UAE’s Masdar in Talks to Buy Turkey’s Fiba Yenilenebilir Renewables Firm - Bloomberg
The United Arab Emirates’ clean energy producer Masdar is in talks to buy a stake in Turkey’s Fiba Yenilenebilir Enerji, in what would be the first acquisition in a $51 billion investment push between the two countries, according to people familiar with the matter.
The negotiations aren’t finalized, the people said, without elaborating on the potential size of the deal. They asked not to be identified as the talks weren’t made public.
Fiba didn’t respond to requests for comment. Masdar said it doesn’t comment on market speculation.
Fiba, owned by Turkish billionaire Husnu Ozyegin’s Fiba Group, is one of Turkey’s top five wind-power producers, with 553 megawatts of installed capacity. Its total assets, which also include 28MW of solar power plants, were worth $1.31 billion as of December 2021 when the exchange rate averaged 13.33 liras per dollar, according to its latest financial statement.
Masdar, owned by Abu Dhabi sovereign wealth fund Mubadala Investment Co., Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co. is one of the biggest renewable energy developers in the world. Masdar plans to increase its power generation capacity from 20 gigawatts to 100GW by 2030.
A deal with Fiba would mark Masdar’s entry into the Turkish market and help to cement a political rapprochement between Turkey and Gulf states including the UAE, of which Abu Dhabi is the capital.
Turkey’s President Recep Tayyip Erdogan toured the UAE, Saudi Arabia and Qatar to attract investment into his $1 trillion economy. The UAE committed $51 billion of support, of which around $30 billion will be in energy.
Wednesday, 13 September 2023
Desmarais’ Sagard Joins Middle East Rush With #AbuDhabi Office - Bloomberg
Desmarais’ Sagard Joins Middle East Rush With Abu Dhabi Office - Bloomberg
Alternative asset manager Sagard Holdings is opening an office in the United Arab Emirates’ capital of Abu Dhabi, the latest international investment firm to set up in the oil-rich Gulf.
The Canadian firm’s first regional outpost is in Abu Dhabi Global Market — the city’s main financial center — which is vying with hubs in neighboring Dubai and Saudi Arabia to become the region’s preferred destination for foreign money flows. It will be led by former Bank of Montreal executive Firas Mallah.
Sagard — controlled by the billionaire Desmarais family — joins a growing number of hedge funds and private equity firms flocking to the Persian Gulf, drawn by the absence of income taxes and the proximity of some of the world’s biggest sovereign wealth funds.
Ray Dalio is setting up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper push into the Middle East, while Brevan Howard Asset Management co-founder Trifon Natsis relocated to the city.
Sagard’s new office cements ties between the firm and the Gulf region. Earlier this year, Bank of Montreal and Abu Dhabi sovereign wealth fund ADQ agreed to buy minority equity stakes in the company.
“We are already building on exciting local partnerships and are eager to accelerate our many opportunities for growth and collaboration,” Sagard Chairman and Chief Executive Officer Paul Desmarais III said in a statement.
Sagard, which invests in venture capital, private equity, private credit, real estate, and royalties, already has offices in Europe and the US.
Alternative asset manager Sagard Holdings is opening an office in the United Arab Emirates’ capital of Abu Dhabi, the latest international investment firm to set up in the oil-rich Gulf.
The Canadian firm’s first regional outpost is in Abu Dhabi Global Market — the city’s main financial center — which is vying with hubs in neighboring Dubai and Saudi Arabia to become the region’s preferred destination for foreign money flows. It will be led by former Bank of Montreal executive Firas Mallah.
Sagard — controlled by the billionaire Desmarais family — joins a growing number of hedge funds and private equity firms flocking to the Persian Gulf, drawn by the absence of income taxes and the proximity of some of the world’s biggest sovereign wealth funds.
Ray Dalio is setting up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire’s deeper push into the Middle East, while Brevan Howard Asset Management co-founder Trifon Natsis relocated to the city.
Sagard’s new office cements ties between the firm and the Gulf region. Earlier this year, Bank of Montreal and Abu Dhabi sovereign wealth fund ADQ agreed to buy minority equity stakes in the company.
“We are already building on exciting local partnerships and are eager to accelerate our many opportunities for growth and collaboration,” Sagard Chairman and Chief Executive Officer Paul Desmarais III said in a statement.
Sagard, which invests in venture capital, private equity, private credit, real estate, and royalties, already has offices in Europe and the US.
Most Gulf bourses track global shares lower, #AbuDhabi gains | Reuters
Most Gulf bourses track global shares lower, Abu Dhabi gains | Reuters
Most stock markets in the Gulf closed lower on Wednesday, tracking global shares, while Abu Dhabi bucked the trend.
