UAE Chemical Maker Borouge Pursues Target in Asia in Growth Push - Bloomberg
The biggest chemicals producer in the United Arab Emirates is pursuing a target in the Asia-Pacific region, even as its biggest shareholder is working on a €30 billion ($32 billion) merger of the company with a unit of Austria’s OMV AG.
Borouge Plc’s “accelerated growth opportunity” is at the feasibility stage, Chairman Sultan Al Jaber said in a statement. Al Jaber is also chief executive officer of Abu Dhabi National Oil Co., which owns a majority stake in Borouge. No other details of the potential transaction were provided in the statement about the company’s dividend policy.
Borouge has been evaluating options, particularly in key Asian markets including India and China, Chief Executive Officer Hazeem Sultan Al Suwaidi said in an interview this month. Its main shareholder, Adnoc, is also pushing for international growth, including a multibillion-dollar pursuit of Germany’s Covestro AG, purchasing stakes in natural gas fields in Egypt and Azerbaijan and the proposed merger of Borouge with OMV’s chemical producer Borealis AG.
Sunday, 31 March 2024
Gulf bourses drop; Egypt extends decline | Reuters
Gulf bourses drop; Egypt extends decline | Reuters
Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session and dropped 1.3%, with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 3.5% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, lost 1.5%.
Among other losers, Middle East Pharmaceutical Industries (4016.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slid 7.8% and 1% respectively.
Meanwhile, the index gained 3.6% on a quarterly basis.
The Qatari benchmark index (.QSI), opens new tab dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 3.4% and 1.5% respectively, while Qatar Aluminum Manufacturing (QAMC.QA), opens new tab dropped 4%.
The index lost 9.1% in the first quarter of 2024 after posting gains in the previous two quarters, according to LSEG data.
The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.
E-Finance (EFIH.CA), opens new tab and Eastern Co (EAST.CA), opens new tab slumped 6.6% and 6.1% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 3.8%.
The Egypt index has advanced 8% in the January-March quarter, extending gains for seven straight quarters in a row.
Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session and dropped 1.3%, with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 3.5% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, lost 1.5%.
Among other losers, Middle East Pharmaceutical Industries (4016.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slid 7.8% and 1% respectively.
Meanwhile, the index gained 3.6% on a quarterly basis.
The Qatari benchmark index (.QSI), opens new tab dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 3.4% and 1.5% respectively, while Qatar Aluminum Manufacturing (QAMC.QA), opens new tab dropped 4%.
The index lost 9.1% in the first quarter of 2024 after posting gains in the previous two quarters, according to LSEG data.
The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.
E-Finance (EFIH.CA), opens new tab and Eastern Co (EAST.CA), opens new tab slumped 6.6% and 6.1% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 3.8%.
The Egypt index has advanced 8% in the January-March quarter, extending gains for seven straight quarters in a row.
#Qatar Signs Deals for More Ships Ahead of Massive LNG Expansion - Bloomberg
Qatar Signs Deals for More Ships Ahead of Massive LNG Expansion - Bloomberg
QatarEnergy has signed four agreements to charter 19 liquefied natural gas carriers from Asian ship operators as it prepares to ramp up output.
China’s CMES Co. Ltd. and Shandong MarineGroup Ltd. will supply six vessels each, Qatar’s energy minister Saad Al-Kaabi said at a ceremony in Doha on Sunday. Malaysia’s MISC Bhd will supply three and a joint venture of Kawasaki Kisen Kaisha Ltd. and Hyundai Glovis Co. will provide four. Each ship has a capacity of 174,000 cubic meters.
Qatar needs more LNG carriers as it’s raising its annual production capacity from the North Field to 142 million tons by 2030 from 77 million tons currently.
In doing so, the small Middle Eastern nation is set to re-establish its dominance of the global LNG market. Projects in Australia and the US have eroded its supremacy in recent years to the point where all three countries export roughly the same. However, the US recently imposed a temporary freeze on permits for new projects and Qatar’s investments in its new facilities has put it on course to take the lead again.
QatarEnergy signed another charter deal for 25 LNG carriers from Qatar Gas Transport Company Ltd., also known as Nakilat earlier this month. In addition to chartering vessels, it owns a fleet of LNG carriers. In 2020, it signed landmark deals worth $22 billion with Korean and Chinese shipbuilders.
QatarEnergy has signed four agreements to charter 19 liquefied natural gas carriers from Asian ship operators as it prepares to ramp up output.
China’s CMES Co. Ltd. and Shandong MarineGroup Ltd. will supply six vessels each, Qatar’s energy minister Saad Al-Kaabi said at a ceremony in Doha on Sunday. Malaysia’s MISC Bhd will supply three and a joint venture of Kawasaki Kisen Kaisha Ltd. and Hyundai Glovis Co. will provide four. Each ship has a capacity of 174,000 cubic meters.
Qatar needs more LNG carriers as it’s raising its annual production capacity from the North Field to 142 million tons by 2030 from 77 million tons currently.
In doing so, the small Middle Eastern nation is set to re-establish its dominance of the global LNG market. Projects in Australia and the US have eroded its supremacy in recent years to the point where all three countries export roughly the same. However, the US recently imposed a temporary freeze on permits for new projects and Qatar’s investments in its new facilities has put it on course to take the lead again.
QatarEnergy signed another charter deal for 25 LNG carriers from Qatar Gas Transport Company Ltd., also known as Nakilat earlier this month. In addition to chartering vessels, it owns a fleet of LNG carriers. In 2020, it signed landmark deals worth $22 billion with Korean and Chinese shipbuilders.
S&P upgrades #Oman outlook to ‘positive’ on bright fiscal future
S&P upgrades Oman outlook to ‘positive’ on bright fiscal future
S&P Global Ratings has revised its outlook on Oman to ‘positive’ from ‘stable’. At the same time, the rating agency affirmed its ‘BB+/B’ long- and short-term foreign and local currency sovereign credit ratings on the sultanate.
The positive outlook reflects S&P’s confidence that the Omani government’s balance sheet will strengthen and the economic reform programme could lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth outcomes. This would strengthen the economy’s resilience to adverse oil price shocks.
In a statement released on Friday, S&P said it could raise Oman’s sovereign ratings over the next 18 months if the sultanate’s fiscal position strengthens further – for instance, from a continued reduction in government debt – and the state-owned enterprise sector continues deleveraging. A stronger economic growth trajectory could also contribute to an upgrade, it added.
‘The outlook revision reflects ongoing improvements in Oman’s government balance sheet. We estimate the government’s budget surplus over 2023 at 2.6% of GDP. Net government debt declined to an estimated 2.4% of GDP in 2023 compared to 7.7% in 2022. With forecast budget surpluses averaging 1.2% of GDP over 2024-2027, the government is well placed to continue reducing external debt or accumulate assets.’
S&P Global Ratings has revised its outlook on Oman to ‘positive’ from ‘stable’. At the same time, the rating agency affirmed its ‘BB+/B’ long- and short-term foreign and local currency sovereign credit ratings on the sultanate.
The positive outlook reflects S&P’s confidence that the Omani government’s balance sheet will strengthen and the economic reform programme could lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth outcomes. This would strengthen the economy’s resilience to adverse oil price shocks.
In a statement released on Friday, S&P said it could raise Oman’s sovereign ratings over the next 18 months if the sultanate’s fiscal position strengthens further – for instance, from a continued reduction in government debt – and the state-owned enterprise sector continues deleveraging. A stronger economic growth trajectory could also contribute to an upgrade, it added.
‘The outlook revision reflects ongoing improvements in Oman’s government balance sheet. We estimate the government’s budget surplus over 2023 at 2.6% of GDP. Net government debt declined to an estimated 2.4% of GDP in 2023 compared to 7.7% in 2022. With forecast budget surpluses averaging 1.2% of GDP over 2024-2027, the government is well placed to continue reducing external debt or accumulate assets.’
Saturday, 30 March 2024
#UAE signals interest in European nuclear energy investments, sources say | Reuters
UAE signals interest in European nuclear energy investments, sources say | Reuters
The United Arab Emirates has approached European nations including Britain to gauge their interest in the Middle Eastern state investing in their nuclear power infrastructure, according to three sources familiar with the talks.
As part of its outreach, the UAE has discussed the idea of state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor in European nuclear power assets, the sources said. They requested anonymity because the discussions are private.
ENEC has ambitions of becoming an international nuclear energy company holding minority stakes in nuclear power infrastructure of other nations, without managing or operating them, the sources told Reuters.
ENEC, owned by Abu Dhabi's ADQ, has been holding talks to invest in the United Kingdom, the sources who have been briefed on the discussions added, without elaborating. Cash-rich oil producers United Arab Emirates and Saudi Arabia are seeking to diversify their economies away from fossil fuels. Meanwhile, Britain is looking for additional private investment in the Sizewell C large-scale nuclear project being built by French energy giant EDF in southeast England after buying out a China backer.
The United Arab Emirates has approached European nations including Britain to gauge their interest in the Middle Eastern state investing in their nuclear power infrastructure, according to three sources familiar with the talks.
As part of its outreach, the UAE has discussed the idea of state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor in European nuclear power assets, the sources said. They requested anonymity because the discussions are private.
ENEC has ambitions of becoming an international nuclear energy company holding minority stakes in nuclear power infrastructure of other nations, without managing or operating them, the sources told Reuters.
ENEC, owned by Abu Dhabi's ADQ, has been holding talks to invest in the United Kingdom, the sources who have been briefed on the discussions added, without elaborating. Cash-rich oil producers United Arab Emirates and Saudi Arabia are seeking to diversify their economies away from fossil fuels. Meanwhile, Britain is looking for additional private investment in the Sizewell C large-scale nuclear project being built by French energy giant EDF in southeast England after buying out a China backer.
Banks and industrial stocks lift #Dubai, #AbuDhabi falls | Reuters
Banks and industrial stocks lift Dubai, Abu Dhabi falls | Reuters
Dubai's main share index closed higher on Friday, boosted by gains in banking and industrial sector stocks while the Abu Dhabi index declined on the day.
The Dubai index gained 4.6% in the first quarter of 2024 after suffering losses in the quarter ending December 2023, according to LSEG data, supported by strong corporate earnings and rising real estate prices in the Emirate.
Dubai's main index (.DFMGI), opens new tab rose 0.3% on Friday, lifted by a 1.2% rise in top lender Emirates NBD Bank (ENBD.DU), opens new tab and a 4.2% hike in Mashreq Bank (MASB.DU), opens new tab.
Among the gainers, school operator Taaleem Holdings (TAALEEM.DU), opens new tab gained 1.4% after the firm reported a 47% growth in second quarter net profit to 101.2 million dirhams ($27.56 million).
Abu Dhabi's benchmark index (.FTFADGI), opens new tab slipped 0.4%, dragged down by a 9.9% plunge in UAE's largest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab fell 1.3%.
On a weekly basis the Dubai index ended 0.8% lower, according to LSEG data.
Despite this week's decline and price correction risks, the solid fundamentals of the Dubai market and economy could support a recovery, said Milad Azar Market, market analyst at XTB MENA.
