Kremlin Warns Saudi, Turkey, UAE That Fresh Curbs on Finance Will Hit Trade - Bloomberg
Russia is ramping up a lobbying campaign to avoid new financial restrictions against money-laundering that may plunge its economy deeper into isolation over the war in Ukraine.
Moscow has approached more than half a dozen countries including Saudi Arabia, Turkey, Mexico and the United Arab Emirates in recent weeks to spell out the negative consequences for trade ties if the Financial Action Task Force imposes more restrictions this month.
Investments and cooperation in defense and energy projects would also suffer, according to documents seen by Bloomberg and accounts by officials in NATO countries familiar with the situation.
The Paris-based FATF, an inter-governmental organization that sets standards for combating dirty money, took the unprecedented step of suspending Russia from membership in February over its invasion of Ukraine. The government in Kyiv is now seeking to add Russia to the “black list” or “gray list” of states at the FATF’s June 19-23 meeting.
Wednesday, 14 June 2023
BlackRock sees strong demand for infrastructure investments in #SaudiArabia | Reuters
BlackRock sees strong demand for infrastructure investments in Saudi Arabia | Reuters
BlackRock sees strong demand from its global clients for infrastructure investments in Saudi Arabia, Rachel Lord, Head of APAC at the asset manager, said on Wednesday.
Speaking at an investor day, she said BlackRock has deployed over $15 billion in natural gas pipelines in Saudi Arabia and it has a "strong set of investment opportunities to come".
In November, Saudi Arabia's Public Investment Fund and BlackRock signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia.
BlackRock sees strong demand from its global clients for infrastructure investments in Saudi Arabia, Rachel Lord, Head of APAC at the asset manager, said on Wednesday.
Speaking at an investor day, she said BlackRock has deployed over $15 billion in natural gas pipelines in Saudi Arabia and it has a "strong set of investment opportunities to come".
In November, Saudi Arabia's Public Investment Fund and BlackRock signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia.
Most Gulf markets gain ahead of Fed rate decision | Reuters
Most Gulf markets gain ahead of Fed rate decision | Reuters
Most stock markets in the Gulf ended higher on Wednesday as investors awaited the outcome of the U.S. Federal Reserve's monetary policy meeting.
The Fed is widely expected to skip raising interest rates this month after a softer U.S. inflation report.
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.
Saudi Arabia's benchmark index (.TASI) advanced 1%, buoyed by a 2.2% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 1.1% increase in Al Rajhi Bank (1120.SE).
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.8% gain in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai bourse stabilized to a certain extent, while traders awaited the U.S. central bank's interest rate decision, said Daniel Takieddine, CEO MENA at BDSwiss.
"The main index could come under pressure if the Federal Reserve makes a surprise decision while the market is already exposed to potential price corrections."
The Abu Dhabi index (.FTFADGI) closed 0.4% higher.
Oil prices - a key catalyst for the Gulf's financial markets - rose ahead of the U.S. Federal Reserve's rate decision and bullish oil demand growth forecasts by the International Energy Agency (IEA) and OPEC.
In Qatar, the index (.QSI) climbed 0.8%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 1.3%.
The Qatari stock market rebounded to a certain extent after a month of correction, with investors returning to the market, said TAkieddine.
"However, they could strongly react to the Federal Reserve’s interest rate decision."
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed flat.
Most stock markets in the Gulf ended higher on Wednesday as investors awaited the outcome of the U.S. Federal Reserve's monetary policy meeting.
The Fed is widely expected to skip raising interest rates this month after a softer U.S. inflation report.
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.
Saudi Arabia's benchmark index (.TASI) advanced 1%, buoyed by a 2.2% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 1.1% increase in Al Rajhi Bank (1120.SE).
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.8% gain in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai bourse stabilized to a certain extent, while traders awaited the U.S. central bank's interest rate decision, said Daniel Takieddine, CEO MENA at BDSwiss.
"The main index could come under pressure if the Federal Reserve makes a surprise decision while the market is already exposed to potential price corrections."
The Abu Dhabi index (.FTFADGI) closed 0.4% higher.
Oil prices - a key catalyst for the Gulf's financial markets - rose ahead of the U.S. Federal Reserve's rate decision and bullish oil demand growth forecasts by the International Energy Agency (IEA) and OPEC.
In Qatar, the index (.QSI) climbed 0.8%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 1.3%.
The Qatari stock market rebounded to a certain extent after a month of correction, with investors returning to the market, said TAkieddine.
"However, they could strongly react to the Federal Reserve’s interest rate decision."
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed flat.
Exclusive: #Qatar in talks with Egypt's wealth fund over hotels investment - sources | Reuters
Exclusive: Qatar in talks with Egypt's wealth fund over hotels investment - sources | Reuters
Qatar's sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute.
The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about the deal, said two sources with knowledge of the matter, who declined to be named.
The fund is considering acquiring a stake of up to 30% in the hotels, the sources said.
The seven hotels are the Cairo Marriott Hotel, Steigenberger El Tahrir in Cario, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, Mövenpick Aswan, Sofitel Winter Palace in Luxor and Steigenberger Cecil Alexandria.
