulating the national economy.”
The Initial Public Offering (IPO) of Abraj Energy Services, a subsidiary of OQ, the Global Integrated Energy Group, enters its second week on Monday and ends on March 1 for the small investor category, while the large investors' subscription ends on March 2.
As part of its IPO introductory sessions tour, the company organised its last introductory meeting on Sunday, in cooperation with the branch of the Oman Chamber of Commerce and Industry (OCCI) in Dhofar Governorate. The session highlighted the detailed offerings of Abraj shares.
The sessions fall under the IPO introductory meetings in the Governorates of Al Sharqiyah South, Al Batinah North, and Al Dakhiliyah, in addition to a session organised in cooperation with the Muscat Stock Exchange (MSX).
Speaking on the occasion, Sheikh Nayef bin Hamid Beit Fadil, a member of the Board of Directors of the OCCI, Chairman of the Board of Directors of the chamber's branch in Dhofar said, "We appreciate the efforts of the Omani Investment Authority to exit certain government assets and the importance of attracting national and foreign investment to Oman. This, in addition to expanding the ownership base of government companies, is vital for stimulating the national economy.”
Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets
Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets
Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite.
Investors are braced for more challenging U.S. data including the closely watched ISM measures of manufacturing and services, the latter being especially important following January's startling spike in activity.
There are also at least six Federal Reserve policymakers on the speaking diary this week, and they will be closely followed for comments on the likelihood of further rate hikes.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror monetary policy changes in the United States.
Brent crude futures were down 48 cents, or 0.6%, at $82.68 a barrel at 0733 GMT.
Saudi Arabia's benchmark stock index fell 0.2%, extending losses to a seventh consecutive session. Healthcare and financial stocks weighed on the index, with Al Rajhi Bank shedding 0.4%, while Dr Sulaiman Al-Habib Medical losing 0.9%.
Saudi Tadawul Group fell 1.7%, extending losses from the previous session after reporting a 27% slump in annual profit and a reduction in the annual dividend proposal.
Fertilizer maker SABIC Agri-Nutrients Company gained 2.2% after reporting a 92% jump in annual net profit at 10.04 billion riyals ($2.68 billion).
The Qatari Stock index eased 0.1%, dragged down by losses in financial stocks.
Qatar Islamic Bank and heavyweights Qatar Commercial Bank dropped 1.4% and 0.7% respectively.
Qatar Fuel was also down 0.9%.
In Abu Dhabi, the benchmark index opened down 0.1%, led by a 1.7% decline in Abu Dhabi Islamic Bank and a 2.7% dive in food and beverages firm Agthia Group .
Bucking the trend, Dubai's benchmark index rose 0.4%, lifted by gains in property and banking shares. Blue-chip developer Emaar Properties climbed 1.7% and Emirates NBD Bank advanced 0.8%.
Real estate developer Deyaar Development declined more than 1.7% after board said it will seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.
Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite.
Investors are braced for more challenging U.S. data including the closely watched ISM measures of manufacturing and services, the latter being especially important following January's startling spike in activity.
There are also at least six Federal Reserve policymakers on the speaking diary this week, and they will be closely followed for comments on the likelihood of further rate hikes.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror monetary policy changes in the United States.
Brent crude futures were down 48 cents, or 0.6%, at $82.68 a barrel at 0733 GMT.
Saudi Arabia's benchmark stock index fell 0.2%, extending losses to a seventh consecutive session. Healthcare and financial stocks weighed on the index, with Al Rajhi Bank shedding 0.4%, while Dr Sulaiman Al-Habib Medical losing 0.9%.
Saudi Tadawul Group fell 1.7%, extending losses from the previous session after reporting a 27% slump in annual profit and a reduction in the annual dividend proposal.
Fertilizer maker SABIC Agri-Nutrients Company gained 2.2% after reporting a 92% jump in annual net profit at 10.04 billion riyals ($2.68 billion).
The Qatari Stock index eased 0.1%, dragged down by losses in financial stocks.
Qatar Islamic Bank and heavyweights Qatar Commercial Bank dropped 1.4% and 0.7% respectively.
Qatar Fuel was also down 0.9%.
In Abu Dhabi, the benchmark index opened down 0.1%, led by a 1.7% decline in Abu Dhabi Islamic Bank and a 2.7% dive in food and beverages firm Agthia Group .
Bucking the trend, Dubai's benchmark index rose 0.4%, lifted by gains in property and banking shares. Blue-chip developer Emaar Properties climbed 1.7% and Emirates NBD Bank advanced 0.8%.
Real estate developer Deyaar Development declined more than 1.7% after board said it will seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.