Oil rebounds on fading risk of U.S. debt default | Reuters
Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default.
Brent futures rose 61 cents, or 0.8%, to $76.47 a barrel by 1345 GMT, while West Texas Intermediate U.S. crude <CLc2> for July expiry climbed 50 cents, or 0.7%, to $72.44
The less active U.S. crude contract for May , which is due to expire on Monday was up 72 cents to $72.58.
"I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions," said Yeap Jun Rong, a market strategist at IG.
Friday, 19 May 2023
#Dubai Luxury Resort Anantara The Palm Close to $280 Million Sale - Bloomberg
Dubai Luxury Resort Anantara The Palm Close to $280 Million Sale - Bloomberg
Anantara The Palm Dubai, a luxurious resort on one of the city’s famous artificial tree-shaped islands, is close to being sold for 1.1 billion dirhams ($280 million), according to people familiar with the matter.
The hotel’s owner, United Arab Emirates-based developer Seven Tides, is working with Grant Thornton LLP on the potential sale, the people said, asking not to be identified as the talks are private.
The Anantara resort boasts 400 meters (1,312 feet) of private beach overlooking the Arabian Sea and a series of waterways in between almost 300 rooms and villas. Discussions are ongoing and there’s no certainty a deal will go ahead, the people said, who didn’t identify the potential buyer.
Representatives for Seven Tides said no one was available to comment, while Grant Thornton declined to comment.
Anantara The Palm Dubai, a luxurious resort on one of the city’s famous artificial tree-shaped islands, is close to being sold for 1.1 billion dirhams ($280 million), according to people familiar with the matter.
The hotel’s owner, United Arab Emirates-based developer Seven Tides, is working with Grant Thornton LLP on the potential sale, the people said, asking not to be identified as the talks are private.
The Anantara resort boasts 400 meters (1,312 feet) of private beach overlooking the Arabian Sea and a series of waterways in between almost 300 rooms and villas. Discussions are ongoing and there’s no certainty a deal will go ahead, the people said, who didn’t identify the potential buyer.
Representatives for Seven Tides said no one was available to comment, while Grant Thornton declined to comment.
#AbuDhabi's Mubadala reports $276 bln assets under management | Reuters
Abu Dhabi's Mubadala reports $276 bln assets under management | Reuters
Abu Dhabi sovereign investor Mubadala (MUDEV.UL) on Friday reported its 2022 financial results with more than 1 trillion dirhams ($276 billion) in assets under management, similar to the year before, and said it outperformed market benchmarks.
Mubadala Investment Company is the second-biggest state fund in Abu Dhabi, the capital of the United Arab Emirates, after Abu Dhabi Investment Authority (ADIA).
In 2021 it reported 1.045 trillion dirhams in assets under management - around $280 billion.
The wealth fund also reported proceeds of 106 billion dirhams ($29 billion), including from sales of stakes in Borealis, miner Minas de Aguas Teñidas and its remaining shares in Glencore (GLEN.L), "to support capital recycling into high-potential investment areas".
It deployed 107 billion dirhams in the year, including in life sciences, renewable energy and digital infrastructure.
"Despite global headwinds impacting financial markets and investor sentiment, we outperformed benchmarks, staying the course with our long-term strategy of investing in key markets and sectors," Group CEO Khaldoon Khalifa al-Mubarak said in a statement.
Mubadala for 2021 reported a record total comprehensive income of 122 billion dirhams ($33 billion), but has said it no longer releases this measure.
Its portfolio mix remained broadly similar year on year, Mubadala said, with 36% direct and indirect private equity, 27% in public markets and 15% in real estate and infrastructure.
"We continue to focus on our capital deployments in line with our strategy, supported by prudent management of our finances," CFO Carlos Obeid said.
Abu Dhabi sovereign investor Mubadala (MUDEV.UL) on Friday reported its 2022 financial results with more than 1 trillion dirhams ($276 billion) in assets under management, similar to the year before, and said it outperformed market benchmarks.
Mubadala Investment Company is the second-biggest state fund in Abu Dhabi, the capital of the United Arab Emirates, after Abu Dhabi Investment Authority (ADIA).
