Mubadala, Ares Partner On $1 Billion Private Credit Real Estate Fund - Bloomberg
Mubadala Investment Co. and Ares Management Corp. said they will partner with Aldar Properties on a $1 billion private credit fund to invest in real estate across the UK and Europe.
Mubadala will hold a 50% stake in the new platform, while Aldar will have a 30% holding, according to a statement. Ares will own the remaining 20% and it will provide an investment team to manage deal origination and monitor the portfolio.
“Mubadala has strong and strategic relationships with both Ares and Aldar, and this new platform leverages the collective strengths of each party to invest in the private real estate credit market in the United Kingdom and Europe,” Omar Eraiqaat, deputy chief executive officer of disruptive investments at Mubadala, said in the statement.
Aldar, an Abu Dhabi-based property developer, is also planning to invest $100 million into an existing strategy that Mubadala and Ares established in 2021. The firms now expect that strategy — which is known as the Ares European Real Estate Debt strategy — will be upsized to $2 billion over time. Including anticipated leverage, the total available capital for the strategy is expected exceed $5 billion.
Wednesday, 13 December 2023
Gulf bourses end mixed on weak oil, ahead of Fed decision | Reuters
Gulf bourses end mixed on weak oil, ahead of Fed decision | Reuters
Stock markets in the Gulf ended mixed on Wednesday on weak oil prices and ahead of the year's final Federal Reserve policy decision and clues about the timing of next year's rate cuts.
Prices of oil — a catalyst for the Gulf's financial markets — were little changed, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, hit by a 0.3% fall in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
The Abu Dhabi stock market could remain under pressure with oil prices still on the decline, said of Eman AlAyyaf, CEO of EA Trading.
The market has rebounded this week but could continue to see downside risks.
Dubai's main share index (.DFMGI) gained 0.1%, helped by a 1.5% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Alinma Bank (1150.SE) gaining 1.8%.
On Wednesday, the Federal Reserve is widely expected to leave interest rates unchanged for a third straight time, but also signal that a pivot to monetary policy easing will neither come soon nor be sharp, given inflation's bumpy progress downward.
Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to the direct impact of monetary tightening in the world's largest economy.
However, oil giant Saudi Aramco (2222.SE) retreated 0.5%.
The Qatari benchmark (.QSI) rose 0.1%, snapping an eight-day losing streak, with Qatar Islamic Bank (QISB.QA) rising 1.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.9%, as most of its constituents were in positive territory including Misr Fertilizers Production Co (MFPC.CA), which was up 20%.
Stock markets in the Gulf ended mixed on Wednesday on weak oil prices and ahead of the year's final Federal Reserve policy decision and clues about the timing of next year's rate cuts.
Prices of oil — a catalyst for the Gulf's financial markets — were little changed, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns.
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, hit by a 0.3% fall in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
The Abu Dhabi stock market could remain under pressure with oil prices still on the decline, said of Eman AlAyyaf, CEO of EA Trading.
The market has rebounded this week but could continue to see downside risks.
Dubai's main share index (.DFMGI) gained 0.1%, helped by a 1.5% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Alinma Bank (1150.SE) gaining 1.8%.
On Wednesday, the Federal Reserve is widely expected to leave interest rates unchanged for a third straight time, but also signal that a pivot to monetary policy easing will neither come soon nor be sharp, given inflation's bumpy progress downward.
Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to the direct impact of monetary tightening in the world's largest economy.
However, oil giant Saudi Aramco (2222.SE) retreated 0.5%.
The Qatari benchmark (.QSI) rose 0.1%, snapping an eight-day losing streak, with Qatar Islamic Bank (QISB.QA) rising 1.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.9%, as most of its constituents were in positive territory including Misr Fertilizers Production Co (MFPC.CA), which was up 20%.
#Qatar’s LNG expansion to boost 2024 credit outlook – Standard Chartered
Qatar’s LNG expansion to boost 2024 credit outlook – Standard Chartered
Qatar has a strong credit outlook for next year due to its liquefied natural gas (LNG) expansion and improving public finances, according to Standard Chartered.
