BlackRock to launch PIF-backed #Saudi investment platform | Reuters

BlackRock to launch PIF-backed Saudi investment platform | Reuters

The world's largest asset manager BlackRock (BLK.N), opens new tab said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).

BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.

The two parties said the platform would accelerate growth of Saudi Arabia's capital markets, with a Riyadh-based investment team looking to raise additional funds locally and overseas.

The PIF is central to Crown Prince Mohammad bin Salman's plans to transform the kingdom's economy by building new industries and investing in massive infrastructure development projects that the government refers to as giga-projects.

A BlackRock spokesperson said its platform would be focused on Saudi Arabia but would span investments across the Middle East and North Africa, including infrastructure and credit within private markets and equities in public markets.

BlackRock chairman and CEO Larry Fink said that Saudi Arabia had become an "increasingly attractive" destination for international investment.

PIF's deputy governor Yazeed A. Al-Humied said the agreement would help make the Saudi investment market more internationally diverse and dynamic.

The PIF has transformed in recent years from a sleepy sovereign investor into a global investment vehicle that makes multi-billion dollar bets on everything from technology to sports.

PIF invested $31.5 billion last year to become the world's top spending sovereign wealth fund.

#Dubai Real Estate: Ruler’s Firm Dubai Holding Refinances $8.2 Billion - Bloomberg

Dubai Real Estate: Ruler’s Firm Dubai Holding Refinances $8.2 Billion - Bloomberg

Dubai Holding refinanced a 30 billion dirham ($8.2 billion) loan to replace older facilities at the two state-backed developers it absorbed last month, better positioning itself to capitalize on a boom in the city’s real estate market.

The funding will refinance debt held by the firms — Nakheel and Meydan — according to people familiar with the matter, who asked not to be identified because the information is private. The deal helped secure more favorable terms for the debt, with Emirates NBD Bank PJSC and Mashreqbank PSC underwriting the loan, they said.

Nakheel is best known as the developer of Dubai’s artificial palm-shaped islands, while Meydan owns one of the world’s most opulent horse racecourses. The companies were merged and brought under Dubai Holding — an investment firm owned by the emirate’s ruler — to better take advantage of the strength in the real estate market.

The recent moves, orchestrated by Dubai Holding Chief Executive Officer Amit Kaushal, could potentially be a precursor to an eventual listing of some of the conglomerate’s units over the next few years, according to two of the people. Kaushal, who took over as CEO in 2018 after stints at global banks including Goldman Sachs Group Inc. and UBS Group AG, is looking to cut costs at the combined entity and streamline operations, the people said.

A representative for Dubai Holding didn’t immediately respond to comment.

The deal in March created a real estate behemoth with a large land bank and assets worth billions of dollars — better equipped to cope with fluctuations in a property market known for its boom and bust cycles.

Nakheel and Meydan’s parent company is among the top shareholders in Dubai’s biggest listed property firm, and has been able to capitalize on the surge in demand for homes via a joint venture with Abu Dhabi’s largest developer.

#AbuDhabi’s E& Weighs Acquisition of Telecom Company United Group - Bloomberg

Abu Dhabi’s E& Weighs Acquisition of Telecom Company United Group - Bloomberg

Emirates Telecommunications Group Co. is considering a potential acquisition of eastern European carrier United Group BV as it seeks further expansion outside its home market, according to people familiar with the matter.

E&, as the Abu Dhabi-based carrier is known, has been evaluating a possible purchase of United Group, the people said, asking not to be identified because the information is private. The company’s private equity owner BC Partners may seek a valuation of around €8 billion ($8.6 billion), the people said.

BC Partners is working with advisers to explore a sale of United Group, and other suitors may emerge, the people said. The buyout firm plans to kick off a formal sale process next month, some of the people said. Deliberations are at an early stage, and it could end up selling the business piecemeal to multiple buyers, they said.

United Group has operations in countries including Serbia, Slovenia, Croatia, Bosnia & Herzegovina and Montenegro, according to its website. It has also expanded into European Union members such as Bulgaria and Greece.

Deliberations are ongoing and there’s no certainty they will lead to an agreement. A representative for BC Partners declined to comment. A spokesperson for e& said that as a listed company, it keeps the market informed on any developments and “at this stage” it is not bidding for United Group.

E& agreed last year to acquire a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia. It also owns a significant stake in London-listed Vodafone Group Plc. The Emirati company’s chief executive officer, Hatem Dowidar, joined Vodafone’s board in February.

BC Partners acquired United Group in 2019 from private equity firm KKR & Co. Last year, Saudi Telecom Co.’s Tawal infrastructure arm agreed to buy a portfolio of tower assets from United Group for €1.22 billion.

Mideast Stocks: Major Gulf markets end mixed; Egypt hits four-month low

Mideast Stocks: Major Gulf markets end mixed; Egypt hits four-month low

Major stock markets in the Gulf were mixed on Tuesday, amid rising oil prices, while investors looked toward what the U.S. Federal Reserve would say about the interest rate outlook after its policy meeting this week.

Oil prices — a catalyst for the Gulf's financial markets — edged up as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued. Brent rose 0.2% to $88.55 a barrel by 1300 GMT.

Saudi Arabia's benchmark stock index closed 0.2% higher, up for a second straight session. But the index posted losses for the second month in a row. Among individual stocks, Acwa Power gained 1.7% and Middle East Pharmaceutical added 2.5%, while Saudi Arabian Mining, known as Ma'aden, dropped 2.1%.

The Kingdom's flagship mining firm Ma'aden said it would acquire fertilizers maker Mosaic's stake in a phosphate production joint venture by issuing shares worth about $1.5 billion.

In Abu Dhabi, the benchmark index rose 0.1% and extended gains to a third consecutive session. But it was down 1.7% for the month, its fourth straight monthly loss. Abu Dhabi Islamic Bank declined 1.8% and First Abu Dhabi Bank, the UAE's largest lender, shed 0.2%. However, Aldar Properties rose 1.9% and Abu Dhabi Commercial Bank added 1.2%.

The Qatari benchmark index fell 0.2%, snapping two straight session of gains, weighed down by a 3.9% drop in Qatar International Islamic Bank and a 3.1% slide in Barwa Real Estate.

Dubai's benchmark index eased 0.1%, dragged down by losses in consumer discretionary, utilities and industry sectors, with Mashreqbank falling 4.4% and Commercial Bank of Dubai losing 2.8%. Investors will now focus on the Fed's two-day meeting ending on Wednesday at which it is expected to stand pat on interest rates.

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 dropped 6% to 24,449, its lowest levels in four months, with almost all its constituents posting losses. Talaat Mostafa slumped 12% and Commercial International Bank lost 4.1%.

Mosaic to sell stake in #Saudi JV to Ma'aden for $1.5 billion in stock | Reuters

Mosaic to sell stake in Saudi JV to Ma'aden for $1.5 billion in stock | Reuters

Fertilizer maker Mosaic Co (MOS.N), opens new tab said on Tuesday that Saudi Arabia's flagship mining firm Ma'aden would acquire the U.S.-based company's stake in a phosphate production joint venture by issuing shares worth about $1.5 billion.

