UAE Fintech Optasia Said to Hire Moelis for Potential Sale, IPO - Bloomberg
United Arab Emirates-based Optasia is weighing strategic options, including a sale or initial public offering in the Middle East, people with knowledge of the matter said.
The financial technology startup has appointed Moelis & Co. as an adviser, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and no final decisions have been taken, according to the people. Optasia could also decide to pursue a pre-IPO fundraising ahead of a future listing, they said.
Representatives for Optasia and Moelis declined to comment.
Founded in 2012, Optasia offers services such as airtime, data, real-time credit scoring and micro-loans. It serves customers in more than 30 countries, with a focus on emerging markets in Sub-Saharan Africa, the Middle East, Asia and Latin America, according to its website.
Optasia’s founder and Chief Executive Officer Bassim Haidar said in an interview in September that the firm may consider a dual listing on Africa’s largest bourse in Johannesburg and in either London or Dubai this year. The company has been backed by investors Ethos Capital Partners LLP, Development Partners International LLP and Waha Capital PJSC.
Friday, 9 June 2023
#Dubai posts second weekly gain, #AbuDhabi inches higher | Reuters
Dubai posts second weekly gain, Abu Dhabi inches higher | Reuters
Stock markets in the United Arab Emirates edged higher on Friday ahead of a widely expected pause in interest rate hikes by the U.S. Federal Reserve, alhtough falling oil prices limited gains.
Dubai's main share index (.DFMGI) gained 0.3%, led by a 5.9% rise in Gulf Navigation (GNAV.DU) and a 1.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
The Dubai index posted its second weekly gain of 2.7%.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
The U.S. Fed's next rate-setting meeting is on June 13-14.
In Abu Dhabi, the index (.FTFADGI) gained 0.2%.
However, the Abu Dhabi bourse posted its sixth weekly loss of 0.4%.
Oil prices - a key catalyst for the Gulf's financial markets - looked set to post their second straight weekly loss, as prices continued to fall over concerns about demand from China and due to scepticism over a report the United States and Iran were close to striking a nuclear deal.
Stock markets in the United Arab Emirates edged higher on Friday ahead of a widely expected pause in interest rate hikes by the U.S. Federal Reserve, alhtough falling oil prices limited gains.
Dubai's main share index (.DFMGI) gained 0.3%, led by a 5.9% rise in Gulf Navigation (GNAV.DU) and a 1.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
The Dubai index posted its second weekly gain of 2.7%.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
The U.S. Fed's next rate-setting meeting is on June 13-14.
In Abu Dhabi, the index (.FTFADGI) gained 0.2%.
However, the Abu Dhabi bourse posted its sixth weekly loss of 0.4%.
Oil prices - a key catalyst for the Gulf's financial markets - looked set to post their second straight weekly loss, as prices continued to fall over concerns about demand from China and due to scepticism over a report the United States and Iran were close to striking a nuclear deal.
#UAE Clean Energy Firm Masdar Plans First Green Bond Sale in June - Bloomberg
UAE Clean Energy Firm Masdar Plans First Green Bond Sale in June - Bloomberg
The United Arab Emirates’ clean energy producer Masdar aims to sell its first ever green bonds within weeks to help fund an effort to boost renewable energy generation capacity five-fold by the end of the decade.
“We are looking to issue a green bond, hopefully this month,” Mohamed Jameel Al Ramahi, Masdar’s chief executive officer, said in an interview in Astana, Kazakhstan. The company will look to raise between $500 million and $700 million in the initial bond sale, he said.
Securities linked to clean energy are attracting more capital as companies and nations look to cut emissions to fight global warming by diversifying supplies away from hydrocarbons. The UAE was the first Persian Gulf oil state to declare a net zero target for carbon emissions by 2030, even though OPEC’s third-biggest producer still invests billions to boost oil and natural gas output.
Masdar has “a humongous target” to boost solar and wind power capacity to 100 gigawatts by 2030 from above 20 now, an effort that will require the company to buy assets and project developers as well as building its own projects, Al Ramahi said. It already has a diverse portfolio ranging from solar power in Abu Dhabi to offshore wind in the UK.
“You can’t achieve that target with just one approach to market,” he said. Masdar is actively pursuing several deals, he said, without giving specifics. The US is a “top priority” for investment, while Masdar hasn’t yet found good opportunities in China, Al Ramahi said.
The country is hosting the UN’s major climate summit later this year, amid controversy that Masdar’s Chairman Sultan Al Jaber, who also heads Abu Dhabi’s government-owned oil and gas company, is leading the meeting. Al Jaber, speaking in Bonn on Thursday, said “the phase-down of fossil fuels is inevitable,” without providing estimates by when that would happen or proposing steps to accelerate that.
The United Arab Emirates’ clean energy producer Masdar aims to sell its first ever green bonds within weeks to help fund an effort to boost renewable energy generation capacity five-fold by the end of the decade.
“We are looking to issue a green bond, hopefully this month,” Mohamed Jameel Al Ramahi, Masdar’s chief executive officer, said in an interview in Astana, Kazakhstan. The company will look to raise between $500 million and $700 million in the initial bond sale, he said.
Securities linked to clean energy are attracting more capital as companies and nations look to cut emissions to fight global warming by diversifying supplies away from hydrocarbons. The UAE was the first Persian Gulf oil state to declare a net zero target for carbon emissions by 2030, even though OPEC’s third-biggest producer still invests billions to boost oil and natural gas output.
