Qatar economic growth has normalised in 2023 following World Cup boom - IMF | Reuters
The International Monetary Fund (IMF) said on Tuesday that Qatar’s economic growth has normalised in 2023 following the World Cup-driven boom.
The IMF added that the economy of the world's top LNG exporter had a favourable medium-term outlook supported by LNG production expansion and intensifying reform efforts.
"Broad fiscal discipline amid hydrocarbon windfalls in 2022-23 resulted in sizeable surpluses and rapid central government debt reduction," IMF said.
Tuesday, 21 November 2023
#Saudi media group MBC gains approval for IPO | Reuters
Saudi media group MBC gains approval for IPO | Reuters
Saudi Arabian state-owned media giant MBC Group's planned initial public offering (IPO) was approved by the kingdom's Capital Market Authority (CMA) on Tuesday.
MBC plans to float 10% of its share capital, the CMA said in a statement without disclosing the expected pricing.
The authority did not specify an expected date for the IPO, but the approval is valid for only six months.
The Saudi government owns 60% of the company, which includes 20 TV channels broadcast across the Middle East.
There has been a flurry of Saudi IPOs in recent years as part of broader plans to deepen capital markets, grow the private sector and attract investment.
Saudi Arabian state-owned media giant MBC Group's planned initial public offering (IPO) was approved by the kingdom's Capital Market Authority (CMA) on Tuesday.
MBC plans to float 10% of its share capital, the CMA said in a statement without disclosing the expected pricing.
The authority did not specify an expected date for the IPO, but the approval is valid for only six months.
The Saudi government owns 60% of the company, which includes 20 TV channels broadcast across the Middle East.
There has been a flurry of Saudi IPOs in recent years as part of broader plans to deepen capital markets, grow the private sector and attract investment.
Major Gulf markets mixed; focus on Fed minutes | Reuters
Major Gulf markets mixed; focus on Fed minutes | Reuters
Major stock markets in the Gulf put in a mixed performance on Tuesday amid falling oil prices and on expectations the U.S. Federal Reserve is likely done with interest rate hikes.
The minutes of the Fed's November meeting are likely to offer more clues on monetary policy after evidence of slowing inflation boosted expectations that U.S. interest rates had peaked. The minutes are due to be released at 1900 GMT.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
The Qatari index (.QSI) was up 0.4%, ending previous session losses, aided by a 1.8% rise in Industries Qatar (IQCD.QA) and 3% surge in Qatar International Islamic Bank (QIIB.QA).
Saudi Arabia's benchmark index (.TASI) gained 0.1%, with Marafiq (2083.SE) rising 1.7% and First Milling Co (2283.SE) climbing 3.2%.
In Abu Dhabi, the benchmark index (.FTFADGI) dropped 0.4%, weighed down by a 2.9% decline in Abu Dhabi Commercial Bank (ADCB.AD) and 1.1% drop in the Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD).
Dubai's benchmark index (.DFMGI) fell 0.4%, snapping three straight sessions of gains, dragged down by a 0.7% dip in developer Emaar Properties (EMAR.DU) and 1.1% slide in Emirates Central Cooling Systems(EMPOWER.DU).
Oil prices - a catalyst for the Gulf's financial markets - eased with Brent falling 0.5%, to $81.94 a barrel by 1300 GMT.
Outside the Gulf, Egypt's blue-chip index (.EGX30) inched up 0.1% supported by a 4.5% surge in Telecom Egypt (ETEL.CA) and a 4.3% rise in Misr Fertilizer(MFPC.CA).
Major stock markets in the Gulf put in a mixed performance on Tuesday amid falling oil prices and on expectations the U.S. Federal Reserve is likely done with interest rate hikes.
The minutes of the Fed's November meeting are likely to offer more clues on monetary policy after evidence of slowing inflation boosted expectations that U.S. interest rates had peaked. The minutes are due to be released at 1900 GMT.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
The Qatari index (.QSI) was up 0.4%, ending previous session losses, aided by a 1.8% rise in Industries Qatar (IQCD.QA) and 3% surge in Qatar International Islamic Bank (QIIB.QA).
Saudi Arabia's benchmark index (.TASI) gained 0.1%, with Marafiq (2083.SE) rising 1.7% and First Milling Co (2283.SE) climbing 3.2%.
In Abu Dhabi, the benchmark index (.FTFADGI) dropped 0.4%, weighed down by a 2.9% decline in Abu Dhabi Commercial Bank (ADCB.AD) and 1.1% drop in the Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD).
Dubai's benchmark index (.DFMGI) fell 0.4%, snapping three straight sessions of gains, dragged down by a 0.7% dip in developer Emaar Properties (EMAR.DU) and 1.1% slide in Emirates Central Cooling Systems(EMPOWER.DU).
Oil prices - a catalyst for the Gulf's financial markets - eased with Brent falling 0.5%, to $81.94 a barrel by 1300 GMT.
