UAE investor among top shareholders in British holiday group Saga
A Dubai-based investor has taken a 3.2% stake in Saga, becoming one of the top three shareholders in the British holiday group.
Eldose Babu picked up the stake last week, Saga's regulatory filing showed on Tuesday. He is now the biggest shareholder after Roger De Haan, son of Saga founder Sidney De Haan, and investment firm Hosking Partners LLP, according to LSEG data.
Last month, London-listed Saga, which caters to over 50-year-olds, forecast double-digit growth in annual revenue and said underlying profits would beat market estimates, betting on resilient travel demand from retired and wealthy Britons who are less impacted by the cost-of-living crisis.
Shares of the company were up 3.8% to nearly 119 pence by 1126 GMT on Tuesday. They have fallen 5.4% so far this year, compared with a 5.7% drop in London's small cap index.
Tuesday 17 October 2023
Dalio’s #AbuDhabi Penthouse Shows Rise of New Hedge Fund Hubs - Bloomberg
Dalio’s Abu Dhabi Penthouse Shows Rise of New Hedge Fund Hubs - Bloomberg
From a penthouse overlooking the Persian Gulf, one of the world’s biggest hedge fund fortunes is feeling increasingly at home.
Ray Dalio’s purchase of a luxury beachside residence on Abu Dhabi’s Saadiyat Island is part of a Middle Eastern outpost that also includes a branch of his family office in the city’s financial district, according to people with knowledge of the matter. His growing footprint is emblematic of the changes that have turned the United Arab Emirates into an important hub for traders. The past couple of years have seen highly paid professionals from more than 100 firms arrive, an influx that’s rippling through the nation.
While the Israel-Hamas war has brought a stark reminder of the volatility facing the Middle East and raised questions about whether it could hamper the region's recent boom, several funds said their UAE expansion plans remained unchanged.
In recent years, UAE officials have emphasized that they'd like to maintain friendly relations with nations in the Middle East and beyond, a stance that’s helped the country’s economy in the midst of pandemics and wars. During the Arab Spring that began in 2010, as local uprisings roiled many Middle Eastern governments, the UAE remained politically stable and even benefited from cash inflows from other parts of their region as wealthy families rushed to safeguard their money. When Covid-19 rippled through the globe, the country’s easy visa policies attracted expats. Russian money came flowing in after Moscow’s invasion of Ukraine because the UAE didn’t impose sanctions.
“Traditional, less attractive jurisdictions such as London and Hong Kong are losing out on investors and professionals who are flocking to the UAE,” said Sunita Singh-Dalal, a Dubai-based partner at law firm Hourani & Partners, who is focused on private wealth and family offices.
When Brevan Howard Asset Management unveiled plans to open an outpost in Abu Dhabi Global Market, requests from staff to relocate far exceeded the number of employees the firm could accommodate. The macro-trading firm had to limit the number of people moving to the new office, according to a person with knowledge of the matter.
Less than a two-hour drive away in Dubai, where heavyweight firms like Izzy Englander’s Millennium Management and Michael Gelband’s ExodusPoint have set up shop, office rents have been rising faster than in New York or London. Hot dining spots are packed. Workers in the Dubai International Financial Centre bemoan the traffic snarls that regularly jam the roads around the financial district. Private jet usage at one of the city’s VIP terminals is set to reach an all-time high.
From a penthouse overlooking the Persian Gulf, one of the world’s biggest hedge fund fortunes is feeling increasingly at home.
Ray Dalio’s purchase of a luxury beachside residence on Abu Dhabi’s Saadiyat Island is part of a Middle Eastern outpost that also includes a branch of his family office in the city’s financial district, according to people with knowledge of the matter. His growing footprint is emblematic of the changes that have turned the United Arab Emirates into an important hub for traders. The past couple of years have seen highly paid professionals from more than 100 firms arrive, an influx that’s rippling through the nation.
While the Israel-Hamas war has brought a stark reminder of the volatility facing the Middle East and raised questions about whether it could hamper the region's recent boom, several funds said their UAE expansion plans remained unchanged.