Masdar has “a humongous target” to boost solar and wind power capacity to 100 gigawatts by 2030 from above 20 now, an effort that will require the company to buy assets and project developers as well as building its own projects, Al Ramahi said. It already has a diverse portfolio ranging from solar power in Abu Dhabi to offshore wind in the UK.
“You can’t achieve that target with just one approach to market,” he said. Masdar is actively pursuing several deals, he said, without giving specifics. The US is a “top priority” for investment, while Masdar hasn’t yet found good opportunities in China, Al Ramahi said.
The country is hosting the UN’s major climate summit later this year, amid controversy that Masdar’s Chairman Sultan Al Jaber, who also heads Abu Dhabi’s government-owned oil and gas company, is leading the meeting. Al Jaber, speaking in Bonn on Thursday, said “the phase-down of fossil fuels is inevitable,” without providing estimates by when that would happen or proposing steps to accelerate that.
Chinese investors flock to Riyadh conference seeking new markets, capital | Reuters
Chinese investors flock to Riyadh conference seeking new markets, capital | Reuters
Chinese entrepreneurs and investors are flocking to Riyadh this week to attend a business conference, which will bring together business and government leaders aiming to explore expansion and fundraising opportunities, amid warming diplomatic relations.
Saudi Arabia will be hosting the 10th Arab-China Business Conference, the first such forum since Chinese President Xi Jinping's 'epoch-making' visit to the Gulf state, which Beijing described as the biggest diplomatic initiative in the Arab world.
The gathering on Sunday and Monday will take place two days after U.S. Secretary of State Antony Blinken visited Saudi Arabia as Washington works to mend frayed ties with its closest ally in the Middle East.
Deepening cooperation between Riyadh and Beijing in security and sensitive high-tech has been a major U.S. concern.
The business conference will draw about 2,000 attendees from Greater China, in what will be one of the region's biggest-yet business delegation to Saudi Arabia, according to one person with direct knowledge of the matter.
Chinese entrepreneurs and investors are flocking to Riyadh this week to attend a business conference, which will bring together business and government leaders aiming to explore expansion and fundraising opportunities, amid warming diplomatic relations.
Saudi Arabia will be hosting the 10th Arab-China Business Conference, the first such forum since Chinese President Xi Jinping's 'epoch-making' visit to the Gulf state, which Beijing described as the biggest diplomatic initiative in the Arab world.
The gathering on Sunday and Monday will take place two days after U.S. Secretary of State Antony Blinken visited Saudi Arabia as Washington works to mend frayed ties with its closest ally in the Middle East.
Deepening cooperation between Riyadh and Beijing in security and sensitive high-tech has been a major U.S. concern.
The business conference will draw about 2,000 attendees from Greater China, in what will be one of the region's biggest-yet business delegation to Saudi Arabia, according to one person with direct knowledge of the matter.
#Dubai transport authority seeks adviser for asset review -sources | Reuters
Dubai transport authority seeks adviser for asset review -sources | Reuters
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for an advisory role in a strategic review of its assets, said two sources close to the matter.
The transport regulator is seeking to evaluate various options for its assets, the sources said on Friday, declining to be named because the matter was not public.
The RTA did not respond immediately to a request for comment.
Last week, sources told Reuters that the RTA was in the early stages of exploring options for its assets, including a possible initial public offering (IPO) of its taxi business.
One of the sources said the RTA was also looking at potential options for its public parking assets and the Nol card, the Dubai equivalent of London's Oyster card, used by passengers to pay for public transport across the emirate.
The RTA last year raised $1 billion and drew orders of $50 billion for a 24.9% stake in a public share sale of its toll-road business Salik (SALIK.DU).
Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for an advisory role in a strategic review of its assets, said two sources close to the matter.
The transport regulator is seeking to evaluate various options for its assets, the sources said on Friday, declining to be named because the matter was not public.
The RTA did not respond immediately to a request for comment.
Last week, sources told Reuters that the RTA was in the early stages of exploring options for its assets, including a possible initial public offering (IPO) of its taxi business.
One of the sources said the RTA was also looking at potential options for its public parking assets and the Nol card, the Dubai equivalent of London's Oyster card, used by passengers to pay for public transport across the emirate.
The RTA last year raised $1 billion and drew orders of $50 billion for a 24.9% stake in a public share sale of its toll-road business Salik (SALIK.DU).
Brookfield beefs up payments business with $2.76 bln Network International buyout | Reuters
Brookfield beefs up payments business with $2.76 bln Network International buyout | Reuters
Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa.
The 400 pence-per-share offer represents a premium of about 64% to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period.
The FTSE 250 (.FTMC) company's shares climbed as much as 6% to a more-than-one-month high of 385 pence in morning trade.
Brookfield made the 400-pence offer in April, topping a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners.
"This combination would potentially create a key platform in the attractive MEA payments space at scale, best positioned to provide a full suite of offerings," it said in a statement.
Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa.
The 400 pence-per-share offer represents a premium of about 64% to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period.
The FTSE 250 (.FTMC) company's shares climbed as much as 6% to a more-than-one-month high of 385 pence in morning trade.
Brookfield made the 400-pence offer in April, topping a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners.
"This combination would potentially create a key platform in the attractive MEA payments space at scale, best positioned to provide a full suite of offerings," it said in a statement.
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