The $445 billion QIA declined to comment. Egypt's TSFE did not immediately respond to a request for comment.
The QIA's investments include trophy assets such as the Shard skyscraper and the Harrods department store in London.
While it has been shifting away from such assets into sectors like technology, healthcare and public and private markets, the sources said the hotels would still fit into its portfolio and match its experience as an investor.
Qatar's sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute.
The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about the deal, said two sources with knowledge of the matter, who declined to be named.
The fund is considering acquiring a stake of up to 30% in the hotels, the sources said.
The seven hotels are the Cairo Marriott Hotel, Steigenberger El Tahrir in Cario, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, Mövenpick Aswan, Sofitel Winter Palace in Luxor and Steigenberger Cecil Alexandria.
The $445 billion QIA declined to comment. Egypt's TSFE did not immediately respond to a request for comment.
The QIA's investments include trophy assets such as the Shard skyscraper and the Harrods department store in London.
While it has been shifting away from such assets into sectors like technology, healthcare and public and private markets, the sources said the hotels would still fit into its portfolio and match its experience as an investor.
#UAE public joint-stock companies' capital reaches $191.1bln by end of 2022
UAE public joint-stock companies' capital reaches $191.1bln by end of 2022
The Securities and Commodities Authority (SCA) has released its annual report for 2022, revealing that the total capital of public joint-stock companies (PJSCs) registered with the SCA reached AED702 billion.
Of this, AED393 billion was for government companies and AED309 billion was for non-governmental companies.
The services sector accounted for the largest share of the total capital of registered PJSCs, with AED209.8 billion. This was followed by the investment and financial services sector (AED165.9 billion), energy (AED129.5 billion), banks (AED77.7 billion), real estate (AED33.4 billion), and transportation (AED32.4 billion).
The industrial sector had a smaller share of the total capital of registered PJSCs, with AED24.5 billion. Communications, insurance, and consumer goods each had a share of AED15.6 billion, AED7.9 billion, and AED4.9 billion, respectively.
Abu Dhabi had the largest share of the total capital of registered PJSCs, with AED521 billion. Dubai followed with AED89 billion.
The Securities and Commodities Authority (SCA) has released its annual report for 2022, revealing that the total capital of public joint-stock companies (PJSCs) registered with the SCA reached AED702 billion.
Of this, AED393 billion was for government companies and AED309 billion was for non-governmental companies.
The services sector accounted for the largest share of the total capital of registered PJSCs, with AED209.8 billion. This was followed by the investment and financial services sector (AED165.9 billion), energy (AED129.5 billion), banks (AED77.7 billion), real estate (AED33.4 billion), and transportation (AED32.4 billion).
The industrial sector had a smaller share of the total capital of registered PJSCs, with AED24.5 billion. Communications, insurance, and consumer goods each had a share of AED15.6 billion, AED7.9 billion, and AED4.9 billion, respectively.
Abu Dhabi had the largest share of the total capital of registered PJSCs, with AED521 billion. Dubai followed with AED89 billion.
#SaudiArabia’s Riyadh Air Aims to Unseat Emirates and #Qatar - Bloomberg
Saudi Arabia’s Riyadh Air Aims to Unseat Emirates and Qatar - Bloomberg
In the 78 years since Saudi Arabia launched its flag carrier, Saudia, with a plane gifted by US President Franklin D. Roosevelt, the airline has served largely as a means of ferrying the faithful to Mecca while adhering to the country’s strict social rules. No alcohol is served. Women must wear clothing that covers their legs. Cabin crew can separate women from men who aren’t family. And some planes have a prayer nook with a screen indicating the direction to Mecca as it changes during the flight.
Saudia stands in sharp contrast to regional rivals that have redefined luxury travel with showers, in-flight butlers and bars where premium-class passengers can recline on a sofa, tumbler of Glenfiddich in hand. Emirates, Qatar Airways and more recently Turkish Airlines have built megahubs for travelers between Asia, Europe, Africa and North America. And their home bases have increasingly become destinations rather than mere transfer points, with beaches, amusement parks, high-end shopping and sumptuous hotels within easy reach of the arrival gate.
To get in on the action, Saudi Arabia is adding a second carrier, Riyadh Air, aiming to triple arrivals into the kingdom and siphon business and tourists from competitors. While the plan is short on details, the carrier aims to start flying in 2025, with planes bathed in blue and lavender. The company declines to say whether alcohol will be available on its aircraft, noting only that it will operate within Saudi law. Saudia will continue to focus on religious pilgrims on Hajj and Umrah.
Riyadh Air plans to reach 100 destinations by 2030, connecting passengers through King Salman International Airport, a sprawling new facility rising in the desert near the capital that’s designed to handle 120 million passengers a year by the end of the decade—30% more than Dubai’s current capacity. The goal is to tempt them to stay for business meetings or jaunts to the country’s monuments, mountains and beaches.
