Saudis In Talks With Pakistan on Reko Diq, Barrick CEO Says - Bloomberg
Saudi Arabia is in ongoing talks with Pakistan to buy part of the government’s stake in a $7 billion copper project jointly owned with Barrick Gold Corp., according to the head of the mining company.
Saudi Arabia may acquire partial ownership in Reko Diq — one of the world’s largest undeveloped copper and gold deposits — through an equity purchase with Pakistan’s government, Barrick Chief Executive Officer Mark Bristow said Thursday in an interview.
“That’s something that is in the hands of the Pakistan government to come to a decision on,” said Bristow, who oversees the world’s No. 2 gold producer. “We would support any decision that’s made by the Pakistan government with the Saudis.”
The project, in the Balochistan region bordering Afghanistan and Iran, is capable of producing 200,000 tons of copper and 250,000 ounces of gold a year for more than half a century. Reko Diq is 50% owned by Barrick, with Pakistan’s federal government holding a 25% stake and the Balochistan regional government owning the rest. Bristow said Barrick won’t dilute its equity in the project.
Thursday 2 November 2023
Most Gulf markets end higher as Fed keeps rates unchanged | Reuters
Most Gulf markets end higher as Fed keeps rates unchanged | Reuters
Most stock markets in the Gulf ended higher on Thursday as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates - the main driver of world borrowing costs - on hold.
Fed Chair Jerome Powell's comments that its aggressive 20-month run of rate increases was likely to slow the economy after what he had described as the "outsized" jump in Q3 U.S. GDP, was the main takeaway for many analysts, although he had been careful to keep the door open to another hike if needed.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Saudi Arabia's benchmark index (.TASI) rose 0.4%, with Alinma Bank (1150.SE) rising 2.8% and the kingdom's largest lender Saudi National Bank (1180.SE) closing 2.9% higher.
Dubai's main share index (.DFMGI) added 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) hiking 1.5%.
The Dubai stock market continued to see additional gains, extending its rebound. However, the main index remains well below its peak and could remain at risk, said George Khoury, Global Head of Education and Research at CFI.
"Positive company earnings could help the market to continue recovering in addition to the Federal Reserve's decision to keep interest rates unchanged."
In Abu Dhabi, the index (.FTFADGI) gained 0.6%.
Oil - a catalyst for the Gulf's financial markets - gained 1% to snap its three-day decline, after Fed kept benchmark interest rates on hold.
The Qatari benchmark (.QSI) advanced 1.4%, as almost all the stocks on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which was up 1.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) concluded 0.9% higher, with Commercial International Bank (COMI.CA) rising 1%.
Most stock markets in the Gulf ended higher on Thursday as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates - the main driver of world borrowing costs - on hold.
Fed Chair Jerome Powell's comments that its aggressive 20-month run of rate increases was likely to slow the economy after what he had described as the "outsized" jump in Q3 U.S. GDP, was the main takeaway for many analysts, although he had been careful to keep the door open to another hike if needed.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Saudi Arabia's benchmark index (.TASI) rose 0.4%, with Alinma Bank (1150.SE) rising 2.8% and the kingdom's largest lender Saudi National Bank (1180.SE) closing 2.9% higher.
Dubai's main share index (.DFMGI) added 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) hiking 1.5%.
The Dubai stock market continued to see additional gains, extending its rebound. However, the main index remains well below its peak and could remain at risk, said George Khoury, Global Head of Education and Research at CFI.
"Positive company earnings could help the market to continue recovering in addition to the Federal Reserve's decision to keep interest rates unchanged."
In Abu Dhabi, the index (.FTFADGI) gained 0.6%.
Oil - a catalyst for the Gulf's financial markets - gained 1% to snap its three-day decline, after Fed kept benchmark interest rates on hold.
The Qatari benchmark (.QSI) advanced 1.4%, as almost all the stocks on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which was up 1.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) concluded 0.9% higher, with Commercial International Bank (COMI.CA) rising 1%.
Middle East alternative asset manager Investcorp sets IPO price range for vehicle | Reuters
Middle East alternative asset manager Investcorp sets IPO price range for vehicle | Reuters
Middle East alternative asset manager Investcorp (IPO-INCP.AD) set the price range on Thursday for the initial public offering (IPO) of its investment vehicle, potentially raising up to $402.7 million with an equity valuation of up to $1.37 billion.
The price range for Investcorp Capital was set at 1.90 dirhams ($0.5173) to 2.30 dirhams per share, said the company. It plans to offer 643 million ordinary shares and wants to list on the Abu Dhabi Securities Exchange. The shares are expected to be priced on Nov. 10.
Reuters reported in June some of the initial plans for the vehicle, which will operate as an independent company, and hold Investcorp's private market co-investments across assets including credit, real estate and private equity.
