Exclusive: Abu Dhabi nears deal to buy stake in Turkish port -sources | Reuters
Abu Dhabi is set to buy a stake in a key Turkish port, according to four sources aware of the deal, in a further sign of a rapprochement between the once bitter geopolitical rivals.
Under the potential agreement, state-controlled group AD Ports Group would invest in an entity to be established by the Turkey Wealth Fund to run the Aegean coast port of Izmir, said two of the sources. The sources requested anonymity to discuss details of the deal that has yet to be finalized.
The size of the stake was not immediately clear but one of the sources said the deal could be valued at about $500 million. The port, owned by Turkey's sovereign wealth fund, is an important gateway that is in need of new investment. An official for the Turkey Wealth Fund declined to comment. AD Ports didn't immediately respond to a request for comment while ADQ, the emirate's sovereign wealth fund and majority owner of the ports group, wasn't available for comment.
The planned transaction comes as Turkey's government seeks foreign investment to accelerate its U-turn away from years of unorthodox economic policies that had sent inflation soaring and the currency plunging.
Ports play a key role in the strategic shift in global manufacturing. Weaknesses in supply chains exposed by the COVID 19 pandemic and heightened geopolitical tensions are spurring a shake-up as companies seek to bring production closer to the point of sales. Meanwhile, Turkey hopes that an aggressive rate-hiking cycle launched in June will draw back foreign investors after years of exodus, including foreign direct investment (FDI). Some Western investors are starting to tip-toe back in to markets. Turkey's Erdogan met with UAE president Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the COP28 U.N. climate summit held in Dubai earlier this month. ADQ is chaired by National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan, a brother of Sheikh Mohamed.
Sunday 17 December 2023
Moody’s upgrades ratings of 5 Omani government-related entities
Moody’s upgrades ratings of 5 Omani government-related entities
Moody’s Investors Service on Thursday upgraded the corporate family ratings (CFR) of five government-related issuers (GRIs) domiciled in Oman to Ba1 from Ba2. The outlooks of all five government-related entities have changed to stable from positive.
The rating action is a direct consequence of Moody’s recent rating action on the Government of Oman where the government bond rating was upgraded to Ba1 from Ba2, the agency said in a statement.
Moody’s upgraded the ratings of Dhofar Integrated Services Company (DISC), Oman Electricity Transmission Company (OETC), Oman Power and Water Procurement Company (OPWP), Nama Electricity Distribution Company (NEDC), and Nama Electricity Supply Company (NESC).
According to Moody’s, the ratings of these five entities have been upgraded to Ba1 because of their close linkage to the government and high exposure to the domestic operating environment. The outlooks have changed to stable from positive.
‘The upgrade of the ratings reflects the close interlinkage of DISC, NEDC, NESC, OETC and OPWP with the sovereign rating because of their significant exposure to the Omani government in the form of subsidies (OETC, NEDC and OPWP being indirectly exposed),’ Moody’s noted.
Moody’s Investors Service on Thursday upgraded the corporate family ratings (CFR) of five government-related issuers (GRIs) domiciled in Oman to Ba1 from Ba2. The outlooks of all five government-related entities have changed to stable from positive.
The rating action is a direct consequence of Moody’s recent rating action on the Government of Oman where the government bond rating was upgraded to Ba1 from Ba2, the agency said in a statement.
Moody’s upgraded the ratings of Dhofar Integrated Services Company (DISC), Oman Electricity Transmission Company (OETC), Oman Power and Water Procurement Company (OPWP), Nama Electricity Distribution Company (NEDC), and Nama Electricity Supply Company (NESC).
According to Moody’s, the ratings of these five entities have been upgraded to Ba1 because of their close linkage to the government and high exposure to the domestic operating environment. The outlooks have changed to stable from positive.
‘The upgrade of the ratings reflects the close interlinkage of DISC, NEDC, NESC, OETC and OPWP with the sovereign rating because of their significant exposure to the Omani government in the form of subsidies (OETC, NEDC and OPWP being indirectly exposed),’ Moody’s noted.
NEWSMAKER For #Kuwait's new emir, #Saudi ties are seen as key | Reuters
NEWSMAKER For Kuwait's new emir, Saudi ties are seen as key | Reuters
Sheikh Meshal al-Ahmad al-Sabah was named as Kuwait's new emir on Saturday after the death of his brother Sheikh Nawaf al-Ahmad al-Sabah aged 86.
Sheikh Meshal, 83, spent much of his career helping build the Gulf state's security and defence apparatus before stepping into the public eye when he became crown prince three years ago.
He was thrust further into the spotlight when he was handed most of the frail Emir Sheikh Nawaf's duties in November, 2021.
Sheikh Meshal becomes Kuwait's third emir in just over three years. Until 2020, the post had been held for 14 years by Sheikh Sabah al-Ahmad, a prominent figure in the Arab world known for helping lead Kuwait out of the ruins of Iraq's 1990 invasion.
As he takes the helm of the OPEC oil producer, Sheikh Mehshal is expected to preserve key Kuwaiti foreign policies including support for Gulf Arab unity, Western alliances, and good ties to Riyadh - a relationship seen as a top priority to him.
Sheikh Meshal al-Ahmad al-Sabah was named as Kuwait's new emir on Saturday after the death of his brother Sheikh Nawaf al-Ahmad al-Sabah aged 86.
Sheikh Meshal, 83, spent much of his career helping build the Gulf state's security and defence apparatus before stepping into the public eye when he became crown prince three years ago.
He was thrust further into the spotlight when he was handed most of the frail Emir Sheikh Nawaf's duties in November, 2021.
Sheikh Meshal becomes Kuwait's third emir in just over three years. Until 2020, the post had been held for 14 years by Sheikh Sabah al-Ahmad, a prominent figure in the Arab world known for helping lead Kuwait out of the ruins of Iraq's 1990 invasion.
As he takes the helm of the OPEC oil producer, Sheikh Mehshal is expected to preserve key Kuwaiti foreign policies including support for Gulf Arab unity, Western alliances, and good ties to Riyadh - a relationship seen as a top priority to him.
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