Alabbar says Emaar could raise dividends while Noon has no immediate IPO plans
UAE businessman Mohamed Alabbar, founder of Emaar Properties, has said the property developer could raise dividends this year, while confirming that Noon, the online retailer he co-founded, has no immediate plans for an initial public offering.
“Investors will submit a proposal to Emaar Properties' board of directors to discuss increasing dividends for shareholders in 2023, in line with the company's commitment to shareholder rights,” Mr Alabbar told state news agency Wam.
Emaar Properties, Dubai's largest listed developer, reported a 15 per cent surge in its first-half profit as Dubai's property market continues to boom amid economic growth in the country.
Net profit for the six months to the end of June climbed to Dh4.9 billion ($1.3 billion), the company said earlier this month.
Mr Alabbar expects Emaar Properties to “continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth”, Wam reported.
The company's board is also developing long-term plans for the next 15 to 20 years covering new projects, countries targeted for expansion, projected future risks, as well as investments in human capital, he said.
Wednesday 30 August 2023
Mideast Stocks: #Saudi bourse gains on Fed pause bets, stronger oil; #Dubai extends losses
Mideast Stocks: Saudi bourse gains on Fed pause bets, stronger oil; Dubai extends losses
Saudi Arabia's stock market ended higher on Wednesday following a rise in oil prices and on easing interest rate concerns in the United States, while the Dubai bourse extended losses after it hit eight-year high on Monday.
Data on Tuesday showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures. With the Federal Reserve highlighting that its interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index advanced 1.2%, snapping two sessions of losses, with oil giant Saudi Aramco finishing 2.2% higher.
Oil prices - which fuels the Gulf economy - extended gains after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as a hurricane in the Gulf of Mexico kept investors on edge.
Dubai's main share index extend losses from the previous session to close 0.4% lower after it hit its highest since Aug. 2015. In Qatar, the index eased 0.2%, weighed down by a 0.9% fall in petrochemical maker Industries Qatar.
The Qatari stock market continued to trade sideways overall but remained exposed to another decline, said George Pavel, General Manager at Capex.com Middle East.
"The market could find some support if natural gas prices recover more strongly."
Outside the Gulf, Egypt's blue-chip index climbed 1%, hitting an all-time high, buoyed by a 3.3% jump in Commercial International Bank Egypt.
The Egyptian bourse continued to see more gains, supported by local investors and strong trading volumes, said Pavel.
Data on Tuesday showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures. With the Federal Reserve highlighting that its interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index advanced 1.2%, snapping two sessions of losses, with oil giant Saudi Aramco finishing 2.2% higher.
Oil prices - which fuels the Gulf economy - extended gains after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as a hurricane in the Gulf of Mexico kept investors on edge.
Dubai's main share index extend losses from the previous session to close 0.4% lower after it hit its highest since Aug. 2015. In Qatar, the index eased 0.2%, weighed down by a 0.9% fall in petrochemical maker Industries Qatar.
The Qatari stock market continued to trade sideways overall but remained exposed to another decline, said George Pavel, General Manager at Capex.com Middle East.
"The market could find some support if natural gas prices recover more strongly."
Outside the Gulf, Egypt's blue-chip index climbed 1%, hitting an all-time high, buoyed by a 3.3% jump in Commercial International Bank Egypt.
The Egyptian bourse continued to see more gains, supported by local investors and strong trading volumes, said Pavel.
#SaudiArabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg
Saudi Arabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg
Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into October, as it seeks to shore up prices against a faltering economic backdrop.
While global crude markets are tightening as demand climbs toward record levels, this summer’s price rally has stalled on mounting concern over economic growth in China. The pullback poses risks for Riyadh, which has seen its foreign reserves slump to the lowest since 2009.
The Saudis introduced the additional supply curb in July — on top of cutbacks it’s already made with partners in the OPEC+ alliance — and has been reviewing its extension on a monthly basis.
Twenty of 25 traders and analysts surveyed by Bloomberg forecast that the kingdom will continue the measure for at least another month. Several delegates from the Organization of Petroleum Exporting Countries and its allies privately predicted the same outcome.
Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into October, as it seeks to shore up prices against a faltering economic backdrop.
While global crude markets are tightening as demand climbs toward record levels, this summer’s price rally has stalled on mounting concern over economic growth in China. The pullback poses risks for Riyadh, which has seen its foreign reserves slump to the lowest since 2009.
The Saudis introduced the additional supply curb in July — on top of cutbacks it’s already made with partners in the OPEC+ alliance — and has been reviewing its extension on a monthly basis.