In recent years, UAE officials have emphasized that they'd like to maintain friendly relations with nations in the Middle East and beyond, a stance that’s helped the country’s economy in the midst of pandemics and wars. During the Arab Spring that began in 2010, as local uprisings roiled many Middle Eastern governments, the UAE remained politically stable and even benefited from cash inflows from other parts of their region as wealthy families rushed to safeguard their money. When Covid-19 rippled through the globe, the country’s easy visa policies attracted expats. Russian money came flowing in after Moscow’s invasion of Ukraine because the UAE didn’t impose sanctions.
“Traditional, less attractive jurisdictions such as London and Hong Kong are losing out on investors and professionals who are flocking to the UAE,” said Sunita Singh-Dalal, a Dubai-based partner at law firm Hourani & Partners, who is focused on private wealth and family offices.
When Brevan Howard Asset Management unveiled plans to open an outpost in Abu Dhabi Global Market, requests from staff to relocate far exceeded the number of employees the firm could accommodate. The macro-trading firm had to limit the number of people moving to the new office, according to a person with knowledge of the matter.
Less than a two-hour drive away in Dubai, where heavyweight firms like Izzy Englander’s Millennium Management and Michael Gelband’s ExodusPoint have set up shop, office rents have been rising faster than in New York or London. Hot dining spots are packed. Workers in the Dubai International Financial Centre bemoan the traffic snarls that regularly jam the roads around the financial district. Private jet usage at one of the city’s VIP terminals is set to reach an all-time high.
Most Gulf markets gain ahead of Biden Middle East trip | Reuters
Most Gulf markets gain ahead of Biden Middle East trip | Reuters
Most stock markets in the Gulf rose on Tuesday as efforts were underway to ease tensions in the region, although investors remain cautious of the situation.
U.S. President Joe Biden will visit Israel on Wednesday as the country prepares to escalate its offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Saudi Arabia's benchmark index (.TASI) gained 1%, led by a 4.3% rise in car rental firm Lumi (4262.SE) and a 2.7% increase in the country's biggest lender Saudi National Bank (1180.SE).
The Saudi bourse rebounded after a period of stabilization and could see traders taking advantage of lower prices if the risks around geopolitical tensions remain limited, said Khaldoun Hilal, Chief Executive Officer of KAMA Capital.
"However, the market could remain exposed to another round of price correction in the face of the current uncertainties in the region."
In Abu Dhabi, the index (.FTFADGI) added 0.8%.
Oil - a catalyst for the Gulf's financial markets - steadied after sliding more than $1 the day before ahead of a trip by the U.S. President to the Middle East.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 4%, hitting a record-high, as most of the stocks on the index were in positive territory, including Misr Fertilizers Production (MFPC.CA), which was up 16.6%.
Egypt's Suez Canal Economic Zone signed a deal worth $6.75 billion with China Energy for green ammonia and green hydrogen projects to be established in the Sokhna Industrial Zone, a cabinet statement said on Tuesday.
Dubai's main share index (.DFMGI) gave up early gains to close 0.2% lower.
The Qatari benchmark (.QSI) eased 0.1%.
Most stock markets in the Gulf rose on Tuesday as efforts were underway to ease tensions in the region, although investors remain cautious of the situation.
U.S. President Joe Biden will visit Israel on Wednesday as the country prepares to escalate its offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Saudi Arabia's benchmark index (.TASI) gained 1%, led by a 4.3% rise in car rental firm Lumi (4262.SE) and a 2.7% increase in the country's biggest lender Saudi National Bank (1180.SE).
The Saudi bourse rebounded after a period of stabilization and could see traders taking advantage of lower prices if the risks around geopolitical tensions remain limited, said Khaldoun Hilal, Chief Executive Officer of KAMA Capital.
"However, the market could remain exposed to another round of price correction in the face of the current uncertainties in the region."
In Abu Dhabi, the index (.FTFADGI) added 0.8%.
Oil - a catalyst for the Gulf's financial markets - steadied after sliding more than $1 the day before ahead of a trip by the U.S. President to the Middle East.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 4%, hitting a record-high, as most of the stocks on the index were in positive territory, including Misr Fertilizers Production (MFPC.CA), which was up 16.6%.
Egypt's Suez Canal Economic Zone signed a deal worth $6.75 billion with China Energy for green ammonia and green hydrogen projects to be established in the Sokhna Industrial Zone, a cabinet statement said on Tuesday.
