Presight AI IPO Gets $26 Billion in Orders - Bloomberg
Presight AI Holding Plc, a data analytics firm owned by Abu Dhabi’s G42, drew orders worth $25.8 billion for its $496 million IPO, in the latest sign of strong demand for Middle Eastern offerings.
The listing will be Abu Dhabi’s second of the year, and was oversubscribed by 136 times — excluding the commitment from cornerstone investor, International Holding Co. Presight’s owners are selling 1.36 billion shares at 1.34 dirhams a share, and the trading debut is expected on March 27.
The Middle East continues to be a bright spot for IPOs globally after high oil prices buoyed stock markets and drove investor inflows last year. At least eight companies are expected to list in Abu Dhabi this year, an official said this month.
Earlier this week, Adnoc Gas surged as much as 25% on its Abu Dhabi debut after the world’s largest IPO of 2023, while Dubai-based money exchange firm Al Ansari Financial Services received orders for all shares offered within an hour of books opening.
Presight’s owner G42 is as an artificial intelligence and cloud computing firm, with operations spanning from energy to healthcare. Last year, the firm sold shares in Bayanat, a geospatial and data analytics company.
Friday, 17 March 2023
#SaudiArabia Imports Millions of Barrels of Russia Diesel - Bloomberg
Saudi Arabia Imports Millions of Barrels of Russia Diesel - Bloomberg
Saudi Arabia is importing millions of barrels of diesel from Russia, despite having more than enough of its own.
The kingdom is the world’s top crude exporter and a significant seller of petroleum products. Yet it imported almost 2.5 million barrels of diesel-type fuel from Russia in the first 10 days of March, far more than at any other time in the last six years, according to Kpler data compiled by Bloomberg.
At the same time, vast amounts of the fuel continue to be sent from Saudi Arabia to Europe, which on paper looks like a potentially lucrative move. The flows also show how the global energy trade is being rerouted in the wake of sanctions on Russian supplies.
“It is a profitable trade,” said Eugene Lindell, head of refined products at consultancy Facts Global Energy. It’s also good for Russia as it means they don’t have to cut refinery runs, he said.
Saudi Arabia is importing millions of barrels of diesel from Russia, despite having more than enough of its own.
The kingdom is the world’s top crude exporter and a significant seller of petroleum products. Yet it imported almost 2.5 million barrels of diesel-type fuel from Russia in the first 10 days of March, far more than at any other time in the last six years, according to Kpler data compiled by Bloomberg.
At the same time, vast amounts of the fuel continue to be sent from Saudi Arabia to Europe, which on paper looks like a potentially lucrative move. The flows also show how the global energy trade is being rerouted in the wake of sanctions on Russian supplies.
“It is a profitable trade,” said Eugene Lindell, head of refined products at consultancy Facts Global Energy. It’s also good for Russia as it means they don’t have to cut refinery runs, he said.
GCC banks can manage contagion risk from SVB, Signature Bank and Credit Suisse
GCC banks can manage contagion risk from SVB, Signature Bank and Credit Suisse
The UAE and other GCC banks can manage the contagion risk from the collapse of the US-based Silicon Valley Bank (SVB), Signature Bank and troubles at Credit Suisse.
Analysts and economists say that local banks and firms have limited or no exposure and the regional lenders also enjoy the strong support of the governments, which is key for the financial sector and regional economies.
According to global ratings agency S&P, five of the 19 banks it rates in the region have only more than five per cent of their assets in the US, while four had more than five per cent of liabilities to counterparties in the US.
“Generally, GCC banks would have limited lending activity in the US and most of their assets there would be in high-credit quality instruments or with the US Federal Reserve Bank,” S&P said, adding that “GCC banks’ US portfolios have contributed to unrealised losses, but the overall amount appears manageable.”
SVB earlier this month became the biggest American bank to fail since the 2008 financial crisis. State regulators closed New York-based Signature Bank also, becoming the third-largest failure in US banking history.
The UAE and other GCC banks can manage the contagion risk from the collapse of the US-based Silicon Valley Bank (SVB), Signature Bank and troubles at Credit Suisse.
Analysts and economists say that local banks and firms have limited or no exposure and the regional lenders also enjoy the strong support of the governments, which is key for the financial sector and regional economies.
According to global ratings agency S&P, five of the 19 banks it rates in the region have only more than five per cent of their assets in the US, while four had more than five per cent of liabilities to counterparties in the US.
“Generally, GCC banks would have limited lending activity in the US and most of their assets there would be in high-credit quality instruments or with the US Federal Reserve Bank,” S&P said, adding that “GCC banks’ US portfolios have contributed to unrealised losses, but the overall amount appears manageable.”
SVB earlier this month became the biggest American bank to fail since the 2008 financial crisis. State regulators closed New York-based Signature Bank also, becoming the third-largest failure in US banking history.
Mideast Stocks: #UAE shares rebound as fears of banking crisis ease
Mideast Stocks: UAE shares rebound as fears of banking crisis ease
Stock markets in United Arab Emirates rebounded on Friday as fears of a global banking crisis subsided after U.S. authorities and banks came to the rescue of First Republic Bank. Major U.S. banks injected $30 billion to save First Republic Bank, which was caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.
