Dubai sets up Dubai Investment Fund to boost financial stability | Reuters
Dubai will transfer shares it owns in Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi to a new investment fund that will aim to generate returns and bolster the emirate's financial stability, Dubai Media Office said on Monday.
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum issued a law to set up the Dubai Investment Fund, which will be chaired by his son Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, deputy ruler of Dubai and the UAE's finance minister.
The fund will seek to generate returns for the emirate's current and future generations and take on responsibility for investing the emirate's government funds, surpluses and the general reserve locally and internationally.
"The fund also seeks to bolster the financial stability of the Dubai Government by financing the government’s deficit and establishing strong financial reserves, thereby promoting long-term financial sustainability," the media office added.
Monday 11 December 2023
Most Gulf markets in red as rate cut hopes face pivotal week | Reuters
Most Gulf markets in red as rate cut hopes face pivotal week | Reuters
Most stock markets in the Gulf ended lower on Monday as the rally in global stocks stalled over doubts about the expected U.S. rate cut ahead of a key U.S. inflation reading and central bank policy decisions.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by decisions of the Federal Reserve as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.TASI) dropped 0.4%, weighed down by a 2.8% fall in utility firm Dubai Electricity and Water Authority (DEWAA.DU) and a 1.1% drop in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market continued to slide, approaching the lower end of its trading range last month. The market recorded declines in many of its largest stocks as traders remain cautious ahead of the Fed meeting, said Daniel Takieddine, CEO MENA at BDSwiss.
"However, strong local fundamentals could help keep losses limited."
The Qatari benchmark (.QSI) dropped 0.4%, falling for seventh consecutive session, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) declining 1.9%.
Saudi Arabia's benchmark index (.TASI), however, gained 0.8%, led by a 4.2% rise in Saudi Telecom Co (7010.SE) and a 2.2% increase in Al Rajhi Bank (1120.SE).
Contrary to other stock markets in the region, the Saudi bourse continued to accumulate gains, recovering part of the losses it witnessed during the last few months, said Takieddine.
"At the same time, the market could continue to see risks from the developments in oil markets."
Oil prices dipped as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished flat.
Separately, Egypt's government will raise the minimum wage paid by the private sector to 3,500 Egyptian pounds ($113) a month as of Jan. 1, according to a decision published in the official gazette on Monday.
Most stock markets in the Gulf ended lower on Monday as the rally in global stocks stalled over doubts about the expected U.S. rate cut ahead of a key U.S. inflation reading and central bank policy decisions.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by decisions of the Federal Reserve as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.TASI) dropped 0.4%, weighed down by a 2.8% fall in utility firm Dubai Electricity and Water Authority (DEWAA.DU) and a 1.1% drop in blue-chip developer Emaar Properties (EMAR.DU).
The Dubai stock market continued to slide, approaching the lower end of its trading range last month. The market recorded declines in many of its largest stocks as traders remain cautious ahead of the Fed meeting, said Daniel Takieddine, CEO MENA at BDSwiss.
"However, strong local fundamentals could help keep losses limited."
The Qatari benchmark (.QSI) dropped 0.4%, falling for seventh consecutive session, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) declining 1.9%.
Saudi Arabia's benchmark index (.TASI), however, gained 0.8%, led by a 4.2% rise in Saudi Telecom Co (7010.SE) and a 2.2% increase in Al Rajhi Bank (1120.SE).
Contrary to other stock markets in the region, the Saudi bourse continued to accumulate gains, recovering part of the losses it witnessed during the last few months, said Takieddine.
"At the same time, the market could continue to see risks from the developments in oil markets."
Oil prices dipped as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished flat.
Separately, Egypt's government will raise the minimum wage paid by the private sector to 3,500 Egyptian pounds ($113) a month as of Jan. 1, according to a decision published in the official gazette on Monday.
Why Billionaires Like CZ, Dalio and Lisin Are Flocking to #UAE's #AbuDhabi - Bloomberg
Why Billionaires Like CZ, Dalio and Lisin Are Flocking to UAE's Abu Dhabi - Bloomberg
For decades, many of the world’s richest people chose to safeguard their assets in overseas locales ranging from the Cayman Islands to Switzerland and the British Virgin Islands. But a new wealth hub is becoming wildly popular with billionaires — the skyscraper-studded emirate of Abu Dhabi.
