Brookfield and Qatar Invest £400 Million in Canary Wharf Group - Bloomberg
Canary Wharf Group, the developer of London’s dockland financial district, has received a fresh equity injection from its shareholders, as the area contends with high profile departures and a shift to working from home.
Brookfield and the Qatar Investment Authority have committed to a £300 million ($364 million) equity injection for the firm as well as a £100 million revolving credit facility, according to a press release from the firm on Wednesday.
Canary Wharf Group has a £350 million bond due in 2025, which has been trading at a discount since last year. The bond was changing hands for 89.1 pence on the pound at 1:43pm London time, after rising as much as 5.3 pence following the announcement.
“The proceeds will be used to complete the strategic repositioning of Canary Wharf and build out additional residential and life sciences projects on the estate,” the release said.
Canary Wharf has struggled since the pandemic led to a shift to flexible working, bringing in fewer workers to populate the desks of the large office blocks that dominate its skyline. HSBC, Europe’s largest bank, said it would quit its skyscraper in the district for a new location in central London, following a similar move by law firm Clifford Chance. For decades dominated by financial services firms, the area is intent on drawing in more residential and life-sciences tenants.
Wednesday 25 October 2023
Gemcorp Sets Up $1 Billion Fund to Tap #SaudiArabia Projects - Bloomberg
Gemcorp Sets Up $1 Billion Fund to Tap Saudi Arabia Projects - Bloomberg
The emerging markets-focused asset management firm Gemcorp Capital LLP is setting up a $1 billion fund to bring foreign investment into some of Saudi Arabia’s most ambitious projects.
The fund will target investments in projects which are aligned with Vision 2030, Crown Prince Mohammed Bin Salman’s plan to transform the Saudi economy away from reliance on oil, the company said in a statement on Wednesday.
The partnership between Gemcorp and the kingdom’s Ministry of Investment, will offer investment products including credit, equity and hybrid debt. Gemcorp will provide seed financing for the fund, while the ministry will allow access to potential opportunities.
Gemcorp’s announcement came on the sidelines of the Future Investment Initiative, an annual gathering of the world’s finance elite in Riyadh. Saudi Arabia is seeking to reassure investors that the kingdom remains an attractive investment destination despite the ongoing war between Israel and Hamas.
Hitting targets for attracting foreign direct investment as part of Crown Prince Mohammed bin Salman’s plans to overhaul the Saudi economy has been a challenge. That plan envisages lifting foreign investment to 5.7% of economic output.
Yet most of the $19.3 billion foreign investment in 2021 — the most since 2010 — came from state oil company Saudi Aramco selling part of its pipeline unit, rather than going into new industries.
“Saudi Arabia has recently become very attractive to global investors, and this fund will provide further investment support for key sectors such as energy, infrastructure, and mining and minerals,” Khalid Al-Falih, Saudi Arabia’s minister of investment said in the statement.
The emerging markets-focused asset management firm Gemcorp Capital LLP is setting up a $1 billion fund to bring foreign investment into some of Saudi Arabia’s most ambitious projects.
The fund will target investments in projects which are aligned with Vision 2030, Crown Prince Mohammed Bin Salman’s plan to transform the Saudi economy away from reliance on oil, the company said in a statement on Wednesday.
The partnership between Gemcorp and the kingdom’s Ministry of Investment, will offer investment products including credit, equity and hybrid debt. Gemcorp will provide seed financing for the fund, while the ministry will allow access to potential opportunities.
Gemcorp’s announcement came on the sidelines of the Future Investment Initiative, an annual gathering of the world’s finance elite in Riyadh. Saudi Arabia is seeking to reassure investors that the kingdom remains an attractive investment destination despite the ongoing war between Israel and Hamas.
Hitting targets for attracting foreign direct investment as part of Crown Prince Mohammed bin Salman’s plans to overhaul the Saudi economy has been a challenge. That plan envisages lifting foreign investment to 5.7% of economic output.
Yet most of the $19.3 billion foreign investment in 2021 — the most since 2010 — came from state oil company Saudi Aramco selling part of its pipeline unit, rather than going into new industries.
