ADX CEO says 2024 will see continued momentum in new listings
Abdulla Salem Al Nuaimi, Chief Executive Officer at Abu Dhabi Securities Exchange (ADX), anticipates continued growth and momentum in 2024, including numerous new listings and offerings.
Speaking to the Emirates News Agency (WAM) on the sidelines of the Environmental, Social, and Governance (ESG) index launch during Abu Dhabi Finance Week (ADFW) 2023, Al Nuaimi noted the Abu Dhabi market's robust activity in 2023, maintaining the exceptional growth momentum witnessed in 2022.
He attributed the listings and offerings to ADX's pivotal role in connecting investors with companies, fostering growth opportunities, and solidifying the UAE and Abu Dhabi's positions as global investment hubs.
Notable listings in 2023 include ADNOC Gas, Presight AA Holding, ADNOC Distribution, and Investcorp Capital. The listing of Phoenix Group shares is scheduled for 5th December, while Pure Health Holdings announced its intention to conduct an initial public offering (IPO) followed by the listing of its shares on ADX in December 2023, subject to regulatory approvals and legal procedures.
Tuesday 28 November 2023
Hospital chain Aster DM sells stake in its Gulf business for $1.01 bln | Reuters
Hospital chain Aster DM sells stake in its Gulf business for $1.01 bln | Reuters
Hospital and pharmacy operator Aster DM Healthcare (ATRD.NS) said on Tuesday it would sell its stake in its Gulf business to Alpha GCC Holdings for $1.01 billion as it looks to separate its businesses in India and the Middle East.
Most Gulf markets rise on strong oil prices | Reuters
Most Gulf markets rise on strong oil prices | Reuters
Most stock markets in the Gulf ended higher on Tuesday on rising oil prices amid expectations that the OPEC+ producer group would deepen and extend output cuts.
Oil prices - a catalyst for the Gulf's financial markets - were up 1.1% on Tuesday with Brent trading at $80.82 a barrel by 1240 GMT.
OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, is due to hold a ministerial meeting on Thursday to discuss production targets for 2024.
Dubai's benchmark index (.DFMGI) was up for a third consecutive session, ending 0.4% higher, with almost all sectors in the green.
The real estate developer Emaar Properties (EMAR.DU) surged 2.7% and Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.1%.
In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.3%, helped by a 1.1% gain in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.8% surge in Abu Dhabi National Oil Company for Distribution(ADNOCDIST.AD).
Saudi Arabia's benchmark index (.TASI) gained 0.2%, snapping the previous session of losses, supported by gains in energy, finance, healthcare and materials sectors.
Lumi Rental (4262.SE) advanced 2.4% and Dr Sulaiman Al Habib Medical Services (4013.SE) climbed 3.7%.
The Qatari index (.QSI) was down for a fifth straight session and ended 0.2% lower, weighed down by a 0.9% drop in Industries Qatar (IQCD.QA) and 2.7% decline in Qatar Navigation(QNNC.QA).
However, the Gulf's largest lender, Qatar National Bank (QNBK.QA), and Qatar Islamic Bank (QISB.QA) gained 0.8% and 0.9% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 3% with all sectors in the red.
Commercial International Bank (COMI.CA) declined 4.8% and Eastern Co(EAST.CA) lost 4.4%.
Most stock markets in the Gulf ended higher on Tuesday on rising oil prices amid expectations that the OPEC+ producer group would deepen and extend output cuts.
Oil prices - a catalyst for the Gulf's financial markets - were up 1.1% on Tuesday with Brent trading at $80.82 a barrel by 1240 GMT.
OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, is due to hold a ministerial meeting on Thursday to discuss production targets for 2024.
Dubai's benchmark index (.DFMGI) was up for a third consecutive session, ending 0.4% higher, with almost all sectors in the green.
The real estate developer Emaar Properties (EMAR.DU) surged 2.7% and Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.1%.
In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.3%, helped by a 1.1% gain in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.8% surge in Abu Dhabi National Oil Company for Distribution(ADNOCDIST.AD).
Saudi Arabia's benchmark index (.TASI) gained 0.2%, snapping the previous session of losses, supported by gains in energy, finance, healthcare and materials sectors.
Lumi Rental (4262.SE) advanced 2.4% and Dr Sulaiman Al Habib Medical Services (4013.SE) climbed 3.7%.
