Oman Picks Lazard to Advise on State Power Utility OETC’s IPO - Bloomberg
Oman’s wealth fund has appointed Lazard Inc. to advise on a potential initial public offering of the state power utility, people familiar with the matter said, as the sultanate pushes ahead with a drive to sell shares in government-owned businesses.
The government plans to invite other banks to submit pitches for Oman Electricity Transmission Co.’s listing, the people said, asking not to be identified as the information isn’t public.
Representatives for OETC didn’t respond to requests for comment. A spokesperson for Lazard declined to comment.
The Gulf nation is in the midst of a privatization drive to raise funds and deepen its capital markets. State energy firm OQ SAOC recently asked investment banks to pitch for the IPOs of its exploration and production business, as well as its methanol and liquefied petroleum gas unit, Bloomberg News reported earlier in February.
Oman, the largest non-OPEC oil producer in the Middle East, 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.
Last year, OQ floated its gas pipelines business in a record $749 million IPO for the country, as well as its oil-drilling unit Abraj Energy Services SAOG.
The Muscat Stock Exchange is among the smallest bourses in the region, with a market capitalization of just over $23 billion, according to data compiled by Bloomberg.
Wednesday, 21 February 2024
Mideast Stocks: Gulf markets mixed on geopolitics, ahead of Fed minutes
Mideast Stocks: Gulf markets mixed on geopolitics, ahead of Fed minutes
Stock markets in the Gulf ended mixed on Wednesday on rising tensions in the region and ahead of the release minutes of the U.S. Federal Reserve's January meeting.
Stock markets in the Gulf ended mixed on Wednesday on rising tensions in the region and ahead of the release minutes of the U.S. Federal Reserve's January meeting.
Minutes of the Fed's last meeting will be assessed by markets for any further clues on when the U.S. central bank will start its easing cycle.
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 gained 0.2%, closing at an 18-month high, on the back of a 1.1% gain in the country's biggest lender Saudi National Bank.
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 gained 0.2%, closing at an 18-month high, on the back of a 1.1% gain in the country's biggest lender Saudi National Bank.
In Abu Dhabi, the index eased 0.1%, hit by a 1.1% fall in First Abu Dhabi Bank and a 0.4% decrease in the United Arab Emirates telecoms group e& after reporting a fall in fourth-quarter net profit.
Dubai's main share index dropped 0.5%, snapping a nine-day winning streak, weighed down by a 2.2% fall in top lender Emirates NBD.
Dubai's main share index dropped 0.5%, snapping a nine-day winning streak, weighed down by a 2.2% fall in top lender Emirates NBD.
A vessel sustained "superficial damage" after being hit by a drone in the Red Sea, 60 nautical miles north of Djibouti, the United Kingdom Maritime Trade Operations (UKMTO) agency said on Monday.
The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, saying they are acting in solidarity with Palestinians in the Gaza war.
The United States on Tuesday again vetoed a draft United Nations Security Council resolution on the Israel-Hamas war, blocking a demand for an immediate humanitarian ceasefire.
The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, saying they are acting in solidarity with Palestinians in the Gaza war.
The United States on Tuesday again vetoed a draft United Nations Security Council resolution on the Israel-Hamas war, blocking a demand for an immediate humanitarian ceasefire.
The Qatari benchmark finished 0.6% higher, led by a 1.6% rise in petrochemical maker Industries Qatar.
The Qatari stock market rose, building on its positive momentum from earlier in the week, amid positive performances across the banking sector, said George Khoury, Global Head of Education and Research at CFI.
"The market's upward trajectory could remain exposed to the geopolitical tensions in the region and uncertain energy prices," Khoury added.
"The market's upward trajectory could remain exposed to the geopolitical tensions in the region and uncertain energy prices," Khoury added.
Outside the Gulf, Egypt's blue-chip index was down 0.1%.
#AbuDhabi’s #UAE Fund Mubadala Considering Stake in London Heathrow Airport - Bloomberg
Abu Dhabi’s UAE Fund Mubadala Considering Stake in London Heathrow Airport - Bloomberg
Abu Dhabi’s Mubadala Investment Co. is considering buying into Heathrow airport, according to people familiar with the matter, in a move that could see it join Saudi Arabia’s Public Investment Fund and Qatar Investment Authority as prominent shareholders in the London hub.