Ma'aden will issue about 111 million shares to buy the 25% stake Mosaic owns in Ma'aden Wa'ad Al Shamal Phosphate Co, a joint venture between Mosaic, Ma'aden and Saudi Basic Industries (2010.SE), opens new tab Corp.

Mosaic had said in February that a lot of the cash generated from the asset had gone into reducing debt and investing in the joint venture was not at the top of its priority.

The phosphate producer curtailed output after fertilizer prices dropped last year due to lukewarm demand from key markets.

The deal is expected to close by the end of this year.

#Dubai Spinneys expands size of IPO retail offering

Dubai Spinneys expands size of IPO retail offering

Dubai supermarket chain operator Spinneys, which is planning a 25% stake sale in an IPO, has expended the size of its retail offering following high levels of demand from investors.

The UAE retail offering has been increased from 45,000,000 shares to 63,000,000 shares, and will now represent 7% of the total offer, instead of the previous 5%, the company said in a statement on Tuesday.

As the total size of the offering remains unchanged at 900,000,000 shares, representing 25% of the company’s total issued share capital, qualified investors will now be allocated 837,000,000 shares, instead of 855,000,000 shares, representing 93% of the total, compared to the 95% previously announced.

Meanwhile, Spinneys and the selling shareholder Al Seer Group LLC have appointed BHM Capital Financial Services PJSC as stabilisation manager with a view to support the market price of the shares following the listing. The number of stabilisation shares has increased from 45,000,000 previously to 63,000,000.

The IPO subscription period remains unchanged and will close today professional investors. The offer price range has been set between 1.42 dirhams ($0.38) and AED 1.53 per share, implying a market capitalisation upon listing of between AED 5.11 billion ($1.39 billion) and AED 5.51 billion ($1.50 billion).

The final offer price will be announced on Wednesday, May 1.

Major Gulf bourses mixed in early trade; Fed meet in focus | Reuters

Major Gulf bourses mixed in early trade; Fed meet in focus | Reuters

Major stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors looked forward to what the Federal Reserve would say about the interest rate outlook at its policy meeting this week.

The Qatari benchmark index (.QSI), opens new tab rose 0.3%, supported by gains in all sectors, with Qatar Islamic Bank (QISB.QA), opens new tab adding 0.8% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 0.2%.

Among other gainers, Qatar Fuel (QFLS.QA), opens new tab advanced 0.8% after the distributor of fuels posted an increase of 9% in quarterly net profit on Monday.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab edged up 0.3%, lifted by a 2.7% gain in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and a 2.1% surge in Aldar Properties (ALDAR.AD), opens new tab.

Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.3%, weighed down by losses in materials, finance and utilities stocks.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 0.6% and the kingdom's flagship mining company, Saudi Arabian Mining (1211.SE), opens new tab dropped 2.7%.

Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.1% with Mashreqbank (MASB.DU), opens new tab falling 3.3% and Emaar Development (EMAARDEV.DU), opens new tab slipping 1.8%.

Emirates Integrated Telecommunications (DU.DU), opens new tab climbed 3.5% after the telecom provider posted a 62.7% surge in quarterly net profit on Monday.

Columbia University began suspending pro-Palestinian activists who refused to take down a tent encampment on its New York City campus Monday – after the school declared a stalemate in talks to end the protests.

Investors will now focus on the Fed's two-day meeting that ends on Wednesday, at which the central bank is expected to stand pat on interest rates and strike a hawkish tone.

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.

#Saudi leads as Gulf markets close higher; Egypt hits four-year high | Reuters

Saudi leads as Gulf markets close higher; Egypt hits four-year high | Reuters

Stock markets in the Gulf ended higher on Monday, led by the Saudi index on strong corporate earnings, while investors awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory.

Saudi Arabia's benchmark stock index (.TASI), opens new tab ended five- session losing streak and rose 1.1%, the highest intraday rise in nearly a month with most of its constituents posting gains.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, advanced 1.8% after it reported a 6% rise in quarterly net profit.

Among other gainers, Saudi National Bank (1180.SE), opens new tab, the Kingdom's largest bank by assets, gained 1.1% after it posted a 0.4% rise in quarterly net profit.

The Qatari benchmark index (.QSI), opens new tab was up for a second straight session and ended 0.8% higher, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.1% and Industries Qatar (IQCD.QA), opens new tab gaining 2%.

Among other gainers, Qatar Gas Transport (QGTS.QA), opens new tab rose 2.4% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.

Elsewhere, QatarEnergy, the world's top LNG exporter, signed agreement with China State Shipbuilding Corp (CSSC) to build 18 ultra-large ships at a cost of $6 billion.

Dubai's benchmark index (.DFMGI), opens new tab rose 0.3%, supported by gains in communication, industry and finance sectors with toll operator Salik Company (SALIK.DU), opens new tab rising 1.5% and Mashreqbank (MASB.DU), opens new tab adding 2.2%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a second consecutive session and ended 0.2% higher with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab rising 1.4% and Aldar Properties (ALDAR.AD), opens new tab climbing 4.1%, the highest intraday increase in nearly six months.

The emirate's biggest developer, Aldar's net profit leaped 88% from a year earlier to 1.57 billion dirhams ($427.5 million).

The U.S Fed's two-day policy meeting begins on Tuesday. While the central bank is expected to keep rates on hold, the focus will be on its rate outlook.

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 four straight session of losses and surged 5.57%, the highest intraday climb in four years with all stocks in the green.

Talaat Mostafa (TMGH.CA), opens new tab rose 13.7% and Commercial International Bank(COMI.CA), opens new tab advanced 6.1%.

BlackRock Lures Investors at #SaudiArabia Event, MBS May Attend - Bloomberg

BlackRock Lures Investors at Saudi Arabia Event, MBS May Attend - Bloomberg

BlackRock Inc. is set to host a gathering of top corporate executives and government officials in Riyadh, marking the US firm’s first event on this scale in the Saudi capital and bolstering the kingdom’s efforts to lure foreign investment.

The US firm is hosting the event alongside the Saudi Ministry of Finance, according to people familiar with the matter, who asked not to be identified discussing private information. The goal is to showcase investment opportunities and provide an overview of progress on the kingdom’s trillion-dollar Vision 2030 program, the people said.

The event comes as the kingdom ratchets up efforts to raise billions of dollars for Crown Prince Mohammed bin Salman’s ambitious economic transformation efforts. BlackRock’s involvement shows how deeply the US firm has embedded itself in Saudi Arabia, the biggest market in the region.

BlackRock Chief Executive Officer Larry Fink, who has been quietly increasing the firm’s presence in Saudi Arabia, has had at least two private dinners with the de facto ruler known as MBS.

Fink appeared on a panel on Monday at the World Economic Forum in Riyadh and spoke about investment opportunities in artificial intelligence, data centers and power.