The Qatari index (.QSI) was down for a fifth straight session and ended 0.2% lower, weighed down by a 0.9% drop in Industries Qatar (IQCD.QA) and 2.7% decline in Qatar Navigation(QNNC.QA).
However, the Gulf's largest lender, Qatar National Bank (QNBK.QA), and Qatar Islamic Bank (QISB.QA) gained 0.8% and 0.9% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 3% with all sectors in the red.
Commercial International Bank (COMI.CA) declined 4.8% and Eastern Co(EAST.CA) lost 4.4%.
UK’s Investment Minister Targets Chinese, Mideast Investment - Bloomberg
UK’s Investment Minister Targets Chinese, Mideast Investment - Bloomberg
The British government’s minister for investment says political tensions between Beijing and Washington don’t mean the UK is closed to Chinese money.
While the geopolitical picture remains fraught, Dominic Johnson says he’s still looking to attract Chinese investors, particularly electric vehicle manufacturers.
“I welcome strong business collaboration between the UK and China,” Johnson said on the sidelines of the UK’s Global Investment Summit in London. “China has a very powerful electric car industry. I’d much rather they made great cars in the UK that we could then capitalize from and export,” noting one of his ambitions is “to attract a Chinese car manufacturer.”
While some lawmakers in his governing Conservative party have expressed concern about the prospect of a United Arab Emirates-backed investment vehicle taking over the Telegraph newspaper, Johnson welcomes such interest.
“The UAE is a great partner for the UK,” he said. “We’re an open and liberal economy and where it is possible I welcome their investment.”
The British government’s minister for investment says political tensions between Beijing and Washington don’t mean the UK is closed to Chinese money.
While the geopolitical picture remains fraught, Dominic Johnson says he’s still looking to attract Chinese investors, particularly electric vehicle manufacturers.
“I welcome strong business collaboration between the UK and China,” Johnson said on the sidelines of the UK’s Global Investment Summit in London. “China has a very powerful electric car industry. I’d much rather they made great cars in the UK that we could then capitalize from and export,” noting one of his ambitions is “to attract a Chinese car manufacturer.”
While some lawmakers in his governing Conservative party have expressed concern about the prospect of a United Arab Emirates-backed investment vehicle taking over the Telegraph newspaper, Johnson welcomes such interest.
“The UAE is a great partner for the UK,” he said. “We’re an open and liberal economy and where it is possible I welcome their investment.”
#SaudiArabia's PIF Raises Up to $5 Billion Loan With Korea Export Agency - Bloomberg
Saudi Arabia's PIF Raises Up to $5 Billion Loan With Korea Export Agency - Bloomberg
Saudi Arabia’s sovereign wealth fund raised a loan of up to $5 billion from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries.
The Public Investment Fund, which manages about $778 billion in assets, has agreed the initial $3 billion loan with a tenor of 13 years with Korea Trade Insurance Corp. and has an option to boost it to $5 billion, according to a statement on Tuesday.
The deal is the first export credit agency financing by the PIF and will help the fund and its subsidiaries finance exports from Korea to Saudi Arabia.
“Through this financial support, Korean companies have not only gained technological competitiveness but also financial competitiveness to increase orders,” Inho Lee, President of K-Sure, as the Korean agency is known, said in the statement.
The PIF has been increasingly turned to borrowing for its huge investment plans in Saudi Arabia. Since 2022, it has raised $8.5 billion from two green bond sales and a $17 billion loan.
The fund is an instrumental part of a diversification plan championed by Crown Prince Mohammed bin Salman after transforming from a domestically-focused holding company into a sovereign fund in 2016. While part of those plans will be funded by oil revenue, the government also needs to attract foreign investment and borrow.
The PIF plans to invest an average of $40 billion a year in the kingdom as it looks to develop projects including the $500 billion city Neom to diversify its oil dependent economy. Even though the price at relatively high at current levels, the kingdom is forecasting several years of budget deficits.
Saudi Arabia’s sovereign wealth fund raised a loan of up to $5 billion from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries.
The Public Investment Fund, which manages about $778 billion in assets, has agreed the initial $3 billion loan with a tenor of 13 years with Korea Trade Insurance Corp. and has an option to boost it to $5 billion, according to a statement on Tuesday.
The deal is the first export credit agency financing by the PIF and will help the fund and its subsidiaries finance exports from Korea to Saudi Arabia.
“Through this financial support, Korean companies have not only gained technological competitiveness but also financial competitiveness to increase orders,” Inho Lee, President of K-Sure, as the Korean agency is known, said in the statement.