Post trading hours in the region, data showed U.S. consumer prices increased by the most in more than a year in August.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.17%, while Tokyo's Nikkei (.N225) eased 0.21%.
Saudi Arabia's benchmark index (.TASI) declined 0.3%, hitting a three-month low, dragged lower by a 3.5% fall in petrochemicals maker Saudi Basic Industries Corp (2010.SE) as the stock was trading ex-dividend.
Saudi Fisheries Co (6050.SE) surged 5.8% as the company reported a 30% growth in second-quarter revenue to 16 million riyals ($4.27 million).
Dubai's main index (.DFMGI) eased 0.3% as most sectors were in the red, including blue-chip developer Emaar Properties (EMAR.DU), which declined 1%, while toll operator Salik Co (SALIK.DU) lost 0.9%.
The Dubai market could see some pressure as growth in the non-oil sector slows down, even though it remains positive overall, Hani Abuagla, senior market analyst at XTB MENA, said.
The Qatari index (.QSI) closed 0.2% lower, with petrochemicals maker Industries Qatar (IQCD.QA) slumping 1.1% and Qatar Islamic Bank (QISB.QA) slipping 0.4%.
However, bucking the trend, Abu Dhabi's benchmark index (.FTFADGI) closed marginally higher, amid volatility, supported by a 1.3% gain in First Abu Dhabi Bank (FAB.AD) and 0.5% rise in investment firm Multiply Group (MULTIPLY.AD).
Crude prices, a key contributor to Gulf economy, also extended gains on supply concerns over Libyan output hit and OPEC+ production cut.
Brent crude was up 0.4%, or $0.34, to $92.40 a barrel by 1248 GMT.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 1.1% higher as Ezz Steel Co (ESRS.CA) jumped 5.1%.
Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday.
Most stock markets in the Gulf closed lower on Wednesday, tracking global shares, while Abu Dhabi bucked the trend.
Post trading hours in the region, data showed U.S. consumer prices increased by the most in more than a year in August.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.17%, while Tokyo's Nikkei (.N225) eased 0.21%.
Saudi Arabia's benchmark index (.TASI) declined 0.3%, hitting a three-month low, dragged lower by a 3.5% fall in petrochemicals maker Saudi Basic Industries Corp (2010.SE) as the stock was trading ex-dividend.
Saudi Fisheries Co (6050.SE) surged 5.8% as the company reported a 30% growth in second-quarter revenue to 16 million riyals ($4.27 million).
Dubai's main index (.DFMGI) eased 0.3% as most sectors were in the red, including blue-chip developer Emaar Properties (EMAR.DU), which declined 1%, while toll operator Salik Co (SALIK.DU) lost 0.9%.
The Dubai market could see some pressure as growth in the non-oil sector slows down, even though it remains positive overall, Hani Abuagla, senior market analyst at XTB MENA, said.
The Qatari index (.QSI) closed 0.2% lower, with petrochemicals maker Industries Qatar (IQCD.QA) slumping 1.1% and Qatar Islamic Bank (QISB.QA) slipping 0.4%.
However, bucking the trend, Abu Dhabi's benchmark index (.FTFADGI) closed marginally higher, amid volatility, supported by a 1.3% gain in First Abu Dhabi Bank (FAB.AD) and 0.5% rise in investment firm Multiply Group (MULTIPLY.AD).
Crude prices, a key contributor to Gulf economy, also extended gains on supply concerns over Libyan output hit and OPEC+ production cut.
Brent crude was up 0.4%, or $0.34, to $92.40 a barrel by 1248 GMT.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 1.1% higher as Ezz Steel Co (ESRS.CA) jumped 5.1%.
Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday.
India's Reliance Retail in talks with Gulf, Singapore funds on $1.5 bln injection -sources | Reuters
India's Reliance Retail in talks with Gulf, Singapore funds on $1.5 bln injection -sources | Reuters
India's Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, three sources with direct knowledge of the plan said.
Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end September, Reuters has reported. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million.
Singapore's GIC, the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF) are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 billion, one of the sources told Reuters.
GIC, ADIA declined to comment, while PIF did not respond to Reuters requests for comment. Reliance (RELI.NS) said: "we do not comment on media speculation and rumours".
A second source said some of the three investors could end up putting in less than $500 million, and talks were also on with at least one or two further investors for the fund raising.
"All the three investors have evaluated the company quite seriously," said the first of the three sources, all of whom declined to be named as the discussions are private.
The final investments or funding plans could still change.
