UAE's E& signs binding agreement with PPF Group to acquire controlling stake -statement | Reuters
Emirates Telecommunications Group Company "E&" (EAND.AD) signed a binding agreement with PPF Group to acquire a controlling stake in PPF telecom’s assets in Bulgaria, Hungary, Serbia and Slovakia, a statement from E& said on Tuesday.
"The upfront consideration for acquisition is (euros) 2.150 billion in exchange for 50%+1 share economic stake in both service and infrastructure companies (except for Hungary where Corvinus owns a 25% stake in the respective businesses)," it added.
Tuesday 1 August 2023
#SaudiArabia's Nesma & Partners to acquire #Dubai-based energy services firm Kent | Reuters
Saudi Arabia's Nesma & Partners to acquire Dubai-based energy services firm Kent | Reuters
Saudi Arabian contracting firm Nesma & Partners has signed an agreement to acquire Dubai-based privately-owned energy services firm Kent, the two companies said in a statement on Tuesday.
Nesma & Partners, which is part owned by Saudi Arabia's wealth Fund, will become the sole owner of Kent in a deal that is expected to be completed by the end of the year.
The transaction is subject to regulatory approvals and closing conditions. The companies did not disclose the value of the transaction.
Saudi Arabia's Public Investment Fund, with more than $600 billion in assets under management, announced in February that it had taken stakes in four local construction companies, including Nesma & Partners.
The PIF said at the time its total $1.3 billion investment in the companies will enable the sector to grow and expand capacity, and help the companies expand their operations and businesses beyond Saudi Arabia.
Saudi Arabian contracting firm Nesma & Partners has signed an agreement to acquire Dubai-based privately-owned energy services firm Kent, the two companies said in a statement on Tuesday.
Nesma & Partners, which is part owned by Saudi Arabia's wealth Fund, will become the sole owner of Kent in a deal that is expected to be completed by the end of the year.
The transaction is subject to regulatory approvals and closing conditions. The companies did not disclose the value of the transaction.
Saudi Arabia's Public Investment Fund, with more than $600 billion in assets under management, announced in February that it had taken stakes in four local construction companies, including Nesma & Partners.
The PIF said at the time its total $1.3 billion investment in the companies will enable the sector to grow and expand capacity, and help the companies expand their operations and businesses beyond Saudi Arabia.
#SaudiArabia's Wealth Fund PIF Hires Banks for Islamic Dollar Bond (Sukuk) - Bloomberg
Saudi Arabia's Wealth Fund PIF Hires Banks for Islamic Dollar Bond (Sukuk) - Bloomberg
Saudi Arabia’s sovereign wealth fund has hired banks for a debut Islamic dollar bond sale to help finance its global spending plans, people familiar with the matter said.
The Public Investment Fund, which manages about $778 billion in assets, mandated HSBC Holdings Plc, Standard Chartered Plc, Emirates NBD Bank PJSC and Al Rajhi Capital for the offering, the people said, asking not to be identified as the information isn’t public. More banks could be added later, they said.
The fund could raise about $3 billion, though the final size of the sukuk could be bigger depending on investor demand, the people said. The offering would be the PIF’s second this year after it raised $5.5 billion in green bonds in February.
A sale could happen before the end of the year, though a final decision hasn’t been made, the people said. The PIF may also decide to delay or shelve the plans because the fund has some financial flexibility, they said. Islamic bonds, or sukuk, is debt that complies with Shariah law.
Saudi Arabia’s sovereign wealth fund has hired banks for a debut Islamic dollar bond sale to help finance its global spending plans, people familiar with the matter said.
The Public Investment Fund, which manages about $778 billion in assets, mandated HSBC Holdings Plc, Standard Chartered Plc, Emirates NBD Bank PJSC and Al Rajhi Capital for the offering, the people said, asking not to be identified as the information isn’t public. More banks could be added later, they said.
The fund could raise about $3 billion, though the final size of the sukuk could be bigger depending on investor demand, the people said. The offering would be the PIF’s second this year after it raised $5.5 billion in green bonds in February.
A sale could happen before the end of the year, though a final decision hasn’t been made, the people said. The PIF may also decide to delay or shelve the plans because the fund has some financial flexibility, they said. Islamic bonds, or sukuk, is debt that complies with Shariah law.