In 2021 it reported 1.045 trillion dirhams in assets under management - around $280 billion.
The wealth fund also reported proceeds of 106 billion dirhams ($29 billion), including from sales of stakes in Borealis, miner Minas de Aguas Teñidas and its remaining shares in Glencore (GLEN.L), "to support capital recycling into high-potential investment areas".
It deployed 107 billion dirhams in the year, including in life sciences, renewable energy and digital infrastructure.
"Despite global headwinds impacting financial markets and investor sentiment, we outperformed benchmarks, staying the course with our long-term strategy of investing in key markets and sectors," Group CEO Khaldoon Khalifa al-Mubarak said in a statement.
Mubadala for 2021 reported a record total comprehensive income of 122 billion dirhams ($33 billion), but has said it no longer releases this measure.
Its portfolio mix remained broadly similar year on year, Mubadala said, with 36% direct and indirect private equity, 27% in public markets and 15% in real estate and infrastructure.
"We continue to focus on our capital deployments in line with our strategy, supported by prudent management of our finances," CFO Carlos Obeid said.
#UAE markets extend weekly loss | Reuters
UAE markets extend weekly loss | Reuters
Stock markets in United Arab Emirates closed lower on Friday for a second consecutive session as investors remained cautious amid the volatile energy market.
Meanwhile, Middle East crude benchmarks recorded losses for the second week in a row as market sentiment remained fragile despite the slow take off of physical trades.
U.S. inflation does not seem to be cooling fast enough to allow Fed to pause its interest rate hike campaign, according to two Fed policymakers.
The Abu Dhabi benchmark index (.FTFADGI) slipped 0.3%, extending declines from the previous session, with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) dropping 2.8%, while UAE's largest lender First Abu Dhabi Bank (FAB.AD) down 1.9%.
Dubai's benchmark index (.DFMGI) settled 0.3% lower, dragged down by a 2% decline in toll operator Salik Company (SALIK.DU) and a 1.1% decrease in top lender Emirates NBD Bank (ENBD.DU).
However, takaful insurer Islamic Arab Insurance jumped 2.6% after the company appointed Walter Jopp as its chief executive officer.
Dubai stock market continued to feel the weight of investors moving to secure their gains, however, improvement in global sentiment could push the market back toward new gains, said Ahmed Negm, Head of Market Research MENA at XS.com.
Stock markets in United Arab Emirates closed lower on Friday for a second consecutive session as investors remained cautious amid the volatile energy market.
Meanwhile, Middle East crude benchmarks recorded losses for the second week in a row as market sentiment remained fragile despite the slow take off of physical trades.
U.S. inflation does not seem to be cooling fast enough to allow Fed to pause its interest rate hike campaign, according to two Fed policymakers.
The Abu Dhabi benchmark index (.FTFADGI) slipped 0.3%, extending declines from the previous session, with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) dropping 2.8%, while UAE's largest lender First Abu Dhabi Bank (FAB.AD) down 1.9%.
Dubai's benchmark index (.DFMGI) settled 0.3% lower, dragged down by a 2% decline in toll operator Salik Company (SALIK.DU) and a 1.1% decrease in top lender Emirates NBD Bank (ENBD.DU).
However, takaful insurer Islamic Arab Insurance jumped 2.6% after the company appointed Walter Jopp as its chief executive officer.
Dubai stock market continued to feel the weight of investors moving to secure their gains, however, improvement in global sentiment could push the market back toward new gains, said Ahmed Negm, Head of Market Research MENA at XS.com.
#UAE-based Network International extends deadline for Canada’s Brookfield offer
UAE-based Network International extends deadline for Canada’s Brookfield offer
UAE-based payments provider Network International has extended the deadline to June 1, 2023, for Canada’s Brookfield Asset Management to make a firm offer.
Brookfield had proposed a $2.7 billion takeover proposal in April, and they had until May 19 to make an offer.
In accordance with the takeover rules, Brookfield has to either announce a firm intention to make an offer for Network or walk away by the new deadline, Network International said in a regulatory filing on Friday to the London Stock Exchange (LSE), where it is listed.
