UBS Seeks Mideast Dealmaking Revival With Credit Suisse Takeover - Bloomberg
UBS Group AG may use its takeover of Credit Suisse Group AG as an opportunity to rebuild its investment banking business in the Middle East after recently shuttering its regional dealmaking and advisory operations, according to people familiar with the matter.
In what would be a U-turn for the Swiss bank, UBS executives have been exploring ways to revive the bank’s deal business in Dubai after it effectively closed its on-the-ground dealmaking operations in 2022, the people said, asking not to be identified because the matter is private.
Senior executives at UBS are keen to take advantage of heightened deal activity in the region and want to leverage the lender’s private banking relationships with wealthy royals and family-owned businesses to win deals, the people said. Discussions are in the early stages and it’s not clear if they will result in an agreement, the people said.
Credit Suisse has about 40 investment bankers in the United Arab Emirates, Qatar and Saudi Arabia. Representatives for UBS and Credit Suisse declined to comment.
UBS currently covers deals in the Middle East and North Africa region by flying bankers and specialists from jurisdictions such as the US and UK into the region. The Swiss lender still has a local presence through other divisions, including its global trading and wealth units, where it has continued to hire.
Friday, 24 March 2023
#UAE equities extend losses on ex-dividend stocks, bearish mood | Reuters
UAE equities extend losses on ex-dividend stocks, bearish mood | Reuters
Stock markets in the United Arab Emirates extended their losses on Friday, pulled lower by a slew of stocks trading ex-dividend, while falling oil prices and global banking stability concerns also weighed on investor sentiment.
UAE stock markets remained under pressure in line with major global markets, as interest rate hikes and worries over the banking sector crisis and global economic growth rattled local and international investors, said Daniel Takieddine, CEO MENA at BDSwiss.
Oil prices - a key catalyst for financial markets in the Gulf - fell sharply on Friday amid declining European banking shares and oversupply concerns, with Brent crude falling $2.50, or 3.3%, to $73.41 a barrel by 1031 GMT.
Meanwhile, The Central Bank of the United Arab Emirates On Thursday raised its base interest rate by 25 basis points to 4.9%, matching the U.S. Federal Reserve's hike, as most Gulf Cooperation Council countries (GCC), including the United Arab Emirates, have their currencies pegged to the dollar and generally follow the Fed's policy moves.
In Dubai, the main share index (.DFMGI) closed 0.4% lower, dragged down by a more than 5% decline in lender Dubai Islamic Bank (DISB.DU), its biggest intraday fall in over 10 months, as it traded ex-dividend.
The index, however, logged a marginal gain of 0.1% this week after falling for two straight weeks.
Abu Dhabi's index (.FTFADGI) fell 0.5%, in its second consecutive session of losses, pressured by a 2.2% decrease in its largest lender First Abu Dhabi Bank (FAB.AD).
The real estate developer Aldar Properties (ALDAR.AD) and ADNOC Distribution (ADNOCDIST.AD), which were trading ex-dividend lost 3.4% and 3.7% respectively.
The index dropped 1.5% on weekly basis, extending the decline for a second consecutive week.
UAE stock markets remained under pressure in line with major global markets, as interest rate hikes and worries over the banking sector crisis and global economic growth rattled local and international investors, said Daniel Takieddine, CEO MENA at BDSwiss.
Oil prices - a key catalyst for financial markets in the Gulf - fell sharply on Friday amid declining European banking shares and oversupply concerns, with Brent crude falling $2.50, or 3.3%, to $73.41 a barrel by 1031 GMT.
Meanwhile, The Central Bank of the United Arab Emirates On Thursday raised its base interest rate by 25 basis points to 4.9%, matching the U.S. Federal Reserve's hike, as most Gulf Cooperation Council countries (GCC), including the United Arab Emirates, have their currencies pegged to the dollar and generally follow the Fed's policy moves.
In Dubai, the main share index (.DFMGI) closed 0.4% lower, dragged down by a more than 5% decline in lender Dubai Islamic Bank (DISB.DU), its biggest intraday fall in over 10 months, as it traded ex-dividend.
The index, however, logged a marginal gain of 0.1% this week after falling for two straight weeks.
Abu Dhabi's index (.FTFADGI) fell 0.5%, in its second consecutive session of losses, pressured by a 2.2% decrease in its largest lender First Abu Dhabi Bank (FAB.AD).
The real estate developer Aldar Properties (ALDAR.AD) and ADNOC Distribution (ADNOCDIST.AD), which were trading ex-dividend lost 3.4% and 3.7% respectively.
The index dropped 1.5% on weekly basis, extending the decline for a second consecutive week.
Musk denies report on SpaceX's plans for new funding from #Saudi, #UAE | Reuters
Musk denies report on SpaceX's plans for new funding from Saudi, UAE | Reuters
Elon Musk, the billionaire founder of SpaceX, on Friday denied a media report from earlier this week that said investors from Saudi Arabia and the United Arab Emirates were planning to invest in a multi-billion dollar funding round in the company.
A unit of Saudi Arabia's investment fund and an Abu Dhabi-based company are planning to invest in a multi-billion dollar funding round for SpaceX, the Information had reported on Wednesday, citing people familiar with the discussions.
Musk tweeted "not true" responding to the report.
The funding round is expected to value the rocket maker at about $140 billion, the report added.
SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to venture capital firm Space Capital.
Elon Musk, the billionaire founder of SpaceX, on Friday denied a media report from earlier this week that said investors from Saudi Arabia and the United Arab Emirates were planning to invest in a multi-billion dollar funding round in the company.
A unit of Saudi Arabia's investment fund and an Abu Dhabi-based company are planning to invest in a multi-billion dollar funding round for SpaceX, the Information had reported on Wednesday, citing people familiar with the discussions.
Musk tweeted "not true" responding to the report.
The funding round is expected to value the rocket maker at about $140 billion, the report added.
SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to venture capital firm Space Capital.
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