Abu Dhabi's Mubadala commits $1 billion to Blue Owl Capital's credit platform | Reuters
Abu Dhabi state fund Mubadala Investment Company has committed $1 billion to U.S.-based Blue Owl Capital's credit platform under a strategic partnership announced by the two companies on Monday.
The investment will initially focus on providing financing for technology companies, Mubadala and Blue Owl said in a statement.
Blue Owl is an alternative investment manager with $150 billion in assets under management.
Mubadala is expanding its credit investment strategy into technology lending amid increasing demand for debt capital from well-established, high-growth software businesses, Mubadala's head of credit investments Fabrizio Bocciardi said in the statement.
The Abu Dhabi sovereign investor has been investing in private debt opportunities through its credit investment unit since 2009, mostly in North America and Europe but has recently strengthened its exposure in the Asia Pacific.
Monday 11 September 2023
Most Gulf markets in black ahead of US inflation data | Reuters
Most Gulf markets in black ahead of US inflation data | Reuters
Most stock markets in the Gulf ended higher on Monday, ahead of crucial U.S. inflation data that could provide cues about the Federal Reserve's interest rate trajectory.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.7%, ending seven sessions of losses, with Al Rajhi Bank (1120.SE) gaining 0.9% and a 1.5% increase in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The Saudi bourse stabilized to a certain extent but could remain exposed to more price corrections if oil prices retreat, said Ahmed Negm, Head of Market Research MENA at XS.com.
"Stronger performances in energy markets could support a rebound in local stocks as attention remains on the impact of Saudi crude production cuts on the local economy," Negm added.
In Abu Dhabi, the index (.FTFADGI) finished 0.2% higher.
The Qatari benchmark (.QSI) gained 0.6%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) advancing 4.1%.
Dubai's main share index (.DFMGI) reversed early losses edged 0.1% higher.
The stock market in Dubai continued to see some pressure and could see more price corrections if traders move to secure their gains. The main index hit a peak at the end of last month and could remain on a strong course, said Negm.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1.5%, as most of the stocks on the index were in negative territory, including Commercial International Bank (COMI.CA), which was down 1.5%.
Egypt's annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country's statistics agency CAPMAS showed on Sunday.
Most stock markets in the Gulf ended higher on Monday, ahead of crucial U.S. inflation data that could provide cues about the Federal Reserve's interest rate trajectory.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.7%, ending seven sessions of losses, with Al Rajhi Bank (1120.SE) gaining 0.9% and a 1.5% increase in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The Saudi bourse stabilized to a certain extent but could remain exposed to more price corrections if oil prices retreat, said Ahmed Negm, Head of Market Research MENA at XS.com.
"Stronger performances in energy markets could support a rebound in local stocks as attention remains on the impact of Saudi crude production cuts on the local economy," Negm added.
In Abu Dhabi, the index (.FTFADGI) finished 0.2% higher.
The Qatari benchmark (.QSI) gained 0.6%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) advancing 4.1%.
Dubai's main share index (.DFMGI) reversed early losses edged 0.1% higher.
The stock market in Dubai continued to see some pressure and could see more price corrections if traders move to secure their gains. The main index hit a peak at the end of last month and could remain on a strong course, said Negm.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1.5%, as most of the stocks on the index were in negative territory, including Commercial International Bank (COMI.CA), which was down 1.5%.
Egypt's annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country's statistics agency CAPMAS showed on Sunday.
Lulu Group expects to launch IPO in H1 2024, shares to be listed in Gulf - chairman | Reuters
Lulu Group expects to launch IPO in H1 2024, shares to be listed in Gulf - chairman | Reuters
Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday, adding that the company's shares will be listed in gulf.
The UAE-headquartered company has appointed Moelis and Co as its advisor for the IPO, Lulu's Chairman and Managing Director Yusuff Ali told reporters on the sidelines at an event in New Delhi.
Ali added that the IPO would be launched in the Gulf, although a specific stock exchange had not yet been decided.
Regarding investments in India, Ali said the company has invested 200 billion Indian rupees ($2.41 billion)so far and intends to raise this number to 500 billion Indian rupees ($6.03 billion) by 2025.
Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday, adding that the company's shares will be listed in gulf.
The UAE-headquartered company has appointed Moelis and Co as its advisor for the IPO, Lulu's Chairman and Managing Director Yusuff Ali told reporters on the sidelines at an event in New Delhi.
Ali added that the IPO would be launched in the Gulf, although a specific stock exchange had not yet been decided.
Regarding investments in India, Ali said the company has invested 200 billion Indian rupees ($2.41 billion)so far and intends to raise this number to 500 billion Indian rupees ($6.03 billion) by 2025.
Watch #UAE's Alshaali on G-20 Talks, UAE-India Trade - Bloomberg video
Watch UAE's Alshaali on G-20 Talks, UAE-India Trade - Bloomberg
UAE Ambassador to India Abdulnasser Alshaali discusses the G-20's agreement to grant the African Union permanent membership status and bilateral investment between India and the UAE. He speaks with Bloomberg's Haslinda Amin from the sidelines of the G-20 Summit in New Delhi, India. (Source: Bloomberg)
UAE Ambassador to India Abdulnasser Alshaali discusses the G-20's agreement to grant the African Union permanent membership status and bilateral investment between India and the UAE. He speaks with Bloomberg's Haslinda Amin from the sidelines of the G-20 Summit in New Delhi, India. (Source: Bloomberg)
Middle East Addiction to Cheap Gas Slowing MENA Green Transition to Renewables - Bloomberg
Middle East Addiction to Cheap Gas Slowing MENA Green Transition to Renewables - Bloomberg
The Middle East and North Africa region has raised renewables capacity by 50% in the past year and a similar boost is likely in 2024, but it still needs a 20-fold surge to replace cheap natural gas and avoid costly economic losses in the energy transition, according to a clean-energy think tank.