Meanwhile the Abu Dhabi index logged a 3.7% decline on a quarterly basis and a 1% fall on a weekly basis, according to LSEG data.
The oil price - a key marker for the Gulf's financial market - settled 1.94% higher at $87.07 a barrel on the expiry on Thursday.
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Gains in oil prices were fuelled by concerns of tighter crude supply amid ongoing attacks on Russia's energy infrastructure and a falling U.S. rig count.
Dubai's main share index closed higher on Friday, boosted by gains in banking and industrial sector stocks while the Abu Dhabi index declined on the day.
The Dubai index gained 4.6% in the first quarter of 2024 after suffering losses in the quarter ending December 2023, according to LSEG data, supported by strong corporate earnings and rising real estate prices in the Emirate.
Dubai's main index (.DFMGI), opens new tab rose 0.3% on Friday, lifted by a 1.2% rise in top lender Emirates NBD Bank (ENBD.DU), opens new tab and a 4.2% hike in Mashreq Bank (MASB.DU), opens new tab.
Among the gainers, school operator Taaleem Holdings (TAALEEM.DU), opens new tab gained 1.4% after the firm reported a 47% growth in second quarter net profit to 101.2 million dirhams ($27.56 million).
Abu Dhabi's benchmark index (.FTFADGI), opens new tab slipped 0.4%, dragged down by a 9.9% plunge in UAE's largest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab fell 1.3%.
On a weekly basis the Dubai index ended 0.8% lower, according to LSEG data.
Despite this week's decline and price correction risks, the solid fundamentals of the Dubai market and economy could support a recovery, said Milad Azar Market, market analyst at XTB MENA.
Meanwhile the Abu Dhabi index logged a 3.7% decline on a quarterly basis and a 1% fall on a weekly basis, according to LSEG data.
The oil price - a key marker for the Gulf's financial market - settled 1.94% higher at $87.07 a barrel on the expiry on Thursday.
Gains in oil prices were fuelled by concerns of tighter crude supply amid ongoing attacks on Russia's energy infrastructure and a falling U.S. rig count.
Thursday, 28 March 2024
Gulf bourses drop ahead of US inflation data; Egypt extends losses | Reuters
Gulf bourses drop ahead of US inflation data; Egypt extends losses | Reuters
Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group(4210.SE), opens new tab slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.
However, Saudi National Bank (1180.SE), opens new tab climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.
The Qatari benchmark index (.QSI), opens new tab was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation (QNNC.QA), opens new tab sliding 2.3% and Qatar International Islamic Bank (QIIB.QA), opens new tab dropping 1.4%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a fourth straight session and ended 0.1% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 1.1% and First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, falling 0.6%.
Dubai's benchmark index (.DFMGI), opens new tab was little changed as Commercial Bank of Dubai (CBD.DU), opens new tab gained 4.4% and Dubai Financial Market (DFM.DU), opens new tab added 3.5%.
However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, the sharpest intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.9% as both firms traded ex-dividend.
U.S. stocks ended higher on Wednesday, with the S&P 500 setting another closing record ahead of Fridays key inflation report.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.4%, extending its losses to a third consecutive session, with almost all stocks in the red.
Fawry for Banking (FWRY.CA), opens new tab slipped 6.5% and Commercial International Bank (COMI.CA), opens new tab dropped 3.1%.
Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group(4210.SE), opens new tab slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.
However, Saudi National Bank (1180.SE), opens new tab climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.
The Qatari benchmark index (.QSI), opens new tab was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation (QNNC.QA), opens new tab sliding 2.3% and Qatar International Islamic Bank (QIIB.QA), opens new tab dropping 1.4%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a fourth straight session and ended 0.1% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 1.1% and First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, falling 0.6%.
Dubai's benchmark index (.DFMGI), opens new tab was little changed as Commercial Bank of Dubai (CBD.DU), opens new tab gained 4.4% and Dubai Financial Market (DFM.DU), opens new tab added 3.5%.
However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, the sharpest intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.9% as both firms traded ex-dividend.
U.S. stocks ended higher on Wednesday, with the S&P 500 setting another closing record ahead of Fridays key inflation report.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.4%, extending its losses to a third consecutive session, with almost all stocks in the red.
Fawry for Banking (FWRY.CA), opens new tab slipped 6.5% and Commercial International Bank (COMI.CA), opens new tab dropped 3.1%.
#Dubai's Appeal For Russia Expats Fades on Costs, US Sanction Pressures - Bloomberg
Dubai's Appeal For Russia Expats Fades on Costs, US Sanction Pressures - Bloomberg
Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
Russian money flows into the United Arab Emirates — which Dubai is part of - are showing signs of slowing, according to bankers, executives and investment professionals. None of them predict a widespread exodus of cash already in the UAE, yet executives say it seems to have absorbed most of the benefits of Russian money and is unlikely to see more large inflows.
Some Russian arrivals are considering moving to new jurisdictions or even returning home as an expat rush into Dubai drives up rents and daily expenses. Unlike the US and the EU, the Gulf country doesn’t have sanctions on Russia. Still, Russian entities setting up bank accounts are now more likely to face scrutiny from local banks as the UAE comes under increased US pressure to tackle potential sanctions evasion, according to people familiar with the matter, who asked not to be identified in discussing information that is private.
Investment based immigration firm Henley & Partners is seeing fewer Russians establishing in the UAE, “so the trendline is going down,” said Philippe Amarante, its head of the Middle East. “In fact, some of my Russian clients have either downsized their Dubai real estate assets they bought two years ago, maintain still a small base here, but moved back to Moscow or to other available and very attractive jurisdictions like Mauritius.”
UAE-based banks including Emirates NBD Bank PJSC, Mashreqbank PSC and First Abu Dhabi Bank PJSC have tightened scrutiny of Russian entities and in recent months have attempted to ensure greater compliance with US sanctions, people familiar with the matter said.
Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
Russian money flows into the United Arab Emirates — which Dubai is part of - are showing signs of slowing, according to bankers, executives and investment professionals. None of them predict a widespread exodus of cash already in the UAE, yet executives say it seems to have absorbed most of the benefits of Russian money and is unlikely to see more large inflows.
Some Russian arrivals are considering moving to new jurisdictions or even returning home as an expat rush into Dubai drives up rents and daily expenses. Unlike the US and the EU, the Gulf country doesn’t have sanctions on Russia. Still, Russian entities setting up bank accounts are now more likely to face scrutiny from local banks as the UAE comes under increased US pressure to tackle potential sanctions evasion, according to people familiar with the matter, who asked not to be identified in discussing information that is private.
Investment based immigration firm Henley & Partners is seeing fewer Russians establishing in the UAE, “so the trendline is going down,” said Philippe Amarante, its head of the Middle East. “In fact, some of my Russian clients have either downsized their Dubai real estate assets they bought two years ago, maintain still a small base here, but moved back to Moscow or to other available and very attractive jurisdictions like Mauritius.”
UAE-based banks including Emirates NBD Bank PJSC, Mashreqbank PSC and First Abu Dhabi Bank PJSC have tightened scrutiny of Russian entities and in recent months have attempted to ensure greater compliance with US sanctions, people familiar with the matter said.
#UAE Weighs 10-Year Golden Business Licenses, Gulf News Reports - Bloomberg
UAE Weighs 10-Year Golden Business Licenses, Gulf News Reports - Bloomberg
The United Arab Emirates is considering granting long-term golden visas for businesses as it steps up efforts to attract investments and bolster growth.
The proposal to introduce 10-year golden and five-year silver licenses for trade was discussed at the government’s Economic Integration Committee on Wednesday, Dubai-based Gulf News reported. It aims to increase government revenue, ensure business continuity, and promote economic growth, according to the report.
The UAE, of which Abu Dhabi and Dubai are part, already provides golden visas to foreigners. Expatriate residents make up more than 80% of the UAE population.
The United Arab Emirates is considering granting long-term golden visas for businesses as it steps up efforts to attract investments and bolster growth.
The proposal to introduce 10-year golden and five-year silver licenses for trade was discussed at the government’s Economic Integration Committee on Wednesday, Dubai-based Gulf News reported. It aims to increase government revenue, ensure business continuity, and promote economic growth, according to the report.
The UAE, of which Abu Dhabi and Dubai are part, already provides golden visas to foreigners. Expatriate residents make up more than 80% of the UAE population.
#UAE's IRH plans bid for stake in Zambia's Lubambe copper mine | Reuters
UAE's IRH plans bid for stake in Zambia's Lubambe copper mine | Reuters
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company (IHC.AD), opens new tab, said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told Reuters the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake, Reuters reported on March 22, citing sources.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said in an emailed response to Reuters questions.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX (603979.SS), opens new tab, a mine servicing and contracting firm.
Cash-rich oil majors United Arab Emirates and Saudi Arabia have recently started to emulate China by investing in African firms to secure resources in a bid to diversify their economies and profit from the shift to electric vehicles (EVs).
IRH said it was actively engaged in exploring a variety of investment opportunities, including submitting bids for mining projects.
"In the forthcoming years, our goal is to seek diversification opportunities beyond copper... (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals - tin, tungsten, and tantalum," it said.
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company (IHC.AD), opens new tab, said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told Reuters the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake, Reuters reported on March 22, citing sources.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said in an emailed response to Reuters questions.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX (603979.SS), opens new tab, a mine servicing and contracting firm.
Cash-rich oil majors United Arab Emirates and Saudi Arabia have recently started to emulate China by investing in African firms to secure resources in a bid to diversify their economies and profit from the shift to electric vehicles (EVs).
IRH said it was actively engaged in exploring a variety of investment opportunities, including submitting bids for mining projects.
"In the forthcoming years, our goal is to seek diversification opportunities beyond copper... (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals - tin, tungsten, and tantalum," it said.
#SaudiArabia's net FDI at 13 billion riyals in Q4 of 2023 | Reuters
Saudi Arabia's net FDI at 13 billion riyals in Q4 of 2023 | Reuters
Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.
The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.
FDI has lagged far behind those targets, with the new data bringing total net inflows in 2023 to $11.4 billion.
Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.
The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.
FDI has lagged far behind those targets, with the new data bringing total net inflows in 2023 to $11.4 billion.
Gulf bourses rise in early trade on higher oil prices | Reuters
Gulf bourses rise in early trade on higher oil prices | Reuters
Stock markets in the Gulf were up in early trade on Thursday as oil prices rose, following two consecutive sessions of decline, with traders reassessing latest data on U.S. crude oil and gasoline inventories.
Oil prices - a catalyst for the Gulf's financial markets - were up 0.3%, with Brent trading at $86.38 a barrel by 0750 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, lifted by gains in most sectors, with Bupa Arabia for Cooperative Insurance (8210.SE), opens new tab surging 5.2% and ACWA Power (2082.SE), opens new tab rising 2%.
Among other gainers, Saudi National Bank (1180.SE), opens new tab climbed 4%, after the Kingdom's largest lender appointed a new chief executive, replacing the acting CEO.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, with most sectors trading in positive territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6% and Qatar Islamic Bank rose 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, helped by a 0.6% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.2% rise in the Emirate's largest lender, Emirates NBD (ENBD.DU), opens new tab.