The planned flotation from Investcorp with $50 billion in assets under management, is the first major public deal from the Middle East since the Israel-Hamas conflict unsettled regional markets. Abu Dhabi's stock index is down just under 3% since the conflict began on Oct 7, and down 7% year-to-date.
Middle East alternative asset manager Investcorp (IPO-INCP.AD) set the price range on Thursday for the initial public offering (IPO) of its investment vehicle, potentially raising up to $402.7 million with an equity valuation of up to $1.37 billion.
The price range for Investcorp Capital was set at 1.90 dirhams ($0.5173) to 2.30 dirhams per share, said the company. It plans to offer 643 million ordinary shares and wants to list on the Abu Dhabi Securities Exchange. The shares are expected to be priced on Nov. 10.
Reuters reported in June some of the initial plans for the vehicle, which will operate as an independent company, and hold Investcorp's private market co-investments across assets including credit, real estate and private equity.
The planned flotation from Investcorp with $50 billion in assets under management, is the first major public deal from the Middle East since the Israel-Hamas conflict unsettled regional markets. Abu Dhabi's stock index is down just under 3% since the conflict began on Oct 7, and down 7% year-to-date.
#AbuDhabi (#UAE) Weighs Investment Pledges Worth $50 Billion for India - Bloomberg
Abu Dhabi (UAE) Weighs Investment Pledges Worth $50 Billion for India - Bloomberg
The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.
Provisional pledges from the UAE could be announced early next year, people familiar with the matter said, asking not to be named as the information is not public. Any new investments would follow Narendra Modi’s meetings with UAE President Sheikh Mohammed bin Zayed in July.
The countries have been seeking to bolster ties over the past decade, and aim to increase non-oil bilateral trade to $100 billion. Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since he took over as prime minister in 2014. The last Indian premier to visit the UAE before him was Indira Gandhi in 1981.
Deals being discussed include stakes in key Indian infrastructure projects and state-owned assets, with announcements likely before Modi seeks a third term in federal elections due next year, the people said. Some of the investments could involve sovereign wealth funds such as the Abu Dhabi Investment Authority, Mubadala Investment Co. and ADQ, they said.
The pledges are unlikely to have clear timelines for a large chunk of the investments, the people said. No final decisions have been made on the size or timing of the announcements.
The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.
Provisional pledges from the UAE could be announced early next year, people familiar with the matter said, asking not to be named as the information is not public. Any new investments would follow Narendra Modi’s meetings with UAE President Sheikh Mohammed bin Zayed in July.
The countries have been seeking to bolster ties over the past decade, and aim to increase non-oil bilateral trade to $100 billion. Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since he took over as prime minister in 2014. The last Indian premier to visit the UAE before him was Indira Gandhi in 1981.
Deals being discussed include stakes in key Indian infrastructure projects and state-owned assets, with announcements likely before Modi seeks a third term in federal elections due next year, the people said. Some of the investments could involve sovereign wealth funds such as the Abu Dhabi Investment Authority, Mubadala Investment Co. and ADQ, they said.
The pledges are unlikely to have clear timelines for a large chunk of the investments, the people said. No final decisions have been made on the size or timing of the announcements.
Masdar-Fiba M&A Talks Collapse in Blow to Turkey-#UAE Investment Drive - Bloomberg
Masdar-Fiba M&A Talks Collapse in Blow to Turkey-UAE Investment Drive - Bloomberg
Renewable energy giant Masdar’s talks to acquire a stake in Turkey’s Fiba Yenilenebilir Enerji have collapsed, according to sources with knowledge of the matter, in a blow to Ankara’s pursuit of UAE investment.
The talks failed to reach a deal due to disagreements over price, the sources said. Masdar said in a statement that it doesn’t comment on “market speculation.” Fiba didn’t respond to a request for comment.
In July the UAE committed a provisional $51 billion for Turkey deals including about $30 billion in energy. Since then the local benchmark stock index has risen 15.4%, driven by an influx of foreign inflows and domestic investors seeking a hedge against inflation.
The Fiba-Masdar talks, reported by Bloomberg in September, were just one part of a broader bilateral investment push.
Renewable energy giant Masdar’s talks to acquire a stake in Turkey’s Fiba Yenilenebilir Enerji have collapsed, according to sources with knowledge of the matter, in a blow to Ankara’s pursuit of UAE investment.
The talks failed to reach a deal due to disagreements over price, the sources said. Masdar said in a statement that it doesn’t comment on “market speculation.” Fiba didn’t respond to a request for comment.
In July the UAE committed a provisional $51 billion for Turkey deals including about $30 billion in energy. Since then the local benchmark stock index has risen 15.4%, driven by an influx of foreign inflows and domestic investors seeking a hedge against inflation.
The Fiba-Masdar talks, reported by Bloomberg in September, were just one part of a broader bilateral investment push.
