Abu Dhabi's IRH to invest $1.1 bln in Zambia's Mopani Copper Mines | Reuters
The United Arab Emirates' International Resources Holdings (IRH) will invest $1.1 billion in Zambia's Mopani Copper Mines in return for 51% ownership of the business, the state-owned ZCCM Investments Holdings (ZCCM-IH) (ZCCM.LZ) said on Friday.
Last month, Zambia picked IRH, a unit of Abu Dhabi's most valuable listed company, International Holdings Company (IHC), as the strategic equity partner in Mopani, which was coveted by several investors looking for copper assets.
Zambia had been seeking a new investor for Mopani since it took control of the assets from Glencore in 2021 after agreeing to pay the Swiss commodities company $1.5 billion in a deal funded by debt.
IRH's $1.1 billion investment would be used to fund Mopani's production expansion plan, provide working capital and pay off part of the $1.5 billion debt owed to previous owner Glencore (GLEN.L), ZCCM-IH said in a statement.
Friday 22 December 2023
#Saudi-backed fund hit as #UAE oil storage Spac runs into trouble
Saudi-backed fund hit as UAE oil storage Spac runs into trouble
A Saudi Arabia-backed investment fund is liquidating the holding company of a United Arab Emirates oil storage company that has been plagued by financial reporting issues since going public in New York.
A Saudi Arabia-backed investment fund is liquidating the holding company of a United Arab Emirates oil storage company that has been plagued by financial reporting issues since going public in New York.
Brooge Energy Limited listed its shares on Nasdaq in 2019 through a merger with a special acquisition company that gave it a market valuation of more than $1bn.
The operator of oil storage facilities in the emirate of Fujairah had the backing of powerful Middle East investors including Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan, the son of the previous president of the UAE, and claimed in its prospectus to have signed big contracts with unnamed international trading companies.
But Brooge subsequently had two Big Four auditors resign, restated tens of millions of dollars of improperly booked revenue from a related party and became subject to an examination of its financial statements from the US Securities and Exchange Commission.
Last month, an investment fund managed by Bahrain’s Asma Capital placed Brooge’s majority shareholder BPGIC Holdings into liquidation over unpaid debts. Asma is backed by Gulf sovereign entities such as Saudi Arabia’s Public Investment Fund, the Islamic Development Bank and Bahrain’s finance ministry.
BPGIC Holdings borrowed $75mn from Asma’s fund in 2019, but never paid any interest on the debt, according to Cayman Island court filings related to its insolvency, racking up more than $30mn of unpaid interest.
#Dubai up on rate cut bets, #AbuDhabi falls | Reuters
Dubai up on rate cut bets, Abu Dhabi falls | Reuters
Dubai stocks closed higher on Friday ahead of U.S. inflation data that is expected to validate bets on rate cuts in 2024, while Abu Dhabi shares fell.
Oil prices - a key catalyst to the Gulf's financial markets - rose on Friday as persistent tensions in the Red Sea deepened energy supply concerns.
More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, which say they are responding to Israel's war in Gaza.
Brent crude were up 0.81% at $80.03 a barrel by 1118 GMT
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the United Arab Emirates, is usually guided by Fed policy decisions because most regional currencies are pegged to the dollar.
Dubai's main index (.DGMGI) gained 0.4%, supported by a 1.9% hike in toll operator Salik Company (SALIK.DU), while Dubai's biggest lender Emirates NBD Bank added 1.2%.
Among the winner, real estate developer Union Properties (UPRO.DU) rose 1.8% after the firm's board approved a deal with a national bank to settle company and its subsidiaries' debt.
The Dubai index recorded a 0.6% weekly gain, according to LSEG data.
Meanwhile, Abu Dhabi's benchmark index edged 0.04% down, pressured by a 4.8% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
However, Emirates Stallions Group (ESG.AD) surged 14.9%, its highest intraday gain since late July, after the firm acquired a majority stake in United International Group.
Dubai stocks closed higher on Friday ahead of U.S. inflation data that is expected to validate bets on rate cuts in 2024, while Abu Dhabi shares fell.
Oil prices - a key catalyst to the Gulf's financial markets - rose on Friday as persistent tensions in the Red Sea deepened energy supply concerns.
More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, which say they are responding to Israel's war in Gaza.
Brent crude were up 0.81% at $80.03 a barrel by 1118 GMT
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the United Arab Emirates, is usually guided by Fed policy decisions because most regional currencies are pegged to the dollar.
Dubai's main index (.DGMGI) gained 0.4%, supported by a 1.9% hike in toll operator Salik Company (SALIK.DU), while Dubai's biggest lender Emirates NBD Bank added 1.2%.
Among the winner, real estate developer Union Properties (UPRO.DU) rose 1.8% after the firm's board approved a deal with a national bank to settle company and its subsidiaries' debt.
The Dubai index recorded a 0.6% weekly gain, according to LSEG data.
Meanwhile, Abu Dhabi's benchmark index edged 0.04% down, pressured by a 4.8% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
However, Emirates Stallions Group (ESG.AD) surged 14.9%, its highest intraday gain since late July, after the firm acquired a majority stake in United International Group.
Subscribe to:
Posts (Atom)