Twenty of 25 traders and analysts surveyed by Bloomberg forecast that the kingdom will continue the measure for at least another month. Several delegates from the Organization of Petroleum Exporting Countries and its allies privately predicted the same outcome.
#UAE non-oil foreign trade hits all-time high of $337.6bln in H1 2023
UAE non-oil foreign trade hits all-time high of $337.6bln in H1 2023
The UAE’s non-oil foreign trade reached a record AED1.239 trillion in H1 2023, representing a growth of 14.4 percent compared to the same period in 2022 – and 3 percent more than H2 2022.
The figures, just released by the Ministry of Economy, underline the continued upward trajectory of the nation’s foreign trade, which has achieved quarter-on-quarter growth since 2020.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, stated that the UAE has recorded a new remarkable economic achievement, with non-oil foreign trade recording exceptional growth rates by exceeding AED 1.239 trillion in the first half of 2023.
“The UAE’s non-oil export continues to set unprecedented records as it rose 22 percent with the top 10 global trading partners in 2023. The bilateral trade with Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4 percent growth compared to the same period in 2022.”
The UAE’s non-oil foreign trade reached a record AED1.239 trillion in H1 2023, representing a growth of 14.4 percent compared to the same period in 2022 – and 3 percent more than H2 2022.
The figures, just released by the Ministry of Economy, underline the continued upward trajectory of the nation’s foreign trade, which has achieved quarter-on-quarter growth since 2020.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, stated that the UAE has recorded a new remarkable economic achievement, with non-oil foreign trade recording exceptional growth rates by exceeding AED 1.239 trillion in the first half of 2023.
“The UAE’s non-oil export continues to set unprecedented records as it rose 22 percent with the top 10 global trading partners in 2023. The bilateral trade with Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4 percent growth compared to the same period in 2022.”
#SaudiArabia’s Lumi sets IPO price range, looks to raise up to $290mln
Saudi Arabia’s Lumi sets IPO price range, looks to raise up to $290mln
Saudi Arabian auto rental firm Lumi, one of the largest in the kingdom, on Wednesday set its IPO price range between 62 Saudi riyals ($16.5) and SAR 66 per share as it goes ahead with plans to list on the local Tadawul exchange.
This implies a market capitalisation of SAR 3.6 billion at the top of the range, the Riyadh-based auto rental firm said in a statement.
The final offer price will be announced at the end of the book-building period early next month.
The firm, which is offering 16,500,000 shares, or 30% of its issued share capital, expects to raise between SAR 1.02 billion and SAR 1.08 billion.
The selling shareholder in the public offering is Tadawul-listed Seera Group, a Saudi travel company formerly known as Al Tayyar Travel Group, which wholly owns Lumi.
Saudi Arabian auto rental firm Lumi, one of the largest in the kingdom, on Wednesday set its IPO price range between 62 Saudi riyals ($16.5) and SAR 66 per share as it goes ahead with plans to list on the local Tadawul exchange.
This implies a market capitalisation of SAR 3.6 billion at the top of the range, the Riyadh-based auto rental firm said in a statement.
The final offer price will be announced at the end of the book-building period early next month.
The firm, which is offering 16,500,000 shares, or 30% of its issued share capital, expects to raise between SAR 1.02 billion and SAR 1.08 billion.
The selling shareholder in the public offering is Tadawul-listed Seera Group, a Saudi travel company formerly known as Al Tayyar Travel Group, which wholly owns Lumi.
KIA's London Office Manages $250 Billion in Assets, Chairman Saad Al-Barrak Said - Bloomberg
KIA's London Office Manages $250 Billion in Assets, Chairman Saad Al-Barrak Said - Bloomberg
The London arm of Kuwait Investment Authority, which manages the country’s sovereign wealth fund, has $250 billion of assets under management, KIA Chairman Saad Al-Barrak said.
The Kuwait Investment Office’s AUM grew from $27 billion in 2003 to $250 billion this year, Al-Barrak, who’s also minister of state for economic affairs and investment, said in London on Tuesday during an event marking the KIO’s 70th anniversary. The KIA doesn’t usually disclose the value of its assets.
The Kuwait Investment Board was established in London in 1953, eight years before OPEC-member Kuwait gained independence, to invest surplus oil revenue and help diversify the economy. The board was later replaced by the Kuwait Investment Office, and in 1982 the KIA was set up as its parent entity. The KIA manages the Future Generations Fund, estimated at over $700 billion, as well as the General Reserve Fund, or treasury.
The KIO mainly invests directly, predominantly in public equities and fixed income but also in alternatives like real estate and private equity. The London office has been a prolific investor, and participated in the US listing of private equity firm TPG Inc. Kuwaiti investments in the UK rose to $42 billion from $9 billion two decades ago, Al-Barrak also said.
