Oman Telecommunications hires banks for 7-year debut sukuk-IFR
State-owned Oman Telecommunications Company (Omantel) has hired banks for the sale of 7-year dollar-denominated debut Islamic bond, fixed income news service IFR reported on Monday. Citigroup and J.P. Morgan have been selected as joint global coordinators and joint bookrunners, while Bank ABC, Bank Muscat, Dubai Islamic Bank, First Abu Dhabi Bank, and Standard Chartered Bank will also act as joint bookrunners.
The banks will arrange a series of fixed-income investor meetings starting Monday, followed by an issuance of benchmark-sized sukuk should market conditions permit, IFR said.
Monday, 2 October 2023
#SaudiArabia Finally Joins the Natural Gas Wave - Bloomberg
Saudi Arabia Finally Joins the Natural Gas Wave - Bloomberg
The world’s biggest oil producer is finally moving to grab a piece of the booming natural gas market, the latest proof that the industry expects the fuel to play a significant part in the energy transition.
In a strategic shift, Saudi Aramco agreed to buy a stake in MidOcean Energy, marking its first investment in liquefied natural gas. MidOcean is in the process of acquiring interests in four Australian LNG projects and is also part of a consortium to buy Sydney-based Origin Energy Ltd.
Other investments may be on the horizon. Aramco’s Upstream President Nasir Al-Naimi said in an email Sunday the company is looking for more acquisitions. Officials have been in talks with exporters in the US this year, according to people with knowledge of the matter.
The Saudi company has been trying to get into the natural gas space for a while. It hired a team of LNG traders in Singapore and was in talks with producers before the Covid pandemic upended negotiations.
Aramco aims to spend $110 billion developing the Jafurah gas field that will help double output by 2030 and make the kingdom a gas exporter for the first time. It’s also weighing exporting that gas as LNG.
The world’s biggest oil producer is finally moving to grab a piece of the booming natural gas market, the latest proof that the industry expects the fuel to play a significant part in the energy transition.
In a strategic shift, Saudi Aramco agreed to buy a stake in MidOcean Energy, marking its first investment in liquefied natural gas. MidOcean is in the process of acquiring interests in four Australian LNG projects and is also part of a consortium to buy Sydney-based Origin Energy Ltd.
Other investments may be on the horizon. Aramco’s Upstream President Nasir Al-Naimi said in an email Sunday the company is looking for more acquisitions. Officials have been in talks with exporters in the US this year, according to people with knowledge of the matter.
The Saudi company has been trying to get into the natural gas space for a while. It hired a team of LNG traders in Singapore and was in talks with producers before the Covid pandemic upended negotiations.
Aramco aims to spend $110 billion developing the Jafurah gas field that will help double output by 2030 and make the kingdom a gas exporter for the first time. It’s also weighing exporting that gas as LNG.
Ex-SoftBank Exec Naheta Sets Up #UAE Dirham-Backed Stablecoin DTR in #AbuDhabi - Bloomberg
Ex-SoftBank Exec Naheta Sets Up UAE Dirham-Backed Stablecoin DTR in Abu Dhabi - Bloomberg
Akshay Naheta, a former SoftBank Group Corp. executive who steered some of the firm’s biggest deals, is launching a new company in Abu Dhabi focusing on stablecoin technology.
The 42-year-old financier has set up DTR within the emirate’s international financial free zone and will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. They’re looking to capitalize on a stablecoin market that analysts at Bernstein estimate will grow more than 20-fold to $2.8 trillion in five years.
Unlike most coins in the market that are tied to the US dollar, DRAM coins will be backed by the United Arab Emirates dirham. The currency’s peg to the greenback offers greater stability for individuals in high-inflation countries from Turkey to Egypt and Pakistan, while also providing an alternative to the SWIFT system.
“Our main focus is the unbanked and underbanked in these nations,” Naheta said in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this.”
A former trader at Deutsche Bank AG, Naheta was central to some of SoftBank’s biggest deals during his tenure. He pitched founder Masayoshi Son on the sale of chip designer Arm to semiconductor designer Nvidia Corp. He also led a $4 billion investment in Nvidia in 2017, earning $3 billion in profit.
Akshay Naheta, a former SoftBank Group Corp. executive who steered some of the firm’s biggest deals, is launching a new company in Abu Dhabi focusing on stablecoin technology.
The 42-year-old financier has set up DTR within the emirate’s international financial free zone and will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. They’re looking to capitalize on a stablecoin market that analysts at Bernstein estimate will grow more than 20-fold to $2.8 trillion in five years.
Unlike most coins in the market that are tied to the US dollar, DRAM coins will be backed by the United Arab Emirates dirham. The currency’s peg to the greenback offers greater stability for individuals in high-inflation countries from Turkey to Egypt and Pakistan, while also providing an alternative to the SWIFT system.
“Our main focus is the unbanked and underbanked in these nations,” Naheta said in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this.”
A former trader at Deutsche Bank AG, Naheta was central to some of SoftBank’s biggest deals during his tenure. He pitched founder Masayoshi Son on the sale of chip designer Arm to semiconductor designer Nvidia Corp. He also led a $4 billion investment in Nvidia in 2017, earning $3 billion in profit.