Dubai's main share index (.DFMGI) gave up early gains to close 0.2% lower.
The Qatari benchmark (.QSI) eased 0.1%.
#Saudi Aramco looking at additional investments in LNG- CEO | Reuters
Saudi Aramco looking at additional investments in LNG- CEO | Reuters
The chief executive of Saudi Arabia's oil group Aramco (2222.SE), Amin Nasser, said his company is looking at more investments in liquefied natural gas (LNG) to boost its plans to become a leading player in the seaborne gas market.
"LNG is important...we're looking at additional investments that are currently in the pipeline to be one of the leading players in LNG in the market," Nasser told the Energy Intelligence Conference on Tuesday.
In September, Aramco said it had agreed to acquire a strategic minority stake in LNG company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
Aramco has previously considered an offtake and stake in Port Arthur LNG in the United States. The oil giant also trades in LNG.
The chief executive of Saudi Arabia's oil group Aramco (2222.SE), Amin Nasser, said his company is looking at more investments in liquefied natural gas (LNG) to boost its plans to become a leading player in the seaborne gas market.
"LNG is important...we're looking at additional investments that are currently in the pipeline to be one of the leading players in LNG in the market," Nasser told the Energy Intelligence Conference on Tuesday.
In September, Aramco said it had agreed to acquire a strategic minority stake in LNG company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
Aramco has previously considered an offtake and stake in Port Arthur LNG in the United States. The oil giant also trades in LNG.
Major Gulf markets track Asian shares higher | Reuters
Major Gulf markets track Asian shares higher | Reuters
Major stock markets in the Gulf rose in early trade on Tuesday as Asian shares rebounded and oil prices steadied, although investors remain wary on tensions in the region.
U.S. President Joe Biden will visit Israel on Wednesday as the country prepares to escalate an offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Saudi Arabia's benchmark index (.TASI) gained 1.1%, with Al Rajhi Bank (1120.SE) advancing 2.3% and oil giant Saudi Aramco (2222.SE) adding 0.3%.
Oil prices - a catalyst for the Gulf's financial markets - steadied after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela, and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.
Among other gainers, Savola Group (2050.SE), the kingdom's largest food products company, jumped 5.8% after it hired Moelis & Co (MC.N) to advise on strategic options for its business.
That could potentially include a sale of a portion of its stake in the Middle East's biggest dairy firm Almarai Company (2280.SE). Almarai shares were flat.
Separately, Saudi Arabia's $778 billion sovereign wealth fund has mandated banks to arrange a bond sale, a document showed, the first high-profile debt issue from the region since last week's Israel-Hamas conflict unsettled regional markets.
Dubai's main share index (.DFMGI) rose 0.2%, on course to snap three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) climbed 0.9%.
Major stock markets in the Gulf rose in early trade on Tuesday as Asian shares rebounded and oil prices steadied, although investors remain wary on tensions in the region.
U.S. President Joe Biden will visit Israel on Wednesday as the country prepares to escalate an offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Saudi Arabia's benchmark index (.TASI) gained 1.1%, with Al Rajhi Bank (1120.SE) advancing 2.3% and oil giant Saudi Aramco (2222.SE) adding 0.3%.
Oil prices - a catalyst for the Gulf's financial markets - steadied after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela, and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.
Among other gainers, Savola Group (2050.SE), the kingdom's largest food products company, jumped 5.8% after it hired Moelis & Co (MC.N) to advise on strategic options for its business.
That could potentially include a sale of a portion of its stake in the Middle East's biggest dairy firm Almarai Company (2280.SE). Almarai shares were flat.
Separately, Saudi Arabia's $778 billion sovereign wealth fund has mandated banks to arrange a bond sale, a document showed, the first high-profile debt issue from the region since last week's Israel-Hamas conflict unsettled regional markets.
Dubai's main share index (.DFMGI) rose 0.2%, on course to snap three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) climbed 0.9%.
National Bank of #Kuwait Q3 2023 net profit up 14%, beats estimate
National Bank of Kuwait Q3 2023 net profit up 14%, beats estimate
National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit attributable to owners of 155.8 million dinars ($503.5 million) in Q3 2023, up 14% year-on-year (YoY) due to higher operating income, that was partly offset by higher operating expenses and higher impairment charges.
