IMF forecasts slower Middle East, North Africa growth in 2023 | Reuters
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday.
"Growth is projected to slow this year due to tight policies to restore macroeconomic stability, agreed OPEC+ production cuts, and the fallout from the recent deterioration in global financial conditions," Azour told a press briefing.
Growth among MENA oil exporters will slow to 3.1% from 5.7% last year, with the non-hydrocarbon sector activities to be the main driver of growth, he said.
Low income countries in the region will lag, with growth forecast at 1.3% this year as high commodity prices, macroeconomic instability and country-specific fragilities weigh.
Several OPEC+ member states, led by Saudi Arabia, the world's top crude exporter, recently announced surprise cuts to oil production starting in May, driving up global prices and price expectations.
Thursday 13 April 2023
CVC Consortium Eyes Takeover of $2 Billion Payments Firm Network - Bloomberg
CVC Consortium Eyes Takeover of $2 Billion Payments Firm Network - Bloomberg
A private equity consortium backed by CVC Capital Partners is in talks about a potential acquisition of Middle Eastern credit card processor Network International Holdings Plc.
The investor group, which also includes tech-focused buyout firm Francisco Partners, has made a preliminary proposal to take Network private, according to a statement Thursday confirming an earlier Bloomberg News report.
Network has been speaking with advisers after attracting takeover interest from CVC, people with knowledge of the matter said earlier. Shares of the company were up 25% at 2:14 p.m. Thursday in London, giving Network a market value of £1.6 billion ($2 billion) and putting it on track for the biggest daily gain since November 2020.
Discussions are ongoing, and there’s no certainty they will lead to a deal, Network said in the statement. The consortium has until 5 p.m. on May 11 to announce whether it plans to make a formal offer.
Activity has been heating up in the Middle Eastern payments industry. Last year, Brookfield Business Partners LP bought control of First Abu Dhabi Bank PJSC’s Magnati unit in a deal valuing the operation at as much as $1.15 billion. Dubai-based lender Mashreqbank PSC has also been pursuing a sale of its payments business, Bloomberg News has reported.
A private equity consortium backed by CVC Capital Partners is in talks about a potential acquisition of Middle Eastern credit card processor Network International Holdings Plc.
The investor group, which also includes tech-focused buyout firm Francisco Partners, has made a preliminary proposal to take Network private, according to a statement Thursday confirming an earlier Bloomberg News report.
Network has been speaking with advisers after attracting takeover interest from CVC, people with knowledge of the matter said earlier. Shares of the company were up 25% at 2:14 p.m. Thursday in London, giving Network a market value of £1.6 billion ($2 billion) and putting it on track for the biggest daily gain since November 2020.
Discussions are ongoing, and there’s no certainty they will lead to a deal, Network said in the statement. The consortium has until 5 p.m. on May 11 to announce whether it plans to make a formal offer.
Activity has been heating up in the Middle Eastern payments industry. Last year, Brookfield Business Partners LP bought control of First Abu Dhabi Bank PJSC’s Magnati unit in a deal valuing the operation at as much as $1.15 billion. Dubai-based lender Mashreqbank PSC has also been pursuing a sale of its payments business, Bloomberg News has reported.
Gulf markets mixed amid recession fears; Egypt surges | Reuters
Gulf markets mixed amid recession fears; Egypt surges | Reuters
Stock markets in the Gulf were mostly mixed on Thursday on possible recession in the United States, the world's largest economy, although the Egyptian bourse surged to its highest since mid-February.
The U.S. Consumer Price Index (CPI) climbed 0.1% last month, below economists' expectations for a 0.2% gain, and down from a 0.4% increase in February, raising expectations the Federal Reserve is likely to stop hiking rates after a possible increase in May.
Fed staff assessing the potential fallout of banking stress projected a "mild recession" later this year.
Dubai's main share index (.DFMGI) closed 0.3% lower, after touching its peak for the year, dragged down by a 2.3% slide in top lender Emirates NBD Bank (ENBD.DU).
The Dubai market saw some downward pressures as traders moved to secure their gains, in particular after the Fed's minutes' mention of the potential for a recession in the U.S. weighed on traders' sentiment, said Fadi Reyad, Chief Market Analyst at CAPEX.com.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 5.6%, boosted by a 14.5% surge in Commercial International Bank (COMI.CA).
World Bank President David Malpass on Thursday said the bank stands ready to provide support to Egypt, but important to see improvements in business climate.
Saudi Arabia's benchmark index (.TASI) reversed early losses to finish 0.3% higher, with Retal Urban Development Co (4322.SE) gaining 0.9%.