“Saudi Arabia has recently become very attractive to global investors, and this fund will provide further investment support for key sectors such as energy, infrastructure, and mining and minerals,” Khalid Al-Falih, Saudi Arabia’s minister of investment said in the statement.
Indian conglomerate Essar plans regional hub in #SaudiArabia | Reuters
Indian conglomerate Essar plans regional hub in Saudi Arabia | Reuters
Indian conglomerate Essar Group plans to make Saudi Arabia a hub to drive its expansion locally and regionally, its chief executive Prashant Ruia said on Wednesday.
The group, built by brothers Shashi and Ravi Ruia, is setting up a 4 million metric tonnes per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia, benefiting from the Kingdom’s aim to become an electric vehicle manufacturing centre.
"Automotive will be large," Prashant Ruia told Reuters in an interview at the Future Investment Initiative (FII) conference in the Saudi capital. The group plans to open an office in Riyadh, he added.
"When you see the Vision 2030 and all of the projects which are currently being envisaged, it’s a big, big growth, which we see (boosting) demand for steel and we want to play a role."
Prashant is part of the second generation of the Ruia family that founded Essar.
Indian conglomerate Essar Group plans to make Saudi Arabia a hub to drive its expansion locally and regionally, its chief executive Prashant Ruia said on Wednesday.
The group, built by brothers Shashi and Ravi Ruia, is setting up a 4 million metric tonnes per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia, benefiting from the Kingdom’s aim to become an electric vehicle manufacturing centre.
"Automotive will be large," Prashant Ruia told Reuters in an interview at the Future Investment Initiative (FII) conference in the Saudi capital. The group plans to open an office in Riyadh, he added.
"When you see the Vision 2030 and all of the projects which are currently being envisaged, it’s a big, big growth, which we see (boosting) demand for steel and we want to play a role."
Prashant is part of the second generation of the Ruia family that founded Essar.
Most Gulf markets gain amid easing Mideast woes | Reuters
Most Gulf markets gain amid easing Mideast woes | Reuters
Most stock markets in the Gulf ended higher on Wednesday, recovering from their recent losses, as diplomatic efforts continue to limit widening of the war in the region, although concerns remain.
The United Nations, United States and Canada appealed on Tuesday for a humanitarian pause in the Israel-Hamas war to allow safe deliveries of aid to civilians short of food, water, medicine and electricity in the Israeli-besieged Gaza Strip.
Turkish President Tayyip Erdogan on Wednesday urged an immediate ceasefire between Israeli and Palestinian forces and said Muslim countries must act together for lasting peace, calling on world powers to pressure Israel to halt attacks.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, with Alinma Bank (1150.SE) climbing 3.1%, after reporting a sharp rise in quarterly profit.
The kingdom's non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom's finance minister said, adding he expected it would continue to be healthy.
Dubai's main share index (.DFMGI) advanced 2.7%, extending gains from the previous session when it snapped eight sessions of losses, buoyed by a 4.2% rise in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai bourse recorded improvements compared to the last few days as diplomatic efforts helped calm investors' concerns, said Hani Abuagla, senior market analyst at XTB MENA.
"The strong local economy and large decline in prices could draw traders if conditions continue to improve in the region."
In Abu Dhabi, the index (.FTFADGI) gained 0.6%.
The Qatari benchmark (.QSI), however, fell 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) losing 2.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 3.3%, finishing at its highest, as most of its constituents were in positive territory including Talaat Mostafa (TMGH.CA), which closed 2% higher.
Egyptian President Abdel Fattah al-Sisi said on Wednesday his country was playing a "very positive role" trying to de-escalate and find a diplomatic solution to the conflict between Israel and Hamas.
Most stock markets in the Gulf ended higher on Wednesday, recovering from their recent losses, as diplomatic efforts continue to limit widening of the war in the region, although concerns remain.
The United Nations, United States and Canada appealed on Tuesday for a humanitarian pause in the Israel-Hamas war to allow safe deliveries of aid to civilians short of food, water, medicine and electricity in the Israeli-besieged Gaza Strip.