However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, its sharpest percentage intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.6% as both firms traded ex-dividend.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed, while Aldar Properties (ALDAR.AD), opens new tab slid 1.8% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, the UAE's third-biggest lender, rose 1%.
Stock markets in the Gulf were up in early trade on Thursday as oil prices rose, following two consecutive sessions of decline, with traders reassessing latest data on U.S. crude oil and gasoline inventories.
Oil prices - a catalyst for the Gulf's financial markets - were up 0.3%, with Brent trading at $86.38 a barrel by 0750 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, lifted by gains in most sectors, with Bupa Arabia for Cooperative Insurance (8210.SE), opens new tab surging 5.2% and ACWA Power (2082.SE), opens new tab rising 2%.
Among other gainers, Saudi National Bank (1180.SE), opens new tab climbed 4%, after the Kingdom's largest lender appointed a new chief executive, replacing the acting CEO.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, with most sectors trading in positive territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6% and Qatar Islamic Bank rose 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, helped by a 0.6% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.2% rise in the Emirate's largest lender, Emirates NBD (ENBD.DU), opens new tab.
However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, its sharpest percentage intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.6% as both firms traded ex-dividend.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed, while Aldar Properties (ALDAR.AD), opens new tab slid 1.8% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, the UAE's third-biggest lender, rose 1%.
Wednesday, 27 March 2024
Egypt’s EFG Boosts #SaudiArabia Presence to Tap IPO Boom - Bloomberg
Egypt’s EFG Boosts Saudi Arabia Presence to Tap IPO Boom - Bloomberg
Egypt’s biggest investment bank plans to increase headcount in Saudi Arabia by a third this year, joining other financial firms that have beefed up operations in the kingdom amid a flurry of deal-making activity.
EFG Holding S.A.E. has moved some very senior resources to the kingdom, and has budgeted to increase headcount by 30% to 47 people, Chief Executive Officer Karim Awad said in an interview.
“We have big plans for hopefully increasing our market share, either at brokerage or investment banking through more deals,” he said. “We need to have a lot more focus there.”
The kingdom is emerging as one of the key battleground markets for global investment banks, drawing in the likes of Rothschild & Co., which last month unveiled plans to set up a new office in Riyadh.
Part of the draw is a string of deals in the offing, including a potential $20 billion secondary share sale in Aramco. Meanwhile, the Public Investment Fund is considering equity offerings in its portfolio companies to help fund a trillion-dollar economic transformation, Bloomberg News has reported.
Egypt’s biggest investment bank plans to increase headcount in Saudi Arabia by a third this year, joining other financial firms that have beefed up operations in the kingdom amid a flurry of deal-making activity.
EFG Holding S.A.E. has moved some very senior resources to the kingdom, and has budgeted to increase headcount by 30% to 47 people, Chief Executive Officer Karim Awad said in an interview.
“We have big plans for hopefully increasing our market share, either at brokerage or investment banking through more deals,” he said. “We need to have a lot more focus there.”
The kingdom is emerging as one of the key battleground markets for global investment banks, drawing in the likes of Rothschild & Co., which last month unveiled plans to set up a new office in Riyadh.
Part of the draw is a string of deals in the offing, including a potential $20 billion secondary share sale in Aramco. Meanwhile, the Public Investment Fund is considering equity offerings in its portfolio companies to help fund a trillion-dollar economic transformation, Bloomberg News has reported.
Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed
Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed
Kingdom Holding Company logged an 85.44% year-on-year (YoY) plunge in net profit to SAR 1.01 billion in 2023 from SAR 6.95 billion.
Revenues grew 8.48% YoY to SAR 2.70 billion last year from SAR 2.49 billion, according to the annual financial results.
The earnings per share (EPS) reached SAR 0.27 in 2023, down from SAR 1.88 in 2022.
Kingdom Holding’s board has recommended the distribution of SAR 1.03 billion, or SAR 0.28 per share, in cash dividends for 2023.
In the first nine months (9M) of 2023, Kingdom Holding reported an 87.23% YoY lower net profits of SAR 856.17 million, versus SAR 6.70 billion in 9M-22.
Kingdom Holding Company logged an 85.44% year-on-year (YoY) plunge in net profit to SAR 1.01 billion in 2023 from SAR 6.95 billion.
Revenues grew 8.48% YoY to SAR 2.70 billion last year from SAR 2.49 billion, according to the annual financial results.
The earnings per share (EPS) reached SAR 0.27 in 2023, down from SAR 1.88 in 2022.
Kingdom Holding’s board has recommended the distribution of SAR 1.03 billion, or SAR 0.28 per share, in cash dividends for 2023.
In the first nine months (9M) of 2023, Kingdom Holding reported an 87.23% YoY lower net profits of SAR 856.17 million, versus SAR 6.70 billion in 9M-22.
Gulf bourses drop on weaker oil prices; #Saudi gains | Reuters
Gulf bourses drop on weaker oil prices; Saudi gains | Reuters
Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices - a catalyst for the Gulf's financial markets - dropped for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Brent fell 0.8% to $85.58 a barrel by 1250 GMT.
The Qatari benchmark index (.QSI), opens new tab fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 0.6% and Qatar Islamic Bank (QISB.QA), opens new tab slipped 1.9%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a third straight session and ended 0.5% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 2.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 1.8%.
Among other losers, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab, the UAE's third-biggest lender, lost 1.4% and 2.7%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab was down for a second straight session and ended 0.3% lower with most sectors in the red.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 0.7% and Dubai Islamic Bank (DISB.DU), opens new tab slid 0.5%, while Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.4%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.
Saudi Arabian Mining (1211.SE), opens new tab advanced 3% and Saudi Research and Media Group (4210.SE), opens new tab climbed 5.7%.
Among other gainers, Modern Mills Company (2284.SE), opens new tab soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.
E-Finance for Digital (EFIH.CA), opens new tab slumped 11.6% and Commercial International Bank (COMI.CA), opens new tab slipped 1.6%.
Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices - a catalyst for the Gulf's financial markets - dropped for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Brent fell 0.8% to $85.58 a barrel by 1250 GMT.
The Qatari benchmark index (.QSI), opens new tab fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 0.6% and Qatar Islamic Bank (QISB.QA), opens new tab slipped 1.9%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a third straight session and ended 0.5% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 2.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 1.8%.
Among other losers, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab, the UAE's third-biggest lender, lost 1.4% and 2.7%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab was down for a second straight session and ended 0.3% lower with most sectors in the red.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 0.7% and Dubai Islamic Bank (DISB.DU), opens new tab slid 0.5%, while Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.4%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.
Saudi Arabian Mining (1211.SE), opens new tab advanced 3% and Saudi Research and Media Group (4210.SE), opens new tab climbed 5.7%.
Among other gainers, Modern Mills Company (2284.SE), opens new tab soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.
E-Finance for Digital (EFIH.CA), opens new tab slumped 11.6% and Commercial International Bank (COMI.CA), opens new tab slipped 1.6%.
Baker McKenzie Moves Top Funds Partner to #AbuDhabi From London - Bloomberg
Baker McKenzie Moves Top Funds Partner to Abu Dhabi From London - Bloomberg
Global law firm Baker McKenzie is relocating one of its top partners from London to Abu Dhabi, as part of efforts to strengthen its Middle Eastern offering for investment fund and private equity transactions.
James Burdett will join the firm’s United Arab Emirates team from April 1, according to a statement seen by Bloomberg News. He previously ran the firm’s London investment funds group for just under two decades.
The relocation reflects “the sharp uptick that we have seen in private capital activity in the UAE and throughout the region and the increase in fundraising from or focused on the region,” David Allen, co-head of Baker McKenzie’s corporate practice for Europe, Middle East and Africa, said in the statement.
Burdett, whose practice covers a broad range of institutional funds and investment structures, also has experience representing sovereign wealth funds. The Middle East is home to state-backed investors that control close to $4 trillion in assets. That includes entities in Abu Dhabi, which is one of few cities in the world with about $1.5 trillion in sovereign wealth capital.
In an increasingly difficult environment for fundraising, these investors have been sought out by the world’s largest private equity funds. They’ve also played a central role in getting private equity takeovers over the line in an otherwise subdued market.
Abu Dhabi’s financial heft has already helped draw heavyweights into the region. Brevan Howard Asset Management now manages more money from the emirate than it does anywhere else. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among the global financial firms opening up offices in the emirate.
“Our firm recognizes the importance of having a full service investment funds and private equity offering in the backyard of many of our key clients in both Abu Dhabi and the wider region,” said Osama Audi, the Abu Dhabi-based head of Baker McKenzie’s UAE corporate practice.
Global law firm Baker McKenzie is relocating one of its top partners from London to Abu Dhabi, as part of efforts to strengthen its Middle Eastern offering for investment fund and private equity transactions.
James Burdett will join the firm’s United Arab Emirates team from April 1, according to a statement seen by Bloomberg News. He previously ran the firm’s London investment funds group for just under two decades.
The relocation reflects “the sharp uptick that we have seen in private capital activity in the UAE and throughout the region and the increase in fundraising from or focused on the region,” David Allen, co-head of Baker McKenzie’s corporate practice for Europe, Middle East and Africa, said in the statement.
Burdett, whose practice covers a broad range of institutional funds and investment structures, also has experience representing sovereign wealth funds. The Middle East is home to state-backed investors that control close to $4 trillion in assets. That includes entities in Abu Dhabi, which is one of few cities in the world with about $1.5 trillion in sovereign wealth capital.
In an increasingly difficult environment for fundraising, these investors have been sought out by the world’s largest private equity funds. They’ve also played a central role in getting private equity takeovers over the line in an otherwise subdued market.
Abu Dhabi’s financial heft has already helped draw heavyweights into the region. Brevan Howard Asset Management now manages more money from the emirate than it does anywhere else. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among the global financial firms opening up offices in the emirate.
“Our firm recognizes the importance of having a full service investment funds and private equity offering in the backyard of many of our key clients in both Abu Dhabi and the wider region,” said Osama Audi, the Abu Dhabi-based head of Baker McKenzie’s UAE corporate practice.
Gulf equities drop in early trade on weaker oil prices | Reuters
Gulf equities drop in early trade on weaker oil prices | Reuters
Stock markets in the Gulf dropped in early trade on Wednesday, on falling oil prices as the surge in crude stockpiles in the U.S. weighed on trader sentiment.
Oil prices - a catalyst for the Gulf's financial markets - declined for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Benchmark Brent crude fell 0.9% to $85.46 a barrel by 0800 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance, real estate and consumer discretionary sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab slid 0.6% and Dubai Islamic Bank (DISB.DU), opens new tab shed 0.3%, while Dubai Electricity and Water (DEWAA.DU), opens new tab added 0.8%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with Purehealth (PUREHEALTH.AD), opens new tab falling 1.3% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab sliding 1.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.1%, weighed down by a loss of 0.7% in Baladna (BLDN.QA), opens new tab and a 0.6% dip in Industries Qatar (IQCD.QA), opens new tab.
However, Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender gained 0.2%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1%, weighed down by losses in most sectors with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipping 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab dropping 1.9%.