India's Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, three sources with direct knowledge of the plan said.
Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end September, Reuters has reported. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million.
Singapore's GIC, the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF) are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 billion, one of the sources told Reuters.
GIC, ADIA declined to comment, while PIF did not respond to Reuters requests for comment. Reliance (RELI.NS) said: "we do not comment on media speculation and rumours".
A second source said some of the three investors could end up putting in less than $500 million, and talks were also on with at least one or two further investors for the fund raising.
"All the three investors have evaluated the company quite seriously," said the first of the three sources, all of whom declined to be named as the discussions are private.
The final investments or funding plans could still change.
Blue Owl Eyes More Middle East Money With Plans for New #Dubai Office - Bloomberg
Blue Owl Eyes More Middle East Money With Plans for New Dubai Office - Bloomberg
Private credit lender Blue Owl Capital Inc. is formalizing plans to open an office and hire a team in Dubai to focus on capital raising, according to a person with knowledge of the matter.
The move is a stepping stone toward a broader Middle Eastern presence, said the person, who asked not to be identified as the details are private.
The plans come on the heels of a $1 billion commitment from Abu Dhabi wealth fund Mubadala Investment Co. to Blue Owl’s technology lending strategy. It’s the latest in a series of private credit investments from the region, which is becoming an increasingly important player in the $1.5 trillion market.
A spokesperson for New York-based Blue Owl declined to comment.
The Abu Dhabi Investment Authority has provided anchor capital commitments to managers including AGL Credit Management, Apollo Global Management Inc. and Jefferies Financial Group Inc. for credit investing. Meanwhile, Mubadala formed an joint venture with Ares Management Corp. to acquire direct-lending secondary stakes and it plans to buy a majority stake in Fortress Investment Group, a private credit and equity manager.
Blue Owl’s new Middle East office will add to the nearly dozen locations around the globe where the firm already has a presence including Hong Kong, London, Singapore and Tokyo.
Private credit lender Blue Owl Capital Inc. is formalizing plans to open an office and hire a team in Dubai to focus on capital raising, according to a person with knowledge of the matter.
The move is a stepping stone toward a broader Middle Eastern presence, said the person, who asked not to be identified as the details are private.
The plans come on the heels of a $1 billion commitment from Abu Dhabi wealth fund Mubadala Investment Co. to Blue Owl’s technology lending strategy. It’s the latest in a series of private credit investments from the region, which is becoming an increasingly important player in the $1.5 trillion market.
A spokesperson for New York-based Blue Owl declined to comment.
The Abu Dhabi Investment Authority has provided anchor capital commitments to managers including AGL Credit Management, Apollo Global Management Inc. and Jefferies Financial Group Inc. for credit investing. Meanwhile, Mubadala formed an joint venture with Ares Management Corp. to acquire direct-lending secondary stakes and it plans to buy a majority stake in Fortress Investment Group, a private credit and equity manager.
Blue Owl’s new Middle East office will add to the nearly dozen locations around the globe where the firm already has a presence including Hong Kong, London, Singapore and Tokyo.
#Saudi Oil Production Cuts Threaten a Surge in Price Volatility, IEA Warns - Bloomberg
Saudi Oil Production Cuts Threaten a Surge in Price Volatility, IEA Warns - Bloomberg
Oil supply cuts by Saudi Arabia and Russia will create a “significant supply shortfall” and threaten a renewed surge in price volatility, the International Energy Agency warned.
Global oil markets face a deficit of 1.2 million barrels a day during the second half of 2023 following last week’s announcements by the OPEC+ leaders that they’ll extend cutbacks to the end of the year, the agency said. It’s smaller than projected last month, as a result of historical changes to demand estimates, but still poses risks for consumers.
Even if the two producers were to relax their curbs in early 2024, oil inventories will be severely depleted, leaving prices vulnerable to shocks, the IEA said. Brent futures climbed to 10-month high above $92 a barrel on Tuesday.
“The market is really tightening in the second half of the year,” Toril Bosoni, the head of the IEA’s oil market division, said on Bloomberg TV on Wednesday. “Already in August we saw global oil inventories falling by a massive 75 million barrels, according to preliminary data.”
The Saudis and other OPEC+ nations regularly say their intervention is aimed at balancing markets, but the group’s own data released on Tuesday point to an even bigger supply hole in the coming quarter of more than 3 million barrels a day — the largest in at least a decade. The OPEC+ coalition has given little explanation for its current strategy.
Oil supply cuts by Saudi Arabia and Russia will create a “significant supply shortfall” and threaten a renewed surge in price volatility, the International Energy Agency warned.