Outside the Gulf, Egypt's blue-chip index (.EGX30) inched up 0.1% supported by a 4.5% surge in Telecom Egypt (ETEL.CA) and a 4.3% rise in Misr Fertilizer(MFPC.CA).
#AbuDhabi’s $50 Billion Fund Lunate Sets Up Wealth Tech Firm With BNY - Bloomberg
Abu Dhabi’s $50 Billion Fund Lunate Sets Up Wealth Tech Firm With BNY - Bloomberg
Lunate, the Abu Dhabi-based alternate investment fund with more than $50 billion of assets, is partnering with Bank of New York Mellon Corp. on a new fintech venture to tap into the region’s burgeoning market for wealth management.
Alpheya, which will start with $300 million in capital, will provide a range of digital services, including client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics, according to a statement on Tuesday.
The firm will start serving clients in the fourth quarter of 2024 and is on track to hire at least a hundred staff locally and globally, according to Akash Shah, chief growth officer at BNY Mellon. The US bank has a minority stake in the new firm.
“This product is demand driven,” Shah said in an interview. “We saw that our clients, mostly banks in the region, wanted to serve their wealth market, but didn’t have the right technology and capabilities to do it, and they were trying to build or buy it very quickly.”
Roger Rouhana, who was the head of strategy at BNY Mellon in New York for almost five years, is the chief executive officer of Alpheya. Under his leadership, the firm is looking to capture the Gulf region’s $5 trillion wealth market that’s growing at 8 to 10% a year, a pace rarely seen in financial services globally, Shah said.
Lunate and BNY Mellon are also looking to bring other shareholders into the business and are actively engaged with other potential regional investors, Shah said.
Lunate, the Abu Dhabi-based alternate investment fund with more than $50 billion of assets, is partnering with Bank of New York Mellon Corp. on a new fintech venture to tap into the region’s burgeoning market for wealth management.
Alpheya, which will start with $300 million in capital, will provide a range of digital services, including client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics, according to a statement on Tuesday.
The firm will start serving clients in the fourth quarter of 2024 and is on track to hire at least a hundred staff locally and globally, according to Akash Shah, chief growth officer at BNY Mellon. The US bank has a minority stake in the new firm.
“This product is demand driven,” Shah said in an interview. “We saw that our clients, mostly banks in the region, wanted to serve their wealth market, but didn’t have the right technology and capabilities to do it, and they were trying to build or buy it very quickly.”
Roger Rouhana, who was the head of strategy at BNY Mellon in New York for almost five years, is the chief executive officer of Alpheya. Under his leadership, the firm is looking to capture the Gulf region’s $5 trillion wealth market that’s growing at 8 to 10% a year, a pace rarely seen in financial services globally, Shah said.
Lunate and BNY Mellon are also looking to bring other shareholders into the business and are actively engaged with other potential regional investors, Shah said.
Top #AbuDhabi Health Firm Set to Join Mideast Listing Spree - Bloomberg
Top Abu Dhabi Health Firm Set to Join Mideast Listing Spree - Bloomberg
Abu Dhabi-based PureHealth Holding PJSC, a health-care platform controlled by one of the city’s sovereign wealth funds and its largest conglomerate, plans to list in the United Arab Emirates’ capital.
The Middle East’s biggest health-care platform is expected to start trading in December, subject to regulatory approvals, according to a statement late on Monday. Wealth fund ADQ and International Holding Co., both overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the brother of the UAE’s ruler, have been working on a listing for years.
As part of the plans, several companies including Abu Dhabi Health Services Co., known as SEHA, and National Health Insurance Co., known as Daman, were merged into PureHealth by ADQ in Jan. 2022. The firm now operates over 25 hospitals and 100 clinics.
PureHealth is the latest example of the Gulf country seeking to create national champions across sectors. Abu Dhabi’s $48 billion telecom firm e& is pursuing an ambitious expansion strategy after becoming Vodafone Group Plc’s biggest shareholder, and has been mandated by the government to seek opportunistic deals, Bloomberg News has reported.
PureHealth has also expanded through acquisitions, including a $1.2 billion deal to buy one of the UK’s largest independent hospital operators from Centene Corp. It also bought a minority stake in US health-care provider Ardent Health Services for 1.8 billion dirhams in May.
The firm joins a busy listing calendar in the Gulf country.
Cryptocurrency mining hardware retailer Phoenix Group Plc is planning to go public in Abu Dhabi in a $371 million deal. On Monday, Dubai Taxi Co. started taking investor orders for its share sale that could raise as much as $315 million.
Abu Dhabi-based PureHealth Holding PJSC, a health-care platform controlled by one of the city’s sovereign wealth funds and its largest conglomerate, plans to list in the United Arab Emirates’ capital.
The Middle East’s biggest health-care platform is expected to start trading in December, subject to regulatory approvals, according to a statement late on Monday. Wealth fund ADQ and International Holding Co., both overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the brother of the UAE’s ruler, have been working on a listing for years.
As part of the plans, several companies including Abu Dhabi Health Services Co., known as SEHA, and National Health Insurance Co., known as Daman, were merged into PureHealth by ADQ in Jan. 2022. The firm now operates over 25 hospitals and 100 clinics.