In its latest MENA Credit Outlook 2024, the bank noted that the Gulf state’s economic growth will continue next year, supported by positive indicators.
During the first nine months of the year, Qatar recorded a fiscal surplus for $11.5 billion, approximately 4.9% of the GDP.
Contributing to the country’s positive outlook are the country’s efforts to increase LNG production. This is in addition to a decline in government-funded capex following a period of elevated spending in the run-up to the 2022 FIFA World Cup.
The bank estimates that Qatar’s debt-to-GDP should drop further, as the government continues to use sizable fiscal surpluses towards debt repayment.
In its latest MENA Credit Outlook 2024, the bank noted that the Gulf state’s economic growth will continue next year, supported by positive indicators.
During the first nine months of the year, Qatar recorded a fiscal surplus for $11.5 billion, approximately 4.9% of the GDP.
Contributing to the country’s positive outlook are the country’s efforts to increase LNG production. This is in addition to a decline in government-funded capex following a period of elevated spending in the run-up to the 2022 FIFA World Cup.
The bank estimates that Qatar’s debt-to-GDP should drop further, as the government continues to use sizable fiscal surpluses towards debt repayment.
Major Gulf markets mixed ahead of Fed decision | Reuters
Major Gulf markets mixed ahead of Fed decision | Reuters
Major stock markets in the Gulf put in a mixed performance in early trade on Wednesday amid falling oil prices while investors awaited the U.S. Federal Reserve's monetary policy decision.
Oil prices -- a catalyst for the Gulf's financial markets -- fell 0.6% on oversupply worries with Brent trading at $72.8 a barrel by 0740 GMT.
Saudi Arabia's benchmark stock index (.TASI) was down 0.2%, weighed down by losses in energy, finance and health sectors with oil major Aramco (2222.SE) shedding 0.3% and Kingdom's biggest bank Saudi National Bank (1180.SE) dropping 1.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) fell 0.1%, dragged down by a 0.4% loss in conglomerate International Holding Company (IHC.AD) and 0.3% drop in UAE's largest lender First Abu Dhabi Bank (FAB.AD).
A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets.
The Fed is widely expected to keep rates on hold.
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 benchmark stock index (.DFMGI) was up 0.2% in early trade with all sectors in the positive territory.
Emaar Properties (EMAR.DU) climbed 1.1% and Emirates Central Cooling Systems(EMPOWER.DU) surged 1.8%.
The Qatari benchmark index (.QSI) edged up 0.3% with most sectors in the green, supported by 1.4% rise in Qatar Islamic Bank(QISB.QA) and 1.1% gain in Industries Qatar(IQCD.QA).
Major stock markets in the Gulf put in a mixed performance in early trade on Wednesday amid falling oil prices while investors awaited the U.S. Federal Reserve's monetary policy decision.
Oil prices -- a catalyst for the Gulf's financial markets -- fell 0.6% on oversupply worries with Brent trading at $72.8 a barrel by 0740 GMT.
Saudi Arabia's benchmark stock index (.TASI) was down 0.2%, weighed down by losses in energy, finance and health sectors with oil major Aramco (2222.SE) shedding 0.3% and Kingdom's biggest bank Saudi National Bank (1180.SE) dropping 1.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) fell 0.1%, dragged down by a 0.4% loss in conglomerate International Holding Company (IHC.AD) and 0.3% drop in UAE's largest lender First Abu Dhabi Bank (FAB.AD).
A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets.
The Fed is widely expected to keep rates on hold.
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 benchmark stock index (.DFMGI) was up 0.2% in early trade with all sectors in the positive territory.
Emaar Properties (EMAR.DU) climbed 1.1% and Emirates Central Cooling Systems(EMPOWER.DU) surged 1.8%.
The Qatari benchmark index (.QSI) edged up 0.3% with most sectors in the green, supported by 1.4% rise in Qatar Islamic Bank(QISB.QA) and 1.1% gain in Industries Qatar(IQCD.QA).