Saudi Arabia Eyes Stake in Indian Premier League (IPL) Cricket Tournament - Bloomberg
Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, international cricket’s most lucrative event, following a string of investments that have upended professional sports including football and golf.
Crown Prince Mohammed bin Salman’s advisers have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, in which Saudi Arabia would then take a significant stake, people familiar with the matter said. The talks were held when the kingdom’s defacto ruler visited India in September, the people said, asking not to be named as the information is not public.
Under plans discussed at the time, the kingdom proposed investing as much as $5 billion into the league and help lead an expansion into other countries, similar to the English Premier League or the European Champions League, the people said.
While the Saudi government is keen to press on with a deal, the Indian government and the country’s powerful but opaque cricket regulator — BCCI — are likely to take a call on the proposal after next year’s federal elections, the people said. The BCCI is led by Jay Shah, the son of India’s Home Minister Amit Shah — a close ally of Prime Minister Narendra Modi.
Saudi Arabia’s powerful sovereign wealth fund, which has anchored many of the kingdom’s previous sports investments, could ultimately be the vehicle used to do a deal with the BCCI if an agreement is reached. No final decisions have yet been made.
US Sanctions UAE-Based Companies in Push to Curb Gulf State’s Russian Ties - Bloomberg
The US targeted several companies based in the United Arab Emirates in the latest round of Russia-related sanctions as it seeks to up the pressure on the Gulf country to curb ties with Moscow.
The US Treasury Department blacklisted 130 individuals and companies in an effort to clamp down on Russia’s defense and technology sectors, as well as companies and people in third countries that help move goods into Russia. Several companies based in the UAE and Turkey were on the list, including logistics and at least one financial services firm.
Western officials have pressed for the oil-rich UAE to stop acting as a gateway for Russia to get around sanctions.
Russia has so far been able to get around some of the trade restrictions imposed on it by the US, UK and Europe by routing banned goods via third countries such as the Gulf country, as well as Turkey and some Central Asian nations that have not introduced sanctions themselves. Dubai, the UAE’s commercial hub, also has seen an influx of Russians and their capital since the February 2022 invasion of Ukraine.
The US said the sanctions were aimed at entities which trade goods that can be used as dual-use items for President Vladimir Putin’s war in Ukraine and financial services firms.
One of the sanctioned firms, ARX Financial Engineering Ltd., is a UAE-based financial engineering company that offered investment services to Russian investors.
The US accused the firm of “identifying ways that Russian rubles could be sent from sanctioned Russian VTB Bank” and converted into US dollars. Two Irish nationals involved at ARX were also sanctioned.
Still, in the statement announcing the sanctions, the Treasury said recent actions “particularly by the UAE” were encouraging as the agency continues its efforts to enforce restrictions. Thursday’s announcement was the latest of hundreds of sanctions actions imposed by the US and its allies against Russia since the war began.
UAE shares rise as Fed pause improves sentiment | Reuters
Stock market in the United Arab Emirates closed higher on Friday, in line with global equity markets, as investors cheered a pause in U.S. interest rate hikes, improving sentiment across most asset classes.
Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely.
Dubai's main share index (.DFMGI) rose 0.4%, extending winning streak to fifth consecutive sessions, with financial stocks leading a broader rise across most sectors.
Both Emirates NBD Bank (ENBD.DU), Dubai's largest lender, and Mashreqbank (MASB.DU) climbed 2.6%, while blue-chip developer Emaar Properties (EMAR.DU) was up 0.9%.
The index logged its second consecutive weekly gain to 3.8%.
Dubai stock market could be exposed to some selling pressures after this week’s rebound. While geopolitical concerns could continue to weigh on the market, said Khaldoun Hilal - CEO, KAMA Capital.
In Abu Dhabi, the index (.FTFADGI) added 0.3%, led by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The index registered nearly 3% rise on weekly basis.
Abu Dhabi stock market stabilised to a certain extent in this week after hitting a new low this year and exposing it to new price corrections, added Khaldoun Hilal.