Discussions between Brookfield, which made a possible cash offer of 400 pence per share, and Network remain ongoing, it said. The revised deadline can be extended further by Network.
Under the takeover code in the UK, Brookfield now reserves the right to make an offer for Network on less favourable terms than in April.
Network's shares closed at 365 pence on Thursday, down from the high of 397 pence it hit when the takeover proposal was first received in April.
Private equity firms CVC Capital and Francisco Partners had earlier offered 387 pence per share.
Last year, Brookfield bought a 60% share in the First Abu Dhabi Bank's (FAB) payments processing business, Magnati.
Dubai-based lender Emirates NBD holds 6% in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, whilst managing 18 million payment credentials, according to its website.
UAE-based payments provider Network International has extended the deadline to June 1, 2023, for Canada’s Brookfield Asset Management to make a firm offer.
Brookfield had proposed a $2.7 billion takeover proposal in April, and they had until May 19 to make an offer.
In accordance with the takeover rules, Brookfield has to either announce a firm intention to make an offer for Network or walk away by the new deadline, Network International said in a regulatory filing on Friday to the London Stock Exchange (LSE), where it is listed.
Discussions between Brookfield, which made a possible cash offer of 400 pence per share, and Network remain ongoing, it said. The revised deadline can be extended further by Network.
Under the takeover code in the UK, Brookfield now reserves the right to make an offer for Network on less favourable terms than in April.
Network's shares closed at 365 pence on Thursday, down from the high of 397 pence it hit when the takeover proposal was first received in April.
Private equity firms CVC Capital and Francisco Partners had earlier offered 387 pence per share.
Last year, Brookfield bought a 60% share in the First Abu Dhabi Bank's (FAB) payments processing business, Magnati.
Dubai-based lender Emirates NBD holds 6% in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, whilst managing 18 million payment credentials, according to its website.
#Dubai Real Estate's Next Big Thing? Perhaps a $5 Billion Man-Made 'Moon' - Bloomberg
Dubai Real Estate's Next Big Thing? Perhaps a $5 Billion Man-Made 'Moon' - Bloomberg
Who says you cannot reach for the moon? A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights — by bringing a symbol of the heavens down to Earth.
Canadian entrepreneur Michael Henderson envisions building a 274-meter (900-foot) replica of the moon atop a 30-meter (100-foot) building in Dubai, already home to the world's tallest building and other architectural wonders.
Henderson's project, dubbed MOON, may sound out of this world, but it could easily fit in this futuristic city-state. Dubai already has a red-hot real estate market, fueled by the wealthy who fled restrictions imposed in their home countries during the coronavirus pandemic and Russians seeking refuge amid Moscow’s war on Ukraine.
And even though a previous booms-and-bust cycle saw many grand projects collapse, Henderson and others suggest his vision, funded by Moon World Resorts Inc., where he is the co-founder, might not be that far-fetched.
“We have the biggest ‘brand’ in the world," Henderson told The Associated Press, alluding that the moon itself — the heavenly body — was his brand. “Eight billion people know our brand, and we haven’t even started yet."
Who says you cannot reach for the moon? A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights — by bringing a symbol of the heavens down to Earth.
Canadian entrepreneur Michael Henderson envisions building a 274-meter (900-foot) replica of the moon atop a 30-meter (100-foot) building in Dubai, already home to the world's tallest building and other architectural wonders.
Henderson's project, dubbed MOON, may sound out of this world, but it could easily fit in this futuristic city-state. Dubai already has a red-hot real estate market, fueled by the wealthy who fled restrictions imposed in their home countries during the coronavirus pandemic and Russians seeking refuge amid Moscow’s war on Ukraine.
And even though a previous booms-and-bust cycle saw many grand projects collapse, Henderson and others suggest his vision, funded by Moon World Resorts Inc., where he is the co-founder, might not be that far-fetched.
“We have the biggest ‘brand’ in the world," Henderson told The Associated Press, alluding that the moon itself — the heavenly body — was his brand. “Eight billion people know our brand, and we haven’t even started yet."