#Saudi Al Rajhi Bank Q1 2024 net profit up 6% on higher financing, investment income

Saudi Al Rajhi Bank Q1 2024 net profit up 6% on higher financing, investment income

Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 6% year-on-year (YoY) rise in Q1 2024 net profit to 4.40 billion riyals ($1.17 billion), driven primarily by an increase in net financing and investment income.

The profit came in a shade above analysts’ mean estimate of SAR 4.31 billion, according to LSEG data.

Net financing and investment income rose by 10%, the bank said in a regulatory filing on Riyadh's Tadawul exchange on Monday.

Net income increased due to an increase in total operating income by 6.6% caused by an increase in net financing and investment income and other operating income.

Total provisions for expected credit losses were 17% higher at SAR 421 million.

The lender's assets rose 7.7% to SAR 836 billion YoY.

Loans and advances portfolio rose 5.5% to SAR 609 billion while client deposits rose 8.6% to SAR 604 billion.

Earnings per share was SAR 1.05 versus SAR 0.99 in the year-earlier period.

#AbuDhabi developer Aldar posts 88% first-quarter profit leap | Reuters

Abu Dhabi developer Aldar posts 88% first-quarter profit leap | Reuters

Abu Dhabi's biggest developer, Aldar Properties (ALDAR.AD), opens new tab, posted an 88% leap in first-quarter net profit on Monday, supported by strong revenue growth.

Net profit rose to 1.57 billion UAE dirhams ($427.5 million), beating analyst expectations of 1.03 billion dirhams, LSEG data showed.

Revenue for the quarter totalled 5.6 billion dirhams, up 83% year on year.
CEO Talal Al Dhiyebi said in the company's statement that the results reflected the UAE real estate market, particularly in Abu Dhabi.

The developer said in February that it would invest 5 billion dirhams to build new office, retail and hospitality facilities in the state by 2027, including the expanding UAE capital city's financial district.

Abu Dhabi's financial district plans a tenfold expansion by adding al-Reem Island to its current location on al-Maryah Island, Reuters reported in September.

#Saudi National Bank posts marginal rise in Q1 profit | Reuters

Saudi National Bank posts marginal rise in Q1 profit | Reuters

Saudi National Bank (1180.SE), opens new tab (SNB), the Kingdom's largest bank by assets, posted a marginal increase in first-quarter profit on Monday, as the lender was hit by higher operating expenses.

It reported a 0.4% rise in net profit to 5.04 billion riyals ($1.34 billion) in the January-to-March period, beating analysts' estimate of 4.97 billion riyals, according to LSEG data.

The lender posted a 10.4% increase in loans and advances to 625.2 billion riyals at the end of March, while customer deposits rose 7.4% to 656.3 billion riyals.

SNB's net result for the quarter was partially offset by higher operating expenses, including net impairment charge for expected credit losses, which grew almost 52% from the previous quarter, according to a stock exchange filing.

Total assets stood at 1.07 trillion riyals, up 3.4% from Dec. 31, driven by growth in financing and investments.

SNB last month appointed a new chief executive to lead the bank, replacing its former acting CEO who was appointed to the role in 2023 in the turmoil following the fall of Credit Suisse.

The new CEO, Tareq Abdulrahman Al Sadhan, will start his new role on May 1.

Most Gulf markets up in early trade; Fed decision in focus | Reuters

Most Gulf markets up in early trade; Fed decision in focus | Reuters

Most stock markets in the Gulf were up in early trade on Monday on strong corporate earnings while investors keenly awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 1%, with all constituents in the green, led by materials, finance and industry stocks.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender advanced 1.8% after it reported a 6% rise in quarterly net profit.

The Qatari benchmark index (.QSI), opens new tab advanced 0.5%, supported by gains in almost all sectors with Qatar Islamic Bank (QISB.QA), opens new tab adding 0.7% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 0.7%.

Among other gainers, Qatar Gas Transport (QGTS.QA), opens new tab rose 1.1% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab edged up 0.2%, helped by a 0.7% gain in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and a 3.1% surge in blue-chip developer Aldar Properties (ALDAR.AD), opens new tab, which reported an 88% rise in quarterly net profit.

Dubai's benchmark stock index (.DFMGI), opens new tab was little changed with tolls operator Salik Company (SALIK.DU), opens new tab adding 1.2% while Emaar Properties (EMAR.DU), opens new tab shedding 0.5%.

The Fed's two-day policy meeting begins on Tuesday. While the U.S. central bank is expected to keep rates on hold, the focus will be on its rate outlook.

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.

#Dubai to Proceed With Al Maktoum Airport’s (DWC) $35B Expansion Plan - Bloomberg

Dubai to Proceed With Al Maktoum Airport’s (DWC) $35B Expansion Plan - Bloomberg

Dubai is proceeding with building a new passenger terminal at Al Maktoum International Airport in anticipation of a spike in visitors, after halting the project for years.

The emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the designs for the terminal on Sunday, expected to cost 128 billion dirhams ($34.8 billion), according to the Dubai government’s statement. The airport, which hosts the biennial Dubai Air Show, has emerged as a hub for cargo planes and private jets.

Dubai Airports plans to encourage more airlines to move their operations to the new terminal in the next few years, Paul Griffiths, chief executive officer of the airport operator, told Bloomberg earlier this year.

Dubai World Central (DWC), as the airport is also called, “will be five times the size of the current Dubai International Airport, and all operations at Dubai International Airport will be transferred to it in the coming years.” Dubai Media Office said in a post on X.

Dubai, one of the world’s busiest long-haul hubs, has seen traffic surge past pre-pandemic levels as visitor numbers to the city swell and long-haul connecting traffic rebounds. The city’s flag carrier, Emirates, posted record half-year profit through September 2023, and has been pushing for an expansion of DWC to accommodate its growth plans and expanding fleet.

Work on Dubai’s Al Maktoum airport was put on hold in 2019 when the Gulf economies were faltering, Bloomberg reported. The airport is designed to be one of the world’s biggest with an annual capacity of more than 260 million passengers, according to its operator.

#SaudiArabia's NEOM secures $2.7 billion new financing facility | Reuters

Saudi Arabia's NEOM secures $2.7 billion new financing facility | Reuters

NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion) from local lenders, according to a NEOM statement seen by Reuters on Sunday.

Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as the lead arrangers on the new facility while other participant banks are Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, the press release shows.

The new facility will be used to support NEOM’s short-term financing requirements as it moves forward in the development of major projects.

Gulf bourses end mixed; Egypt extends decline | Reuters

Gulf bourses end mixed; Egypt extends decline | Reuters

Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the U.S. Federal Reserve after a series of inflation readings.

The oil price - a catalyst for the Gulf's financial markets- settled higher on Friday, drawing support from tensions in the Middle East.

The Qatari benchmark index (.QSI), opens new tab was up after two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.

Qatar Islamic Bank (QISB.QA), opens new tab and Masraf Al Rayan (MARK.QA), opens new tab gained 0.9% and 0.7%, respectively, while Industries Qatar (IQCD.QA), opens new tab added 0.3%.