Turkish President Tayyip Erdogan on Wednesday urged an immediate ceasefire between Israeli and Palestinian forces and said Muslim countries must act together for lasting peace, calling on world powers to pressure Israel to halt attacks.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, with Alinma Bank (1150.SE) climbing 3.1%, after reporting a sharp rise in quarterly profit.
The kingdom's non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom's finance minister said, adding he expected it would continue to be healthy.
Dubai's main share index (.DFMGI) advanced 2.7%, extending gains from the previous session when it snapped eight sessions of losses, buoyed by a 4.2% rise in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai bourse recorded improvements compared to the last few days as diplomatic efforts helped calm investors' concerns, said Hani Abuagla, senior market analyst at XTB MENA.
"The strong local economy and large decline in prices could draw traders if conditions continue to improve in the region."
In Abu Dhabi, the index (.FTFADGI) gained 0.6%.
The Qatari benchmark (.QSI), however, fell 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) losing 2.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) jumped 3.3%, finishing at its highest, as most of its constituents were in positive territory including Talaat Mostafa (TMGH.CA), which closed 2% higher.
Egyptian President Abdel Fattah al-Sisi said on Wednesday his country was playing a "very positive role" trying to de-escalate and find a diplomatic solution to the conflict between Israel and Hamas.
Aramco Plans to Produce Synthetic Fuels by 2025 at Test Plants - Bloomberg
Aramco Plans to Produce Synthetic Fuels by 2025 at Test Plants - Bloomberg
Saudi Aramco aims to start operating by 2025 two demonstration plants to produce synthetic fuels that emit less carbon dioxide when burned.
The world’s biggest crude oil exporter will produce test quantities of synthetic gasoline and jet fuel and seeks to find regular buyers once they’ve tested the product, according to Ahmad Al Khowaiter, Aramco’s head of technology and innovation. If buyers accept the fuels, Aramco would build commercial-scale synthetic fuels refineries, he said in an interview at the kingdom’s main investment conference in Riyadh.
Al Khowaiter said Aramco will invest several hundred million dollars in the gasoline plant and in a synthetic jet fuel facility being developed together with Repsol SA of Spain. He didn’t give a time frame for when Aramco might decide to build the commercial scale facilities.
Aramco this week announced plans to build a test plant for synthetic gasoline in Saudi Arabia’s planned Neom city on the Red Sea. The company will produce the synthetic gasoline by combining methanol extracted from green hydrogen with carbon dioxide and then converting that into road fuel. The test facility will produce 35 barrels a day of gasoline that creates 70% fewer emissions than current fuels, and a commercial scale refinery could produce 35,000 barrels, Al Khowaiter said.
Government support for consumers using such technologies is needed to make them commercially viable, Al Khowaiter said.
The state producer is already one of the world’s largest refiners, with stakes in crude-processing plants from the US Gulf coast to China and at home. Aramco plans to double the gross amount of refining capacity in which it holds ownership stakes this decade to about 10 million barrels a day, with capacity from the projected synthetic fuels operation being only a small fraction of that.
Al Khowaiter said Aramco plans to capture 9 million tons of carbon emissions by 2030 and go beyond that in the future.
Saudi Aramco aims to start operating by 2025 two demonstration plants to produce synthetic fuels that emit less carbon dioxide when burned.
The world’s biggest crude oil exporter will produce test quantities of synthetic gasoline and jet fuel and seeks to find regular buyers once they’ve tested the product, according to Ahmad Al Khowaiter, Aramco’s head of technology and innovation. If buyers accept the fuels, Aramco would build commercial-scale synthetic fuels refineries, he said in an interview at the kingdom’s main investment conference in Riyadh.
Al Khowaiter said Aramco will invest several hundred million dollars in the gasoline plant and in a synthetic jet fuel facility being developed together with Repsol SA of Spain. He didn’t give a time frame for when Aramco might decide to build the commercial scale facilities.
Aramco this week announced plans to build a test plant for synthetic gasoline in Saudi Arabia’s planned Neom city on the Red Sea. The company will produce the synthetic gasoline by combining methanol extracted from green hydrogen with carbon dioxide and then converting that into road fuel. The test facility will produce 35 barrels a day of gasoline that creates 70% fewer emissions than current fuels, and a commercial scale refinery could produce 35,000 barrels, Al Khowaiter said.
