Ten Years In Jail! New Kuwait Judgement - BREAKING NEWS! | Sarawak Report
In what’s being described as a landmark ruling in Kuwait, the courts have in the past hours handed down a crushing guilty verdict against the once all-powerful son of a former prime minister, Sheikh Sabah Jaber Al-Mubarak Al-Hamad Al-Sabah.
The royal businessman has been sentenced to ten years in jail for having cooperated with Jho Taek Low, proxy to the convicted ex-Malaysian PM, Najib Razak, in laundering hundreds of millions of ringgit looted from the Malaysian public.
At stake, at the very least, is a stunning RM2 billion/(KD 145 million) cited by the courts as remaining in the guilty man’s bank bank account, although the judgement also confirms that over a billion dollars were in fact laundered through it. Moreover, Sarawak Report has reported on several other related accounts holding further stolen cash that were not apparently included within the prosecution.
Also convicted were Jho Low himself, the Sheikh’s personal lawyer, a college friend of Jho Low’s and continuing business partner, Hamad Al Wazan* and a former business associate of the Sheikh, Bachar Kiwan, who fled Kuwait at the time of the crime, having fallen foul of the criminal gang.
All were sentenced to the same ten year jail term – this being the first actual sentencing in absentia of Malaysia’s world famous financial fraudster, Jho Low, in a foreign court.
Saudi Arabia’s First Mills Seeks $1 Billion Value in IPO - Bloomberg
Saudi Arabia’s First Mills Co. is planning an initial public offering on the local stock exchange that could value the company at as much as $1 billion, according to people familiar with the matter.
The firm has appointed SNB Capital, the investment banking arm of the kingdom’s largest lender, as financial adviser on the deal, the people said, asking not to be identified as the information is private.
Saudi Arabia’s Capital Market Authority has approved the sale of a 30% stake in the company, the regulator said on Wednesday, confirming an earlier report from Bloomberg News.
Founded in 2017 during the first phase of a privatization of the country’s flour milling industry, First Mills was acquired by a group of investors including Saudi Arabia’s Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and the United Arab Emirates’ Essa Al-Ghurair Investment. It produces about 850,000 tonnes a year of flour, according to its website.
A representative for First Mills didn’t immediately respond to a request for comment, while a representative for SNB Capital declined to comment.
Saudi Arabia split the government-controlled flour milling industry into four companies and sold them off to the private sector. At least one of the other milling companies is also considering an IPO, the people said.
Saudi Arabia Tech Firm Rasan That Runs Tameeni Taps Banks for IPO - Bloomberg
Rasan, a technology company that operates online insurance platform Tameeni, is working with Morgan Stanley and Saudi Fransi Capital for an initial public offering in Riyadh, according to people familiar with the matter.
The Saudi Arabian firm is preparing to list on the local bourse potentially as soon as this year, the people said, asking not to be identified as the information isn’t public.
Details of the offering such as size and timing are still preliminary and subject to change, they said. Representatives for Rasan and Morgan Stanley didn’t respond to requests for comment, while a Saudi Fransi spokesperson declined to comment.
Saudi Arabia's Al Rajhi Bank to raise $1 bln with sukuk | Reuters
Saudi Arabia's Al Rajhi Bank (1120.SE) is set to raise $1 billion with five-year sustainable Islamic bonds, a document from one of the banks arranging the deal showed on Wednesday.
The spread on the sukuk was set at 110 basis points (bps) over U.S. Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, the document showed.
Al Rajhi Capital, Citi, Emirates NBD Capital, Goldman Sachs, HSBC, JPMorgan, KFH Capital and Standard Chartered are joint lead managers and bookrunners for the debt sale.
Mideast Stocks: Gulf stocks end mixed as investors remain cautious
Gulf stock markets ended mixed on Wednesday in a sign investor confidence remains fragile, as they chose to secure their gains amid volatile market conditions despite oil being firmer and banking stability fears receding. Oil prices — a key catalyst for gulf's financial markets — rose for a third consecutive session on Wednesday, with Brent crude rising 63 cents, or 0.8%, to $79.28 a barrel at 1120 GMT.
Saudi Arabia's benchmark stock index gained 0.3%, after trading flat in its two previous sessions, with Dr Sulaiman Al-Habib Medical Services rising 3.6% and Saudi British Bank adding 1.9%. The grocery retailer Bindawood Holding closed 2.4% higher, after it reported a surge in its fourth-quarter net profit to 64.9 million riyals ($17.28 million), compared with a net profit of 13.2 million riyals ($3.52 million) a year earlier.
Dubai's main share index was up 0.5%, in its second positive day in a row, boosted by solid gains in financial and industrial stocks. Emirates NBD Bank, Dubai's largest lender, and Emirates Central Cooling Systems Corporation inched up 2.3 and 2.4%, respectively.
In Abu Dhabi, the benchmark index closed in red, pressured by a 0.4% slide in First Abu Dhabi Bank, the United Arab Emirates' biggest lender, and a 2.8% dive in Emirates Telecommunications Group. Reuters on Tuesday reported through sources that Uber Technologies' Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group to invest in its expansion into services beyond ride-hailing.