#Saudi market extends losses on profit-taking; #Qatar advances | Reuters
Saudi market extends losses on profit-taking; Qatar advances | Reuters
Saudi Arabian stocks extended losses on Tuesday as traders continued to book profits after the benchmark index hit a nine-month high last week, while the Qatari index rose for a 15th consecutive session.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, hit by a 0.9% fall in Al Rajhi Bank (1120.SE) as the lender traded ex-dividend, while Dr Sulaiman Al-Habib Medical Services (4013.SE) was down 1.5%.
Elsewhere, East Pipes Integrated Co (1321.SE) declined 3.5%, to be the top loser on the index, a day after posting quarterly loss.
The Qatari index (.QSI) gained 1.3%, rising for a fifteenth consecutive session, buoyed by a 2.8% jump in petrochemical maker Industries Qatar (IQCD.QA).
The Qatari stock market extended its gains supported by some increases in natural gas prices as well as strong performances in the banking sector, said Farah Mourad, Senior Market Analyst of XTB MENA.
"The positive sentiment could help the market rise above its previous peak."
Dubai's main share index (.DFMGI) added 0.4%, hitting its highest since late 2015, driven by a 3.7% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Oil prices edged lower on signs of profit-taking after rallying in July when investors wagered on tightening global supplies and demand growth in the second half of the year.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.5% as most of the stocks on the index were in negative territory including Eastern Company (EAST.CA), which retreated 6%.
Egypt's net foreign assets (NFAs) fell further into deficit in June, with the gap widening by 82.1 billion Egyptian pounds ($2.66 billion) from the previous month to negative 837.3 billion pounds, according to central bank data.
Saudi Arabian stocks extended losses on Tuesday as traders continued to book profits after the benchmark index hit a nine-month high last week, while the Qatari index rose for a 15th consecutive session.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, hit by a 0.9% fall in Al Rajhi Bank (1120.SE) as the lender traded ex-dividend, while Dr Sulaiman Al-Habib Medical Services (4013.SE) was down 1.5%.
Elsewhere, East Pipes Integrated Co (1321.SE) declined 3.5%, to be the top loser on the index, a day after posting quarterly loss.
The Qatari index (.QSI) gained 1.3%, rising for a fifteenth consecutive session, buoyed by a 2.8% jump in petrochemical maker Industries Qatar (IQCD.QA).
The Qatari stock market extended its gains supported by some increases in natural gas prices as well as strong performances in the banking sector, said Farah Mourad, Senior Market Analyst of XTB MENA.
"The positive sentiment could help the market rise above its previous peak."
Dubai's main share index (.DFMGI) added 0.4%, hitting its highest since late 2015, driven by a 3.7% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Oil prices edged lower on signs of profit-taking after rallying in July when investors wagered on tightening global supplies and demand growth in the second half of the year.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.5% as most of the stocks on the index were in negative territory including Eastern Company (EAST.CA), which retreated 6%.
Egypt's net foreign assets (NFAs) fell further into deficit in June, with the gap widening by 82.1 billion Egyptian pounds ($2.66 billion) from the previous month to negative 837.3 billion pounds, according to central bank data.
Nomura's crypto arm wins #Dubai licence | Reuters
Nomura's crypto arm wins Dubai licence | Reuters
The crypto arm of Japanese investment bank and brokerage Nomura (8604.T) said on Tuesday it had won an operating licence in Dubai, the latest in a number of mainstream financial institutions this year to enter the crypto sector.
Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai's Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.
Laser said it would launch its trading and asset management business in the coming months, allowing institutional investors access to over-the-counter crypto trading and other investment products.
French bank Societe Generale (SOGN.PA) became last month the first company in France to obtain a licence for crypto services, underscoring resilient hunger among mainstream banks to embrace crypto as markets have rallied through 2023.
Top token bitcoin has gained about 75% so far this year, a recovery of sorts from a 2022 punctuated by corporate scandals and plummeting token prices. However, the asset remains less than half its all-time high of $69,000.
The crypto arm of Japanese investment bank and brokerage Nomura (8604.T) said on Tuesday it had won an operating licence in Dubai, the latest in a number of mainstream financial institutions this year to enter the crypto sector.
Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai's Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.
Laser said it would launch its trading and asset management business in the coming months, allowing institutional investors access to over-the-counter crypto trading and other investment products.
