UAE’s Julphar Explores Sale of Mideast Chain Planet Pharmacies - Bloomberg
Gulf Pharmaceutical Industries is exploring the sale of its Middle Eastern retail pharmacy network amid heightened demand for health-care services in the region, according to people familiar with the matter.
Julphar, as the company is known, is sounding out potential buyers for Planet Pharmacies and seeking around 1 billion dirhams ($272 million), one of the people said, asking not to be named because the information is private. EY is advising on the sale, the people said.
Representatives for EY declined to comment, while officials at Julphar, which is based in the emirate of Ras al Khaimah, didn’t respond to requests for comment.
The Gulf region’s health-care sector has been booming over the past decade as strong economic growth increased government spending in the industry and boosted middle-class incomes. Investment bank Alpen Capital estimates that the region’s health-care expenditure will grow 5.4% annually to reach $135.5 billion in 2027, according to a report earlier this year.
Monday, 18 September 2023
#AbuDhabi's Money Machine, #Dubai Real Estate Boom, Egypt's Early Elections - Bloomberg
Abu Dhabi's Money Machine, Dubai Real Estate Boom, Egypt's Early Elections - Bloomberg
Abu Dhabi, one of few cities globally to oversee about $1.5 trillion in sovereign wealth, has just added another heavy hitter to its roster.
As home to some of the biggest wealth funds, the emirate’s moves in the world of dealmaking tend to resonate around the world. Its latest creation, a $50 billion behemoth, will target alternative investments.
Called Lunate — lunatus is Latin for crescent-shaped — the new vehicle will have three managing partners drawn from Abu Dhabi entities overseen by Sheikh Tahnoon bin Zayed Al Nahyan. It’s being set up by Chimera Investment, which is also part of the royal’s sprawling empire.
Chimera and a unit oversee a portfolio of assets worth almost $20 billion. The firm was folded under Sheikh Tahnoon’s $240 billion conglomerate International Holding earlier this year. In a statement issued at the time, IHC — the United Arab Emirates’ largest listed company — said the move “lays the foundation for the development of a regional champion.”
Abu Dhabi, one of few cities globally to oversee about $1.5 trillion in sovereign wealth, has just added another heavy hitter to its roster.
As home to some of the biggest wealth funds, the emirate’s moves in the world of dealmaking tend to resonate around the world. Its latest creation, a $50 billion behemoth, will target alternative investments.
Called Lunate — lunatus is Latin for crescent-shaped — the new vehicle will have three managing partners drawn from Abu Dhabi entities overseen by Sheikh Tahnoon bin Zayed Al Nahyan. It’s being set up by Chimera Investment, which is also part of the royal’s sprawling empire.
Chimera and a unit oversee a portfolio of assets worth almost $20 billion. The firm was folded under Sheikh Tahnoon’s $240 billion conglomerate International Holding earlier this year. In a statement issued at the time, IHC — the United Arab Emirates’ largest listed company — said the move “lays the foundation for the development of a regional champion.”
Aramco CEO says notion of peak oil demand driven by policies, not markets | Reuters
Aramco CEO says notion of peak oil demand driven by policies, not markets | Reuters
The CEO of Saudi Arabian oil giant Aramco (2222.SE) on Monday said the notion of peak oil demand is "wilting under scrutiny" because it is being driven by policies rather than markets, competitive economics and technology.
Speaking at the World Petroleum Congress in Calgary, Aramco CEO Amin Nasser said the narrative of the current energy transition was based on unrealistic assumptions and scenarios.
"The result has been an equally unrealistic target energy mix and timeline," Nasser said.
Last week the executive director of the International Energy Agency (IEA) Fatih Birol said new estimates showed the age of relentless fossil growth is ending and demand would peak in 2030, a forecast that drew criticism from the Organization of the Petroleum Exporting Countries (OPEC). read more
The CEO of Saudi Arabian oil giant Aramco (2222.SE) on Monday said the notion of peak oil demand is "wilting under scrutiny" because it is being driven by policies rather than markets, competitive economics and technology.
Speaking at the World Petroleum Congress in Calgary, Aramco CEO Amin Nasser said the narrative of the current energy transition was based on unrealistic assumptions and scenarios.
"The result has been an equally unrealistic target energy mix and timeline," Nasser said.
Last week the executive director of the International Energy Agency (IEA) Fatih Birol said new estimates showed the age of relentless fossil growth is ending and demand would peak in 2030, a forecast that drew criticism from the Organization of the Petroleum Exporting Countries (OPEC). read more
Will oil hit $100? It already did in some markets | Reuters
Will oil hit $100? It already did in some markets | Reuters
With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.
