Russian tycoon's investment group ICT sells Polymetal stake to Omani-owned consortium | Reuters

Russian tycoon's investment group ICT sells Polymetal stake to Omani-owned consortium | Reuters

Investment company ICT Holding, owned by Russian businessman Alexander Nesis, has sold its 23.9% stake in gold and silver producer Polymetal International to a consortium led by the Omani government, Polymetal said in a statement on Monday.

Polymetal International is seeking to sell its Russian assets, which were sanctioned by the U.S. in 2023 in response to Moscow sending troops into Ukraine in February 2022. Polymetal, founded by Nesis' ICT Group in 1998, is one of the world's top ten gold miners and owns production assets across Russia and Kazakhstan.

A consortium of Omani investors, led by the Omani government-owned fund Mercury Investments International, acquired 113,201,189 shares through Mercury's subsidiary Maaden International Investment, Polymetal International said.

The consortium, led by Maaden, acquired shares from ICT Holding's subsidiary Powerboom Investments Limited, Polymetal International said.

As a result of the deal, ICT Holding is no longer a Polymetal (POLY.MM) shareholder, and ICT representative Konstantin Yanakov has resigned from Polymetal's board of directors, Polymetal said. The company expects the buyer to nominate a candidate to the board in due course.

Moody’s upgrades #Qatar’s rating to AA2, changes outlook to stable

Moody’s upgrades Qatar’s rating to AA2, changes outlook to stable

Moody’s credit rating agency has upgraded Qatar’s credit rating to AA2 and revised its outlook to stable, reflecting the expected improvement in Qatar’s financial metrics from 2021 to 2023.

In a report, Moody’s Investors Service upgraded Qatar’s long-term debt ratings in local and foreign currencies to Aa2 from Aa3. The agency also raised Qatar’s foreign currency medium-term note program rating to (P)Aa2 from (P)Aa3, with a stable outlook.

The upgrade reflects Moody’s view of the significant improvement in Qatar’s existing financial metrics, supporting the expectation that Qatar will continue to maintain financial prudence.

According to the agency, the significant improvement in Qatar’s debt burden and debt-servicing metrics achieved during the period 2021-2023 is expected to continue and likely improve in the medium term.

Boursa #Kuwait surpasses five stock exchanges in GCC states

Boursa Kuwait surpasses five stock exchanges in GCC states

According to the Al-Shall report, Boursa Kuwait surpassed five out of seven stock exchanges in the Gulf region in the number of listed companies, with the only exception being the Saudi market, reports Al- Jarida daily. As of the end of 2023, the number of companies listed on various Gulf exchanges stands at 232 in Saudi Arabia, 149 in Kuwait, 102 in Abu Dhabi, 95 in Muscat, 71 in Dubai, 51 in Qatar, and 42 in Bahrain. The Saudi market notably leads in terms of the sheer number of listed companies. Liquidity concentration is a prominent aspect in the Gulf stock exchanges, except the Saudi market.

The report highlights the concentration reaching a maximum of 92.5 percent for the 10 most liquid companies on the Bahrain Stock Exchange, followed by 83 percent for the Muscat Stock Exchange, 75.9 percent for the Dubai market, 66.6 percent for the Abu Dhabi market, 62.1 percent for the Qatar Stock Exchange, and 60.7 percent for Kuwait. The Saudi market, in contrast, exhibits a lower concentration, with its share not exceeding 30.2 percent. The report raises concerns about the unhealthy phenomenon of liquidity concentration among the top 10 companies in the Gulf stock exchanges. It emphasizes the need for periodic analysis and review to address potential risks and corrections.

Although the Boursa Kuwait appears to have a slightly lower concentration, when factoring in its superior number of listed companies, the concentration level is higher compared to other Gulf exchanges. This poses a risk of corrections and raises concerns about potential issues arising from exceptionally highly liquid companies. The report also touches upon Kuwait’s historical trend of high popularity in stock exchange listings, resulting in undue premiums on the prices of listed companies. In the absence of these premiums and with the climate crisis changing market dynamics, the report predicts an acceleration in withdrawal rates from listing, potentially reducing the percentage of liquidity concentration.

Mideast Stocks: Major Gulf markets mixed in early trade

Mideast Stocks: Major Gulf markets mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Monday, even as oil prices gained after a drone attack killed three U.S. troops in Jordan.

Oil prices, a catalyst for the Gulf's financial markets, rose slightly with Brent trading at $83.91 a barrel by 0800 GMT.

The attack on U.S. troops in a drone strike in Jordan raised concerns of a wider conflict in the Middle East.

Saudi Arabia's benchmark stock index was up 0.3%, with media firm MBC Group climbing 2.3% and Saudi Arabian Mining gaining 2.1%.

Dubai's benchmark stock index rose 0.1%, supported by an increase of 1.5% in tolls operator Salik Co and 0.8% gain in its largest lender Emirates NBD.

In Abu Dhabi, the benchmark stock index retreated 0.3%, with UAE's largest lender First Abu Dhabi Bank dropping 1.2% and Multiply Group sliding 1.4%.

The Qatari benchmark index was down 0.2%, weighed down by a loss of 0.9% in Qatar Islamic Bank and a 1.3% drop in Commercial Bank.