Government support for consumers using such technologies is needed to make them commercially viable, Al Khowaiter said.
The state producer is already one of the world’s largest refiners, with stakes in crude-processing plants from the US Gulf coast to China and at home. Aramco plans to double the gross amount of refining capacity in which it holds ownership stakes this decade to about 10 million barrels a day, with capacity from the projected synthetic fuels operation being only a small fraction of that.
Al Khowaiter said Aramco plans to capture 9 million tons of carbon emissions by 2030 and go beyond that in the future.
UBS Hands Qatari Sheikh $9 Billion Credit Line in Mideast Push - Bloomberg
UBS Hands Qatari Sheikh $9 Billion Credit Line in Mideast Push - Bloomberg
UBS Group AG is extending a $9 billion credit line to one of the Middle East’s most influential investors as Chief Executive Officer Sergio Ermotti seeks to retain the region’s ultra wealthy following the takeover of Credit Suisse, people with knowledge of the matter said.
The Swiss lender recently agreed to provide the financing to former Qatari prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani, the people said, asking not to be named discussing private details. The credit facility is at least 50% more than the total of existing lines from UBS and Credit Suisse that it replaces.
UBS declined to comment on the matter. A representative for Sheikh Hamad didn’t respond to a request for comment.
The need to keep Sheikh Hamad on-side underlines UBS’s bid to secure its presence as a manager of wealth for oil-rich royalty and tycoons in the Middle East following the demise of Credit Suisse, which had a significant business in the region. The Gulf countries hold some of the largest wealth concentrations in the world.
HBJ, as the sheikh is known, previously ran the gas-rich country’s sovereign wealth fund. During his tenure at the Qatar Investment Authority it built stakes in commodities trader Glencore Plc, British lender Barclays Plc and luxury department store Harrods. The fund also became one of Credit Suisse’s largest shareholders.
UBS Group AG is extending a $9 billion credit line to one of the Middle East’s most influential investors as Chief Executive Officer Sergio Ermotti seeks to retain the region’s ultra wealthy following the takeover of Credit Suisse, people with knowledge of the matter said.
The Swiss lender recently agreed to provide the financing to former Qatari prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani, the people said, asking not to be named discussing private details. The credit facility is at least 50% more than the total of existing lines from UBS and Credit Suisse that it replaces.
UBS declined to comment on the matter. A representative for Sheikh Hamad didn’t respond to a request for comment.
The need to keep Sheikh Hamad on-side underlines UBS’s bid to secure its presence as a manager of wealth for oil-rich royalty and tycoons in the Middle East following the demise of Credit Suisse, which had a significant business in the region. The Gulf countries hold some of the largest wealth concentrations in the world.
HBJ, as the sheikh is known, previously ran the gas-rich country’s sovereign wealth fund. During his tenure at the Qatar Investment Authority it built stakes in commodities trader Glencore Plc, British lender Barclays Plc and luxury department store Harrods. The fund also became one of Credit Suisse’s largest shareholders.
#SaudiArabia's Ma'aden working to extract lithium from seawater | Reuters
Saudi Arabia's Ma'aden working to extract lithium from seawater | Reuters
Saudi Arabia’s flagship mining company Ma'aden is working to extract lithium from seawater, its chief executive Robert Wilt said on Wednesday, as competition for the rare metal rages between the U.S. and China.
Wilt said Ma'aden, the Gulf's largest miner, is trying to stay above the fray and was "doing what’s best for the kingdom".
"We are working on an initiative to extract lithium from seawater as well as some other things; I would say nothing is of scale, we are still at pilot phase currently," Wilt told Reuters in an interview.
Lithium is a key mineral used for electric car batteries, laptops and smartphones.
Ma’aden is 67% owned by the Public Investment Fund (PIF), the kingdom's sovereign wealth fund, and recently launched Manara Minerals, a joint venture with the PIF, to invest in mining assets abroad.
"We have de-risked our portfolio in terms of broadening exploration and working external to the kingdom to make sure we are resilient no matter what happens geopolitically," Wilt said.