Meanwhile, Saudi Arabia's Modern Mills Company (2284.SE), opens new tab surged as much as 30% on its market debut on Wednesday, trading at 62.4 riyals per share, up from an offer price of 48 riyals.
Stock markets in the Gulf dropped in early trade on Wednesday, on falling oil prices as the surge in crude stockpiles in the U.S. weighed on trader sentiment.
Oil prices - a catalyst for the Gulf's financial markets - declined for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Benchmark Brent crude fell 0.9% to $85.46 a barrel by 0800 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance, real estate and consumer discretionary sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab slid 0.6% and Dubai Islamic Bank (DISB.DU), opens new tab shed 0.3%, while Dubai Electricity and Water (DEWAA.DU), opens new tab added 0.8%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with Purehealth (PUREHEALTH.AD), opens new tab falling 1.3% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab sliding 1.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.1%, weighed down by a loss of 0.7% in Baladna (BLDN.QA), opens new tab and a 0.6% dip in Industries Qatar (IQCD.QA), opens new tab.
However, Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender gained 0.2%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1%, weighed down by losses in most sectors with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipping 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab dropping 1.9%.
Meanwhile, Saudi Arabia's Modern Mills Company (2284.SE), opens new tab surged as much as 30% on its market debut on Wednesday, trading at 62.4 riyals per share, up from an offer price of 48 riyals.
Tuesday, 26 March 2024
Four #UAE banks help raise $1.15bln syndicated loan for Africa
Four UAE banks help raise $1.15bln syndicated loan for Africa
Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.
In addition to UAE banks, AFC on Tuesday signed a deal with lenders from Europe and Asia.
Leading international financial institutions — including First Abu Dhabi Bank (FAB), Mashreqbank, MUFG Bank and Standard Chartered — acted as global coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China coordinator.
Among those who acted as initial mandated lead arrangers and bookrunners were Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank and Mizuho and Sumitomo Mitsui Banking Corporation.
Additionally, Bank of China and Société Générale S.A acted as initial mandated lead arrangers.
Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders.
Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49 per cent, underscoring global investor confidence in AFC's creditworthiness and its ability to navigate the current economic landscape marked by evolving global complexities.
Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.
In addition to UAE banks, AFC on Tuesday signed a deal with lenders from Europe and Asia.
Leading international financial institutions — including First Abu Dhabi Bank (FAB), Mashreqbank, MUFG Bank and Standard Chartered — acted as global coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China coordinator.
Among those who acted as initial mandated lead arrangers and bookrunners were Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank and Mizuho and Sumitomo Mitsui Banking Corporation.
Additionally, Bank of China and Société Générale S.A acted as initial mandated lead arrangers.
Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders.
Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49 per cent, underscoring global investor confidence in AFC's creditworthiness and its ability to navigate the current economic landscape marked by evolving global complexities.
Gulf bourses drop ahead of US inflation data | Reuters
Gulf bourses drop ahead of US inflation data | Reuters
Stock markets in the Gulf declined on Tuesday, led by the Dubai index, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Dubai's benchmark index (.DFMGI), opens new tab was down 0.8%, after gaining for three straight sessions, with most of its constituents posting losses.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 1.6% and Dubai Islamic Bank (DISB.DU), opens new tab slid 1.2%, while Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index (.QSI), opens new tab ended 0.7% lower, down for the second consecutive session, with all sectors in the red.
Qatar Gas Transport (QGTS.QA), opens new tab and Qatar's Commercial Bank (COMB.QA), opens new tab slid 1.5% each, while Masraf Al Rayan (MARK.QA), opens new tab fell 5.3%.
But Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6%.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.6%, extending its losses to a third straight session.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, and Saudi National Bank (1180.SE), opens new tab, the kingdom' largest lender, dropped 0.7% and 1.1%, respectively.
Middle East Pharmaceutical Industries (4016.SE), opens new tab and Saudi Arabian Mining (1211.SE), opens new tab, down 3.8% and 1.2%, respectively, were among other losers.
The healthcare services provider Mouwasat Medical Services (4002.SE), opens new tab, however, gained 8.2%, the sharpest intraday rise in a year.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with Aldar Properties (ALDAR.AD), opens new tab slipping 1% and conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab down 0.3%, while Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 1.1%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab snapped its three-session winning streak and ended 1% lower, with all sectors in the negative territory.
Commercial International Bank (COMI.CA), opens new tab slipped 1.3% and El Sewedy Electric (SWDY.CA), opens new tab lost 4%.
Stock markets in the Gulf declined on Tuesday, led by the Dubai index, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Dubai's benchmark index (.DFMGI), opens new tab was down 0.8%, after gaining for three straight sessions, with most of its constituents posting losses.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 1.6% and Dubai Islamic Bank (DISB.DU), opens new tab slid 1.2%, while Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index (.QSI), opens new tab ended 0.7% lower, down for the second consecutive session, with all sectors in the red.
Qatar Gas Transport (QGTS.QA), opens new tab and Qatar's Commercial Bank (COMB.QA), opens new tab slid 1.5% each, while Masraf Al Rayan (MARK.QA), opens new tab fell 5.3%.
But Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6%.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.6%, extending its losses to a third straight session.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, and Saudi National Bank (1180.SE), opens new tab, the kingdom' largest lender, dropped 0.7% and 1.1%, respectively.
Middle East Pharmaceutical Industries (4016.SE), opens new tab and Saudi Arabian Mining (1211.SE), opens new tab, down 3.8% and 1.2%, respectively, were among other losers.
The healthcare services provider Mouwasat Medical Services (4002.SE), opens new tab, however, gained 8.2%, the sharpest intraday rise in a year.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with Aldar Properties (ALDAR.AD), opens new tab slipping 1% and conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab down 0.3%, while Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 1.1%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab snapped its three-session winning streak and ended 1% lower, with all sectors in the negative territory.
Commercial International Bank (COMI.CA), opens new tab slipped 1.3% and El Sewedy Electric (SWDY.CA), opens new tab lost 4%.
#Dubai Weighs IPO of Construction Firm ALEC Amid Property Boom - Bloomberg
Dubai Weighs IPO of Construction Firm ALEC Amid Property Boom - Bloomberg
Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that’s pushed commercial and residential real estate prices close to record levels.
State-backed Investment Corp. of Dubai has held early talks on a potential listing, people familiar with the matter said, asking not to be identified as the information isn’t public.
Details of the IPO, such as the size and timing, weren’t immediately available. No final decisions have been made and ICD may still decide against listing ALEC.
Representatives for ICD declined to comment.
An IPO of ALEC Engineering & Contracting LLC would be the latest by Dubai, which has been selling stakes in state-owned firms for the past two years as part of a push to deepen its capital markets.
The listing spree — which has raised $9 billion since 2021 — matches similar moves in neighboring Abu Dhabi and Saudi Arabia as governments seek funds to diversify their economies away from fossil fuels. The deals have drawn strong demand from both local and international investors, making the region a bright spot for IPOs over the past two years.
Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that’s pushed commercial and residential real estate prices close to record levels.
State-backed Investment Corp. of Dubai has held early talks on a potential listing, people familiar with the matter said, asking not to be identified as the information isn’t public.
Details of the IPO, such as the size and timing, weren’t immediately available. No final decisions have been made and ICD may still decide against listing ALEC.
Representatives for ICD declined to comment.
An IPO of ALEC Engineering & Contracting LLC would be the latest by Dubai, which has been selling stakes in state-owned firms for the past two years as part of a push to deepen its capital markets.
The listing spree — which has raised $9 billion since 2021 — matches similar moves in neighboring Abu Dhabi and Saudi Arabia as governments seek funds to diversify their economies away from fossil fuels. The deals have drawn strong demand from both local and international investors, making the region a bright spot for IPOs over the past two years.
Hedge Fund Gemcorp Plots #AbuDhabi Office in Private Credit Push - Bloomberg
Hedge Fund Gemcorp Plots Abu Dhabi Office in Private Credit Push - Bloomberg
London-based hedge fund Gemcorp Capital is looking to add a trading office in Abu Dhabi later this year.
The emerging markets-focused hedge fund plans to place 15 people in a new United Arab Emirates hub within the first year, according to a representative for the firm. The office will also seek further opportunities in Africa and other emerging markets, the representative said.
A key focus will be on private credit — a relatively new asset class in the region after an explosion in popularity among money managers worldwide.
The hedge fund, which manages around $1.2 billion of assets, already operates a representative office in neighboring Dubai. It hired Simon Penney, a former UK trade commissioner in the Middle East, last year to run its operations in the region.
Gemcorp joins a raft of finance companies laying down roots in Abu Dhabi, which had 1,825 operational entities at the end of last year, up by a third from 2022. Abu Dhabi Global Market, the emirate’s financial free-zone, said it’s been the fastest-growing hub in the region for two consecutive years.
Brevan Howard Asset Management recently turned Abu Dhabi into its biggest risk-taking center, running about $10 billion and growing its local team to more than 80 since opening last February. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among other global financial firms opening offices in the emirate.
Gemcorp also has plans for a $1 billion fund for inward investment into Saudi Arabia, which will be run by separately regulated fund managers and available to both global and domestic investors.
Atanas Bostandjiev founded Gemcorp in 2014 and runs investment strategies ranging across direct lending, trade finance, private equity, and opportunistic credit and macro trading.
London-based hedge fund Gemcorp Capital is looking to add a trading office in Abu Dhabi later this year.
The emerging markets-focused hedge fund plans to place 15 people in a new United Arab Emirates hub within the first year, according to a representative for the firm. The office will also seek further opportunities in Africa and other emerging markets, the representative said.
A key focus will be on private credit — a relatively new asset class in the region after an explosion in popularity among money managers worldwide.
The hedge fund, which manages around $1.2 billion of assets, already operates a representative office in neighboring Dubai. It hired Simon Penney, a former UK trade commissioner in the Middle East, last year to run its operations in the region.
Gemcorp joins a raft of finance companies laying down roots in Abu Dhabi, which had 1,825 operational entities at the end of last year, up by a third from 2022. Abu Dhabi Global Market, the emirate’s financial free-zone, said it’s been the fastest-growing hub in the region for two consecutive years.
Brevan Howard Asset Management recently turned Abu Dhabi into its biggest risk-taking center, running about $10 billion and growing its local team to more than 80 since opening last February. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among other global financial firms opening offices in the emirate.
Gemcorp also has plans for a $1 billion fund for inward investment into Saudi Arabia, which will be run by separately regulated fund managers and available to both global and domestic investors.
Atanas Bostandjiev founded Gemcorp in 2014 and runs investment strategies ranging across direct lending, trade finance, private equity, and opportunistic credit and macro trading.
#Qatar's Commercial Bank sets spread for its 5-year bonds -document | Reuters
Qatar's Commercial Bank sets spread for its 5-year bonds -document | Reuters
Qatar-based Commercial Bank (COMB.QA), opens new tab has set the spread for its 5-year bond offering, according to a document seen by Reuters on Tuesday.
The spread was set at 125 basis points over U.S. Treasuries, tighter than earlier guidance of 150 bps after the lender secured more than $1.75 billion in orders, the document said.