The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data . Malaysian crude Tapis reached $101.30 last week, said Bjarne Schieldrop, analyst at Swedish bank SEB, in a report.
Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output.
"The overall situation is that Saudi Arabia and Russia are in solid control of the oil market," Schieldrop said.
Brent oil futures, a global benchmark , traded as high as $94.89 on Monday and the related benchmark used for trading much of the world's physical cargoes, called dated Brent , stood just above $96 according to LSEG.
Qua Iboe, and some other crudes priced against Brent, are above $100 already because they are based on the price of dated Brent plus a cash differential or premium, currently assessed by LSEG at around $4.25 a barrel .
Schieldrop said dated Brent is highly likely to move above $100 as "only noise is needed to bring it above." Swiss bank UBS sees Brent futures reaching triple digits.
"We expect Brent to trade in a range of $90–100 over the coming months, with a year-end target of $95," said UBS analyst Giovanni Staunovo.
With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.
The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data . Malaysian crude Tapis reached $101.30 last week, said Bjarne Schieldrop, analyst at Swedish bank SEB, in a report.
Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output.
"The overall situation is that Saudi Arabia and Russia are in solid control of the oil market," Schieldrop said.
Brent oil futures, a global benchmark , traded as high as $94.89 on Monday and the related benchmark used for trading much of the world's physical cargoes, called dated Brent , stood just above $96 according to LSEG.
Qua Iboe, and some other crudes priced against Brent, are above $100 already because they are based on the price of dated Brent plus a cash differential or premium, currently assessed by LSEG at around $4.25 a barrel .
Schieldrop said dated Brent is highly likely to move above $100 as "only noise is needed to bring it above." Swiss bank UBS sees Brent futures reaching triple digits.
"We expect Brent to trade in a range of $90–100 over the coming months, with a year-end target of $95," said UBS analyst Giovanni Staunovo.
Middle Eastern stocks mixed amid growth jitters | Reuters
Middle Eastern stocks mixed amid growth jitters | Reuters
Stock exchanges in Middle East were mixed on Monday, as growth concerns weighed on investor sentiment ahead of a week packed with numerous central bank meetings.
On Thursday, Bank of England is tipped to hike rates for the 15th time and take benchmark borrowing costs to 5.5%, while Sweden's Riksbank is seen hiking by 25 basis points to 4%.
China property woes, geopolitical tensions and ongoing strikes also stoked worries about global growth.
In Abu Dhabi, the benchmark stock index (.FTFADGI) slid 0.6%, snapping a seven-session win streak, weighed down by a 1.3% decline each in conglomerate International Holding Company (IHC.AD) and its subsidiary Multiply Group (MULTIPLY.AD).
Saudi Arabia's benchmark stock index (.TASI) shed 0.6%, closing near its three-month low as a majority of the stocks were trading in red territory.
Losses in the index were due to financial and healthcare sector stocks with index heavyweight Al Rajhi Bank (1120.SE) and Dr Sulaiman Al Habib Medical Services Group (4013.SE) losing 1.4% and 2.6%, respectively.
Saudi Arabia's crude oil exports in July fell to 6.012 million barrels per day from 6.804 million bpd in June, official data showed on Monday.
Meanwhile, the Qatari index (.QSI) gained 0.2%, led by a 3.5% jump in Qatar Navigation (QNNC.QA) and 4.8% increase in Mesaieed Petrochemical Holding (MPHC.QA).
Oil price, a key component of Gulf' economy, jumped 0.9% to $94.78 a barrel over tighter supply outlook for the rest of the year.
Gains in industrial stocks helped Dubai main index (.DFMGI) close 0.1% higher, with Air Arabia (AIRA.DU) increasing 3.3% and Gulf Navigation Holding (GNAV.DU) adding 3.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, finishing at an all-time high, boosted by a 6.1% surge in Misr Fertilizers Production (MFPC.CA).
The index has gained in nine trading sessions out of 12 this month, according to LSEG data.
Egypt unveiled a plan to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on September 13.
Stock exchanges in Middle East were mixed on Monday, as growth concerns weighed on investor sentiment ahead of a week packed with numerous central bank meetings.
On Thursday, Bank of England is tipped to hike rates for the 15th time and take benchmark borrowing costs to 5.5%, while Sweden's Riksbank is seen hiking by 25 basis points to 4%.
China property woes, geopolitical tensions and ongoing strikes also stoked worries about global growth.