JPMorgan Says Middle East Economy Enters Golden Era - Bloomberg
JPMorgan Says Middle East Economy Enters Golden Era - Bloomberg
The Middle East is enjoying a “golden era” as global tensions push money and talent into the region, according to JPMorgan Chase & Co.’s European boss Viswas Raghavan.
Speaking in an interview with Bloomberg Television, Raghavan said there’s been a jump in dealmaking and capital market opportunities in numerous countries in the last few quarters.
“You’re seeing a real kind of swagger as countries like Saudi Arabia, UAE, Qatar, all are pretty well positioned, both for attracting money managers, hedge funds, to also their own domestic economies becoming mainstream,” he said. “This is a golden era for Middle Eastern companies and in general, the Middle East. I think that it’s here to stay.”
The Saudi stock market saw a bevy of listings last month, in a sign of revived interest following a virtual standstill at the start of the year. Government efforts in the region to diversify economies away from oil are also boosting the finance industry.
Raghavan, who is JPMorgan’s chief executive officer for Europe, the Middle East and Africa, said the global outlook for investment banking was showing “some green shoots,” particularly in technology, though the pipeline was “not going to be a deluge.” The banking fee pool across the industry is set to be an “anemic” $65 billion this year, compared to a typical year of about $80 billion, he added.
The Middle East is enjoying a “golden era” as global tensions push money and talent into the region, according to JPMorgan Chase & Co.’s European boss Viswas Raghavan.
Speaking in an interview with Bloomberg Television, Raghavan said there’s been a jump in dealmaking and capital market opportunities in numerous countries in the last few quarters.
“You’re seeing a real kind of swagger as countries like Saudi Arabia, UAE, Qatar, all are pretty well positioned, both for attracting money managers, hedge funds, to also their own domestic economies becoming mainstream,” he said. “This is a golden era for Middle Eastern companies and in general, the Middle East. I think that it’s here to stay.”
The Saudi stock market saw a bevy of listings last month, in a sign of revived interest following a virtual standstill at the start of the year. Government efforts in the region to diversify economies away from oil are also boosting the finance industry.
Raghavan, who is JPMorgan’s chief executive officer for Europe, the Middle East and Africa, said the global outlook for investment banking was showing “some green shoots,” particularly in technology, though the pipeline was “not going to be a deluge.” The banking fee pool across the industry is set to be an “anemic” $65 billion this year, compared to a typical year of about $80 billion, he added.
#Saudi bourse falls on downbeat forecast, Egypt extends losses | Reuters
Saudi bourse falls on downbeat forecast, Egypt extends losses | Reuters
Saudi Arabia's stock market ended lower on Monday following a downbeat economic forecast, while the Egyptian bourse extended loses on profit-taking.
The kingdom has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday.
The largest Arab economy expects real gross domestic product to grow by 0.03% this year, the document released by the ministry of finance showed, compared with a previous forecast for growth of 3.1%.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, weighed down by a 1.2% fall in oil giant Saudi Aramco (2222.SE).
Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.
Oil prices, which remain below last year's average of $100 a barrel, rose above $90 after Riyadh said last month that it was extending a voluntary oil output cut of 1 million barrels per day until the end of 2023.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, falling for a third session after hitting its highest ever, as most of the stocks on the index were in negative territory including tobacco monopoly Easter Company (EAST.CA), which declined 2.6%.
Separately, global index provider FTSE Russell said on Thursday it would add Egypt to watchlists for possible demotion in its equity index suites.
In Qatar, the index (.QSI) gained 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) advancing 1.6%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
It attributed the surplus to "the elevated diversification of the Qatari economy" which achieved targets.
Dubai's main share index (.DFMGI) finished 0.5% higher, with blue-chip developer Emaar Properties (EMAR.DU) climbing 4.2%.
Saudi Arabia's stock market ended lower on Monday following a downbeat economic forecast, while the Egyptian bourse extended loses on profit-taking.
The kingdom has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday.
The largest Arab economy expects real gross domestic product to grow by 0.03% this year, the document released by the ministry of finance showed, compared with a previous forecast for growth of 3.1%.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, weighed down by a 1.2% fall in oil giant Saudi Aramco (2222.SE).
Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.
Oil prices, which remain below last year's average of $100 a barrel, rose above $90 after Riyadh said last month that it was extending a voluntary oil output cut of 1 million barrels per day until the end of 2023.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, falling for a third session after hitting its highest ever, as most of the stocks on the index were in negative territory including tobacco monopoly Easter Company (EAST.CA), which declined 2.6%.
Separately, global index provider FTSE Russell said on Thursday it would add Egypt to watchlists for possible demotion in its equity index suites.
In Qatar, the index (.QSI) gained 0.4%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) advancing 1.6%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
It attributed the surplus to "the elevated diversification of the Qatari economy" which achieved targets.
Dubai's main share index (.DFMGI) finished 0.5% higher, with blue-chip developer Emaar Properties (EMAR.DU) climbing 4.2%.