The Qatari lender is planning to sell benchmark-sized, U.S. dollar denominated senior unsecured bonds, which are expected to be priced later in the day, the document showed.
Earlier this month, Doha Bank (DOBK.QA), opens new tab, majority owned by the Qatar Investment Authority, raised $500 million from a 5-year bond sale.
Qatar-based Commercial Bank (COMB.QA), opens new tab has set the spread for its 5-year bond offering, according to a document seen by Reuters on Tuesday.
The spread was set at 125 basis points over U.S. Treasuries, tighter than earlier guidance of 150 bps after the lender secured more than $1.75 billion in orders, the document said.
The Qatari lender is planning to sell benchmark-sized, U.S. dollar denominated senior unsecured bonds, which are expected to be priced later in the day, the document showed.
Earlier this month, Doha Bank (DOBK.QA), opens new tab, majority owned by the Qatar Investment Authority, raised $500 million from a 5-year bond sale.
Gulf bourses mixed in early trade | Reuters
Gulf bourses mixed in early trade | Reuters
Stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in most sectors, with Saudi Awwal Bank (1060.SE), opens new tab rising 1.5% and Mouwasat Medical (4002.SE), opens new tab up 6%.
Among other gainers, Seera Group (1810.SE), opens new tab climbed 4.3%, the sharpest intraday rise in more than two months.
The hospitality and travel services provider Seera posted a full-year net profit of 265 million riyals ($70.66 million) compared with a loss of 46 million riyals a year earlier, recording strong booking volumes and revenues.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1%, with Abu Dhabi National Energy Co (TAQA.AD), opens new tab gaining 1.5% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, aided by gains in industry, finance, consumer discretionary and real estate sectors, with tolls operator Salik Company (SALIK.DU), opens new tab climbing 1.1% and Dubai Islamic Bank (DISB.DU), opens new tab adding 0.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.2%, weighed down by losses in most sectors, with Masraf Al Rayan (MARK.QA), opens new tab dropping 4.7% and Qatar Navigation (QNNC.QA), opens new tab sliding 1.1%.
However, Qatar National Bank, the region's largest lender, gained 0.8%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in most sectors, with Saudi Awwal Bank (1060.SE), opens new tab rising 1.5% and Mouwasat Medical (4002.SE), opens new tab up 6%.
Among other gainers, Seera Group (1810.SE), opens new tab climbed 4.3%, the sharpest intraday rise in more than two months.
The hospitality and travel services provider Seera posted a full-year net profit of 265 million riyals ($70.66 million) compared with a loss of 46 million riyals a year earlier, recording strong booking volumes and revenues.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1%, with Abu Dhabi National Energy Co (TAQA.AD), opens new tab gaining 1.5% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, aided by gains in industry, finance, consumer discretionary and real estate sectors, with tolls operator Salik Company (SALIK.DU), opens new tab climbing 1.1% and Dubai Islamic Bank (DISB.DU), opens new tab adding 0.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.2%, weighed down by losses in most sectors, with Masraf Al Rayan (MARK.QA), opens new tab dropping 4.7% and Qatar Navigation (QNNC.QA), opens new tab sliding 1.1%.
However, Qatar National Bank, the region's largest lender, gained 0.8%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Monday, 25 March 2024
Luxury EV maker Lucid to raise $1 bln from #Saudi's PIF affiliate | Reuters
Luxury EV maker Lucid to raise $1 bln from Saudi's PIF affiliate | Reuters
Lucid (LCID.O), opens new tab is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund (PIF), it said on Monday, sending the shares of the luxury electric carmaker up nearly 20%.
The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups.
The Saudi government, which has a 60% stake, has invested billions in Lucid's success as part of a strategy to diversify the Kingdom's economy beyond oil.
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure among other things.
Lucid (LCID.O), opens new tab is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund (PIF), it said on Monday, sending the shares of the luxury electric carmaker up nearly 20%.
The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups.
The Saudi government, which has a 60% stake, has invested billions in Lucid's success as part of a strategy to diversify the Kingdom's economy beyond oil.
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure among other things.
Most Gulf bourses drop; Egypt extends gains | Reuters
Most Gulf bourses drop; Egypt extends gains | Reuters
Stock markets in the Gulf dropped on Monday, led by the Qatar index, tracking global peers lower as investors look ahead to a key U.S. inflation marker later in the week.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 1.1%, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco (2222.SE), opens new tab and the kingdom's largest lender Saudi National Bank (1180.SE), opens new tab sliding 1.1% and 1.4%, respectively.
Among other losers, Riyad Bank (1010.SE), opens new tab slumped 4.9%, the deepest drop in over two month, and Al Rajhi Bank (1120.SE), opens new tab slipped 3.5%, the steepest decline in about two months as both lenders were trading ex-dividend.
The Qatari benchmark index (.QSI), opens new tab declined 1.2%, the sharpest drop in over a month with all stocks in the red.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, slumped 3.3% to 14.2 riyal, hitting its lowest in nearly six years.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with conglomerate International Holding (IHC.AD), opens new tab and its unit Multiply (MULTIPLY.AD), opens new tab shedding 0.1% and 1.3%, respectively, while First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender gained 1.5%.
Dubai's benchmark index (.DFMGI), opens new tab was up marginally with gains in real estate, finance, consumer staples, and utilities sectors offsetting the losses in communication services, industry and real estate.
Dubai Islamic Bank (DISB.DU), opens new tab rose 1% and Emirates Central Cooling (EMPOWER.DU), opens new tab added 0.6%, while Emirates Integrated Telecommunication (DU.DU), opens new tab and low-cost flyer Air Arabia (AIRA.DU), opens new tab slipped 2.3% and 1.1%, respectively.
The main data event of the week will be the U.S. core personal consumption expenditure (PCE) price index on Friday, which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a third straight session and ended 1% higher with most sectors in the green.
Talaat Mostafa (TMGH.CA), opens new tab gained 1.9% and El Sewedy Electric (SWDY.CA), opens new tab added 2.9%.
Stock markets in the Gulf dropped on Monday, led by the Qatar index, tracking global peers lower as investors look ahead to a key U.S. inflation marker later in the week.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 1.1%, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco (2222.SE), opens new tab and the kingdom's largest lender Saudi National Bank (1180.SE), opens new tab sliding 1.1% and 1.4%, respectively.
Among other losers, Riyad Bank (1010.SE), opens new tab slumped 4.9%, the deepest drop in over two month, and Al Rajhi Bank (1120.SE), opens new tab slipped 3.5%, the steepest decline in about two months as both lenders were trading ex-dividend.
The Qatari benchmark index (.QSI), opens new tab declined 1.2%, the sharpest drop in over a month with all stocks in the red.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, slumped 3.3% to 14.2 riyal, hitting its lowest in nearly six years.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with conglomerate International Holding (IHC.AD), opens new tab and its unit Multiply (MULTIPLY.AD), opens new tab shedding 0.1% and 1.3%, respectively, while First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender gained 1.5%.
Dubai's benchmark index (.DFMGI), opens new tab was up marginally with gains in real estate, finance, consumer staples, and utilities sectors offsetting the losses in communication services, industry and real estate.
Dubai Islamic Bank (DISB.DU), opens new tab rose 1% and Emirates Central Cooling (EMPOWER.DU), opens new tab added 0.6%, while Emirates Integrated Telecommunication (DU.DU), opens new tab and low-cost flyer Air Arabia (AIRA.DU), opens new tab slipped 2.3% and 1.1%, respectively.
The main data event of the week will be the U.S. core personal consumption expenditure (PCE) price index on Friday, which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a third straight session and ended 1% higher with most sectors in the green.
Talaat Mostafa (TMGH.CA), opens new tab gained 1.9% and El Sewedy Electric (SWDY.CA), opens new tab added 2.9%.
#AbuDhabi's Mubadala hires banks for debut 10-yr sukuk, document says | Reuters
Abu Dhabi's Mubadala hires banks for debut 10-yr sukuk, document says | Reuters
Abu Dhabi sovereign wealth fund Mubadala Investment Company (MUDEV.UL) has picked banks for its debut 10-year sukuk, a document seen by Reuters on Monday showed.
Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank And HSBC as joint global coordinators, while ADIB, BOFA Securities, Citi, Emirates NBD Capital, MUFG And Standard Chartered Bank are working on the deal as joint lead managers and bookrunners, the document said.
The banks will arrange investor meetings starting March 25 followed by a benchmark-sized, U.S. dollar denominated 10-year senior unsecured sukuk under MDGH Sukuk Limited’s newly established Trust Certificate Issuance Programme, the document added.
Abu Dhabi sovereign wealth fund Mubadala Investment Company (MUDEV.UL) has picked banks for its debut 10-year sukuk, a document seen by Reuters on Monday showed.
Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank And HSBC as joint global coordinators, while ADIB, BOFA Securities, Citi, Emirates NBD Capital, MUFG And Standard Chartered Bank are working on the deal as joint lead managers and bookrunners, the document said.
The banks will arrange investor meetings starting March 25 followed by a benchmark-sized, U.S. dollar denominated 10-year senior unsecured sukuk under MDGH Sukuk Limited’s newly established Trust Certificate Issuance Programme, the document added.
Most Gulf bourses dip in early trade; #Dubai gains | Reuters
Most Gulf bourses dip in early trade; Dubai gains | Reuters
Most stock markets in the Gulf were down in early trade on Monday, tracking Asian peers lower ahead of U.S. inflation data later this week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.4%, dragged down by losses in most sectors, with real estate company Jabal Omar Development (4250.SE), opens new tab falling 5.3% and Riyad Bank (1010.SE), opens new tab down 2.4%.
Al Rajhi Bank (1120.SE), opens new tab fell 1.4% as the world's largest Islamic lender was trading ex-dividend.
The Qatari benchmark index (.QSI), opens new tab retreated 0.4%, weighed down by losses in most stocks, including Gulf International Services (GISS.QA), opens new tab, which fell 1.6%, and a 0.6% decline in the region's largest lender Qatar National Bank (QNBK.QA), opens new tab.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab eased 0.1%, with Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD), opens new tab down 1.0% and conglomerate International Holding Co (IHC.AD), opens new tab shedding 0.1%.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.3%, lifted by gains in industry, finance and communication services sectors. Toll-road operator Salik Co (SALIK.DU), opens new tab gained 1.4% and Mashreqbank (MASB.DU), opens new tab was up 4.7%.
However, the emirate's largest lender Emirates NBD (ENBD.DU), opens new tab lost 0.9%.
The main data event of the week will be U.S. core personal consumption expenditure (PCE) price index on Friday which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.
Most Gulf currencies are pegged to the dollar.
Most stock markets in the Gulf were down in early trade on Monday, tracking Asian peers lower ahead of U.S. inflation data later this week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.4%, dragged down by losses in most sectors, with real estate company Jabal Omar Development (4250.SE), opens new tab falling 5.3% and Riyad Bank (1010.SE), opens new tab down 2.4%.
Al Rajhi Bank (1120.SE), opens new tab fell 1.4% as the world's largest Islamic lender was trading ex-dividend.