Global oil markets face a deficit of 1.2 million barrels a day during the second half of 2023 following last week’s announcements by the OPEC+ leaders that they’ll extend cutbacks to the end of the year, the agency said. It’s smaller than projected last month, as a result of historical changes to demand estimates, but still poses risks for consumers.
Even if the two producers were to relax their curbs in early 2024, oil inventories will be severely depleted, leaving prices vulnerable to shocks, the IEA said. Brent futures climbed to 10-month high above $92 a barrel on Tuesday.
“The market is really tightening in the second half of the year,” Toril Bosoni, the head of the IEA’s oil market division, said on Bloomberg TV on Wednesday. “Already in August we saw global oil inventories falling by a massive 75 million barrels, according to preliminary data.”
The Saudis and other OPEC+ nations regularly say their intervention is aimed at balancing markets, but the group’s own data released on Tuesday point to an even bigger supply hole in the coming quarter of more than 3 million barrels a day — the largest in at least a decade. The OPEC+ coalition has given little explanation for its current strategy.
#Qatar leads most Gulf bourses lower ahead of US CPI data | Reuters
Qatar leads most Gulf bourses lower ahead of US CPI data | Reuters
Major stock exchanges in the Gulf declined on Wednesday, tracking global equities ahead of release of U.S. CPI data as concerns around the Federal Reserve's rate trajectory dampened investor sentiment.
The decline was led by the Qatari index (.QSI), which slipped 0.4% after a 1.1% decline in Gulf's largest lender Qatar National Bank (QNBK.QA) and a 0.8% decrease in Commercial Bank (COMB.QA).
Abu Dhabi's benchmark index (.FTFADGI) dropped 0.2%, putting it on track to end a four-session winning streak, with Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) losing 0.5% and Adnoc Gas (ADNOCGAS.AD) slipping 0.6%.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.17%, while Tokyo's Nikkei (.N225) eased 0.21%.
The U.S. inflation data is slated for release later in the day, with expectations of core month-on-month inflation of 0.2% in August, the same as July.
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.
Dubai's main index (.DFMGI) fell 0.1% as half of its stocks were in the red, including blue-chip developer Emaar Properties (EMAR.DU) which declined 0.7%, while Emirates Central Cooling Systems Corporation (EMPOWER.DU) dropped 1.1%.
Saudi Arabia's benchmark index (.TASI) edged 0.1% lower, trading near a three-month low, pressured by a 2.7% slump in Gulf's largest petrochemical firm Saudi Basic Industries (2010.SE) and a 0.9% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE).
However, IT firm Al Moammar Information Systems (7200.SE) jumped 3% after it launched MIS Pay, a “buy now and pay later” service.
Crude prices, a key contributor to Gulf economy, also extended gains on supply concerns over Libyan output hit and OPEC+ countries' commitment to production cut.
Brent crude was up 0.7% or $0.60 to $92.64 a barrel by 0800 GMT.
Major stock exchanges in the Gulf declined on Wednesday, tracking global equities ahead of release of U.S. CPI data as concerns around the Federal Reserve's rate trajectory dampened investor sentiment.
The decline was led by the Qatari index (.QSI), which slipped 0.4% after a 1.1% decline in Gulf's largest lender Qatar National Bank (QNBK.QA) and a 0.8% decrease in Commercial Bank (COMB.QA).
Abu Dhabi's benchmark index (.FTFADGI) dropped 0.2%, putting it on track to end a four-session winning streak, with Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD) losing 0.5% and Adnoc Gas (ADNOCGAS.AD) slipping 0.6%.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.17%, while Tokyo's Nikkei (.N225) eased 0.21%.
The U.S. inflation data is slated for release later in the day, with expectations of core month-on-month inflation of 0.2% in August, the same as July.
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.
Dubai's main index (.DFMGI) fell 0.1% as half of its stocks were in the red, including blue-chip developer Emaar Properties (EMAR.DU) which declined 0.7%, while Emirates Central Cooling Systems Corporation (EMPOWER.DU) dropped 1.1%.
Saudi Arabia's benchmark index (.TASI) edged 0.1% lower, trading near a three-month low, pressured by a 2.7% slump in Gulf's largest petrochemical firm Saudi Basic Industries (2010.SE) and a 0.9% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE).
However, IT firm Al Moammar Information Systems (7200.SE) jumped 3% after it launched MIS Pay, a “buy now and pay later” service.
Crude prices, a key contributor to Gulf economy, also extended gains on supply concerns over Libyan output hit and OPEC+ countries' commitment to production cut.
Brent crude was up 0.7% or $0.60 to $92.64 a barrel by 0800 GMT.