Saudi Arabia Fund PIF’s AviLease to Buy StanChart’s Jet Lessor for $3.6 Billion - Bloomberg
Standard Chartered Plc agreed to sell its aviation finance business to a unit of Saudi Arabia’s sovereign wealth fund for $3.6 billion and inked a separate deal to offload a portfolio of loans as part of efforts to boost returns.
AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, will acquire a portfolio of 100 narrowbody aircraft and become servicer for another 22 jets, according to a statement. The combined platform will own and manage 167 planes.
Separately, Apollo Global Management Inc.-backed PK Airfinance agreed to buy the majority of a $920 million portfolio of secured aviation loans from Standard Chartered. Affiliates of Apollo will buy the rest of the aviation loans.
Both deals are expected to close before the end of the year.
Standard Chartered had earmarked its aviation business for sale earlier this year and hired advisers for the process.
Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging and re-marketing of aircraft. It also includes a debt-financing business to finance the purchase of airplanes.
AviLease, founded last year, is among a number of companies the Saudi sovereign wealth fund has bankrolled as it pushes deeper into sectors from sports to tourism through a series of high-profile acquisitions.
“This acquisition will propel AviLease and will in turn support Saudi Arabia’s aviation ecosystem,” AviLease Chairman Fahad Al Saif said in the statement.
The deal is part of a push by the country to become a global trade, logistics and tourism hub, and help diversify its economy away from a reliance on oil sales. The kingdom has launched a new national airline and plans to develop one of the world’s biggest airports in its capital, Riyadh.
Monday, 28 August 2023
Major Gulf bourses fall on Fed chair's hawkish tone | Reuters
Major Gulf bourses fall on Fed chair's hawkish tone | Reuters
Most stock markets in the Gulf ended lower on Monday as a slightly hawkish outlook from U.S. Federal Reserve chair Jerome Powell weighed on investor sentiment.
Powell on Friday reiterated the central bank would make all efforts to tackle inflation.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the index (.FTFADGI) fell for a second consecutive session, ending 0.2% lower, weighed down by a 1.3% drop in Abu Dhabi Islamic Bank (ADIB.AD) and a 0.7% decline in the UAE's largest lender, First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) fell 0.5%, snapping its winning streak from the two previous sessions, with most sectors in the red.
Qatar National Bank (QNBK.QA), the region's largest lender, dropped 0.9% and Commercial Bank (COMB.QA) lost 1.3%.
Saudi Arabia's benchmark index (.TASI) was down 0.1%, also after rising in the previous two sessions. The index was dragged down by a 2.2% decline in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.7% fall in oil giant Saudi Aramco (2222.SE).
The world's largest Islamic bank by assets, Al Rajhi Bank (1120.SE), and Banque Saudi Fransi (1050.SE) slipped 0.3% and 0.9% respectively.
Dubai's benchmark index (.DFMGI) ended flat with industry and utilities seeing broad losses but financial and communication sectors recording some gains.
Dubai road-toll operator Salik (SALIK.DU) lost 1.2% and National Central Cooling (TABR.DU) dropped 2.1%.
The emirate's largest lender Emirates NBD (ENBD.DU) added 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, adding to gains in the previous two sessions, with Commercial International Bank (COMI.CA) and Palm Hills (PHDC.CA) rising 1.4% and 4.3% respectively.
Most stock markets in the Gulf ended lower on Monday as a slightly hawkish outlook from U.S. Federal Reserve chair Jerome Powell weighed on investor sentiment.
Powell on Friday reiterated the central bank would make all efforts to tackle inflation.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the index (.FTFADGI) fell for a second consecutive session, ending 0.2% lower, weighed down by a 1.3% drop in Abu Dhabi Islamic Bank (ADIB.AD) and a 0.7% decline in the UAE's largest lender, First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) fell 0.5%, snapping its winning streak from the two previous sessions, with most sectors in the red.
Qatar National Bank (QNBK.QA), the region's largest lender, dropped 0.9% and Commercial Bank (COMB.QA) lost 1.3%.
Saudi Arabia's benchmark index (.TASI) was down 0.1%, also after rising in the previous two sessions. The index was dragged down by a 2.2% decline in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.7% fall in oil giant Saudi Aramco (2222.SE).
The world's largest Islamic bank by assets, Al Rajhi Bank (1120.SE), and Banque Saudi Fransi (1050.SE) slipped 0.3% and 0.9% respectively.
Dubai's benchmark index (.DFMGI) ended flat with industry and utilities seeing broad losses but financial and communication sectors recording some gains.
Dubai road-toll operator Salik (SALIK.DU) lost 1.2% and National Central Cooling (TABR.DU) dropped 2.1%.
The emirate's largest lender Emirates NBD (ENBD.DU) added 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, adding to gains in the previous two sessions, with Commercial International Bank (COMI.CA) and Palm Hills (PHDC.CA) rising 1.4% and 4.3% respectively.