The Qatari benchmark index (.QSI), opens new tab retreated 0.4%, weighed down by losses in most stocks, including Gulf International Services (GISS.QA), opens new tab, which fell 1.6%, and a 0.6% decline in the region's largest lender Qatar National Bank (QNBK.QA), opens new tab.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab eased 0.1%, with Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD), opens new tab down 1.0% and conglomerate International Holding Co (IHC.AD), opens new tab shedding 0.1%.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.3%, lifted by gains in industry, finance and communication services sectors. Toll-road operator Salik Co (SALIK.DU), opens new tab gained 1.4% and Mashreqbank (MASB.DU), opens new tab was up 4.7%.
However, the emirate's largest lender Emirates NBD (ENBD.DU), opens new tab lost 0.9%.
The main data event of the week will be U.S. core personal consumption expenditure (PCE) price index on Friday which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.
Most Gulf currencies are pegged to the dollar.
Sunday, 24 March 2024
Most Gulf bourses end near flat; #Saudi slips | Reuters
Most Gulf bourses end near flat; Saudi slips | Reuters
Most stock markets in the Gulf ended little changed on Sunday and the Saudi index dipped, with weaker oil prices dampening sentiment after earlier gains fuelled by dovish signals from the U.S. Federal Reserve.
Oil prices , a catalyst for the Gulf's financial markets, fell on Friday, with a possibility of a ceasefire in Gaza, the stronger dollar and lower U.S. gasoline demand all weighing.
The Qatari benchmark index (.QSI), opens new tab was up marginally with gains in communication services, materials, consumer staples, and energy sectors offsetting the losses in finance, industry and real estate.
Qatar Gas Transport (QGTS.QA), opens new tab and Ooredoo (ORDS.QA), opens new tab rose 0.7% and 1.1%, respectively, while Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and Industries Qatar (IQCD.QA), opens new tab both closed down 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 0.3%, after a previous session of gains with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 1.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, shed 0.9%.
Among other losers, ADES Holding (2382.SE), opens new tab and Savola Group (2050.SE), opens new tab fell 2.4% and 2.5%, respectively.
Earlier in the week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year, boosting stock markets around the world.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed as gains in materials, consumer staples, finance, and communication sectors offset losses in healthcare, industries and real estate.
E-Finance (EFIH.CA), opens new tab and Fawry for Banking Technology (FWRY.CA), opens new tab climbed 10.3% and 7.2% respectively, while Talaat Mostafa (TMGH.CA), opens new tab dropped 4.2% and El Sewedy Electric (SWDY.CA), opens new tab slipped 4.6%.
Most stock markets in the Gulf ended little changed on Sunday and the Saudi index dipped, with weaker oil prices dampening sentiment after earlier gains fuelled by dovish signals from the U.S. Federal Reserve.
Oil prices , a catalyst for the Gulf's financial markets, fell on Friday, with a possibility of a ceasefire in Gaza, the stronger dollar and lower U.S. gasoline demand all weighing.
The Qatari benchmark index (.QSI), opens new tab was up marginally with gains in communication services, materials, consumer staples, and energy sectors offsetting the losses in finance, industry and real estate.
Qatar Gas Transport (QGTS.QA), opens new tab and Ooredoo (ORDS.QA), opens new tab rose 0.7% and 1.1%, respectively, while Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and Industries Qatar (IQCD.QA), opens new tab both closed down 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 0.3%, after a previous session of gains with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 1.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, shed 0.9%.
Among other losers, ADES Holding (2382.SE), opens new tab and Savola Group (2050.SE), opens new tab fell 2.4% and 2.5%, respectively.
Earlier in the week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year, boosting stock markets around the world.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed as gains in materials, consumer staples, finance, and communication sectors offset losses in healthcare, industries and real estate.
E-Finance (EFIH.CA), opens new tab and Fawry for Banking Technology (FWRY.CA), opens new tab climbed 10.3% and 7.2% respectively, while Talaat Mostafa (TMGH.CA), opens new tab dropped 4.2% and El Sewedy Electric (SWDY.CA), opens new tab slipped 4.6%.
Friday, 22 March 2024
#Oman State Energy Firm Is Said to Pick Banks to List Two Units - Bloomberg
Oman State Energy Firm Is Said to Pick Banks to List Two Units - Bloomberg
Oman’s state energy company OQ SAOC has picked banks including HSBC Holdings Plc and Morgan Stanley to work on the planned initial public offerings of two of its units, according to people familiar with the matter.
OQ has appointed HSBC to the listing of its exploration and production business while Morgan Stanley will work on the IPO of its methanol and liquefied petroleum gas unit, the people said, asking not to be identified as the information isn’t public.
OQ Exploration & Production could raise about $1 billion, which would make it the country’s biggest on record, Bloomberg News reported in February. Both IPOs are slated for this year although timing may change, people familiar with the matter said at the time.
Local banks will also work on the two planned IPOs, the people said.
Representatives for HSBC and Morgan Stanley declined to comment. OQ wasn’t available for comment.
Oman, the biggest Persian Gulf oil producer that’s not a member of OPEC, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That’s part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.
The Gulf nation is also chasing an upgrade to emerging market status by broadening its capital markets. The Muscat Stock Exchange is among the smallest bourses in the region.
Last year, OQ floated its gas pipelines business in a record $749 million IPO for Oman as well as its oil-drilling unit Abraj Energy Services SAOG.
Oman’s wealth fund is also planning IPOs of companies it owns, including the state power utility and a logistics firm, Bloomberg News has reported.
Oman’s state energy company OQ SAOC has picked banks including HSBC Holdings Plc and Morgan Stanley to work on the planned initial public offerings of two of its units, according to people familiar with the matter.
OQ has appointed HSBC to the listing of its exploration and production business while Morgan Stanley will work on the IPO of its methanol and liquefied petroleum gas unit, the people said, asking not to be identified as the information isn’t public.
OQ Exploration & Production could raise about $1 billion, which would make it the country’s biggest on record, Bloomberg News reported in February. Both IPOs are slated for this year although timing may change, people familiar with the matter said at the time.
Local banks will also work on the two planned IPOs, the people said.
Representatives for HSBC and Morgan Stanley declined to comment. OQ wasn’t available for comment.
Oman, the biggest Persian Gulf oil producer that’s not a member of OPEC, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That’s part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.
The Gulf nation is also chasing an upgrade to emerging market status by broadening its capital markets. The Muscat Stock Exchange is among the smallest bourses in the region.
Last year, OQ floated its gas pipelines business in a record $749 million IPO for Oman as well as its oil-drilling unit Abraj Energy Services SAOG.
Oman’s wealth fund is also planning IPOs of companies it owns, including the state power utility and a logistics firm, Bloomberg News has reported.
#UAE markets gain on possibility of Gaza ceasefire | Reuters
UAE markets gain on possibility of Gaza ceasefire | Reuters
Stock exchanges in the United Arab Emirates closed higher on Friday on the possibility of nearing Gaza ceasefire, which will stabilize the economic activities in the region and ease shipping disruptions in the Red Sea.
U.S. Secretary of State Antony Blinken said on Thursday "the gaps are narrowing" in talks in Doha toward an agreement on the release of hostages and a ceasefire in Israel's conflict with Hamas in Gaza.
The United States will ask the U.N. Security Council on Friday to back a resolution calling for an immediate ceasefire in Gaza and an Israel-Hamas hostage deal, increasing pressure on its ally Israel to allow more humanitarian aid and better protect civilians.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab up 0.4%, gaining for the fifth straight session, lifted by a 1.8% jump in UAE's third-largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab.
Market heavyweights First Abu Dhabi Bank (FAB.AD), opens new tab and International Holding Company (IHC.AD), opens new tab added 0.6% and 0.15, respectively.
Abu Dhabi Ports (ADPORTS.AD), opens new tab gained 1% after the firm acquired a 60% stake in the Tbilisi Dry Port.
Oil prices - a key contributor to Gulf's economies - were up 0.14% at $85.90 a barrel by 1111 GMT.
Dubai's main index (.DFMGI), opens new tab settled 0.1% higher amid a volatile session, helped by a 1.6% rise in Dubai Islamic Bank (DISB.DU), opens new tab and a 1.8% jump in Emirates Central Cooling Systems (EMPOWER.DU), opens new tab.
However, Dubai's parking lot operator Parkin Company (PARKIN.DU), opens new tab declined 2.5% in the second session, after surging more than 35% on its first day of trading on Thursday.
Abu Dhabi index recorded weekly gains of 1.1% after four weeks of losses, while Dubai rose 0.4% on a weekly basis, LSEG data showed.
Sharjah's low-cost carrier Air Arabia (AIRA.DU), opens new tab was the biggest loser on the index, down 5.7% as the stock was trading ex-dividend.
Stock exchanges in the United Arab Emirates closed higher on Friday on the possibility of nearing Gaza ceasefire, which will stabilize the economic activities in the region and ease shipping disruptions in the Red Sea.
U.S. Secretary of State Antony Blinken said on Thursday "the gaps are narrowing" in talks in Doha toward an agreement on the release of hostages and a ceasefire in Israel's conflict with Hamas in Gaza.
The United States will ask the U.N. Security Council on Friday to back a resolution calling for an immediate ceasefire in Gaza and an Israel-Hamas hostage deal, increasing pressure on its ally Israel to allow more humanitarian aid and better protect civilians.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab up 0.4%, gaining for the fifth straight session, lifted by a 1.8% jump in UAE's third-largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab.
Market heavyweights First Abu Dhabi Bank (FAB.AD), opens new tab and International Holding Company (IHC.AD), opens new tab added 0.6% and 0.15, respectively.
Abu Dhabi Ports (ADPORTS.AD), opens new tab gained 1% after the firm acquired a 60% stake in the Tbilisi Dry Port.
Oil prices - a key contributor to Gulf's economies - were up 0.14% at $85.90 a barrel by 1111 GMT.
Dubai's main index (.DFMGI), opens new tab settled 0.1% higher amid a volatile session, helped by a 1.6% rise in Dubai Islamic Bank (DISB.DU), opens new tab and a 1.8% jump in Emirates Central Cooling Systems (EMPOWER.DU), opens new tab.
However, Dubai's parking lot operator Parkin Company (PARKIN.DU), opens new tab declined 2.5% in the second session, after surging more than 35% on its first day of trading on Thursday.
Abu Dhabi index recorded weekly gains of 1.1% after four weeks of losses, while Dubai rose 0.4% on a weekly basis, LSEG data showed.
Sharjah's low-cost carrier Air Arabia (AIRA.DU), opens new tab was the biggest loser on the index, down 5.7% as the stock was trading ex-dividend.
Thursday, 21 March 2024
Saudia Set to Move Out of Riyadh Airport to Make Room For New Airline - Bloomberg
Saudia Set to Move Out of Riyadh Airport to Make Room For New Airline - Bloomberg
Saudi Arabia’s flag carrier will gradually move out of Riyadh’s airport to make room for the kingdom’s newest airline, allowing it to focus on its primary hub in Jeddah.
Saudia, which currently operates from both cities, will hand over slots to brand-new Riyadh Air that is due to begin operations in 2025, General Authority of Civil Aviation’s Vice President of Strategy Mohammed Alkhuraisi said.