Oil prices - a key catalyst for the Gulf's financial markets - were stable as the market weighed the prospect of tight supply against possible recession in the United States.
In Qatar, the index (.QSI) slipped 1.3%, with most of the constituents in negative territory.
Stock markets in the Gulf were mostly mixed on Thursday on possible recession in the United States, the world's largest economy, although the Egyptian bourse surged to its highest since mid-February.
The U.S. Consumer Price Index (CPI) climbed 0.1% last month, below economists' expectations for a 0.2% gain, and down from a 0.4% increase in February, raising expectations the Federal Reserve is likely to stop hiking rates after a possible increase in May.
Fed staff assessing the potential fallout of banking stress projected a "mild recession" later this year.
Dubai's main share index (.DFMGI) closed 0.3% lower, after touching its peak for the year, dragged down by a 2.3% slide in top lender Emirates NBD Bank (ENBD.DU).
The Dubai market saw some downward pressures as traders moved to secure their gains, in particular after the Fed's minutes' mention of the potential for a recession in the U.S. weighed on traders' sentiment, said Fadi Reyad, Chief Market Analyst at CAPEX.com.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 5.6%, boosted by a 14.5% surge in Commercial International Bank (COMI.CA).
World Bank President David Malpass on Thursday said the bank stands ready to provide support to Egypt, but important to see improvements in business climate.
Saudi Arabia's benchmark index (.TASI) reversed early losses to finish 0.3% higher, with Retal Urban Development Co (4322.SE) gaining 0.9%.
Oil prices - a key catalyst for the Gulf's financial markets - were stable as the market weighed the prospect of tight supply against possible recession in the United States.
In Qatar, the index (.QSI) slipped 1.3%, with most of the constituents in negative territory.
#Dubai’s $5 Billion Asset Manager Aditum Appoints Ali El Adou as CIO - Bloomberg
Dubai’s $5 Billion Asset Manager Aditum Appoints Ali El Adou as CIO - Bloomberg
Aditum Investment Management, a Dubai-based privately-owned asset manager, appointed Ali El Adou as chief investment officer as the firm looks to expand its team and regional operations.
Adou, previously head of asset management at Daman Investments for almost six years, will lead Aditum’s investment team across public multi-asset class strategies, private debt, diversified alternatives and venture capital.
Based in the Dubai International Financial Centre, Aditum recently launched two funds and plans to start several more. It also aims to set up a subsidiary in Saudi Arabia. The firm’s assets under management have grown to more than $5 billion, driven by clients in the Gulf region seeking global investment strategies.
Dubai is the Middle East’s financial hub and serves as the headquarters for several asset management firms like Aditum. Riyadh has been stepping up efforts to attract more companies as the kingdom seeks to become one of the world’s 10 largest city economies by 2030.
Aditum Investment Management, a Dubai-based privately-owned asset manager, appointed Ali El Adou as chief investment officer as the firm looks to expand its team and regional operations.
Adou, previously head of asset management at Daman Investments for almost six years, will lead Aditum’s investment team across public multi-asset class strategies, private debt, diversified alternatives and venture capital.
Based in the Dubai International Financial Centre, Aditum recently launched two funds and plans to start several more. It also aims to set up a subsidiary in Saudi Arabia. The firm’s assets under management have grown to more than $5 billion, driven by clients in the Gulf region seeking global investment strategies.
Dubai is the Middle East’s financial hub and serves as the headquarters for several asset management firms like Aditum. Riyadh has been stepping up efforts to attract more companies as the kingdom seeks to become one of the world’s 10 largest city economies by 2030.
Recession Odds, Inflation Fears Jump as US-#Saudi Oil Pact Breaks Down - Bloomberg
Recession Odds, Inflation Fears Jump as US-Saudi Oil Pact Breaks Down - Bloomberg
Just three years ago, when OPEC+ oil giants fell out, the US found itself playing the role of peacemaker. Now it looks more like their target.
The Saudi-Russia oil alliance has the potential to cause all kinds of trouble for the US economy — and even for President Joe Biden’s re-election campaign. This month’s OPEC+ decision to cut crude output, for the second time since Biden flew to Saudi Arabia last summer seeking an increase, may be just the start.
That April 2 announcement, which lifted oil prices by about $5 a barrel, already means recession risks are bigger than they otherwise would have been — because consumers spending more on energy will have less cash left for other stuff — and inflation will be higher. Russian President Vladimir Putin, meanwhile, gets a bigger war-chest to fund his attack on Ukraine.