The richest man in crypto Changpeng “CZ” Zhao, India’s Adani family, hedge fund billionaire Ray Dalio and Russian steel magnate Vladimir Lisin are among the dozens of high net worth individuals who’ve set up special purpose vehicles in Abu Dhabi’s international financial center this year, according to a review of hundreds of corporate filings in the United Arab Emirates by Bloomberg News.
More than 5,000 SPVs now exist in Abu Dhabi Global Market compared with just 46 in 2016, according to data compiled by M/HQ, a wealth advisory firm that’s among the leaders in setting them up. It isn’t publicly known where individual billionaires moved their assets from, why they did so or what each one contains. Yet the wealth influx reflects broad global shifts in how the world’s rich are protecting their money.
Popularized by junk-bond king Michael Milken in the late 1980s, SPVs are separate legal entities that have become go-to structures for high net worth individuals seeking to isolate their financial risk. Essentially holding companies that manage wealth, Abu Dhabi says its SPVs can contain assets such as property and equity.
The financial flows to the UAE mark a new role for its $509 billion economy as the ruling Al Nahyan family attempts to diversify away from oil. Abu Dhabi’s gains also come at a time when some low-tax jurisdictions like the British Virgin Islands and Cayman Islands have faced greater scrutiny from officials elsewhere in the world and seen a slide in new corporate registrations.
“ADGM is a great place to set up SPVs and it’s increasing sharply,” said Bhaskar Dasgupta, a corporate adviser who previously worked for the Abu Dhabi free zone. “We’re seeing more high net worth individuals moving from the BVI, Caymans, Mauritius and Singapore to here.”
For decades, many of the world’s richest people chose to safeguard their assets in overseas locales ranging from the Cayman Islands to Switzerland and the British Virgin Islands. But a new wealth hub is becoming wildly popular with billionaires — the skyscraper-studded emirate of Abu Dhabi.
The richest man in crypto Changpeng “CZ” Zhao, India’s Adani family, hedge fund billionaire Ray Dalio and Russian steel magnate Vladimir Lisin are among the dozens of high net worth individuals who’ve set up special purpose vehicles in Abu Dhabi’s international financial center this year, according to a review of hundreds of corporate filings in the United Arab Emirates by Bloomberg News.
More than 5,000 SPVs now exist in Abu Dhabi Global Market compared with just 46 in 2016, according to data compiled by M/HQ, a wealth advisory firm that’s among the leaders in setting them up. It isn’t publicly known where individual billionaires moved their assets from, why they did so or what each one contains. Yet the wealth influx reflects broad global shifts in how the world’s rich are protecting their money.
Popularized by junk-bond king Michael Milken in the late 1980s, SPVs are separate legal entities that have become go-to structures for high net worth individuals seeking to isolate their financial risk. Essentially holding companies that manage wealth, Abu Dhabi says its SPVs can contain assets such as property and equity.
The financial flows to the UAE mark a new role for its $509 billion economy as the ruling Al Nahyan family attempts to diversify away from oil. Abu Dhabi’s gains also come at a time when some low-tax jurisdictions like the British Virgin Islands and Cayman Islands have faced greater scrutiny from officials elsewhere in the world and seen a slide in new corporate registrations.
“ADGM is a great place to set up SPVs and it’s increasing sharply,” said Bhaskar Dasgupta, a corporate adviser who previously worked for the Abu Dhabi free zone. “We’re seeing more high net worth individuals moving from the BVI, Caymans, Mauritius and Singapore to here.”
Investcorp acquires 50% stake in Corsair Capital's infrastructure business | Reuters
Investcorp acquires 50% stake in Corsair Capital's infrastructure business | Reuters
Middle East alternative investment firm Investcorp has acquired a 50% stake in the $4.8 billion infrastructure business of U.S. firm Corsair Capital, the two companies announced on Monday.
The transaction was completed via the establishment of a new entity, Investcorp Corsair Infrastructure Partners (Investcorp Corsair), jointly owned by the two companies, they said in a statement.