Saudi Arabia's benchmark index (.TASI), opens new tab was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power (2082.SE), opens new tab fell 5.7% and Middle East Pharmaceutical Industries (4016.SE), opens new tab, slid 2.1%.

However, Arab National Bank (1080.SE), opens new tab advanced 1.9% after the lender reported a 15.7% rise in quarterly net profit.

U.S. monthly inflation rose moderately in March, but stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.

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 decline to a fourth straight session and lost 4.9% to 24,640, its lowest level in four months.

Talaat Mostafa Group (TMGH.CA), opens new tab and Egypt Kuwait Holding (EKHO.CA), opens new tab slumped 9.7% and 6.9% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 4.8%.

Meanwhile, Egypt has committed to addressing its recourse to central bank overdraft facilities and off-budget public sector activity, practices that have contributed to pressure on the currency and the exchange rate, the IMF said on Friday.

Why Wealthiest Gulf Powers Like #UAE Are Snapping Up Prime Property in Egypt - Bloomberg

Why Wealthiest Gulf Powers Like UAE Are Snapping Up Prime Property in Egypt - Bloomberg

On a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting personalities with ambitions of shaping the world. In the more than a century since it opened, Aswan’s Old Cataract, perched on a rocky outcrop on the Nile River’s eastern bank, has welcomed the likes of Winston Churchill, Jimmy Carter and Tsar Nicholas II. For Agatha Christie, in whose former suite you can now stay for upwards of $8,000 a night, it was the inspiration for one of her most famous works of detective fiction, Death on the Nile.

The guests were more circumspect. More than a dozen high-level officials from the United Arab Emirates wearing flowing white robes arrived for a private dinner, led by a security detail that cordoned off the restaurant, according to four people who were there and requested anonymity to discuss a private gathering. Outdoor air-conditioning units were set up on the terrace so the elite diners could take in the nighttime Nile views in comfort as they sampled grilled meats and sipped tea. After about two hours, they left.

Months later, in January, the purpose of the visit became clear: Abu Dhabi wealth fund ADQ bought a 40.5% interest, valued at $882.5 million, in an Egyptian firm that in turn purchased stakes from the cash-strapped government in seven hotels—including Aswan’s Old Cataract, the Winter Palace in Luxor, Mena House in Cairo and the Cecil Hotel in Alexandria—seen as the crown jewels of the North African nation’s hospitality sector. The UAE had indirectly become part-owners of a slice of Egypt’s touristic legacy.

Digging out of its worst economic crisis in decades, Egypt is putting prized assets up for sale, and the rising powers of the Gulf region are taking out their checkbooks. Over the past nine months, high-profile visitors from Saudi Arabia and Qatar, as well as the UAE, have been sighted up and down the Nile and on the Mediterranean and Red Sea coasts. Their coffers flush with oil and gas revenue, the delegations have been scoping out the investment deals of a century.

On Feb. 23, ADQ also announced a $35 billion investment in Egypt that includes development rights for Ras El-Hekma, a Mediterranean coastal headland about three times the size of Manhattan. It was the biggest deal in Egypt’s history, and Cairo began receiving the cash within days, likely saving the economy. The financing gave Egypt enough firepower to enact a long-awaited—but painful and politically sensitive—currency devaluation, seen as key to restoring investor confidence and drawing more funds. An $8 billion International Monetary Fund loan and World Bank and European Union financing followed.

#Dubai ruler approves new $35 bln airport terminal | Reuters

Dubai ruler approves new $35 bln airport terminal | Reuters

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Sunday approved a new passenger terminal in Al Maktoum International airport worth 128 billion AED ($34.85 billion), he said in a post on X.

The Al Maktoum International Airport will be the largest in the world with a capacity of up to 260 million passengers, and five times the size of Dubai International Airport, he added, saying that all operations at Dubai airport would be transferred to Al Maktoum in the coming years.

The Al Maktoum airport will also include 400 terminal gates and five runways, he said.

#AbuDhabi index edges higher on Yahsat and Bayanat merger, #Dubai falls | Reuters

Abu Dhabi index edges higher on Yahsat and Bayanat merger, Dubai falls | Reuters

The Abu Dhabi index closed higher on Friday, after shareholders of satellite solutions provider Al Yah Satellite Communications (YAHSAT.AD), opens new tab and Bayanat Ai (BAYANAT.AD), opens new tab approved the merger to Create SPACE42, a global AI-powered space technology firm.

The merger was initially proposed by the respective Boards of Directors on Dec. 18, and is expected to become effective by mid-2024.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged 0.009% up, supported by a 2.1% jump in each of Yahsat and Bayanat Ai shares.

While gains in the index were stemmed by a last minute decline in IHC-owned stocks with Abu Dhabi's biggest developer Aldar Properties (ALDAR.AD), opens new tab losing 0.6% and Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab dipping 0.3%.

The Abu Dhabi stock market stabilized to a certain extent, buoyed by the gains in banking sector, said George Pavel, General Manager at Capex.com Middle East, who added "rebounding oil prices could help local stocks rebound"

However, its weekly performance was negative and could remain exposed to downside risks as a results of geopolitical tensions, Pavel added.

Oil prices - a key catalyst for Gulf's financial markets - gained on Friday after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.

Brent crude was up 0.64%, or $0.57, to $89.59 a barrel by 1133 GMT.

Meanwhile, Dubai's main index (.DFMGI), opens new tab declined 0.5%, hitting 3-month lower, weighed down by a 2.6% decrease in toll gate operator Salik Company (SALIK.DU), opens new tab and 5.6% in drop in Dubai Investments (DINV.DU), opens new tab.

However, Dubai's biggest lender Emirates NBD Bank (ENBD.DU), opens new tab extended gains on Friday with a 1.2% hike after the lender reported a 12% jump in first-quarter net profit to 6.7 billion dirham ($1.82 billion) on Thursday.

Abu Dhabi and Dubai indexes recorded 0.9% and 0.6% weekly losses, respectively, according to LSEG data.

Oil-Backed Loans: #Dubai Firm Pledged $13 Billion for 20 Years of South Sudan Oil - Bloomberg

Oil-Backed Loans: Dubai Firm Pledged $13 Billion for 20 Years of South Sudan Oil - Bloomberg

A little-known company run by a distant relative of the Abu Dhabi royal family agreed to lend 12 billion euros ($12.9 billion) to South Sudan in exchange for repayment in oil, making it one of the largest ever oil-for-cash deals and the latest such intervention in a struggling African country.

According to an unpublished report by a United Nations Security Council-appointed panel of investigators reviewed by Bloomberg, the Dubai-based Hamad Bin Khalifa Department of Projects, or HBK DOP, and South Sudan’s then-finance minister Bak Barnaba Chol appear to have agreed to the terms of the loan in documents signed between December and February.