#SaudiArabia PIF, Shareholders to Offer 30% Stake in Oil Driller Ades IPO - Bloomberg
Saudi Arabia PIF, Shareholders to Offer 30% Stake in Oil Driller Ades IPO - Bloomberg
Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year.
The Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in the listing, according to a statement on Monday. The offering could raise about $1 billion, Bloomberg has reported.
The IPO will consist of 338.7 million shares, or a 30% stake in the company, which will include the issuance of 237.1 million new shares through a capital increase. A book-building process will run from Sept. 10 until Sept. 14 and the final offer price will be announced on Sept. 18, it said.
The PIF teamed up with the major owners of Ades to take the business private in 2021, in a deal valuing the company at about $516 million. Ades, which provides oil-and-gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
The company had initially planned to go public in the first half of the year but decided to hold off for a suitable time, Bloomberg reported in May.
Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year.
The Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in the listing, according to a statement on Monday. The offering could raise about $1 billion, Bloomberg has reported.
The IPO will consist of 338.7 million shares, or a 30% stake in the company, which will include the issuance of 237.1 million new shares through a capital increase. A book-building process will run from Sept. 10 until Sept. 14 and the final offer price will be announced on Sept. 18, it said.
The PIF teamed up with the major owners of Ades to take the business private in 2021, in a deal valuing the company at about $516 million. Ades, which provides oil-and-gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
The company had initially planned to go public in the first half of the year but decided to hold off for a suitable time, Bloomberg reported in May.
Major Gulf markets mixed as Fed rate bets offset higher oil prices | Reuters
Major Gulf markets mixed as Fed rate bets offset higher oil prices | Reuters
Gulf stock markets put in a mixed performance early on Monday as a boost from higher oil prices was offset by concerns that the U.S. Federal Reserve could hike interest rates again.
Federal Reserve chair Jerome Powell, speaking on Friday, reiterated the central bank may have to raise rates further to cool still-too-high inflation but promised to move "carefully".
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Oil prices ticked higher after China took steps to support its flagging economy, though investors remained worried about the pace of growth and any further U.S. rate hikes dampening demand, with Brent crude futures 0.3% higher at $84.73 a barrel by 0815 GMT.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% to extend gains to a third session in a row with financials and material stocks leading a broader rise across most sectors. Saudi Arabia's second-largest lender by assets Al Rajhi Bank (1120.SE) was 0.3% higher and food retailer Savola Group (2050.SE) was up 1.8%.
Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange.
Dubai's main share index (.DFMGI) gained 0.2%, supported by higher financial and property stocks as Emirates NBD Bank (ENBD.DU) rose nearly 0.6% and blue-chip developer Emaar Properties (EMAR.DU) added 0.8%.
In Abu Dhabi, the benchmark index (.FTFADGI) eased 0.2%, under pressure from a 0.7% drop in First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' biggest lender, and a 1.3% fall in Emirates Telecommunications Group (EAND.AD).
Qatar's benchmark (.QSI) also fell 0.2% after two sessions of gains, with most of its individual stocks in negative territory. Telecoms operator Ooredoo (ORDS.QA) fell nearly 2% and Qatar National Bank (QNBK.QA), the Gulf's largest lender, was down 0.2%.
Gulf stock markets put in a mixed performance early on Monday as a boost from higher oil prices was offset by concerns that the U.S. Federal Reserve could hike interest rates again.
Federal Reserve chair Jerome Powell, speaking on Friday, reiterated the central bank may have to raise rates further to cool still-too-high inflation but promised to move "carefully".
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Oil prices ticked higher after China took steps to support its flagging economy, though investors remained worried about the pace of growth and any further U.S. rate hikes dampening demand, with Brent crude futures 0.3% higher at $84.73 a barrel by 0815 GMT.
Saudi Arabia's benchmark stock index (.TASI) inched up 0.1% to extend gains to a third session in a row with financials and material stocks leading a broader rise across most sectors. Saudi Arabia's second-largest lender by assets Al Rajhi Bank (1120.SE) was 0.3% higher and food retailer Savola Group (2050.SE) was up 1.8%.
Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange.
Dubai's main share index (.DFMGI) gained 0.2%, supported by higher financial and property stocks as Emirates NBD Bank (ENBD.DU) rose nearly 0.6% and blue-chip developer Emaar Properties (EMAR.DU) added 0.8%.
In Abu Dhabi, the benchmark index (.FTFADGI) eased 0.2%, under pressure from a 0.7% drop in First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' biggest lender, and a 1.3% fall in Emirates Telecommunications Group (EAND.AD).
Qatar's benchmark (.QSI) also fell 0.2% after two sessions of gains, with most of its individual stocks in negative territory. Telecoms operator Ooredoo (ORDS.QA) fell nearly 2% and Qatar National Bank (QNBK.QA), the Gulf's largest lender, was down 0.2%.
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