The PIF has been increasingly turned to borrowing for its huge investment plans in Saudi Arabia. Since 2022, it has raised $8.5 billion from two green bond sales and a $17 billion loan.
The fund is an instrumental part of a diversification plan championed by Crown Prince Mohammed bin Salman after transforming from a domestically-focused holding company into a sovereign fund in 2016. While part of those plans will be funded by oil revenue, the government also needs to attract foreign investment and borrow.
The PIF plans to invest an average of $40 billion a year in the kingdom as it looks to develop projects including the $500 billion city Neom to diversify its oil dependent economy. Even though the price at relatively high at current levels, the kingdom is forecasting several years of budget deficits.
Billionaire Alan Howard Pitches #AbuDhabi as Global Financial Hub - Bloomberg
Billionaire Alan Howard Pitches Abu Dhabi as Global Financial Hub - Bloomberg
Abu Dhabi could become a global financial center, according to billionaire Alan Howard who pitched the emerging hedge fund region as the best time zone to trade for macro money managers.
In a rare public appearance, the co-founder of Brevan Howard Asset Management counted the city’s robust regulation, rule of law and favorable taxation as a lure for financial firms moving to the capital of the United Arab Emirates.
“You can see the BOJ beginning of the day and at the end of the day you can see the Fed,” Howard said in an interview with former UK Chancellor of the Exchequer George Osborne at Abu Dhabi Finance Week on Tuesday. “So that is an incredible advantage of Abu Dhabi and because of that we also need an execution desk here.”
Brevan Howard, one of the world’s biggest hedge funds with assets of more than $35 billion, opened an outpost in Abu Dhabi earlier this year, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.
Abu Dhabi could become a global financial center, according to billionaire Alan Howard who pitched the emerging hedge fund region as the best time zone to trade for macro money managers.
In a rare public appearance, the co-founder of Brevan Howard Asset Management counted the city’s robust regulation, rule of law and favorable taxation as a lure for financial firms moving to the capital of the United Arab Emirates.
“You can see the BOJ beginning of the day and at the end of the day you can see the Fed,” Howard said in an interview with former UK Chancellor of the Exchequer George Osborne at Abu Dhabi Finance Week on Tuesday. “So that is an incredible advantage of Abu Dhabi and because of that we also need an execution desk here.”
Brevan Howard, one of the world’s biggest hedge funds with assets of more than $35 billion, opened an outpost in Abu Dhabi earlier this year, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.
Major Gulf markets mixed in early trade | Reuters
Major Gulf markets mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Tuesday on rising oil prices and ahead of a crucial inflation report later this week.
Oil prices - a catalyst for the Gulf's financial markets -rose slightly due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 2.9% gain in auto rental firm Lumi (4262.SE).
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.8% and a 0.6% increase in sharia-compliant lender Dubai ISlamic Bank (DISB.DU).
Markets are pricing in a 96.8% likelihood that the U.S. central bank will leave interest rates unchanged next month, with the possibility of a rate cut starting to gain ground in mid-2024, according to CME's FedWatch tool.
Investors will focus this week on the Fed's preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed.
COP28 host the United Arab Emirates planned to discuss possible natural gas and other commercial deals ahead of U.N. climate talks that begin this week, an investigation by the BBC and the Centre for Climate Reporting (CCR) said on Monday.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
The Qatari benchmark (.QSI) declined 0.5%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 0.6%.
Major stock markets in the Gulf were mixed in early trade on Tuesday on rising oil prices and ahead of a crucial inflation report later this week.
Oil prices - a catalyst for the Gulf's financial markets -rose slightly due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 2.9% gain in auto rental firm Lumi (4262.SE).
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.8% and a 0.6% increase in sharia-compliant lender Dubai ISlamic Bank (DISB.DU).
Markets are pricing in a 96.8% likelihood that the U.S. central bank will leave interest rates unchanged next month, with the possibility of a rate cut starting to gain ground in mid-2024, according to CME's FedWatch tool.
Investors will focus this week on the Fed's preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed.
COP28 host the United Arab Emirates planned to discuss possible natural gas and other commercial deals ahead of U.N. climate talks that begin this week, an investigation by the BBC and the Centre for Climate Reporting (CCR) said on Monday.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
The Qatari benchmark (.QSI) declined 0.5%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 0.6%.