The deal amounts to almost double the GDP of South Sudan, which has been ravaged by famine and conflict, and 70% of the funds are earmarked for infrastructure, according to the documents seen by the investigators. But a loan of this size — about five times the country’s current external debt — also would likely tie up most of South Sudan’s oil revenues for many years, the unpublished report says.

For HBK DOP, which was founded by Sheikh Hamad Bin Khalifa Al Nahyan, a distant member of Abu Dhabi’s royal Al-Nahyan family, the loan may lock in access to oil at a discounted price for up to two decades. Under the agreement, South Sudan will receive $10 less per barrel of oil when compared with an international benchmark price.

ADCB Q1 net before tax jumps 26% to $660mln

ADCB Q1 net before tax jumps 26% to $660mln

ADCB has continued its growth momentum into 2024, delivering a first quarter (Q1) net profit before tax of AED2.431 billion ($660 million), an increase of 26% year on year. Net profit after tax was AED2.139 billion, with a return on average tangible equity of 14.1%.

This strong earnings growth was broad-based and primarily driven by solid loan growth in the Corporate and Investment Banking and Retail Banking businesses, an ADCB release said.

The Corporate and Investment Banking Group (CIBG) continued to enhance its UAE and regional market share. CIBG net loans grew 7% during the quarter and 28% year on year. The business is pursuing a strategy to build banking relationships across key regional economic corridors, and is making good progress on the opening of a branch in Saudi Arabia following formal approval in January 2024. CIBG is achieving a market-leading fee-to-income ratio by enhancing its sophisticated product suite and building on its strong track record in structuring complex transactions, loan syndications and capital markets advisory business.

Most Gulf markets in red on earnings, geopolitical concerns | Reuters

Most Gulf markets in red on earnings, geopolitical concerns | Reuters

Most stock markets in the Gulf were in red on Thursday, as investors sifted through the latest corporate earnings, while geopolitical strife in the region weighed on sentiment.

Israel stepped up airstrikes on Rafah overnight, killing at least six Palestinians, medics said on Thursday, after saying it would evacuate civilians from the Gaza border city and storm it despite allies' warnings this could cause mass casualties.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 6.9% fall in ACWA Power Company (2082.SE), opens new tab and a 1.4% decline in Al Rajhi Bank (1120.SE), opens new tab.

Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 1.9% rise in top lender Emirates NBD (ENBD.DU), opens new tab following better-than-expected first-quarter results.

Emirates NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts' estimate of 4.5 billion dirhams as per LSEG data.

The Dubai bourse experienced another volatile trading session, hovering around the same level throughout the week, as some uncertainty remained, said Daniel Takieddine, CEO MENA at BDSwiss.

"Sectors' performances were mixed, except for the financial sector led by Emirates NBD."

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat slightly into the negative territory.

Crude prices — a catalyst for the Gulf's financial markets — held steady after slower economic growth in the first quarter added to signs of retreating fuel demand in the United States, while investors also remained concerned about the risks of wider conflict in the Middle East.

The Qatari benchmark (.QSI), opens new tab was down 0.3%, with Qatar Electricity and Water Co (QEWC.QA), opens new tab losing 2.9%, extending losses from the previous session on weak first-quarter earnings.

On the other hand, Dairy firm Baladna (BLDN.QA), opens new tab - which is not part of the index - jumped more than 3% after signing a $3.5 billion contract to build a powdered milk farm in the country's southern region of Adrar.

The company also reported a sharp rise in first-quarter earnings.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 3.2%, falling for a third consecutive session.

#Saudi fund PIF's managed assets hit $749 bln in 2023, says SPA | Reuters

Saudi fund PIF's managed assets hit $749 bln in 2023, says SPA | Reuters

Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday.

The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added.

Major Gulf markets edge higher on corporate earnings | Reuters

Major Gulf markets edge higher on corporate earnings | Reuters

Major stock markets in the Gulf inched up in early trade on Thursday as investors shifted focus to corporate earnings, while geopolitical tensions limited gains.

Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.1%, helped by a 1% rise in the country's biggest lender Saudi National Bank (1180.SE), opens new tab and a 0.8% increase in Banque Saudi Fransi (BSF) (1050.SE), opens new tab.

BSF reported quarterly net profit 1.15 billion riyals ($306.6 million), compared to 1.08 billion riyals year ago.

Separately, Saudi Arabia's Fakeeh Care Group, one of the kingdom's largest private hospital groups, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.

Dubai's main share index (.DFMGI), opens new tab gained 0.2%, led by a 1.9% rise in Emirates NBD Bank (ENBD.DU), opens new tab after the lender reported better-than-expected first-quarter results.

NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts' estimate of 4.5 billion dirhams as per LSEG data.

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat in choppy trade.

Most Gulf bourses were in red in recent sessions, amid simmering tension between Israel and Iran, and as Israel intensified its assault on Gaza.

The Qatari benchmark (.QSI), opens new tab was up 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab advancing 1.6%.

Dairy firm Baladna (BLDN.QA), opens new tab - which is not part of the index - jumped more than 3% after signing a $3.5 billion contract to build a powdered milk farm in the country's southern region of Adrar.

The company also reported a sharp rise in first-quarter earnings.

#UAE: How to Get a Meeting With Sheikh Tahnoon, Abu Dhabi's $1.5 Trillion Man - Bloomberg

UAE: How to Get a Meeting With Sheikh Tahnoon, Abu Dhabi's $1.5 Trillion Man - Bloomberg

Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan is one of the most sought‑after people in the Middle East. Money managers and financiers flying into the United Arab Emirates from Hong Kong, London or New York yearn for even a 10-minute meet-and-greet. A lucky few might get to be guests aboard his superyacht, Maryah, where he likes to play chess as the sun glistens on the Persian Gulf. Slim and sporty in his trademark sunglasses, the scion of the world’s richest family oversees state assets and private funds that add up to more than $1.5 trillion. The opportunity to invest even a sliver of that wealth could yield plump fees and returns.

Getting to Sheikh Tahnoon is the rub. Any place in the world where valuable prizes can be won, the right introduction works wonders. In old Chicago ward politics, the line was “We don’t want nobody nobody sent.” In Silicon Valley, the path to wealth runs through the Stanford University admissions committee and venture capital incubator cliques. But the concentration of state and financial power in the UAE makes everything more personal. The sheikh, who’s in his mid-50s, isn’t only his family’s moneyman; he’s one of the deputy rulers of the Abu Dhabi emirate, a brother of the UAE’s president and the son of the country’s founding father. He’s also the national security adviser. In other words, not the sort of person whose front desk you call to ask for an appointment.

One well-trod path to Sheikh Tahnoon and the money he controls runs through Al Maryah Island. The skyscraper-­studded community hosts Abu Dhabi’s international financial center, which Sheikh Tahnoon dreamed up two decades ago with guidance from the late US property tycoon Sam Zell. After meeting bankers in the Four Seasons hotel lobby, financiers may be directed to one of the companies the sheikh chairs: the UAE’s largest lender, First Abu Dhabi Bank PJSC; his private investment firm, Royal Group; or the artificial intelligence company G42.