The London arm of Kuwait Investment Authority, which manages the country’s sovereign wealth fund, has $250 billion of assets under management, KIA Chairman Saad Al-Barrak said.
The Kuwait Investment Office’s AUM grew from $27 billion in 2003 to $250 billion this year, Al-Barrak, who’s also minister of state for economic affairs and investment, said in London on Tuesday during an event marking the KIO’s 70th anniversary. The KIA doesn’t usually disclose the value of its assets.
The Kuwait Investment Board was established in London in 1953, eight years before OPEC-member Kuwait gained independence, to invest surplus oil revenue and help diversify the economy. The board was later replaced by the Kuwait Investment Office, and in 1982 the KIA was set up as its parent entity. The KIA manages the Future Generations Fund, estimated at over $700 billion, as well as the General Reserve Fund, or treasury.
The KIO mainly invests directly, predominantly in public equities and fixed income but also in alternatives like real estate and private equity. The London office has been a prolific investor, and participated in the US listing of private equity firm TPG Inc. Kuwaiti investments in the UK rose to $42 billion from $9 billion two decades ago, Al-Barrak also said.
#SaudiArabia PIF-Backed AviLease Aims to Double Fleet After StanChart Deal - Bloomberg
Saudi Arabia PIF-Backed AviLease Aims to Double Fleet After StanChart Deal - Bloomberg
Saudi Arabian jet lessor AviLease is seeking to double its fleet by 2030, supported by its owner, the kingdom’s wealth fund, which plans to pump in billions of dollars of capital over the next few years.
The firm will manage 167 jets following the acquisition of Standard Chartered Plc’s aviation finance business this week and wants to grow that to 300 over the next seven years, Chief Executive Officer Ted O’Byrne said in an interview with Bloomberg TV on Wednesday.
“The degree of growth that we are expecting in Saudi Arabia over the next 10 years is quite exceptional,” he said.
“We’re talking about tripling passenger traffic, more than doubling cargo traffic. So in that context the PIF has committed additional equity to the balance sheet,” he said, referring to the Public Investment Fund.
Saudi Arabian jet lessor AviLease is seeking to double its fleet by 2030, supported by its owner, the kingdom’s wealth fund, which plans to pump in billions of dollars of capital over the next few years.
The firm will manage 167 jets following the acquisition of Standard Chartered Plc’s aviation finance business this week and wants to grow that to 300 over the next seven years, Chief Executive Officer Ted O’Byrne said in an interview with Bloomberg TV on Wednesday.
“The degree of growth that we are expecting in Saudi Arabia over the next 10 years is quite exceptional,” he said.
“We’re talking about tripling passenger traffic, more than doubling cargo traffic. So in that context the PIF has committed additional equity to the balance sheet,” he said, referring to the Public Investment Fund.
Major Gulf markets mixed on Fed pause bets, stronger oil | Reuters
Major Gulf markets mixed on Fed pause bets, stronger oil | Reuters
Major stock markets in the Gulf were mixed in early trade on Wednesday, with the Saudi index on course to snap two sessions of losses, as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes.
Data on Tuesday showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures.
With the Fed highlighting that its interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, on track to end two sessions of losses, helped by a 0.7% rise in the kingdom's biggest lender Saudi National Bank (1180.SE).
In Qatar, the index (.QSI) gained 0.2%, with Qatar National Bank (QNBK.QA), the Gulf's largest lender, increasing 0.7% and Qatar Islamic Bank (QISB.QA) up 0.5%.
Oil prices - which fuel the Gulf economy - extended gains after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge.
Dubai's main share index (.DFMGI) fell 0.3%, weighed down by a 0.9% fall in top lender Emirates NBD (ENBD.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
Major stock markets in the Gulf were mixed in early trade on Wednesday, with the Saudi index on course to snap two sessions of losses, as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes.
Data on Tuesday showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures.
With the Fed highlighting that its interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, on track to end two sessions of losses, helped by a 0.7% rise in the kingdom's biggest lender Saudi National Bank (1180.SE).
In Qatar, the index (.QSI) gained 0.2%, with Qatar National Bank (QNBK.QA), the Gulf's largest lender, increasing 0.7% and Qatar Islamic Bank (QISB.QA) up 0.5%.
Oil prices - which fuel the Gulf economy - extended gains after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge.
Dubai's main share index (.DFMGI) fell 0.3%, weighed down by a 0.9% fall in top lender Emirates NBD (ENBD.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
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