Abu Dhabi Lures Billionaire Vladimir Lisin's Holdings Away From Cyprus - Bloomberg
Vladimir Lisin has transferred his stakes in Russia’s biggest steelmaker and a rail freight operator to companies registered in Abu Dhabi, the latest example of a billionaire shifting assets to the oil-rich emirate.
The businessman, who’s worth about $23 billion according to the Bloomberg Billionaires Index, moved his stakes in Novolipetsk Steel PJSC and Freight One JSC from Cyprus to Abu Dhabi special purpose vehicles Serenity II Holdings and Nebula II Holdings, according to a person with knowledge of the matter, who asked not to be identified to discuss private information. A spokesperson for the steelmaker confirmed the information.
Much of Lisin’s fortune is derived from his 79.3% stake in Novolipetsk Steel, a publicly traded producer of the metal. He owned the shares through Fletcher Group Holdings, a Cyprus-based holding company, as of December 2022, according to the company’s website.
Russian tycoons have flocked to the United Arab Emirates following Vladimir Putin’s invasion of Ukraine, drawn by low taxes, international connectivity, and a relative openness to their wealth that stands in contrast to much of the rest of the world. Moscow-based coal producer SUEK and Zug, Switzerland-based fertilizer firm EuroChem, both founded by billionaire Andrey Melnichenko, opened local trading units in the Gulf oil exporter.
Friday, 30 June 2023
#UAE IPO boom to continue amid foreign investment and competitiveness push
UAE IPO boom to continue amid foreign investment and competitiveness push
The UAE's momentum of initial public offerings will continue for a couple more years, as the country presses forward with measures to boost foreign investment and economic development that enhance its competitiveness, the chief executive of an Abu Dhabi-based securities broker has said.
The surge in IPOs has been the main catalyst supporting the performance of equity markets, and the listing of companies from diverse sectors such as utilities, logistics and health care has also added more depth, Ayman Hamed of International Securities told The National in an interview.
“If the spate of IPOs in the UAE continues the way it has … over the past few years, we will see more inflows coming in from foreign and regional institutions, and will also encourage more and more retail participation in the market,” he said.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion raised from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
The UAE's momentum of initial public offerings will continue for a couple more years, as the country presses forward with measures to boost foreign investment and economic development that enhance its competitiveness, the chief executive of an Abu Dhabi-based securities broker has said.
The surge in IPOs has been the main catalyst supporting the performance of equity markets, and the listing of companies from diverse sectors such as utilities, logistics and health care has also added more depth, Ayman Hamed of International Securities told The National in an interview.
“If the spate of IPOs in the UAE continues the way it has … over the past few years, we will see more inflows coming in from foreign and regional institutions, and will also encourage more and more retail participation in the market,” he said.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion raised from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Oil heads for fourth straight quarterly decline | Reuters
Oil heads for fourth straight quarterly decline | Reuters
Oil prices rose above $75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
Benchmark Brent crude futures for September delivery rose 78 cents or 1.05% to stand at $75.29 at 0912 GMT. The less-traded front-month contract , which expires on Friday, was up 91 cents at $75.25.
The contract was on track for a 6% decline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.
U.S. West Texas Intermediate crude (WTI) rose 65 cents or 0.9% to $70.51. The contract is down 7% on a quarterly basis, its second consecutive quarterly drop.
Inflationary pressure and rising interest rates in key economies and a slower than expected recovery in Chinese manufacturing and consumption have weighed on markets in recent months.
But signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered support.
Oil prices rose above $75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
Benchmark Brent crude futures for September delivery rose 78 cents or 1.05% to stand at $75.29 at 0912 GMT. The less-traded front-month contract , which expires on Friday, was up 91 cents at $75.25.
The contract was on track for a 6% decline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.
U.S. West Texas Intermediate crude (WTI) rose 65 cents or 0.9% to $70.51. The contract is down 7% on a quarterly basis, its second consecutive quarterly drop.
Inflationary pressure and rising interest rates in key economies and a slower than expected recovery in Chinese manufacturing and consumption have weighed on markets in recent months.
But signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered support.
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