#UAE economy grew 3.3% in first nine months of 2023-statistics centre | Reuters

UAE economy grew 3.3% in first nine months of 2023-statistics centre | Reuters

The United Arab Emirates (UAE) economy grew 3.3% in the first nine months of 2023, preliminary GDP data from the Federal Competitiveness and Statistics Centre showed on Thursday.

Non-oil GDP surged 5.9% in the same period, representing about 74% of the overall GDP contribution as the Gulf state, one of the world's top oil exporters, accelerates plans to diversify its economy away from hydrocarbons and draw foreign investment.

Sectors including financial services, construction, and transport and storage recorded strong growth in the nine months to September last year, the figures showed.

Growth in 2023 was expected to slow sharply from 2022 across the Gulf region as oil production cuts for OPEC+ members, lower crude prices, and global economic headwinds weighed on the oil sector.

#Dubai's Emirates NBD posts better-than-expected 12% rise in Q1 profit | Reuters

Dubai's Emirates NBD posts better-than-expected 12% rise in Q1 profit | Reuters

Emirates NBD (ENBD.DU), opens new tab, Dubai's biggest bank by assets, reported on Thursday a 12% rise in first-quarter net profit, driven by regional growth, higher transaction volumes, a low-cost funding base and significant impaired loan recoveries.

Net profit for the first three months of the year came in at 6.7 billion dirhams ($1.82 billion), up from 6 billion dirhams in the same period of 2023, outperforming the average analyst estimate of 4.5 billion dirhams, according to LSEG data.

Emirates NBD's total assets rose to just over 900 billion dirhams at the end of the first quarter, up 15% year-on-year, while loans grew by 5% in the same period and deposits increased by 13%.

At the same time, credit quality improved.

"Non-performing, or bad, loans, ratio improved to 4.4% on continued strong recoveries, writebacks, write-offs and repayments in a healthy operating environment," the bank said.

The non-performing loan ratio was 5.6% at the end of March 2023.

Banks in the United Arab Emirates, where Emirates NBD is among the largest, have benefited from the Gulf region's growth prospects amid an uncertain global economic environment as regional governments boost investment into developing non-oil sectors and diversifying income sources.

The lender has expanded its regional presence in Saudi Arabia to take advantage of the opportunities in the Arab world's largest economy, doubling the number of branches there to 18 in the last year, and registering loan growth of 19% in the first quarter.

#Saudi Arabian healthcare group Fakeeh Care Group announces IPO | Reuters

Saudi Arabian healthcare group Fakeeh Care Group announces IPO | Reuters

Saudi Arabia's Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.

The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.

It did not say how much it hoped to raise, nor give a potential valuation for the company.

Riyadh has been encouraging more family-owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing the country's reliance on oil revenue.

The plan is the second announced in the kingdom on Wednesday as the IPO market picks up steam following a short hiatus earlier this month when markets closed for the Eid holiday.

Saudi Arabian water and waste water infrastructure company Miahona also announced share sale plans on Wednesday.

Saudi Exchange, the largest and most liquid stock market in the Arab world, has seen a surge in listings from the healthcare sector in the last three years, including hospitals group Dr Sulaiman Al Habib, pharmaceutical group Al Nahdi Medical Co, and generic drugmaker Jamjoom Pharmaceuticals Factory Co.

Most Gulf markets in red as Israel intensifies strikes on Gaza | Reuters

Most Gulf markets in red as Israel intensifies strikes on Gaza | Reuters

Most stock markets in the Gulf ended lower on Wednesday as Israel intensified strikes across Gaza and the army ordered fresh evacuations in the north of the enclave.

Israel has procured tens of thousands of tents for Palestinian civilians it intends to evacuate from Rafah in the coming weeks ahead of a promised assault on the city it sees as the last bastion of militant group Hamas in the Gaza Strip, Israeli sources said on Wednesday.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, hit by a 3.4% fall in ACWA Power (2082.SE), opens new tab and a 1.2% decrease in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

Saudi Arabia's economy will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks, according to a Reuters poll which also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.

The Saudi stock market extended its decline for another trading session. Geopolitical tensions and declining oil prices continue to weigh on the market, said George Khoury Global Head of Education and Research at CFI.

Meanwhile, the kingdom's monarch Salman bin Abdulaziz has been admitted to a hospital in Jeddah for a routine check up for a few hours, state television reported on Wednesday.

In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.

Oil prices were down slightly, with Brent at $88.02 on a surprise fall in U.S. crude stocks and a drop in business activity in the world's largest oil consumer.

The Qatari benchmark (.QSI), opens new tab dropped 0.5%, weighed down by a 1% decline in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 3.2%, as most of its constituents were in negative territory including top lender Commercial International Bank (COMI.CA), opens new tab.

Egypt's economy will grow slower than previously expected this year after it signed an $8 billion financial support package with the IMF that came with conditions, but growth will accelerate next year, a Reuters poll forecast on Tuesday.

#AbuDhabi Raises $5 Billion With First Eurobond in Three Years - Bloomberg

Abu Dhabi Raises $5 Billion With First Eurobond in Three Years - Bloomberg

Abu Dhabi sold its first eurobonds since 2021, raising $5 billion in one of the biggest deals from emerging markets this year.

The oil-rich sheikhdom, the capital of the United Arab Emirates, issued tranches five, 10 and 30 years. The final yields were significantly tighter than the guidance from when the sale started on Tuesday morning, suggesting there was plenty of demand from investors.

Emerging market governments have sold almost $100 billion of dollar- and euro-denominated bonds in 2024, setting it up to be one of the busiest years on record, according to data compiled by Bloomberg.

A recent shift in global interest-rate expectations — with traders now expecting fewer cuts from the US Federal Reserve this year as progress on slowing inflation stalls — has pushed borrowing costs higher for dollar issuers.

Still, Abu Dhabi is rated AA by S&P Global Ratings, the same as the UK, France and Qatar, allowing it to come to the market without much of an impact on its borrowing costs.

The five-year portion of $1.75 billion was priced 35 basis points over US Treasuries, giving it a yield of 4.97%. The initial guidance was 70 basis points. The longest tranche, also $1.75 billion, had a spread of 90 basis points and a yield of 5.62%.

Investcorp Sets Up $1 Billion Mideast Fund Backed by China’s CIC - Bloomberg

Investcorp Sets Up $1 Billion Mideast Fund Backed by China’s CIC - Bloomberg

The Middle East’s biggest alternative asset manager is setting up a $1 billion investment vehicle backed by Beijing’s sovereign wealth fund to invest in companies across the Persian Gulf and China.

Investcorp Holdings’ new Golden Horizon Fund will be anchored by China Investment Corp., as well as other investors from the Middle East, according to a statement Wednesday.

The new vehicle will also include Investcorp’s Pre-IPO Growth Fund, which was launched in 2021 and had targeted raising $500 million. It will invest in firms across sectors including consumer, health care and logistics.