In Abu Dhabi, the benchmark stock index (.FTFADGI) slid 0.6%, snapping a seven-session win streak, weighed down by a 1.3% decline each in conglomerate International Holding Company (IHC.AD) and its subsidiary Multiply Group (MULTIPLY.AD).
Saudi Arabia's benchmark stock index (.TASI) shed 0.6%, closing near its three-month low as a majority of the stocks were trading in red territory.
Losses in the index were due to financial and healthcare sector stocks with index heavyweight Al Rajhi Bank (1120.SE) and Dr Sulaiman Al Habib Medical Services Group (4013.SE) losing 1.4% and 2.6%, respectively.
Saudi Arabia's crude oil exports in July fell to 6.012 million barrels per day from 6.804 million bpd in June, official data showed on Monday.
Meanwhile, the Qatari index (.QSI) gained 0.2%, led by a 3.5% jump in Qatar Navigation (QNNC.QA) and 4.8% increase in Mesaieed Petrochemical Holding (MPHC.QA).
Oil price, a key component of Gulf' economy, jumped 0.9% to $94.78 a barrel over tighter supply outlook for the rest of the year.
Gains in industrial stocks helped Dubai main index (.DFMGI) close 0.1% higher, with Air Arabia (AIRA.DU) increasing 3.3% and Gulf Navigation Holding (GNAV.DU) adding 3.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.4%, finishing at an all-time high, boosted by a 6.1% surge in Misr Fertilizers Production (MFPC.CA).
The index has gained in nine trading sessions out of 12 this month, according to LSEG data.
Egypt unveiled a plan to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on September 13.
Tesla, #SaudiArabia in early talks for EV factory - WSJ | Reuters
Tesla, Saudi Arabia in early talks for EV factory - WSJ | Reuters
Saudi Arabia is in early talks with U.S. electric automaker Tesla (TSLA.O) to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
The report comes just hours after Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey, according to the country's communications directorate.
Musk is also set to meet Israeli Prime Minister Benjamin Netanyahu in California on Monday.
Saudi Arabia has been wooing Tesla with the right to purchase certain quantities of metals and minerals the company needs for its electric vehicles from countries, including the Democratic Republic of Congo, the report said.
Saudi Arabia is in early talks with U.S. electric automaker Tesla (TSLA.O) to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
The report comes just hours after Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey, according to the country's communications directorate.
Musk is also set to meet Israeli Prime Minister Benjamin Netanyahu in California on Monday.
Saudi Arabia has been wooing Tesla with the right to purchase certain quantities of metals and minerals the company needs for its electric vehicles from countries, including the Democratic Republic of Congo, the report said.
#UAE to Sell Dollar Bonds for the First Time Since June 2022 - Bloomberg
UAE to Sell Dollar Bonds for the First Time Since June 2022 - Bloomberg
The United Arab Emirates is returning to the international bond market for the first time in well over a year.
The oil-rich Persian Gulf nation plans to sell dollar-denominated bonds with a 10-year tenor, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The initial price target is set at about 85 basis points over Treasuries and the notes are expected to price today, the person said.
The government plans to raise at least $1 billion through the sale, Bloomberg reported last week.
The UAE has been pushing to develop its position as a global hub for business and finance, especially as it faces growing regional competition from larger neighbor Saudi Arabia. The country is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800 billion by the end of the decade. The nation saw its economy expand almost 8% in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP growth will slow to 3.5%.
The nation’s debt is rated Aa2, the third-highest investment grade, by Moody’s Investors Service, and one step lower at AA- by Fitch Ratings.
Abu Dhabi Commercial Bank, BNP Paribas SA, Citigroup Inc., Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs Group Inc., HSBC Holdings Plc, Mashreq and Mizuho Financial Group Inc. are working on the deal.
The UAE, which comprises seven emirates, raised $3 billion in bonds in June 2022 when it took advantage of demand for high-quality debt amid mounting concern over a global recession.
The United Arab Emirates is returning to the international bond market for the first time in well over a year.
The oil-rich Persian Gulf nation plans to sell dollar-denominated bonds with a 10-year tenor, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The initial price target is set at about 85 basis points over Treasuries and the notes are expected to price today, the person said.
The government plans to raise at least $1 billion through the sale, Bloomberg reported last week.
The UAE has been pushing to develop its position as a global hub for business and finance, especially as it faces growing regional competition from larger neighbor Saudi Arabia. The country is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800 billion by the end of the decade. The nation saw its economy expand almost 8% in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP growth will slow to 3.5%.