The benchmark stock index in Qatar retreated 0.9%, mostly dragged down by financial and industrial stocks. Qatar National Bank (QNB), the Gulf's largest lender and Qatar Islamic Bank dropped 1.3% and 3.5%, respectively, while petrochemical makers Industries Qatar was also down 1.3%.
Outside the Gulf, Egypt's blue-chip index, climbed 2.5%, after a two consecutive session decline, as 28 of the 31 constituent stocks moved in positive territory. Commercial International Bank (CIB), Egypt's biggest private bank, climbed 1.8% while country's lone cigarette maker Eastern Company was up 6.1%.
The Egyptian stock market recorded a strong volume surge led by a buying trend from local investors, said Farah Mourad, Senior Market Analyst of XTB MENA.
KIA Kuwaiti Wealth Fund to Sell About 20 Million Mercedes Shares - Bloomberg
The Kuwait Investment Authority sold shares worth about €1.4 billion in Mercedes-Benz Group AG — roughly a quarter of its stake — after the carmaker’s stock almost quadrupled over the last three years.
The KIA will own around 53 million shares after the share placement of about 20 million shares, which is part of an effort to diversify its portfolio, according to a statement.
The stake sale, which represented about 1.9% of Mercedes’s share capital, was priced at €69.27, according to the terms seen by Bloomberg. The price was a 3.6% discount to the stock’s closing price Tuesday.
Mercedes shares dropped 2.4% on Wednesday, after having surged about 50% from July through the start of March and having more than quadrupled since their March 2020 pandemic low. The KIA had informed the company of its decision and it plans to remain a key shareholder in the automaker, the German company said in a separate statement.
Chief Executive Officer Ola Källenius has focused the automaker on more profitable segments and pared back its offerings of entry-level models, leading to a 43% surge in the average price of a Mercedes since 2019. He also split the luxury-car company from its commercial vehicle operation, spinning off Daimler Truck Holding AG in late 2021.
While the luxury strategy has boosted earnings, signs of strain have emerged, with Mercedes having cut the price of flagship electric models in China, while the European and the US economies are weakening.
Kuwait owned 6.8% of Mercedes prior to the sale, making it the third-biggest holder, according to data compiled by Bloomberg. The KIA — the world’s oldest and one of the largest wealth funds — has been a Mercedes shareholder for almost 50 years.
Qatar takes stakes in two Exxon oil and gas projects offshore Canada | Reuters
QatarEnergy said on Wednesday it signed a deal for stakes in two of ExxonMobil's (XOM.N) offshore explorations in Canada as the Qatari state-owned firm builds up its global energy portfolio.
The Qatari company first entered offshore exploration in Canada in 2021 with a 40% stake in ExxonMobil's licence for EL 1165A off the coast of Newfoundland and Labrador.
The latest farm-in agreement announced on Wednesday gives QatarEnergy a 28% interest in licence EL 1167, with ExxonMobil Canada holding 50% and Cenovus Energy (CVE.TO) 22%, as well as 40% in licence EL 1162, with ExxonMobil Canada holding 60%.
Gulf markets extend gains on rising oil prices | Reuters
Most major Gulf markets extended gains on Wednesday, mirroring a rise in global peers after sentiment was lifted by receding fears of a global banking crisis and rising oil prices.
Oil prices — a key catalyst for gulf's financial markets — rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as reduced banking worries aided sentiment.
Brent crude climbed 42 cents, or 0.5%, to $79.07 a barrel by 0802 GMT.
Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, after trading flat in its two previous sessions, as the index was supported by gains in most sectors, led by healthcare and financials. Dr Sulaiman Al-Habib Medical Services (4013.SE) added 2.3% and Al-Rajhi Bank rose 0.4%.
Among other stocks, grocery retailer Bindawood Holding Company (4161.SE) was up 3.7% after reporting a surge in its fourth-quarter net profit to 64.9 million riyals ($17.28 million), compared with a net profit of 13.2 million riyals ($3.52 million) a year earlier.
Dubai's main share index (.DFMGI) was up 0.7%, in its second positive day in a row, supported by financial and real estate stocks. Emirates NBD Bank (ENBD.DU), Dubai's largest lender, gained 0.8%, and blue-chip developer Emaar Properties (EMAR.DU) inched up 0.5%.
In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.3%, boosted by a 1.2% climb in UAE's largest lender First Abu Dhabi Bank (FAB.AD) and 0.7% lift in Abu Dhabi Ports (ADPORTS.AD).
Celularity (CELU.O) on Tuesday announced an agreement with logistics firm AD PORTS for exclusive product distribution in various territories in GCC and Egypt.
Separately, Reuters on Tuesday reported through sources that Uber Technologies' Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group (EAND.AD) to invest in its expansion into services beyond ride-hailing.
Emirates Telecommunications Group was down 0.3%.
The benchmark stock index (.QSI) in Qatar advanced 0.5%, in its second-day of gains on boost from financial and industrial stocks. Sharia-compliant lender Masraf Al Rayan continued its surge for a third day to open nearly up 6%, while chemical makers Industries Qatar(IQCD.QA) jumped more than 3%.