“You don’t want two big carriers to operate out of the same hub,” said Alkhuraisi in an interview. Riyadh Air will take over slots from Saudia in a “synchronized manner” to ensure capacity and connectivity to the Saudi capital is not impacted, he said.
Saudia will instead expand operations in Madinah, one of the most sacred cities in Islam and a main religious tourism site, where the airport is set to undergo an expansion that will double capacity to 17 million passengers, Alkhuraisi said.
Saudi Arabia’s flag carrier will gradually move out of Riyadh’s airport to make room for the kingdom’s newest airline, allowing it to focus on its primary hub in Jeddah.
Saudia, which currently operates from both cities, will hand over slots to brand-new Riyadh Air that is due to begin operations in 2025, General Authority of Civil Aviation’s Vice President of Strategy Mohammed Alkhuraisi said.
“You don’t want two big carriers to operate out of the same hub,” said Alkhuraisi in an interview. Riyadh Air will take over slots from Saudia in a “synchronized manner” to ensure capacity and connectivity to the Saudi capital is not impacted, he said.
Saudia will instead expand operations in Madinah, one of the most sacred cities in Islam and a main religious tourism site, where the airport is set to undergo an expansion that will double capacity to 17 million passengers, Alkhuraisi said.
#AbuDhabi’s IHC Plans to List $27 Billion Holding Firm 2PointZero in 2025 - Bloomberg
Abu Dhabi’s IHC Plans to List $27 Billion Holding Firm 2PointZero in 2025 - Bloomberg
Abu Dhabi’s largest listed company, led by a key member of the emirate’s royal family, is looking to list a holding firm worth more than 100 billion dirhams ($27 billion) by next year, according to its chief executive officer.
The newly created firm called 2PointZero will be going to the market “sometime next year,” Syed Basar Shueb, chief executive officer of its parent company International Holding Co. said in an interview.
IHC consolidated existing and newly created firms from Royal Group to form 2PointZero earlier this year, which spans sectors from financial services to mining. These firms include Lunate, Abu Dhabi’s newest fund, International Resources Holding, which invested more than $1 billion in Zambia’s Mopani copper mine, and private investment firm Chimera.
It was decided these companies should come into a “separate ecosystem so that when we list the business, it’ll get the significant capital injection and that will help the growth of these businesses,” the CEO said. Its valuation will be “north of 100 billion dirhams.”
IHC and Royal Group are chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a brother of the United Arab Emirates’ ruler and the country’s national security adviser. 2PointZero named Mariam Almheiri, the UAE’s former minister of climate change and environment, as CEO. Sheikh Tahnoon is already linked to firms that, by weighting, make up more than two thirds of the Abu Dhabi index.
Abu Dhabi’s largest listed company, led by a key member of the emirate’s royal family, is looking to list a holding firm worth more than 100 billion dirhams ($27 billion) by next year, according to its chief executive officer.
The newly created firm called 2PointZero will be going to the market “sometime next year,” Syed Basar Shueb, chief executive officer of its parent company International Holding Co. said in an interview.
IHC consolidated existing and newly created firms from Royal Group to form 2PointZero earlier this year, which spans sectors from financial services to mining. These firms include Lunate, Abu Dhabi’s newest fund, International Resources Holding, which invested more than $1 billion in Zambia’s Mopani copper mine, and private investment firm Chimera.
It was decided these companies should come into a “separate ecosystem so that when we list the business, it’ll get the significant capital injection and that will help the growth of these businesses,” the CEO said. Its valuation will be “north of 100 billion dirhams.”
IHC and Royal Group are chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a brother of the United Arab Emirates’ ruler and the country’s national security adviser. 2PointZero named Mariam Almheiri, the UAE’s former minister of climate change and environment, as CEO. Sheikh Tahnoon is already linked to firms that, by weighting, make up more than two thirds of the Abu Dhabi index.
Exclusive: #UAE seeks bilateral EU trade talks with GCC negotiations at impasse, sources say | Reuters
Exclusive: UAE seeks bilateral EU trade talks with GCC negotiations at impasse, sources say | Reuters
The United Arab Emirates is quietly urging the European Union to start talks on a trade pact separate from an Arab bloc, five people familiar with the matter said, as the Gulf state seeks closer political and economic ties with Europe.
They told Reuters that Abu Dhabi is frustrated at long-stalled trade negotiations between the EU and the Gulf Cooperation Council (GCC), an Arab bloc that includes the UAE and Saudi Arabia.
The UAE, an influential, oil-rich Middle East state, has long advocated deeper EU involvement in the Gulf region. It is the Arab world's second-largest economy after Saudi Arabia, a major Middle East trade partner for many other nations, and its sovereign wealth funds rank among the world's most active.
Three of the sources said the UAE had not yet submitted a formal request to the EU and it was unclear whether the GCC was aware Abu Dhabi had sought to initiate a bilateral process.
The United Arab Emirates is quietly urging the European Union to start talks on a trade pact separate from an Arab bloc, five people familiar with the matter said, as the Gulf state seeks closer political and economic ties with Europe.
They told Reuters that Abu Dhabi is frustrated at long-stalled trade negotiations between the EU and the Gulf Cooperation Council (GCC), an Arab bloc that includes the UAE and Saudi Arabia.
The UAE, an influential, oil-rich Middle East state, has long advocated deeper EU involvement in the Gulf region. It is the Arab world's second-largest economy after Saudi Arabia, a major Middle East trade partner for many other nations, and its sovereign wealth funds rank among the world's most active.
Three of the sources said the UAE had not yet submitted a formal request to the EU and it was unclear whether the GCC was aware Abu Dhabi had sought to initiate a bilateral process.
Exclusive: #UAE conglomerate seeks to gatecrash China's JHCX Zambian copper deal | Reuters
Exclusive: UAE conglomerate seeks to gatecrash China's JHCX Zambian copper deal | Reuters
A unit of International Holding Company (IHC.AD), opens new tab, Abu Dhabi's most valuable company, is interested in acquiring Zambia's Lubambe Copper Mine, an asset that China's JHCX Mining has already agreed to buy, three sources familiar with the details told Reuters.
International Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager's 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that's already underway, two of the sources said.
The IHC unit's interest in Lubambe, with potential to be among Zambia's largest copper mines, comes after Shanghai-listed JCHX (603979.SS), opens new tab, a mine servicing and contracting firm, entered into a deal to buy EMR's 80% stake in Lubambe in January.
The sale process requires approval from the Zambian government, which is pending and unclear at the moment, one of the sources said.
The Zambian government owns a 20% stake in Lubambe through state-firm ZCCM-IH (ZCCM.LZ)
A unit of International Holding Company (IHC.AD), opens new tab, Abu Dhabi's most valuable company, is interested in acquiring Zambia's Lubambe Copper Mine, an asset that China's JHCX Mining has already agreed to buy, three sources familiar with the details told Reuters.
International Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager's 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that's already underway, two of the sources said.
The IHC unit's interest in Lubambe, with potential to be among Zambia's largest copper mines, comes after Shanghai-listed JCHX (603979.SS), opens new tab, a mine servicing and contracting firm, entered into a deal to buy EMR's 80% stake in Lubambe in January.
The sale process requires approval from the Zambian government, which is pending and unclear at the moment, one of the sources said.
The Zambian government owns a 20% stake in Lubambe through state-firm ZCCM-IH (ZCCM.LZ)
Gulf bourses rise on Fed's rate cut stance; #Dubai slips | Reuters
Gulf bourses rise on Fed's rate cut stance; Dubai slips | Reuters
Most stock markets in the Gulf closed higher on Thursday, led by the Saudi index, joining a global rally as investors cheered the U.S. Federal Reserve's indication that it will still deliver three rate cuts this year.
The Fed kept borrowing costs unchanged on Wednesday and signaled they still expect to ease interest rates by three-quarters of a percentage point by the end of 2024.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8% after previous session of losses, lifted by gains in finance and communications services sectors.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, soared 4.5%, the highest intraday rise in nearly three years, while the kingdom's largest lender, Saudi National Bank(1180.SE), opens new tab, climbed 2.2%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a fourth straight session and ended 0.2% higher, supported by a 1.1% rise in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, and a 1.6% gain in Aldar Properties (ALDAR.AD), opens new tab.
The Qatari benchmark index (.QSI), opens new tab edged up 0.1% after a second consecutive session of losses, with most sectors in the green.
Ooredoo (ORDS.QA), opens new tab gained 1.3% and the region's largest lender, Qatar National Bank (QNBK.QA), opens new tab, added 0.3%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.3%, dragged down by losses in real estate, utilities, finance and communication services sectors. Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.1% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab slipped 0.5%.
However, Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, surged 35% on its first day of trading, closing at 2.84 dirham against IPO price of 2.1 dirhams.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1.6%. ending four sessions of losses. E-Finance (EFIH.CA), opens new tab surged 9.5% and Fawry for Banking Technology(FWRY.CA), opens new tab climbed 7.9%.
Most stock markets in the Gulf closed higher on Thursday, led by the Saudi index, joining a global rally as investors cheered the U.S. Federal Reserve's indication that it will still deliver three rate cuts this year.
The Fed kept borrowing costs unchanged on Wednesday and signaled they still expect to ease interest rates by three-quarters of a percentage point by the end of 2024.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8% after previous session of losses, lifted by gains in finance and communications services sectors.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, soared 4.5%, the highest intraday rise in nearly three years, while the kingdom's largest lender, Saudi National Bank(1180.SE), opens new tab, climbed 2.2%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a fourth straight session and ended 0.2% higher, supported by a 1.1% rise in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, and a 1.6% gain in Aldar Properties (ALDAR.AD), opens new tab.
The Qatari benchmark index (.QSI), opens new tab edged up 0.1% after a second consecutive session of losses, with most sectors in the green.
Ooredoo (ORDS.QA), opens new tab gained 1.3% and the region's largest lender, Qatar National Bank (QNBK.QA), opens new tab, added 0.3%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.3%, dragged down by losses in real estate, utilities, finance and communication services sectors. Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.1% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab slipped 0.5%.
However, Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, surged 35% on its first day of trading, closing at 2.84 dirham against IPO price of 2.1 dirhams.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1.6%. ending four sessions of losses. E-Finance (EFIH.CA), opens new tab surged 9.5% and Fawry for Banking Technology(FWRY.CA), opens new tab climbed 7.9%.
#UAE Eyes Further Africa Deals After Egypt Bailout - Bloomberg
UAE Eyes Further Africa Deals After Egypt Bailout - Bloomberg
In pursuit of geopolitical clout, in 2021 the United Arab Emirates made a promise to expand aggressively into markets beyond its usual horizons.
Since then, it’s pledged more investment in Africa’s economies than any other country and now jockeys for influence with established players like China and France.
The wealthy Gulf state is piling in both through its government and private sector. It swooped in last month to save Egypt’s economy with a $35 billion deal — a figure representing 7% of the UAE’s annual economic output — and would be willing to invest a similar amount in a different African nation were a new opportunity to present itself, according to an official familiar with the Egypt bailout who asked to remain anonymous.