Damac Real Estate Development hires banks for 3.5-year sukuk - document | Reuters
Damac Real Estate Development hires banks for 3.5-year sukuk - document | Reuters
Dubai-based Damac Real Estate Development has hired banks for the sale of 3.5-year dollar-denominated Islamic bond, or 'Sukuk', according to a document seen by Reuters on Monday.
Emirates NBD Capital, HSBC and JP Morgan have been selected as joint global coordinators and joint bookrunners, while ADCB, DIB, FAB, GFH Financial Group and Mashreqbank will also act as joint bookrunners
The banks will arrange a series of investor meetings on Monday, followed by an issuance of benchmark-sized Islamic bonds should market conditions permit, an arranging bank document showed.
Dubai-based Damac Real Estate Development has hired banks for the sale of 3.5-year dollar-denominated Islamic bond, or 'Sukuk', according to a document seen by Reuters on Monday.
Emirates NBD Capital, HSBC and JP Morgan have been selected as joint global coordinators and joint bookrunners, while ADCB, DIB, FAB, GFH Financial Group and Mashreqbank will also act as joint bookrunners
The banks will arrange a series of investor meetings on Monday, followed by an issuance of benchmark-sized Islamic bonds should market conditions permit, an arranging bank document showed.
#Qatar reports balance of payments surplus of 7.9 billion riyals in 2023 second quarter | Reuters
Qatar reports balance of payments surplus of 7.9 billion riyals in 2023 second quarter | Reuters
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
In its statement, the bank added that its goods and services accounts hit surpluses of 59.6 billion and 31.3 billion riyals respectively.
It attributed the BoP surplus to "the elevated diversification of the Qatari economy" which achieved targets.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
In its statement, the bank added that its goods and services accounts hit surpluses of 59.6 billion and 31.3 billion riyals respectively.
It attributed the BoP surplus to "the elevated diversification of the Qatari economy" which achieved targets.
#AbuDhabi Economy Grows As Hedge Fund Drives Pays Off - Bloomberg
Abu Dhabi Economy Grows As Hedge Fund Drives Pays Off - Bloomberg
Abu Dhabi’s non-oil economy expanded briskly in the second quarter as its efforts to become a hub for hedge funds and other financial firms start to pay off.
Gross domestic product in the emirate’s private, non-oil sector rose over 12% on an annual basis to a quarterly record of 154 billion dirhams ($41.9 billion), according to preliminary government data published Monday. Overall economic output — heavily dependent on oil and gas — rose 3.5% during the quarter.
The financial sector grew nearly 30%. Several major firms have opened offices in Abu Dhabi, capital of the United Arab Emirates, or moved senior executives there this year. Among them are Goldman Sachs Group Inc., Brevan Howard Asset Management and Ray Dalio’s family office.
The boom is similar to that in Dubai, the UAE’s biggest city, which has seen a mass of financial, legal and crypto professionals move there in the past two years.
Abu Dhabi’s non-oil economy expanded briskly in the second quarter as its efforts to become a hub for hedge funds and other financial firms start to pay off.
Gross domestic product in the emirate’s private, non-oil sector rose over 12% on an annual basis to a quarterly record of 154 billion dirhams ($41.9 billion), according to preliminary government data published Monday. Overall economic output — heavily dependent on oil and gas — rose 3.5% during the quarter.
The financial sector grew nearly 30%. Several major firms have opened offices in Abu Dhabi, capital of the United Arab Emirates, or moved senior executives there this year. Among them are Goldman Sachs Group Inc., Brevan Howard Asset Management and Ray Dalio’s family office.
The boom is similar to that in Dubai, the UAE’s biggest city, which has seen a mass of financial, legal and crypto professionals move there in the past two years.
Major stock markets in Gulf track oil prices higher | Reuters
Major stock markets in Gulf track oil prices higher | Reuters
Major stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher with the Saudi index on course to snap two sessions of losses.
Oil prices - a catalyst for the Gulf's financial markets - edged up, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Dr Sulaiman Al Habib Medical Services (4013.SE) rising 1.9% and Saudi National Bank (1180.SE) advancing 2.3%.
Dubai's main share index (.DFMGI) rose 0.3%, led by a 1.6% increase in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% gain in toll operator Salik Company (SALIK.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
The Qatari index (.QSI) was up 0.5%, with petrochemical maker Industries Qatar (IQCD.QA) rising 1%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
It attributed the BoP surplus to "the elevated diversification of the Qatari economy" which achieved targets.
Major stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher with the Saudi index on course to snap two sessions of losses.
Oil prices - a catalyst for the Gulf's financial markets - edged up, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Dr Sulaiman Al Habib Medical Services (4013.SE) rising 1.9% and Saudi National Bank (1180.SE) advancing 2.3%.
Dubai's main share index (.DFMGI) rose 0.3%, led by a 1.6% increase in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% gain in toll operator Salik Company (SALIK.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.1%.
The Qatari index (.QSI) was up 0.5%, with petrochemical maker Industries Qatar (IQCD.QA) rising 1%.
Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
It attributed the BoP surplus to "the elevated diversification of the Qatari economy" which achieved targets.
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