CIC is among the world’s largest sovereign investors and manages about $1.3 trillion in assets. The fund’s partnership with Investcorp will enable it to look for opportunities in the Middle East, Bloomberg has previously reported, and is the latest sign of growing trade ties between Gulf oil exporters and the world’s second biggest economy.

“Investcorp is perfectly placed to facilitate cross border cooperation and investments,” Investcorp’s Co-Chief Executive Officer Hazem Ben-Gacem said.

Investcorp has assets under management of about $50 billion, according to its website. It is expanding in Asia and reportedly partnered with the private equity arm of the Fung brothers’ family office in 2022 to set up a $500 million fund to invest in mid-cap companies across China’s Greater Bay Area.

Gulf States Learn the Power and Limits of Petrodollar Persuasion - Bloomberg

Gulf States Learn the Power and Limits of Petrodollar Persuasion - Bloomberg

To understand the scale of Gulf nations’ wealth, just consider this: If the United Arab Emirates sold its stash of foreign holdings, it could make every one of its roughly 1 million citizens a millionaire. Qataris would enjoy the same windfall. Saudi Arabia, with its larger population, wouldn’t hit a million dollars per citizen, but the share allotted to each one would still be close to the average annual income in the US—a hefty sum.

Of course, that leaves out the large share of those countries’ populations who aren’t citizens—not to mention that these states have no intention of simply dividing up and distributing their hoards. That’s not what the money is for: It’s for securing the future. The Gulf is awash in oil revenue. The value of daily crude exports in 2022 and 2023 topped $1 billion, leaving enough after paying for imports to fuel massive savings. But the world is transitioning away from oil and gas, and these nations need to diversify.

So they’re building up portfolios that have made them major forces on the global investment scene, with holdings that include American tech companies, English football clubs, Egyptian real estate, African mines and Turkish bank deposits. Four of the world’s top 10 sovereign wealth funds are from the region, those belonging to Kuwait, Qatar, Saudi Arabia and the UAE. The Gulf is close to becoming the only region with three separate wealth funds exceeding $1 trillion each. Asset managers, private equity partners and venture capitalists from New York, Silicon Valley and London pack the business-class cabins of Emirates and Etihad Airways A380s to pitch their services and ideas.

Money isn’t just an economic tool; it’s also a political weapon. The Gulf nations are using their petrodollar wealth to wield influence on the world stage—placing investments to further strategic goals. Turning hydrocarbons into geopolitical muscle isn’t new: The oil embargo in 1973, when Arab states stopped selling oil to countries supporting Israel, leading to a fourfold increase in the price of crude, is only the most famous example.

#Saudi water infrastructure company Miahona plans to list 30% stake in local IPO | Reuters

Saudi water infrastructure company Miahona plans to list 30% stake in local IPO | Reuters

Saudi Arabian water and waste water infrastructure company Miahona plans to offer a 30% stake in an initial public offering (IPO) on the Riyadh bourse, it said on Wednesday.

Miahona is fully owned by development and investment holding company Vision Invest and says it has operations covering the whole water sector cycle from extraction and supply to collection and recycling.

The firm's decision to list adds to an IPO boom in Gulf markets over the last two years driven by high oil prices and foreign institutional investor interest, bucking a global dealmaking slump caused in part by high interest rates.

The public-private partnership (PPP) intends to offering 48,277,663 ordinary shares currently held by Vision Invest, Miahona said in a stock exchange filing.

The bookbuilding process is expected to run from April 28 to May 2, after which the final offer price will be set. Saudi Fransi Capital is lead manager and joint financial adviser, joint bookrunner and co-underwriter along with EFG Hermes Saudi Arabia (KSA).

Major Gulf markets subdued on geopolitical worries | Reuters

Major Gulf markets subdued on geopolitical worries | Reuters

Major stock markets in the Gulf were subdued in early trade on Wednesday as Israel intensified strikes across Gaza and the army ordered fresh evacuations in the north of the enclave.

Strikes by air and shelling from tanks on the ground were also reported in central and southern areas of the Gaza Strip in what residents said late on Tuesday were almost 24 hours of non-stop bombardments.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.2%, hit by a 0.5% fall in AL Rajhi Bank (1120.SE), opens new tab and a 1.4% decrease in Riyad Bank (1010.SE), opens new tab.

The kingdom's economy will grow this year at a slower pace than predicted as oil prices drop from recent peaks, according to a Reuters poll that also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.

Dubai's main share index (.DFMGI), opens new tab eased 0.1%, with toll operator Salik Company (SALIK.DU), opens new tab losing 2%, while blue-chip developer Emaar Properties (EMAR.DU), opens new tab was down 0.8%.

Separately, supermarket chain Spinneys' franchisee in the United Arab Emirates and Oman is seeking to raise as much as $375 million from the sale of a 25% stake in an initial public offering, it disclosed on Tuesday.

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.

Oil prices extended gains after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, though markets were also keeping a close eye on hostilities in the Middle East.

The Qatari benchmark (.QSI), opens new tab edged 0.1% higher.

Gulf markets subdued on geopolitical strife | Reuters

Gulf markets subdued on geopolitical strife | Reuters

Most stock markets in the Gulf were subdued on Tuesday amid tensions in the region as Lebanon's Hezbollah launched deepest attack into Israel since Gaza war.

Iran-backed Hezbollah group said on Tuesday it had launched a drone attack against Israeli military bases north of the city of Acre.

The Israeli military said it had no knowledge of any of its facilities being hit by Hezbollah, but had said earlier it intercepted two "aerial targets" off Israel's northern coast.

Saudi Arabia's benchmark index (.TASI), opens new tab gave up early gains to close 0.2% lower, with oil giant Saudi Aramco (2222.SE), opens new tab losing 0.2%.

Crude prices - which fuels the Gulf economy - slipped after a short-lived boost from stronger economic data out of Europe as the market weighed the potential fallout from any fresh U.S. sanctions on Iran's oil exports.

Dubai's main share index (.DFMGI), opens new tab finished flat.

The Dubai stock market continued to see downside risks although it stabilised to a certain extent, said Milad Azar Market analyst at XTB MENA.

"A resurgence in geopolitical risks could further weigh on the market."
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab declining 1.7%.

Banks and finance companies in the United Arab Emirates may defer personal and car loan instalments for six months to help deal with the repercussions of last week's storm, the UAE central bank said on Monday.

The Qatari benchmark (.QSI), opens new tab, bucking the trend, gained 0.5%.
Investors this week are waiting for the release of U.S. gross domestic product figures and March personal consumption expenditure data - the Fed's preferred inflation gauge - to assess the trajectory of monetary policy.

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 (.EGX30), opens new tab retreated 4.9%, as most of its constituents were in negative territory including Commercial International Bank (COMI.CA), opens new tab, which was down 4.5%.

#SaudiArabia's 2024 economic growth forecast cut; #UAE leads GCC | Reuters

Saudi Arabia's 2024 economic growth forecast cut; UAE leads GCC | Reuters

Saudi Arabia's economy will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks, according to a Reuters poll which also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.