The new entity comprises the infrastructure business' existing funds, investments, and teams, which will continue to focus on a scalable investment strategy in transportation, logistics and associated infrastructure subsectors.
Corsair’s head of infrastructure Hari Rajan will lead the business as Managing Partner of Investcorp Corsair, the statement said.
The team remains based in New York, with additional presence in London, Madrid, and Sydney, the statement added.
Corsair was the principal financial sponsor behind the redevelopments of Terminal 6 at John F. Kennedy International Airport and Terminal B LaGuardia Airport in New York.
With $50 billion in assets under management (AUM), Investcorp is best known for listing luxury goods brands, such as Gucci and Tiffany & Co.
Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.
Middle East alternative investment firm Investcorp has acquired a 50% stake in the $4.8 billion infrastructure business of U.S. firm Corsair Capital, the two companies announced on Monday.
The transaction was completed via the establishment of a new entity, Investcorp Corsair Infrastructure Partners (Investcorp Corsair), jointly owned by the two companies, they said in a statement.
The new entity comprises the infrastructure business' existing funds, investments, and teams, which will continue to focus on a scalable investment strategy in transportation, logistics and associated infrastructure subsectors.
Corsair’s head of infrastructure Hari Rajan will lead the business as Managing Partner of Investcorp Corsair, the statement said.
The team remains based in New York, with additional presence in London, Madrid, and Sydney, the statement added.
Corsair was the principal financial sponsor behind the redevelopments of Terminal 6 at John F. Kennedy International Airport and Terminal B LaGuardia Airport in New York.
With $50 billion in assets under management (AUM), Investcorp is best known for listing luxury goods brands, such as Gucci and Tiffany & Co.
Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.
Most Gulf bourses track Asian shares lower | Reuters
Most Gulf bourses track Asian shares lower | Reuters
Most major stock markets in the Gulf fell in early trade on Monday tracking Asian shares lower ahead of a week packed with central bank meetings and U.S. inflation data that could make or break market hopes for an early and rapid fire round of rate cuts next year.
This week, investors are watching for guidance on interest rate policies from meetings at five central banks, including the Federal Reserve, and data on U.S. inflation, for their impact on the global economy and oil demand.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) eased 0.2%, hit by a 0.6% decrease in Elm Co (7203.SE) and a 0.4% fall in Al Rajhi Bank (1120.SE).
However, oil giant Saudi Aramco (2222.SE) added 0.2%.
Oil prices rose, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted.
Dubai's main share index (.DFMGI) dropped 0.3%, with Emaar Properties (EMAR.DU) losing 1.1% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.7%.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari benchmark (.QSI) lost 0.2% and was on course to fall for seventh session, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) declining 0.8%.
Israeli tanks on Monday sought to push further west in their battle against Hamas in and around Khan Younis, Gaza Strip's main city in the south, as U.N. officials reiterated calls for a ceasefire to avert a humanitarian catastrophe.
Most major stock markets in the Gulf fell in early trade on Monday tracking Asian shares lower ahead of a week packed with central bank meetings and U.S. inflation data that could make or break market hopes for an early and rapid fire round of rate cuts next year.
This week, investors are watching for guidance on interest rate policies from meetings at five central banks, including the Federal Reserve, and data on U.S. inflation, for their impact on the global economy and oil demand.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) eased 0.2%, hit by a 0.6% decrease in Elm Co (7203.SE) and a 0.4% fall in Al Rajhi Bank (1120.SE).
However, oil giant Saudi Aramco (2222.SE) added 0.2%.
Oil prices rose, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted.
Dubai's main share index (.DFMGI) dropped 0.3%, with Emaar Properties (EMAR.DU) losing 1.1% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.7%.
In Abu Dhabi, the index (.FTFADGI) was flat.
The Qatari benchmark (.QSI) lost 0.2% and was on course to fall for seventh session, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) declining 0.8%.
Israeli tanks on Monday sought to push further west in their battle against Hamas in and around Khan Younis, Gaza Strip's main city in the south, as U.N. officials reiterated calls for a ceasefire to avert a humanitarian catastrophe.