Israel's sovereign wealth fund gets full-time manager | Reuters
The Bank of Israel on Monday named Lena Krupalnik, a veteran institutional investment manager, to oversee the country's sovereign wealth fund which was set up in 2014 following the discovery of huge natural gas deposits.
After a four-year delay due to political turmoil and a slower than expected revenue stream, the fund began operating last June once taxes on profits from natural gas and other resources had passed a 1 billion shekel ($273.6 million) required minimum.
It was managed temporarily by the central bank's head of markets.
The fund so far has accumulated 2.3 billion shekels ($629 million), the central bank said. It is forecast to grow to as much as $12 billion in the next decade and ultimately reach around $50 billion.
Israel discovered huge deposits of natural gas in the east Mediterranean a decade ago and major production began in 2013.
The wealth fund, aimed at preventing the Israeli shekel from overheating from the sudden expansion in national wealth, was set up in 2014 and was supposed to begin operating in 2018.
Monday 24 April 2023
Mideast Stocks: #UAE bourses end higher on hope of Fed rate hike pause
Mideast Stocks: UAE bourses end higher on hope of Fed rate hike pause
Stock markets in the United Arab Emirates (UAE) ended higher on Monday on the expectation that the U.S. Federal Reserve is nearing the end of its monetary policy tightening cycle.
Investors were betting that the Fed would only raise rates one more time in its rate-hiking campaign. Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to the direct impact of monetary tightening in the world's largest economy.
Dubai's benchmark index ended its two sessions' losses, trading 0.8% higher helped by gains in all sectors. Cooling services provider Emirates Central Cooling surged 3% and tolls operator Salik gained 1.8%.
In Abu Dhabi, the index inched up 0.2%, snapping two sessions of losses, lifted by a 2.9% climb in Adnoc Gas and a gain of 2.2% in Abu Dhabi Islamic Bank. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, added 0.5%.
Stock markets in the United Arab Emirates (UAE) ended higher on Monday on the expectation that the U.S. Federal Reserve is nearing the end of its monetary policy tightening cycle.
Investors were betting that the Fed would only raise rates one more time in its rate-hiking campaign. Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to the direct impact of monetary tightening in the world's largest economy.
Dubai's benchmark index ended its two sessions' losses, trading 0.8% higher helped by gains in all sectors. Cooling services provider Emirates Central Cooling surged 3% and tolls operator Salik gained 1.8%.
In Abu Dhabi, the index inched up 0.2%, snapping two sessions of losses, lifted by a 2.9% climb in Adnoc Gas and a gain of 2.2% in Abu Dhabi Islamic Bank. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, added 0.5%.
$34 Million for Sand? #Dubai Island Sale Sets Record for Vacant Land - Bloomberg
$34 Million for Sand? Dubai Island Sale Sets Record for Vacant Land - Bloomberg
This isn’t a spectacular mansion. It’s not a luxury penthouse or a designer apartment.
It’s a bunch of sand on an artificial island in Dubai, and it just sold on April 19 for 125 million dirhams ($34 million), setting a record in a market that continues to benefit from an influx of foreign wealth.
The 24,500-square-foot empty parcel is on the sought-after Jumeirah Bay Island, a seahorse-shaped piece of land accessible by bridge from the Dubai mainland. That works out to more than 5,000 dirhams per square foot, which the brokerage on the deal, Knight Frank, identified as a new high.
“It’s 125 million for sand,” says Andrew Cummings, head of prime residential at Knight Frank in Dubai. “Everything that’s been making the press has predominantly been spectacular villas, it’s been incredible penthouses and all this stuff. But this is just a massive record breaker for a land plot.”
This isn’t a spectacular mansion. It’s not a luxury penthouse or a designer apartment.
It’s a bunch of sand on an artificial island in Dubai, and it just sold on April 19 for 125 million dirhams ($34 million), setting a record in a market that continues to benefit from an influx of foreign wealth.
The 24,500-square-foot empty parcel is on the sought-after Jumeirah Bay Island, a seahorse-shaped piece of land accessible by bridge from the Dubai mainland. That works out to more than 5,000 dirhams per square foot, which the brokerage on the deal, Knight Frank, identified as a new high.
“It’s 125 million for sand,” says Andrew Cummings, head of prime residential at Knight Frank in Dubai. “Everything that’s been making the press has predominantly been spectacular villas, it’s been incredible penthouses and all this stuff. But this is just a massive record breaker for a land plot.”