Saudi Arabia’s flagship mining company Ma'aden is working to extract lithium from seawater, its chief executive Robert Wilt said on Wednesday, as competition for the rare metal rages between the U.S. and China.
Wilt said Ma'aden, the Gulf's largest miner, is trying to stay above the fray and was "doing what’s best for the kingdom".
"We are working on an initiative to extract lithium from seawater as well as some other things; I would say nothing is of scale, we are still at pilot phase currently," Wilt told Reuters in an interview.
Lithium is a key mineral used for electric car batteries, laptops and smartphones.
Ma’aden is 67% owned by the Public Investment Fund (PIF), the kingdom's sovereign wealth fund, and recently launched Manara Minerals, a joint venture with the PIF, to invest in mining assets abroad.
"We have de-risked our portfolio in terms of broadening exploration and working external to the kingdom to make sure we are resilient no matter what happens geopolitically," Wilt said.
Major Gulf markets track Asian shares higher as strong earnings support | Reuters
Major Gulf markets track Asian shares higher as strong earnings support | Reuters
Major stock markets in the Gulf rose on Wednesday, tracking Asian shares higher, as upbeat corporate earnings lifted risk sentiment, although the widening conflict in the Middle East limited gains in the benchmark indexes.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), which hit its lowest since last November on Tuesday, rose 0.6% as investors cheered China's decision to approve a trillion-yuan sovereign issue as a harbinger of stimulus.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 2.2% rise in car rental firm Lumi Rental Co (4262.SE), while Alinma Bank (1150.SE) advanced 3% following an upbeat third-quarter profit.
The kingdom's non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom's finance minister said, adding he expected it would continue to be healthy.
However, oil giant Saudi Aramco (2222.SE) fell 0.5%.
Prices of oil, which fuels the Gulf economy, fell for a fourth day as concerns about slowing European demand offset worries about Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza.
Dubai's main share index (.TASI) gained 1.2%, buoyed by a 2.6% rise in Dubai Electricity and Water Authority (DEWAA.DU) and a 1.9% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.3%.
Israel's military intensified its bombing of southern Gaza overnight as world leaders called for a halt to fighting to allow aid into the besieged enclave.
In a statement released on social media, the Palestinian health ministry in Hamas-ruled Gaza said at least 5,791 Palestinians had been killed by Israeli bombardments on the enclave since Oct. 7, including 2,360 children.
The Qatari index (.QSI) was up 0.3%, supported by a nearly 1% gain in Qatar Islamic Bank (QISB.QA) and a 2% increase in Qatar International Islamic Bank (QIIB.QA) after the lender reported higher quarterly profit.
Major stock markets in the Gulf rose on Wednesday, tracking Asian shares higher, as upbeat corporate earnings lifted risk sentiment, although the widening conflict in the Middle East limited gains in the benchmark indexes.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), which hit its lowest since last November on Tuesday, rose 0.6% as investors cheered China's decision to approve a trillion-yuan sovereign issue as a harbinger of stimulus.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, helped by a 2.2% rise in car rental firm Lumi Rental Co (4262.SE), while Alinma Bank (1150.SE) advanced 3% following an upbeat third-quarter profit.
The kingdom's non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom's finance minister said, adding he expected it would continue to be healthy.
However, oil giant Saudi Aramco (2222.SE) fell 0.5%.
Prices of oil, which fuels the Gulf economy, fell for a fourth day as concerns about slowing European demand offset worries about Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza.
Dubai's main share index (.TASI) gained 1.2%, buoyed by a 2.6% rise in Dubai Electricity and Water Authority (DEWAA.DU) and a 1.9% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) added 0.3%.
Israel's military intensified its bombing of southern Gaza overnight as world leaders called for a halt to fighting to allow aid into the besieged enclave.
In a statement released on social media, the Palestinian health ministry in Hamas-ruled Gaza said at least 5,791 Palestinians had been killed by Israeli bombardments on the enclave since Oct. 7, including 2,360 children.
The Qatari index (.QSI) was up 0.3%, supported by a nearly 1% gain in Qatar Islamic Bank (QISB.QA) and a 2% increase in Qatar International Islamic Bank (QIIB.QA) after the lender reported higher quarterly profit.
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