But more significant is what the OPEC+ move says about the likely path of oil prices over the coming years.
Just three years ago, when OPEC+ oil giants fell out, the US found itself playing the role of peacemaker. Now it looks more like their target.
The Saudi-Russia oil alliance has the potential to cause all kinds of trouble for the US economy — and even for President Joe Biden’s re-election campaign. This month’s OPEC+ decision to cut crude output, for the second time since Biden flew to Saudi Arabia last summer seeking an increase, may be just the start.
That April 2 announcement, which lifted oil prices by about $5 a barrel, already means recession risks are bigger than they otherwise would have been — because consumers spending more on energy will have less cash left for other stuff — and inflation will be higher. Russian President Vladimir Putin, meanwhile, gets a bigger war-chest to fund his attack on Ukraine.
But more significant is what the OPEC+ move says about the likely path of oil prices over the coming years.
#UAE property developer DAMAC plans 3-year US dollar Islamic bond -document | Reuters
UAE property developer DAMAC plans 3-year US dollar Islamic bond -document | Reuters
Property developer DAMAC Real Estate Ltd (DAMAC) has mandated banks to arrange investor meetings ahead of a potential three-year U.S. dollar-denominated Islamic bond, or sukuk, expected to be at least $500 million in size, a document showed on Thursday.
Investor calls and meetings are scheduled to begin on April 13 and will run to April 17, and a senior unsecured sukuk could follow but will be subject to market conditions, showed the document from one of the mandated banks.
Deutsche Bank, Emirates NBD Capital and J.P. Morgan are mandated joint global coordinators, and UAE lenders Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq are acting as joint bookrunners on the deal, the document showed.
Property developer DAMAC Real Estate Ltd (DAMAC) has mandated banks to arrange investor meetings ahead of a potential three-year U.S. dollar-denominated Islamic bond, or sukuk, expected to be at least $500 million in size, a document showed on Thursday.
Investor calls and meetings are scheduled to begin on April 13 and will run to April 17, and a senior unsecured sukuk could follow but will be subject to market conditions, showed the document from one of the mandated banks.
Deutsche Bank, Emirates NBD Capital and J.P. Morgan are mandated joint global coordinators, and UAE lenders Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq are acting as joint bookrunners on the deal, the document showed.
Major Gulf markets in red on falling oil prices | Reuters
Major Gulf markets in red on falling oil prices | Reuters
Major stock markets in the Gulf fell in early trade on Thursday, as oil prices fell, with the Qatari bourse on course to post its first weekly loss in four weeks.
Oil prices, a key catalyst for the Gulf's financial markets, retreated after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand.
The U.S. Consumer Price Index (CPI) climbed 0.1% last month, below economists' expectations for a 0.2% gain, and down from a 0.4% increase in February, raising expectations the Fed is likely to stop hiking rates after a possible increase in May.
Fed staff assessing the potential fallout of banking stress projected a "mild recession" later this year.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Riyad Bank (1010.SE).
Dubai's main share index (.DFMGI) dropped 0.2%, with top lender Emirates NBD (ENBD.DU) losing 1.5% and Tecom Group (TECOM.DU) declining 1.2%.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari share index (.QSI) retreated more than 1%, as most of the stocks comprising the index were in negative territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was down 1.9%.
The index is headed for its first weekly loss in four weeks.
Separately, China's Sinopec will take a stake in the eastern expansion of Qatar's North Field liquefied natural gas (LNG) project, state energy company QatarEnergy said on Wednesday.
Major stock markets in the Gulf fell in early trade on Thursday, as oil prices fell, with the Qatari bourse on course to post its first weekly loss in four weeks.
Oil prices, a key catalyst for the Gulf's financial markets, retreated after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand.
The U.S. Consumer Price Index (CPI) climbed 0.1% last month, below economists' expectations for a 0.2% gain, and down from a 0.4% increase in February, raising expectations the Fed is likely to stop hiking rates after a possible increase in May.
Fed staff assessing the potential fallout of banking stress projected a "mild recession" later this year.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Riyad Bank (1010.SE).
Dubai's main share index (.DFMGI) dropped 0.2%, with top lender Emirates NBD (ENBD.DU) losing 1.5% and Tecom Group (TECOM.DU) declining 1.2%.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari share index (.QSI) retreated more than 1%, as most of the stocks comprising the index were in negative territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was down 1.9%.
The index is headed for its first weekly loss in four weeks.
Separately, China's Sinopec will take a stake in the eastern expansion of Qatar's North Field liquefied natural gas (LNG) project, state energy company QatarEnergy said on Wednesday.