After growing 8.7% in 2022, Saudi Arabia's economy - the Gulf Cooperation Council's (GCC) largest - contracted 0.9% last year as crude oil prices dropped from a March 2022 peak of $139 per barrel to average around $82 in 2023.

With oil prices not expected to rise significantly this year economists now predict weaker growth for Saudi Arabia's oil-dependent economy.

The April 3-19 poll forecast the economy would expand 1.9% in 2024, a downgrade from 3.0% in a January poll.

"The slower expansion in the Saudi economy this year will be down to ongoing oil production curbs ... due to be maintained through Q2 at least. When looking at the non-oil sector, we hold a more bullish outlook," said Daniel Richards, MENA economist at Emirates NBD.

#UAE and #Oman sign deals worth $35bln on state visit

UAE and Oman sign deals worth $35bln on state visit

Emirati and Omani companies have signed deals worth 129 billion dirhams ($35.12 billion) in sectors including energy and transport during the Omani ruler's visit to the United Arab Emirates this week.

The UAE investment ministry announced the deals on Tuesday, a day after Oman's Sultan Haitham bin Tariq arrived for a two-day state visit and met with UAE President Sheikh Mohammed bin Zayed Al Nahyan.

The agreements were dominated by a 117 billion dirham industrial and energy "megaproject" grouping wind, solar projects and green metals production.

Abu Dhabi National Energy Co. (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co were among the companies involved, the ministry statement said.

It did not disclose further details.

Abu Dhabi's sovereign wealth fund ADQ also signed an agreement to set up a 660 million dirham technology-focused fund with the Oman Investment Authority, while the UAE and Oman signed a 11 billion dirham agreement to connect the countries by rail.

“The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity," UAE Minister of Investment Mohamed Hassan Alsuwaidi said.

($1 = 3.6726 UAE dirham)

Spinneys supermarket franchisee kicks off $375 million #Dubai IPO | Reuters

Spinneys supermarket franchisee kicks off $375 million Dubai IPO | Reuters

Supermarket chain Spinneys' franchisee in the United Arab Emirates and Oman is seeking to raise as much as $375 million from the sale of a 25% stake in an initial public offering, it disclosed on Tuesday.

The indicative price range was set between 1.42 dirhams and 1.53 dirhams, implying a market capitalisation of between 5.11-5.51 billion dirhams ($1.39-1.50 billion), it said in a statement.

Spinneys 1961 Holding will offer 900 million shares, or 25% of its issued share capital, on the Dubai Financial Market.

#AbuDhabi Returns to Eurobond Markets as Lower Rates Grow Remote - Bloomberg

Abu Dhabi Returns to Eurobond Markets as Lower Rates Grow Remote - Bloomberg

Abu Dhabi is selling its first eurobonds in about three years, as expectations fade that US interest rates will fall soon.

The oil-rich sheikhdom, which is part of the United Arab Emirates, is offering a dollar deal with tranches of five, 10 and 30 years, according to a person familiar with the matter. The final terms, including the size and yields, may be announced later on Tuesday.

Abu Dhabi, rated at the third-highest investment grade by the three major agencies, is tapping markets as the odds of imminent rate cuts recede. Emerging-market bond sales had a record start to the year as expectations built for monetary easing by the Federal Reserve.

With a $3 billion bond falling due in September, the emirate is following the likes of Saudi Arabia in borrowing abroad this year.

Though Abu Dhabi’s strong finances suggest it “doesn’t need the money,” the offering allows it to maintain a presence in the market in anticipation that borrowing costs could stay elevated at a time when geopolitical risks are sharply on the rise, according to Mehdi Popotte, senior portfolio manager at Arqaam Capital.

Shell, TotalEnergies in Talks for Stakes in Adnoc LNG Plant - Bloomberg

Shell, TotalEnergies in Talks for Stakes in Adnoc LNG Plant - Bloomberg

Shell Plc and TotalEnergies SE are among several global energy companies in talks to buy stakes in Abu Dhabi National Oil Co.’s next liquefied natural gas export project in the United Arab Emirates.

The two oil majors, as well as Japanese trading house Mitsui & Co., are looking for equity in the Ruwais facility, as well as contracts to purchase LNG from it, according to people with knowledge of the matter. A final investment decision on the project could happen as soon as next month, said the people who asked not to be named as the information is private.

Adnoc doesn’t require investment from the energy companies to move the project forward, and may decide not to sell equity, the people said.

Adnoc and Shell declined to comment. Mitsui said in an emailed response that no decision had been made at this time. Total didn’t immediately respond to requests for comment.

Gas is taking an increasingly bigger role in the Middle East as countries see robust demand for the fuel that may play a bridging role in the transition to cleaner energy sources. The UAE is boosting capacity and Saudi Arabia is seeking projects overseas. Qatar, one of the world’s biggest LNG suppliers along with the US and Australia, is also spending billions of dollars expanding production.

Major Gulf markets gain as geopolitical concerns ease | Reuters

Major Gulf markets gain as geopolitical concerns ease | Reuters

Major stock markets in the Gulf rose in early trade on Tuesday, on course to recover some losses as fears of wider geopolitical strife eased.

Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an Iranian missile and drone attack on Israel days before.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, with Saudi Aramco (2222.SE), opens new tab advancing 0.5%, after the oil giant said it is in talks to acquire a 10% stake in China's Hengli Petrochemical (600346.SS), opens new tab.

The deal would further bolster Aramco's growing downstream presence in China.

Dubai's main share index (.DFMMGI), opens new tab rose 0.5%, led by a 1% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

Meanwhile, banks and finance companies in the United Arab Emirates may defer personal and car loan installments for six months to help deal with the repercussions of last week's storm, the UAE central bank said on Monday.

The UAE last week suffered the heaviest rains in 75 years, causing widespread flooding which trapped residents in traffic, offices and homes and left many people counting the costs of damage to vehicles and property.

In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.2%.

Oil prices - a catalyst for the Gulf's financial market - edged higher, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.

The Qatari benchmark (.QSI), opens new tab added 0.5%, on track to snap three sessions of losses, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 1.1%.

#Iraq, #Turkey, #Qatar, #UAE sign preliminary deal to cooperate on Development Road project | Reuters

Iraq, Turkey, Qatar, UAE sign preliminary deal to cooperate on Development Road project | Reuters

Iraq's prime minister and Turkey's president on Monday witnessed the signing of preliminary agreement between Iraq, Turkey, Qatar and UAE to cooperate on the Development Road project, a statement from the prime minister's office said.

Iraq launched the $17 billion project last year to link a major commodities port on its southern coast by rail and road to the border with Turkey.

#UAE-based AI firm G42 announces collaboration with U.S. group Qualcomm | Reuters

UAE-based AI firm G42 announces collaboration with U.S. group Qualcomm | Reuters

United Arab Emirates-based artificial intelligence firm G42 said it had agreed a collaboration with U.S. group Qualcomm under which its subsidiary Core42 would feature Qualcomm's Cloud AI 100 products in its Condor AI platform, a G42 statement said.