The result topped analysts' mean estimate of KWD 141.4, according to Refinitiv's Eikon data.
In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue for the period was KWD 297.9 million versus KWD 271 million in the year-ago period.
For the nine-month period, the bank made an attributable net profit of KWD 431 million, up 15% on year.
National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit attributable to owners of 155.8 million dinars ($503.5 million) in Q3 2023, up 14% year-on-year (YoY) due to higher operating income, that was partly offset by higher operating expenses and higher impairment charges.
The result topped analysts' mean estimate of KWD 141.4, according to Refinitiv's Eikon data.
In a regulatory statement on the Kuwait stock exchange on Tuesday, NBK said operating revenue for the period was KWD 297.9 million versus KWD 271 million in the year-ago period.
For the nine-month period, the bank made an attributable net profit of KWD 431 million, up 15% on year.
Top LNG Supplier #Qatar Seeks Buyers for Two-Thirds of Supply From Expansion - Bloomberg
Top LNG Supplier Qatar Seeks Buyers for Two-Thirds of Supply From Expansion - Bloomberg
Qatar needs buyers for two-thirds of the supply from its liquefied natural gas expansion projects, as it leverages growing fears over energy security to nail down more long-term deals.
The Middle East gas giant has signed two super-long contracts over the past year with partners TotalEnergies SE and China’s Sinopec. But other shareholders in the two-field expansion — including Shell Plc, Exxon Mobil Corp. and Eni SpA — have yet to announce volumes, with LNG deliveries starting from 2026.
The decades-long deals preferred by Qatar — which vies with the US as the world’s top LNG supplier — have become more attractive after Russia’s invasion of Ukraine upended energy markets and prompted European nations to prioritize security of supply over green targets. The 27-year contract announced last week by TotalEnergies means that France will continue using the fossil fuel beyond 2050.
“There is still a hell lot to sell, but there is progress,” said Anne-Sophie Corbeau, a researcher at the Center on Global Energy Policy at New York’s Columbia University.
Qatar is expected to increase its LNG-producing capacity by 64% to 126 million tons a year by 2027. Gas price volatility is burnishing the appeal of that output, although some buyers prefer the more flexible delivery terms of LNG from the US, which played a crucial role in filling the hole left by Russian pipeline flows in Europe last winter.
Qatar needs buyers for two-thirds of the supply from its liquefied natural gas expansion projects, as it leverages growing fears over energy security to nail down more long-term deals.
The Middle East gas giant has signed two super-long contracts over the past year with partners TotalEnergies SE and China’s Sinopec. But other shareholders in the two-field expansion — including Shell Plc, Exxon Mobil Corp. and Eni SpA — have yet to announce volumes, with LNG deliveries starting from 2026.
The decades-long deals preferred by Qatar — which vies with the US as the world’s top LNG supplier — have become more attractive after Russia’s invasion of Ukraine upended energy markets and prompted European nations to prioritize security of supply over green targets. The 27-year contract announced last week by TotalEnergies means that France will continue using the fossil fuel beyond 2050.
“There is still a hell lot to sell, but there is progress,” said Anne-Sophie Corbeau, a researcher at the Center on Global Energy Policy at New York’s Columbia University.
Qatar is expected to increase its LNG-producing capacity by 64% to 126 million tons a year by 2027. Gas price volatility is burnishing the appeal of that output, although some buyers prefer the more flexible delivery terms of LNG from the US, which played a crucial role in filling the hole left by Russian pipeline flows in Europe last winter.
#Saudi Arabian Water Treatment Firm Miahona Said to Consider IPO - Bloomberg
Saudi Arabian Water Treatment Firm Miahona Said to Consider IPO - Bloomberg
Saudi Arabian water treatment firm Miahona is considering a domestic initial public offering as soon as next year, according to people familiar with the matter.
Miahona, a portfolio firm of holding company Vision Invest, has held talks with advisers about a potential deal that could raise as much as a couple hundred million dollars, the people said, asking not to be identified as the information isn’t public.
Himmah Capital is advising Miahona on its share sale, the people said. Representatives for the companies didn’t respond to multiple requests for comment.