PureHealth is the latest example of the Gulf country seeking to create national champions across sectors. Abu Dhabi’s $48 billion telecom firm e& is pursuing an ambitious expansion strategy after becoming Vodafone Group Plc’s biggest shareholder, and has been mandated by the government to seek opportunistic deals, Bloomberg News has reported.
PureHealth has also expanded through acquisitions, including a $1.2 billion deal to buy one of the UK’s largest independent hospital operators from Centene Corp. It also bought a minority stake in US health-care provider Ardent Health Services for 1.8 billion dirhams in May.
The firm joins a busy listing calendar in the Gulf country.
Cryptocurrency mining hardware retailer Phoenix Group Plc is planning to go public in Abu Dhabi in a $371 million deal. On Monday, Dubai Taxi Co. started taking investor orders for its share sale that could raise as much as $315 million.
#Dubai’s $315 Million Taxi IPO Sells Out in an Hour - Bloomberg
Dubai’s $315 Million Taxi IPO Sells Out in an Hour - Bloomberg
Dubai Taxi Co.’s initial public offering of as much as 1.16 billion dirhams ($315 million) received enough orders to cover the deal within an hour of opening, showing strong demand for the emirate’s first privatization in a year.
Books are covered throughout the price range, according to terms of the deal obtained by Bloomberg News. The government is selling 624.75 million shares, or a 25% stake, at 1.8 dirhams to 1.85 dirhams each, the company said Tuesday. That values Dubai Taxi at as much as 4.62 billion dirhams.
Investors will be able to place orders until Nov. 29, with the final offer price set to be announced on Nov. 30. The shares are expected to start trading on Dec. 7.
The IPO will be the first share sale by Dubai’s government in more than 12 months. It raised $8.3 billion by selling stakes in four state-owned companies, including the city’s main water and electricity utility, in 2022. The share sales are part of a plan unveiled about two years ago to list 10 state-owned companies to boost flagging trading volumes and match similar drives in Abu Dhabi and Riyadh.
Dubai Taxi Co.’s initial public offering of as much as 1.16 billion dirhams ($315 million) received enough orders to cover the deal within an hour of opening, showing strong demand for the emirate’s first privatization in a year.
Books are covered throughout the price range, according to terms of the deal obtained by Bloomberg News. The government is selling 624.75 million shares, or a 25% stake, at 1.8 dirhams to 1.85 dirhams each, the company said Tuesday. That values Dubai Taxi at as much as 4.62 billion dirhams.
Investors will be able to place orders until Nov. 29, with the final offer price set to be announced on Nov. 30. The shares are expected to start trading on Dec. 7.
The IPO will be the first share sale by Dubai’s government in more than 12 months. It raised $8.3 billion by selling stakes in four state-owned companies, including the city’s main water and electricity utility, in 2022. The share sales are part of a plan unveiled about two years ago to list 10 state-owned companies to boost flagging trading volumes and match similar drives in Abu Dhabi and Riyadh.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Tuesday amid falling oil prices and on expectations the U.S. Federal Reserve is likely done with interest rate hikes.
Stock markets have broadly rebounded in November, as a flurry of data that showed U.S. inflation might be easing has spurred bets that the Fed is done with monetary tightening and rate cuts may be on the way next year.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Fed, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.7% rise in ACWA Power Co (2082.SE) and a 1.9% increase in Power and Water Utility Co For Jubail and Yanbu (2083.SE).
The Qatari benchmark (.QSI) added 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.3%.
Separately, the chief of Hamas told Reuters on Tuesday that the Palestinian militant group was near a truce agreement with Israel, even as the deadly assault on Gaza continued and rockets were being fired into Israel.
In Abu Dhabi, the index (.FTFADGI) lost 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - eased, reversing the previous day's rally, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth.
Dubai's main share index (.DFMGI) dropped 0.2%, hit by a 0.4% fall in blue-chip developer Emaar Properties (EMAR.DU).
Major stock markets in the Gulf were mixed in early trade on Tuesday amid falling oil prices and on expectations the U.S. Federal Reserve is likely done with interest rate hikes.
Stock markets have broadly rebounded in November, as a flurry of data that showed U.S. inflation might be easing has spurred bets that the Fed is done with monetary tightening and rate cuts may be on the way next year.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the Fed, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.7% rise in ACWA Power Co (2082.SE) and a 1.9% increase in Power and Water Utility Co For Jubail and Yanbu (2083.SE).
The Qatari benchmark (.QSI) added 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.3%.
Separately, the chief of Hamas told Reuters on Tuesday that the Palestinian militant group was near a truce agreement with Israel, even as the deadly assault on Gaza continued and rockets were being fired into Israel.
In Abu Dhabi, the index (.FTFADGI) lost 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - eased, reversing the previous day's rally, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth.
Dubai's main share index (.DFMGI) dropped 0.2%, hit by a 0.4% fall in blue-chip developer Emaar Properties (EMAR.DU).