Crude prices - a key contributor to Gulf economies - surged more than 1% on Friday on expectation of strong demand growth in top importer, China with Brent gaining $1.04, or 1.39%, to $75.74 a barrel by 1008 GMT.
In Abu Dhabi, the index surged 2.2%, its highest intraday gain since mid-October, as International Holding Company, the most valued listed firm in UAE, jumped 3.8%, while IHC-owned investment firm Multiply Group climbed 6.4%.
Among winner, UAE's largest lender First Abu Dhabi Bank gained 2.5% and largest utilities firm Abu Dhabi National Energy Company drifted 5.8% higher. Eshraq Investment rose 3.7% after the firm announced the sale of 58 residential apartments in Burj Daman for 162 million dirhams ($44.11 million)
According to Fadi Reyad, the Abu Dhabi stock market rebounded on easing concerns of banking crisis, but could remain under pressure from low energy prices.
Dubai's main market index settled 1.3%, lifted by strong gains in the heavyweight real estate and banking sectors with most stocks trading in positive territory. Among gainers, toll operator Salik Company gained 2.9% and state-controlled utility firm Dubai Electricity And Water Authority increased 2.1% Blue-chip developer Emaar Properties and its construction unit Emaar Development hiked 1.9% and 3.8% respectively after both firms declared a full-year cash dividend of 25 fils and 52 fils per share respectively.
Improvement in sentiment globally led to rebound in the Dubai stock market with the financial sector on the upside for the most part, said Fadi Reyad, Chief Market Analyst at CAPEX.com MENA.
Abu Dhabi and Dubai markets posted weekly losses of 1.8% and 1.1% respectively.
Crude prices - a key contributor to Gulf economies - surged more than 1% on Friday on expectation of strong demand growth in top importer, China with Brent gaining $1.04, or 1.39%, to $75.74 a barrel by 1008 GMT.
In Abu Dhabi, the index surged 2.2%, its highest intraday gain since mid-October, as International Holding Company, the most valued listed firm in UAE, jumped 3.8%, while IHC-owned investment firm Multiply Group climbed 6.4%.
Among winner, UAE's largest lender First Abu Dhabi Bank gained 2.5% and largest utilities firm Abu Dhabi National Energy Company drifted 5.8% higher. Eshraq Investment rose 3.7% after the firm announced the sale of 58 residential apartments in Burj Daman for 162 million dirhams ($44.11 million)
According to Fadi Reyad, the Abu Dhabi stock market rebounded on easing concerns of banking crisis, but could remain under pressure from low energy prices.
Dubai's main market index settled 1.3%, lifted by strong gains in the heavyweight real estate and banking sectors with most stocks trading in positive territory. Among gainers, toll operator Salik Company gained 2.9% and state-controlled utility firm Dubai Electricity And Water Authority increased 2.1% Blue-chip developer Emaar Properties and its construction unit Emaar Development hiked 1.9% and 3.8% respectively after both firms declared a full-year cash dividend of 25 fils and 52 fils per share respectively.
Improvement in sentiment globally led to rebound in the Dubai stock market with the financial sector on the upside for the most part, said Fadi Reyad, Chief Market Analyst at CAPEX.com MENA.
Abu Dhabi and Dubai markets posted weekly losses of 1.8% and 1.1% respectively.
#SaudiArabia Explores Setting Up Framework for SPAC Listings - Bloomberg
Saudi Arabia Explores Setting Up Framework for SPAC Listings - Bloomberg
Saudi Arabia’s market regulator is looking into setting up a legal framework to allow special-purpose acquisition companies to list in the kingdom.
“This is one of the things that we are allowing for businesses to reach the market easier,” Yazeed Saleh Aldemaigi, deputy, strategy and international affairs at the Capital Market Authority, said at the Financial Sector Conference in Riyadh Thursday,
Also known as blank-check firms, SPACs are publicly listed vehicles that merge with private firms. Aldemaigi didn’t give a time frame for when the framework could be introduced.
Saudi Arabia’s plans come after the SPAC industry has quickly gone from being one of Wall Street’s hottest fads to a sector beleaguered by poor returns, pulled deals and fading investor enthusiasm.
Saudi Arabia’s market regulator is looking into setting up a legal framework to allow special-purpose acquisition companies to list in the kingdom.
“This is one of the things that we are allowing for businesses to reach the market easier,” Yazeed Saleh Aldemaigi, deputy, strategy and international affairs at the Capital Market Authority, said at the Financial Sector Conference in Riyadh Thursday,
Also known as blank-check firms, SPACs are publicly listed vehicles that merge with private firms. Aldemaigi didn’t give a time frame for when the framework could be introduced.
Saudi Arabia’s plans come after the SPAC industry has quickly gone from being one of Wall Street’s hottest fads to a sector beleaguered by poor returns, pulled deals and fading investor enthusiasm.