Saudi Arabia’s market for IPOs has sprung back to life since the start of the summer after being virtually dormant for the first four months of the year as the benchmark index weakened. While the index then staged a rebound through to late July, it has since fallen again and almost erased the year’s gains.
Still, IPOs across the Persian Gulf appear to be holding up well even as the war between Israel and Hamas risks intensifying. Oil driller ADES Holding Co. has jumped almost 35% from its offer price since its debut in Riyadh on Wednesday.
Miahona provides wastewater treatment and urban water management services, according to its website. It also helps with water reuse to provide an alternative to desalination and long-distance water transportation.
Vision Invest has over $50 billion of assets under management across infrastructure projects and services companies in sectors including power and water, manufacturing, utilities and construction. The company is one of the backers of Acwa Power, which has become one of the main vehicles for the kingdom’s drive to develop low emission energy supplies and sold shares to the public in 2021.
Saudi Arabian water treatment firm Miahona is considering a domestic initial public offering as soon as next year, according to people familiar with the matter.
Miahona, a portfolio firm of holding company Vision Invest, has held talks with advisers about a potential deal that could raise as much as a couple hundred million dollars, the people said, asking not to be identified as the information isn’t public.
Himmah Capital is advising Miahona on its share sale, the people said. Representatives for the companies didn’t respond to multiple requests for comment.
Saudi Arabia’s market for IPOs has sprung back to life since the start of the summer after being virtually dormant for the first four months of the year as the benchmark index weakened. While the index then staged a rebound through to late July, it has since fallen again and almost erased the year’s gains.
Still, IPOs across the Persian Gulf appear to be holding up well even as the war between Israel and Hamas risks intensifying. Oil driller ADES Holding Co. has jumped almost 35% from its offer price since its debut in Riyadh on Wednesday.
Miahona provides wastewater treatment and urban water management services, according to its website. It also helps with water reuse to provide an alternative to desalination and long-distance water transportation.
Vision Invest has over $50 billion of assets under management across infrastructure projects and services companies in sectors including power and water, manufacturing, utilities and construction. The company is one of the backers of Acwa Power, which has become one of the main vehicles for the kingdom’s drive to develop low emission energy supplies and sold shares to the public in 2021.
#Kuwait refers sovereign wealth fund's London unit to public prosecutor | Reuters
Kuwait refers sovereign wealth fund's London unit to public prosecutor | Reuters
Kuwait's Finance Minister Fahd Al-Jarallah has referred the Kuwait Investment Office (KIO), the London branch of Kuwait's sovereign wealth fund, to the public prosecutor over alleged "violations", the finance ministry said.
The referral to Kuwait's public prosecution followed an internal investigation committee report on "observations and violations" between 2018 and 2022, the statement posted on social media platform X, formerly known as Twitter, said.
The alleged KIO violations included "illegal entry, disclosure of confidential information, and destruction of information related to the (Kuwait Investment) Authority, in addition to many other violations," the statement added.
Kuwait Investment Authority (KIA) is the KIO's parent.
Kuwait's former finance minister formed a committee in February to investigate alleged "irregularities" at the KIA, including its management of the Future Generation Fund (FGF), a nest egg for when Kuwait's oil runs out, and the General Reserve Fund (GRF), which functions as the state treasury, according to a document seen by Reuters.
The KIA did not immediately respond to a request for comment.
Kuwait's Finance Minister Fahd Al-Jarallah has referred the Kuwait Investment Office (KIO), the London branch of Kuwait's sovereign wealth fund, to the public prosecutor over alleged "violations", the finance ministry said.
The referral to Kuwait's public prosecution followed an internal investigation committee report on "observations and violations" between 2018 and 2022, the statement posted on social media platform X, formerly known as Twitter, said.
The alleged KIO violations included "illegal entry, disclosure of confidential information, and destruction of information related to the (Kuwait Investment) Authority, in addition to many other violations," the statement added.
Kuwait Investment Authority (KIA) is the KIO's parent.
Kuwait's former finance minister formed a committee in February to investigate alleged "irregularities" at the KIA, including its management of the Future Generation Fund (FGF), a nest egg for when Kuwait's oil runs out, and the General Reserve Fund (GRF), which functions as the state treasury, according to a document seen by Reuters.
The KIA did not immediately respond to a request for comment.