#Qatar, #UAE, Other Gulf Central Banks Maintain Interest Rate Hike Pause Like Fed - Bloomberg
Qatar, UAE, Other Gulf Central Banks Maintain Interest Rate Hike Pause Like Fed - Bloomberg
Central banks in the Gulf including Qatar and the United Arab Emirates followed the Federal Reserve’s decision to keep interest rates unchanged in order to protect their currencies’ peg against the US dollar.
The Federal Reserve held interest rates at a 22-year high for a second straight meeting, while suggesting that the recent rise in Treasury yields may weigh on the economy and inflation.
Most of the GCC’s central banks move in tandem with the Fed due to the greenback-pegging policy, with Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies.
Qatar said it would keep its repo rate unchanged 6%, its lending rate at 6.25% and its deposit rate at 5.75%.
The UAE maintained its base rate applicable to the overnight deposit facility at 5.40%.
Central banks in the Gulf including Qatar and the United Arab Emirates followed the Federal Reserve’s decision to keep interest rates unchanged in order to protect their currencies’ peg against the US dollar.
The Federal Reserve held interest rates at a 22-year high for a second straight meeting, while suggesting that the recent rise in Treasury yields may weigh on the economy and inflation.
Most of the GCC’s central banks move in tandem with the Fed due to the greenback-pegging policy, with Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies.
Qatar said it would keep its repo rate unchanged 6%, its lending rate at 6.25% and its deposit rate at 5.75%.
The UAE maintained its base rate applicable to the overnight deposit facility at 5.40%.
#Saudi Arabian petrochemical giant SABIC reports Q3 net loss | Reuters
Saudi Arabian petrochemical giant SABIC reports Q3 net loss | Reuters
Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss.
In a filing, SABIC reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.
The loss was mainly driven by an impairment charge of 2.93 billion riyals on the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia's sovereign wealth fund acquired SABIC's entire stake in the company.
Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss.
In a filing, SABIC reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.
The loss was mainly driven by an impairment charge of 2.93 billion riyals on the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia's sovereign wealth fund acquired SABIC's entire stake in the company.
Major Gulf markets in black as Fed keeps rates unchanged | Reuters
Major Gulf markets in black as Fed keeps rates unchanged | Reuters
Major stock markets in the Gulf rose in early trade on Thursday after the U.S. Federal Reserve's rate pause and policy commentary led to hopes of an end to further rate hikes.
The Fed held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint.
While Chair Jerome Powell did not rule out another hike, markets judged he was not quite as hawkish as he might have been.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Saudi Arabia's benchmark index (.TASI) advanced 1%, with Elm Co (7203.SE) gaining 1.8%, while Saudi Basic Industries Corp (SABIC) (2010.SE) jumped more than 4% despite reporting quarterly loss.
SABIC, one of the world's biggest petrochemical companies, reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.
Elsewhere, Mouwasat Medical Services Co (4002.SE) added 1.4% following a sharp rise in quarterly profit.
Dubai's main share index (.DFMGI) rose 0.5%, with Emirates Central Cooling Systems (EMPOWER.DU) increasing 1.2%.
The United Arab Emirates' gross domestic product grew 3.7% in the first half of the year, the economy minister said on Wednesday, as non-oil sector growth vastly outperformed overall growth.
In Abu Dhabi, the index (.FTFADGI) was up 0.5%.
Oil - which fuels the Gulf economy - gained 1% to snap its three-day decline, as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold.
The Qatari benchmark (.QSI) climbed 1.4%, as most of the constituents on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which was up 1.9%.
Major stock markets in the Gulf rose in early trade on Thursday after the U.S. Federal Reserve's rate pause and policy commentary led to hopes of an end to further rate hikes.
The Fed held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint.
While Chair Jerome Powell did not rule out another hike, markets judged he was not quite as hawkish as he might have been.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Saudi Arabia's benchmark index (.TASI) advanced 1%, with Elm Co (7203.SE) gaining 1.8%, while Saudi Basic Industries Corp (SABIC) (2010.SE) jumped more than 4% despite reporting quarterly loss.
SABIC, one of the world's biggest petrochemical companies, reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.
Elsewhere, Mouwasat Medical Services Co (4002.SE) added 1.4% following a sharp rise in quarterly profit.
Dubai's main share index (.DFMGI) rose 0.5%, with Emirates Central Cooling Systems (EMPOWER.DU) increasing 1.2%.
The United Arab Emirates' gross domestic product grew 3.7% in the first half of the year, the economy minister said on Wednesday, as non-oil sector growth vastly outperformed overall growth.
In Abu Dhabi, the index (.FTFADGI) was up 0.5%.
Oil - which fuels the Gulf economy - gained 1% to snap its three-day decline, as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold.
The Qatari benchmark (.QSI) climbed 1.4%, as most of the constituents on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which was up 1.9%.
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