The region has started 6.9 gigawatts of solar and wind projects since May 2022, and another 9 gigawatt is likely to be completed by the end of next year, according to Global Energy Monitor. However, over 500 gigawatts of additional clean power is needed to replace the generation from existing oil and gas plants.
“The renewables capacity added in the last year is relatively unambitious compared to the region’s peers,” the think tank said in a report. South America, a region with a similar population size and gross domestic product, has brought online at least four times as much capacity over the same period.
The MENA region is home to some of the world’s biggest and lowest-cost oil and gas producers, which is likely to keep making fossil fuel generation attractive, according to the report. But renewables costs are also falling and the region has set global records for cheap energy from solar and wind installations, bringing the risk that new oil and gas power will become stranded assets, it said.
The region has started 6.9 gigawatts of solar and wind projects since May 2022, and another 9 gigawatt is likely to be completed by the end of next year, according to Global Energy Monitor. However, over 500 gigawatts of additional clean power is needed to replace the generation from existing oil and gas plants.
“The renewables capacity added in the last year is relatively unambitious compared to the region’s peers,” the think tank said in a report. South America, a region with a similar population size and gross domestic product, has brought online at least four times as much capacity over the same period.
The MENA region is home to some of the world’s biggest and lowest-cost oil and gas producers, which is likely to keep making fossil fuel generation attractive, according to the report. But renewables costs are also falling and the region has set global records for cheap energy from solar and wind installations, bringing the risk that new oil and gas power will become stranded assets, it said.
#SaudiArabia's Red Sea Global signs up EDF, Masdar for AMAALA resort | Reuters
Saudi Arabia's Red Sea Global signs up EDF, Masdar for AMAALA resort | Reuters
Saudi Arabian developer Red Sea Global has entered into a 25-year concession agreement with France's EDF and United Arab Emirates' Masdar to service its ultra-luxury resort destination AMAALA on the northwestern coast.
The new facility will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households for an entire year, Red Sea Global, EDF and Masdar said in a joint statement on Monday.
The system includes a battery energy storage solution that enables 24/7 power, plus a desalination plant and wastewater treatment plant, the statement added.
AMAALA is a 4,155 square kilometres ultra-luxury development featuring hotels, residential properties, marinas and a yacht club.
Entirely powered by solar energy, the tourism destination will have a zero-carbon footprint once operational.
Red Sea Global is owned by the kingdom's sovereign wealth fund, the Public Investment Fund (PIF). It was created in 2021 by merging two government-owned developers, the Red Sea Development Company and Amaala.
Projects like AMAALA are part of the kingdom's Vision 2030, an effort to diversify and wean the world's top crude exporter off oil revenues.
Saudi Arabian developer Red Sea Global has entered into a 25-year concession agreement with France's EDF and United Arab Emirates' Masdar to service its ultra-luxury resort destination AMAALA on the northwestern coast.
The new facility will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households for an entire year, Red Sea Global, EDF and Masdar said in a joint statement on Monday.
The system includes a battery energy storage solution that enables 24/7 power, plus a desalination plant and wastewater treatment plant, the statement added.
AMAALA is a 4,155 square kilometres ultra-luxury development featuring hotels, residential properties, marinas and a yacht club.
Entirely powered by solar energy, the tourism destination will have a zero-carbon footprint once operational.
Red Sea Global is owned by the kingdom's sovereign wealth fund, the Public Investment Fund (PIF). It was created in 2021 by merging two government-owned developers, the Red Sea Development Company and Amaala.
Projects like AMAALA are part of the kingdom's Vision 2030, an effort to diversify and wean the world's top crude exporter off oil revenues.
Most Gulf markets rise ahead of US inflation data | Reuters
Most Gulf markets rise ahead of US inflation data | Reuters
Most major stock markets in the Gulf rose in early trade on Monday ahead of crucial U.S. inflation data that could provide cues about the Federal Reserve's interest rate trajectory.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 1.7% increase in Riyad Bank (1010.SE).
Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, began marketing its initial public offering on Sunday, seeking between 12.50 riyals and 13.50 riyals per share.
However, the index's losses were limited by a 1.6% fall in oil giant Saudi Aramco (2222.SE).
Oil prices - which fuels the Gulf economy - eased as a stronger U.S. dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia and Russia helped keep the Brent above $90 a barrel.
Dubai's main share index (.DFMGI) dropped 0.3%, with toll operator Salik Company (SALIK.DU) losing 1.8% and utility firm Dubai Electricity and Water Authority (DEWAA.DU) retreating 1.2%.
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
The Qatari benchmark (.QSI) gained 0.3%, buoyed by a 4.4% jump in sharia-compliant lender Masraf Al Rayan (MARK.QA).
Most major stock markets in the Gulf rose in early trade on Monday ahead of crucial U.S. inflation data that could provide cues about the Federal Reserve's interest rate trajectory.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 1.7% increase in Riyad Bank (1010.SE).
Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, began marketing its initial public offering on Sunday, seeking between 12.50 riyals and 13.50 riyals per share.
However, the index's losses were limited by a 1.6% fall in oil giant Saudi Aramco (2222.SE).
Oil prices - which fuels the Gulf economy - eased as a stronger U.S. dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia and Russia helped keep the Brent above $90 a barrel.
Dubai's main share index (.DFMGI) dropped 0.3%, with toll operator Salik Company (SALIK.DU) losing 1.8% and utility firm Dubai Electricity and Water Authority (DEWAA.DU) retreating 1.2%.
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
The Qatari benchmark (.QSI) gained 0.3%, buoyed by a 4.4% jump in sharia-compliant lender Masraf Al Rayan (MARK.QA).