While these FDI numbers count money pledged and not necessarily spent, based on the deals it’s witnessing Africa’s largest bank said it’s also confident that the UAE will grow into one of the biggest sources of foreign investment on the continent over the next five years.
Growth is “not linear,” the chief executive officer of Standard Bank Group Ltd Middle East and North Africa Rassem Zok said in an interview. “Two years ago it was spectacular growth, last year it was still comfortably in the double-digits, but the next two-to-three years we’ll see a return to growth in the thirties and above.”
In pursuit of geopolitical clout, in 2021 the United Arab Emirates made a promise to expand aggressively into markets beyond its usual horizons.
Since then, it’s pledged more investment in Africa’s economies than any other country and now jockeys for influence with established players like China and France.
The wealthy Gulf state is piling in both through its government and private sector. It swooped in last month to save Egypt’s economy with a $35 billion deal — a figure representing 7% of the UAE’s annual economic output — and would be willing to invest a similar amount in a different African nation were a new opportunity to present itself, according to an official familiar with the Egypt bailout who asked to remain anonymous.
While these FDI numbers count money pledged and not necessarily spent, based on the deals it’s witnessing Africa’s largest bank said it’s also confident that the UAE will grow into one of the biggest sources of foreign investment on the continent over the next five years.
Growth is “not linear,” the chief executive officer of Standard Bank Group Ltd Middle East and North Africa Rassem Zok said in an interview. “Two years ago it was spectacular growth, last year it was still comfortably in the double-digits, but the next two-to-three years we’ll see a return to growth in the thirties and above.”
Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO - Bloomberg
Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO - Bloomberg
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has appointed banks for what could be one of the biggest initial public offerings in the Gulf this year, according to people familiar with the matter.
The firm has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the planned offering in Abu Dhabi, the people said, asking not to be identified as the information isn’t public. Moelis & Co. is acting as an independent financial adviser.
The firm could seek to raise as much as $2 billion, the people said. No final decisions have been made on timing or valuation, they said.
The listing is expected to happen in the second half of this year, Bloomberg News reported in February. The firm is also weighing a dual listing in Riyadh, people familiar with the matter said at the time.
Representatives for Lulu, Citi and ENBD declined to comment. ADCB and HSBC weren’t immediately available for comment.
The firm has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the planned offering in Abu Dhabi, the people said, asking not to be identified as the information isn’t public. Moelis & Co. is acting as an independent financial adviser.
The firm could seek to raise as much as $2 billion, the people said. No final decisions have been made on timing or valuation, they said.
The listing is expected to happen in the second half of this year, Bloomberg News reported in February. The firm is also weighing a dual listing in Riyadh, people familiar with the matter said at the time.
Representatives for Lulu, Citi and ENBD declined to comment. ADCB and HSBC weren’t immediately available for comment.
#Dubai's Parkin shares jump more than 30% in bourse debut | Reuters
Dubai's Parkin shares jump more than 30% in bourse debut | Reuters
Shares in Parkin, which oversees public parking operations, jumped more than 30% in their debut on Dubai bourse on Thursday after the company raised $429 million from investors in the emirate's first privatisation deal this year.
Shares rose as much as 31.4% to 2.76 dirhams ($0.7516) apiece after market open versus its initial public offering (IPO) price of 2.1 dirhams.
Parkin's IPO was oversubscribed 165 times, attracting $71 billion in demand, a record-breaking debut for Dubai.
Gulf governments are racing to list state companies in a bid to deepen capital markets, part of a wider push to cut their reliance on oil.
Companies in Dubai have raised 34.5 billion dirhams in the last three years through the sale of shares on the Dubai stock exchange, according to the Dubai Securities and Exchange Higher Committee.
Parkin is the latest of six privatisations embarked upon by the government, first announced in 2021 as part of a programme to list 10 government-linked companies to attract investment to its domestic bourse.
Dubai Taxi Company's IPO late last year raised $316 million through the sale of a 25% stake, which was oversubscribed 130 times.
Shares in Parkin, which oversees public parking operations, jumped more than 30% in their debut on Dubai bourse on Thursday after the company raised $429 million from investors in the emirate's first privatisation deal this year.
Shares rose as much as 31.4% to 2.76 dirhams ($0.7516) apiece after market open versus its initial public offering (IPO) price of 2.1 dirhams.
Parkin's IPO was oversubscribed 165 times, attracting $71 billion in demand, a record-breaking debut for Dubai.
Gulf governments are racing to list state companies in a bid to deepen capital markets, part of a wider push to cut their reliance on oil.
Companies in Dubai have raised 34.5 billion dirhams in the last three years through the sale of shares on the Dubai stock exchange, according to the Dubai Securities and Exchange Higher Committee.
Parkin is the latest of six privatisations embarked upon by the government, first announced in 2021 as part of a programme to list 10 government-linked companies to attract investment to its domestic bourse.
Dubai Taxi Company's IPO late last year raised $316 million through the sale of a 25% stake, which was oversubscribed 130 times.
#Turkey and Gulf states to launch talks for free trade pact | Reuters
Turkey and Gulf states to launch talks for free trade pact | Reuters
Turkey and the Gulf Cooperation Council (GCC) have signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat said on Thursday, as Ankara steps up efforts to expand economic ties with the region.
After years of tension, Turkey launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, namely the United Arab Emirates (UAE) and Saudi Arabia.
Since then, it has signed deals worth billions with Gulf nations, including Qatar, with which it enjoys strong ties.
"The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country's trade with the region," Bolat said on social media platform X.
Ankara believed the talks would be completed as soon as possible, he added, saying the pact would lead to one of the world's largest free trade areas, between Turkey and members of the GCC, with a total value of $2.4 trillion.
The GCC groups Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.
As ties have improved, Gulf Arab nations are looking to Turkey for help developing local industries and technology transfer in their ambitious effort to diversify their economies away from oil.
Turkey and the Gulf Cooperation Council (GCC) have signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat said on Thursday, as Ankara steps up efforts to expand economic ties with the region.
After years of tension, Turkey launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, namely the United Arab Emirates (UAE) and Saudi Arabia.
Since then, it has signed deals worth billions with Gulf nations, including Qatar, with which it enjoys strong ties.
"The agreement will liberalize trade in goods and services, facilitate investments and trade, and increase our country's trade with the region," Bolat said on social media platform X.
Ankara believed the talks would be completed as soon as possible, he added, saying the pact would lead to one of the world's largest free trade areas, between Turkey and members of the GCC, with a total value of $2.4 trillion.
The GCC groups Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.
As ties have improved, Gulf Arab nations are looking to Turkey for help developing local industries and technology transfer in their ambitious effort to diversify their economies away from oil.
Most Gulf bourses join global rally | Reuters
Most Gulf bourses join global rally | Reuters
Most stock markets in the Gulf were up in early trade on Thursday, tracking global peers higher after the U.S. Federal Reserve maintained its projections for three interest rate cuts for this year.
Overnight, the Federal Reserve stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.5%, lifted by gains in almost all sectors, with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, climbing 1.6% and Alinma Bank (1150.SE), opens new tab adding 1.2%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab rose 0.1%, helped by a 0.5% gain in both Aldar Properties (ALDAR.AD), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender.
The Qatari benchmark index (.QSI), opens new tab was up marginally, aided by a 0.5% gain in Masraf Al Rayan (MARK.QA), opens new tab and a 0.7% rise in Qatar Fuel Co (QFLS.QA), opens new tab, while Dukhan Bank (DUBK.QA), opens new tab and Qatar Gas Transport (QGTS.QA), opens new tab slid 3.0% and 0.8%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in consumer staples, finance and communication services sectors, with Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3% and Emirates Integrated Telecommunication (DU.DU), opens new tab sliding 1.0%.
Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, opened 30% higher in its market debut, reaching 2.76 dirham against IPO price of 2.1 dirhams.
Most stock markets in the Gulf were up in early trade on Thursday, tracking global peers higher after the U.S. Federal Reserve maintained its projections for three interest rate cuts for this year.
Overnight, the Federal Reserve stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.5%, lifted by gains in almost all sectors, with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, climbing 1.6% and Alinma Bank (1150.SE), opens new tab adding 1.2%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab rose 0.1%, helped by a 0.5% gain in both Aldar Properties (ALDAR.AD), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender.
The Qatari benchmark index (.QSI), opens new tab was up marginally, aided by a 0.5% gain in Masraf Al Rayan (MARK.QA), opens new tab and a 0.7% rise in Qatar Fuel Co (QFLS.QA), opens new tab, while Dukhan Bank (DUBK.QA), opens new tab and Qatar Gas Transport (QGTS.QA), opens new tab slid 3.0% and 0.8%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in consumer staples, finance and communication services sectors, with Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3% and Emirates Integrated Telecommunication (DU.DU), opens new tab sliding 1.0%.
Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, opened 30% higher in its market debut, reaching 2.76 dirham against IPO price of 2.1 dirhams.
Wednesday, 20 March 2024
Mideast Stocks: Major Gulf bourses end mixed; Egypt extends losses
Mideast Stocks: Major Gulf bourses end mixed; Egypt extends losses
Major stock markets in the Gulf put in a mixed performance on Wednesday as investors were cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Dubai's benchmark index advanced 0.4%, lifted by gains in real estate, utilities and finance with Emirates NBD , the emirate's largest lender, rising 1.1% and Emaar Development climbing 3.2%.
Major stock markets in the Gulf put in a mixed performance on Wednesday as investors were cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Dubai's benchmark index advanced 0.4%, lifted by gains in real estate, utilities and finance with Emirates NBD , the emirate's largest lender, rising 1.1% and Emaar Development climbing 3.2%.
In Abu Dhabi, the benchmark index was up for a third straight session and ended 0.1% higher, helped by a 2.6% rise in Abu Dhabi Islamic Bank, and a 1.4% gain in Abu Dhabi National Oil Company for Distribution.
Saudi Arabia's benchmark index was down 0.5% after a sixth straight session of gains with almost all sectors in the negative territory. Al Rajhi Bank, the world's largest Islamic lender, dropped 1.1% and Saudi Arabian Mining Co slid 2.7%.
Saudi Arabia's benchmark index was down 0.5% after a sixth straight session of gains with almost all sectors in the negative territory. Al Rajhi Bank, the world's largest Islamic lender, dropped 1.1% and Saudi Arabian Mining Co slid 2.7%.
Among other losers, the kingdom's largest lender Saudi National Bank and oil major Saudi Aramco shed 0.9% and 0.6% respectively.
The Qatari benchmark index fell for a second consecutive session and ended 0.2% lower, with most sectors in the red. Baladna slipped 4.3% and Qatar Gas Transport dropped 2.8%, while the region's largest lender Qatar National Bank gained 0.1%.
The Qatari benchmark index fell for a second consecutive session and ended 0.2% lower, with most sectors in the red. Baladna slipped 4.3% and Qatar Gas Transport dropped 2.8%, while the region's largest lender Qatar National Bank gained 0.1%.
The Fed is widely expected to hold rates unchanged in a meeting later on Wednesday, with the market's attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index retreated for a fourth straight session and ended 0.3% lower, dragged down by losses in finance, materials, industry and communication sectors. E-Finance dropped 5.3% and El Sewedy Electric slipped 1.6%.