The nation’s debt is rated Aa2, the third-highest investment grade, by Moody’s Investors Service, and one step lower at AA- by Fitch Ratings.
Abu Dhabi Commercial Bank, BNP Paribas SA, Citigroup Inc., Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs Group Inc., HSBC Holdings Plc, Mashreq and Mizuho Financial Group Inc. are working on the deal.
The UAE, which comprises seven emirates, raised $3 billion in bonds in June 2022 when it took advantage of demand for high-quality debt amid mounting concern over a global recession.
#UAE's total revenue rose 32% in 2022 | Reuters
UAE's total revenue rose 32% in 2022 | Reuters
The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year.
One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services.
Spending increased 6.1% in 2022 on the year to stand at about 427 billion dirhams ($116 billion), state news agency WAM said, citing the finance minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
"Despite the increase in revenues, the UAE has maintained a cautious and rational spending policy," it said, adding that the surplus would allow for stronger fiscal buffers to mitigate potential financial risks.
It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices.
Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year.
The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year.
One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services.
Spending increased 6.1% in 2022 on the year to stand at about 427 billion dirhams ($116 billion), state news agency WAM said, citing the finance minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
"Despite the increase in revenues, the UAE has maintained a cautious and rational spending policy," it said, adding that the surplus would allow for stronger fiscal buffers to mitigate potential financial risks.
It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices.
Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year.
#Oman's OQ Gas Networks sets price range for IPO | Reuters
Oman's OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, has set the offer price range for its initial public offering (IPO), it said in a regulatory filing.
The company plans to float up to 49% of its shares in what could be Oman's largest IPO in almost two decades.
OQGN has indicated a range between 131 and 140 Omani baisas per share - equating to 0.131 and 0.140 rials ($0.34-$0.36) - to institutional investors and 126 baisas per share for individual investors, its statement to the Capital Market Authority said.
Its plans to float about 2.12 billion shares would value the company at about 588 million rials ($1.53 billion), according to Reuters calculations based on indications of allocations to various investor categories.
Oman follows neighbours Abu Dhabi and Saudi Arabia in looking at sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
OQ's oil drilling business, Abraj Energy Services, raised $244 million with the sale of a 49% stake last March.
As the exclusive operator of Oman's gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG complexes and other customers.
The IPO subscription period is expected to begin this month, with a listing on the Muscat stock exchange in October.
Most Gulf bourses rise on stronger oil prices | Reuters
Most Gulf bourses rise on stronger oil prices | Reuters
Most stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices and buoyed by optimism that the Chinese economy is finally turning a corner.
Oil prices — a key catalyst for the Gulf's financial market — climbed 0.8%, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts.
News of more policy support from Beijing and upbeat retail sales and industrial output data for August added to signs of stabilisation in the world's second largest economy.
In Qatar, the benchmark stock index (.QSI) rose 0.3%, with Mesaieed Petrochemical Holding(MPHC.QA) surging 5% and Qatar Navigation (QNNC.QA) gaining 1%.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) up 1.3% and Savola Group (2050.SE) adding 3.2%.
Dubai's benchmark stock index (.DFMGI) inched up 0.1%, supported by gains in industry and consumer discretionary sectors. Tecom Group (TECOM.DU) rose 3.2% and Air Arabia (AIRA.DU) added 1.1%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1% loss in conglomerate International Holding Company(IHC.AD) and 0.2% drop in First Abu Dhabi Bank (FAB.AD), the largest lender in the United Arab Emirates.
Most stock markets in the Gulf rose in early trade on Monday, tracking gains in oil prices and buoyed by optimism that the Chinese economy is finally turning a corner.
Oil prices — a key catalyst for the Gulf's financial market — climbed 0.8%, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts.
News of more policy support from Beijing and upbeat retail sales and industrial output data for August added to signs of stabilisation in the world's second largest economy.
In Qatar, the benchmark stock index (.QSI) rose 0.3%, with Mesaieed Petrochemical Holding(MPHC.QA) surging 5% and Qatar Navigation (QNNC.QA) gaining 1%.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) up 1.3% and Savola Group (2050.SE) adding 3.2%.
Dubai's benchmark stock index (.DFMGI) inched up 0.1%, supported by gains in industry and consumer discretionary sectors. Tecom Group (TECOM.DU) rose 3.2% and Air Arabia (AIRA.DU) added 1.1%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1% loss in conglomerate International Holding Company(IHC.AD) and 0.2% drop in First Abu Dhabi Bank (FAB.AD), the largest lender in the United Arab Emirates.