#UAE to launch $30bn investment fund at COP28

UAE to launch $30bn investment fund at COP28

The United Arab Emirates is preparing to launch a $30bn climate-related investment fund with BlackRock, TPG and Brookfield, according to people familiar with the matter. 

The launch comes as the UAE attempts to bolster its credentials as host of COP28 on the first days of the UN summit. 

Lunate Capital, a new Abu Dhabi-based asset manager set up with $50bn in assets, will oversee the fund with at least $5bn earmarked for investment in Global South countries, three people involved in discussions said. 

The UAE is drawing on vast resources amassed as one of the world’s biggest oil and gas producers. The nation sits on assets worth $2.5tn across its sovereign wealth fund, pension funds and central bank, according to data provider Global SWF.

Mideast Stocks: Most Gulf markets rise on strong oil prices

Mideast Stocks: Most Gulf markets rise on strong oil prices

Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year. Oil prices - a key catalyst for the Gulf's financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters. The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.

Saudi Arabia's benchmark index was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April. Elm Company rose 1.4% and the kingdom's largest lender Saudi National Bank climbed 2%. 

The Qatari index snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank and 5.7% surge in Mesaieed Petrochemical.

In Abu Dhabi, the benchmark index was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties and 1% rise in UAE's largest lender First Abu Dhabi Bank.

Dubai's benchmark index fell 0.2%, with most sectors in the red. Emirates Central Cooling Systems Corp declined 1.8% and Emirate's largest lender Emirates NBD lost 0.9%. 

Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank dropping 1% and Talaat Mostafa Group Holding sliding 3.3%. However, Misr Fertilizer and Orascom Egypt gained 2.6% and 9.9% respectively.

#AbuDhabi: Morgan Stanley, Rothschild Join Finance Elite - Bloomberg

Abu Dhabi: Morgan Stanley, Rothschild Join Finance Elite - Bloomberg

Rothschild & Co. and Morgan Stanley are among global investment banks opening up in Abu Dhabi as the deep-pocketed United Arab Emirates’ capital continues to attract more international money and financial firms.

The Paris-based boutique bank secured a license to operate in the Abu Dhabi Global Market, the emirate’s main business zone, according to a statement on Thursday.

Separately, JPMorgan & Chase Co. this week said it’s expanding in the city by offering deposit taking and payment processing to its wholesale banking clients from the capital and is seeking a full banking license in ADGM. The plans signal the Wall Street firm’s “intent and commitment to the size of the opportunity here,” Chief Executive Officer Jamie Dimon said in the statement.

JPMorgan’s expansion come about a month after Morgan Stanley CEO James Gorman told analysts that the bank plans to open an outpost in Abu Dhabi. Earlier this year, Goldman Sachs Group Inc. said it was opening an office in the capital that would initially focus on asset management.

Global investment banks are making inroads into Abu Dhabi at the same time hedge funds, private equity firms, crypto companies and asset managers are being drawn to the city that’s home to sovereign wealth funds overseeing more than $2 trillion. Ray Dalio has set up a branch of his family office in the UAE capital, while Brevan Howard Asset Management, one of the world’s biggest hedge funds, also opened an outpost in ADGM.

#Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group is seeking to raise as much as $222 million from the sale of a 10% stake through an initial public offering after the company disclosed an indicative price range on Thursday.

The price range was set between 23 riyals ($6.13) and 25 riyals per share, the company said in a statement, implying an equity value for the group of between $2.04 billion and $2.22 billion.

The final price will be disclosed at the end of the book-building period, which is slated for December 6.

Major Gulf markets ease in early trade | Reuters

Major Gulf markets ease in early trade | Reuters

Major stock markets in the Gulf were subdued in early trade on Thursday on volatile oil prices, while the Qatari benchmark was on course to extend losses for a sixth session.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, dragged down by a 0.2% fall in oil behemoth Saudi Aramco (2222.SE).

Oil - a major catalyst for the region's financial markets - was little changed as investors remained cautious ahead of expected production cuts by the OPEC+ group and as weaker-than-expected Chinese factory data underscored slowing growth in the world's second largest economy.

Oil prices will face an uphill struggle in 2024 as global growth risks, including China's patchy economic recovery, restrain demand, a Reuters poll showed on Wednesday, while markets expect that OPEC+ may extend production cuts.

Among individual stocks, auto rental firm Lumi (4262.SE) advanced 1.7%, following a purchase order from Royal Commission for Alula to provide vehicle rental services for 41.8 million riyals ($11.14 million).

Separately, Saudi Arabian media giant MBC Group is seeking to raise as much as $222 million from the sale of a 10% stake through an initial public offering after the company disclosed an indicative price range on Thursday.

Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.4% rise in blue-chip developer Emaar Properties (EMAR.DU).

Meanwhile, U.S. President Joe Biden on Wednesday held a call with President Mohamed bin Zayed of the United Arab Emirates and discussed the war in the Middle East and an upcoming climate summit, the White House said in a statement.

In Abu Dhabi, the index (.FTFADGI) lost 0.1%.

The Qatari benchmark (.QSI) was down 0.2%, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), losing 0.3%.