French bank Societe Generale (SOGN.PA) became last month the first company in France to obtain a licence for crypto services, underscoring resilient hunger among mainstream banks to embrace crypto as markets have rallied through 2023.
Top token bitcoin has gained about 75% so far this year, a recovery of sorts from a 2022 punctuated by corporate scandals and plummeting token prices. However, the asset remains less than half its all-time high of $69,000.
#Saudi bourse extends losses on profit-taking; #Dubai hits 8-year high | Reuters
Saudi bourse extends losses on profit-taking; Dubai hits 8-year high | Reuters
Saudi Arabian stocks extended losses in early trade on Tuesday, as traders booked profits after the benchmark index hit a nine-month high last week, while the Dubai index hit an eight-year high.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, on course to extend losses for a third session, weighed down by a 2% fall in Al Rajhi Bank (1120.SE) as the lender traded ex-dividend.
However, Bupa Arabia (8210.SE), the kingdom's second largest insurer, jumped more than 4% after reporting a sharp rise in second-quarter earnings.
Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.
Dubai's main share index (.DFMGI) gained 0.2%, hitting its highest since 2015, with blue-chip developer Emaar Properties (EMAR.DU) leading gains and rising 3.1%.
In Qatar, the index (.QSI) advanced 0.9%, led by a 2.4% rise in Qatar Islamic Bank (QISB.QA) and a 1.9% increase in petrochemical maker Industries Qatar (IQCD.QA).
The Abu Dhabi index (.FTFADGI) eased 0.1%, weighed down by a 1% slide in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
Prices of oil - a key catalyst for the Gulf's financial markets - slipped, but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer.
Saudi Arabian stocks extended losses in early trade on Tuesday, as traders booked profits after the benchmark index hit a nine-month high last week, while the Dubai index hit an eight-year high.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, on course to extend losses for a third session, weighed down by a 2% fall in Al Rajhi Bank (1120.SE) as the lender traded ex-dividend.
However, Bupa Arabia (8210.SE), the kingdom's second largest insurer, jumped more than 4% after reporting a sharp rise in second-quarter earnings.
Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.
Dubai's main share index (.DFMGI) gained 0.2%, hitting its highest since 2015, with blue-chip developer Emaar Properties (EMAR.DU) leading gains and rising 3.1%.
In Qatar, the index (.QSI) advanced 0.9%, led by a 2.4% rise in Qatar Islamic Bank (QISB.QA) and a 1.9% increase in petrochemical maker Industries Qatar (IQCD.QA).
The Abu Dhabi index (.FTFADGI) eased 0.1%, weighed down by a 1% slide in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
Prices of oil - a key catalyst for the Gulf's financial markets - slipped, but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer.
#SaudiArabia Borrowing Rate, Saibor, Hits Record High, Hitting Businesses - Bloomberg
Saudi Arabia Borrowing Rate, Saibor, Hits Record High, Hitting Businesses - Bloomberg
A key gauge of borrowing costs in Saudi Arabia has risen to a record, potentially hitting businesses and individuals at a time oil-production cuts are slowing economic growth.
The cost of money as measured by the three-month Saudi Interbank Offered Rate, or Saibor, has climbed above 6%, even higher than it was during the 2008 global financial crisis and after oil prices collapsed in 2020.
The rate was below 1% only 18 months ago. Its rise has come as the US Federal Reserve has hiked interest rates to lower inflation, with its latest move of 25 basis points coming last week. The riyal is pegged to the dollar and the kingdom’s central bank has to follow the Fed’s decisions closely, even though Saudi inflation has been well below that of the US in the past two years.
“Rising oil prices mitigate some pain but a prolonged period of higher rates is clearly negative,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.
A key gauge of borrowing costs in Saudi Arabia has risen to a record, potentially hitting businesses and individuals at a time oil-production cuts are slowing economic growth.
The cost of money as measured by the three-month Saudi Interbank Offered Rate, or Saibor, has climbed above 6%, even higher than it was during the 2008 global financial crisis and after oil prices collapsed in 2020.
The rate was below 1% only 18 months ago. Its rise has come as the US Federal Reserve has hiked interest rates to lower inflation, with its latest move of 25 basis points coming last week. The riyal is pegged to the dollar and the kingdom’s central bank has to follow the Fed’s decisions closely, even though Saudi inflation has been well below that of the US in the past two years.