In the 78 years since Saudi Arabia launched its flag carrier, Saudia, with a plane gifted by US President Franklin D. Roosevelt, the airline has served largely as a means of ferrying the faithful to Mecca while adhering to the country’s strict social rules. No alcohol is served. Women must wear clothing that covers their legs. Cabin crew can separate women from men who aren’t family. And some planes have a prayer nook with a screen indicating the direction to Mecca as it changes during the flight.
Saudia stands in sharp contrast to regional rivals that have redefined luxury travel with showers, in-flight butlers and bars where premium-class passengers can recline on a sofa, tumbler of Glenfiddich in hand. Emirates, Qatar Airways and more recently Turkish Airlines have built megahubs for travelers between Asia, Europe, Africa and North America. And their home bases have increasingly become destinations rather than mere transfer points, with beaches, amusement parks, high-end shopping and sumptuous hotels within easy reach of the arrival gate.
To get in on the action, Saudi Arabia is adding a second carrier, Riyadh Air, aiming to triple arrivals into the kingdom and siphon business and tourists from competitors. While the plan is short on details, the carrier aims to start flying in 2025, with planes bathed in blue and lavender. The company declines to say whether alcohol will be available on its aircraft, noting only that it will operate within Saudi law. Saudia will continue to focus on religious pilgrims on Hajj and Umrah.
Riyadh Air plans to reach 100 destinations by 2030, connecting passengers through King Salman International Airport, a sprawling new facility rising in the desert near the capital that’s designed to handle 120 million passengers a year by the end of the decade—30% more than Dubai’s current capacity. The goal is to tempt them to stay for business meetings or jaunts to the country’s monuments, mountains and beaches.
Mubadala forms $600 mln Japanese residential property venture | Reuters
Mubadala forms $600 mln Japanese residential property venture | Reuters
Abu Dhabi state investor Mubadala has formed a joint venture with Proprium Capital Partners and Manulife Investment Management to build an up to 80 billion yen ($572 million) property portfolio, Mubadala and Proprium said on Wednesday
Samurai Capital, a leading asset manager with significant experience in managing property assets, will partner the venture.
"The joint venture was seeded with existing rental multi-family properties in Japan and will seek to acquire additional assets," Proprium Capital said in its statement.
Targeting urban dwellers in Tokyo and Osaka, the seed assets are high-quality properties with convenient access to railway stations and nearby neighborhood amenities, Proprium added.
Abu Dhabi state investor Mubadala has formed a joint venture with Proprium Capital Partners and Manulife Investment Management to build an up to 80 billion yen ($572 million) property portfolio, Mubadala and Proprium said on Wednesday
Samurai Capital, a leading asset manager with significant experience in managing property assets, will partner the venture.
"The joint venture was seeded with existing rental multi-family properties in Japan and will seek to acquire additional assets," Proprium Capital said in its statement.
Targeting urban dwellers in Tokyo and Osaka, the seed assets are high-quality properties with convenient access to railway stations and nearby neighborhood amenities, Proprium added.
Most Gulf markets gain ahead of US Fed rate decision | Reuters
Most Gulf markets gain ahead of US Fed rate decision | Reuters
Most major stock markets in the Gulf rose in the early trade on Wednesday, tracking higher oil prices, while the major focus was on the outcome of the U.S. Federal Reserve's June policy meeting.
The Fed is widely expected to skip raising interest rates this month after a softer U.S. inflation report and investors' cautious mood is likely to extend to Europe when markets open.
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.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7% and Dr Sulaiman Al-Habib Medical Services (4013.SE) climbing 0.8%.
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Oil prices - a key catalyst for the Gulf's financial markets - inched up ahead of Fed's policy decision, key economic data from China and government data on U.S. crude stockpiles.
Brent crude futures climbed more than 3% on Tuesday on hopes of rising fuel demand after China's central bank lowered a short-term lending rate.
The Qatari index (.QSI) advanced 0.8%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA), which advanced by 2%.
Dubai's main share index (.DFMGI), however, bucked the trend to trade 0.1% lower, hit by a 0.8% fall in utility firm Dubai Electricity and Water Authority (DEWAA.DU).
Most major stock markets in the Gulf rose in the early trade on Wednesday, tracking higher oil prices, while the major focus was on the outcome of the U.S. Federal Reserve's June policy meeting.
The Fed is widely expected to skip raising interest rates this month after a softer U.S. inflation report and investors' cautious mood is likely to extend to Europe when markets open.
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.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7% and Dr Sulaiman Al-Habib Medical Services (4013.SE) climbing 0.8%.
In Abu Dhabi, the index (.FTFADGI) added 0.2%.
Oil prices - a key catalyst for the Gulf's financial markets - inched up ahead of Fed's policy decision, key economic data from China and government data on U.S. crude stockpiles.
Brent crude futures climbed more than 3% on Tuesday on hopes of rising fuel demand after China's central bank lowered a short-term lending rate.
The Qatari index (.QSI) advanced 0.8%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA), which advanced by 2%.
Dubai's main share index (.DFMGI), however, bucked the trend to trade 0.1% lower, hit by a 0.8% fall in utility firm Dubai Electricity and Water Authority (DEWAA.DU).