“Rising oil prices mitigate some pain but a prolonged period of higher rates is clearly negative,” said Tarek Fadlallah, head of Nomura Holdings Inc.’s asset management arm in the Middle East.
DIFC’s H1 2023 performance strengthens #Dubai’s position as global finance and innovation hub
DIFC’s H1 2023 performance strengthens Dubai’s position as global finance and innovation hub
The Dubai International Financial Centre (DIFC) witnessed exceptional growth in the first half of 2023, with 661 new entities registering during the period in the centre, an impressive double-digit growth of 23% year-on-year.
DIFC's performance reinforces its growing role in shaping the future of finance and raises Dubai's status as a leading growth catalyst for financial institutions, FinTech firms and innovation companies in the region.
The total number of companies operating in DIFC rose from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23%. The number of firms in DIFC's FinTech and Innovation sectors grew 35% year-on-year from 599 to 811, consolidating its reputation as a global hub for these sectors.
DIFC is now home to 1,443 financial and innovation-related companies, a 15% year-on-year growth.
The Dubai International Financial Centre (DIFC) witnessed exceptional growth in the first half of 2023, with 661 new entities registering during the period in the centre, an impressive double-digit growth of 23% year-on-year.
DIFC's performance reinforces its growing role in shaping the future of finance and raises Dubai's status as a leading growth catalyst for financial institutions, FinTech firms and innovation companies in the region.
The total number of companies operating in DIFC rose from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23%. The number of firms in DIFC's FinTech and Innovation sectors grew 35% year-on-year from 599 to 811, consolidating its reputation as a global hub for these sectors.
DIFC is now home to 1,443 financial and innovation-related companies, a 15% year-on-year growth.
M&A deals in MENA reached $31.9bln in H1 2023 - Refinitiv
M&A deals in MENA reached $31.9bln in H1 2023 - Refinitiv
The value of announced M&A transactions with any MENA involvement reached $31.9 billion during the first six months of 2023, down 34% compared to a year ago, according to data compiler Refinitiv
This is the lowest first half total since 2017.
While down 23% from last year’s all-time record first half tally, the number of deals announced in the region during the first six months of 2023 reached the third highest first-half level since Refinitiv's records began in 1980.
The value of announced M&A transactions with any MENA involvement reached $31.9 billion during the first six months of 2023, down 34% compared to a year ago, according to data compiler Refinitiv
This is the lowest first half total since 2017.
While down 23% from last year’s all-time record first half tally, the number of deals announced in the region during the first six months of 2023 reached the third highest first-half level since Refinitiv's records began in 1980.
#SaudiArabia's PIF-backed Nesma to acquire #Dubai-based energy services firm Kent | Reuters
Saudi Arabia's PIF-backed Nesma to acquire Dubai-based energy services firm Kent | Reuters
Saudi Arabian contracting firm Nesma & Partners has signed an agreement to acquire Dubai-based privately-owned energy services firm Kent, the two companies said in a statement on Tuesday.
Nesma, which is part owned by Saudi Arabia's wealth Fund, will become the sole owner of Kent in a deal that is expected to be completed by the end of the year.
The transaction is subject to regulatory approvals and closing conditions. The companies did not disclose the value of the transaction.
Saudi Arabia's Public Investment Fund, with more than $600 billion in assets under management, announced in February that it had taken stakes in four local construction companies, including Nesma.
The PIF said at the time its total $1.3 billion investment in the companies will enable the sector to grow and expand capacity, and help the companies expand their operations and businesses beyond Saudi Arabia.
Saudi Arabian contracting firm Nesma & Partners has signed an agreement to acquire Dubai-based privately-owned energy services firm Kent, the two companies said in a statement on Tuesday.
Nesma, which is part owned by Saudi Arabia's wealth Fund, will become the sole owner of Kent in a deal that is expected to be completed by the end of the year.
The transaction is subject to regulatory approvals and closing conditions. The companies did not disclose the value of the transaction.
Saudi Arabia's Public Investment Fund, with more than $600 billion in assets under management, announced in February that it had taken stakes in four local construction companies, including Nesma.
The PIF said at the time its total $1.3 billion investment in the companies will enable the sector to grow and expand capacity, and help the companies expand their operations and businesses beyond Saudi Arabia.