Sovereign wealth fund Mubadala is weighing an investment after it was approached by Paris-based buyout firm Ardian, the people said, asking not to be named as the information is private.
Deliberations are ongoing and no agreements have been reached, the people said. Mubadala is yet to make a final decision on the investment and could decide not to go ahead with the acquisition.
Spanish infrastructure company Ferrovial SE agreed in November to sell its 25% stake to Saudi’s PIF and Ardian for £2.37 billion ($2.98 billion). However, shareholders accounting for a further 35% of Heathrow’s capital joined the stake sale via so-called tag-along rights, meaning their positions must also be sold for the deal to go through.
Over the past few years, deep-pocketed Middle Eastern wealth funds have flocked to infrastructure assets around the world as part of their efforts to diversify their oil dependent economies.
If Mubadala buys into Heathrow, it would become the airport’s third Gulf state-backed shareholder alongside PIF and the Qatar Investment Authority which holds 20%. Ferrovial’s decision to sell part of its holding to the PIF had raised concerns over further Middle Eastern ownership of a key UK asset.
Abu Dhabi’s Mubadala Investment Co. is considering buying into Heathrow airport, according to people familiar with the matter, in a move that could see it join Saudi Arabia’s Public Investment Fund and Qatar Investment Authority as prominent shareholders in the London hub.
Sovereign wealth fund Mubadala is weighing an investment after it was approached by Paris-based buyout firm Ardian, the people said, asking not to be named as the information is private.
Deliberations are ongoing and no agreements have been reached, the people said. Mubadala is yet to make a final decision on the investment and could decide not to go ahead with the acquisition.
Spanish infrastructure company Ferrovial SE agreed in November to sell its 25% stake to Saudi’s PIF and Ardian for £2.37 billion ($2.98 billion). However, shareholders accounting for a further 35% of Heathrow’s capital joined the stake sale via so-called tag-along rights, meaning their positions must also be sold for the deal to go through.
Over the past few years, deep-pocketed Middle Eastern wealth funds have flocked to infrastructure assets around the world as part of their efforts to diversify their oil dependent economies.
If Mubadala buys into Heathrow, it would become the airport’s third Gulf state-backed shareholder alongside PIF and the Qatar Investment Authority which holds 20%. Ferrovial’s decision to sell part of its holding to the PIF had raised concerns over further Middle Eastern ownership of a key UK asset.
First #AbuDhabi Bank starts selling 5-year debt - IFR | Reuters
First Abu Dhabi Bank starts selling 5-year debt - IFR | Reuters
The UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab has given initial price guidance at 120 basis points over U.S. Treasuries for its 5-year benchmark-sized debt issuance, fixed income news service IFR reported on Wednesday.
The UAE lender has hired Citi, First Abu Dhabi Bank, HSBC, ICBC Dubai, Societe Generale and Standard Chartered Bank as joint lead managers and bookrunners for the debt sale, IFR said.
The debt is expected to be priced later in the day, IFR added.
The UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab has given initial price guidance at 120 basis points over U.S. Treasuries for its 5-year benchmark-sized debt issuance, fixed income news service IFR reported on Wednesday.
The UAE lender has hired Citi, First Abu Dhabi Bank, HSBC, ICBC Dubai, Societe Generale and Standard Chartered Bank as joint lead managers and bookrunners for the debt sale, IFR said.
The debt is expected to be priced later in the day, IFR added.
Mideast Stocks: Most Gulf markets fall in early trade, #Saudi gains
Mideast Stocks: Most Gulf markets fall in early trade, Saudi gains
Most stock markets in the Gulf fell in early trade on Wednesday as hopes waned for early interest rate cuts from the U.S. Federal Reserve.
Markets will get a chance to assess minutes of the Feds' last meeting later in the day for further clues on when the U.S. central bank will start its easing cycle.
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.
Dubai's benchmark stock index retreated 0.8%, weighed down by losses in most sectors. Emaar Properties declined 1.3% and Emirates NBD, Emirate's largest lender, slipped 0.8%.
In Abu Dhabi, the benchmark stock index fell 0.3%, with First Abu Dhabi Bank, UAE's largest lender, down 2.7% and conglomerate Alpha Dhabi Holding shedding 0.4%.
The Qatari benchmark index dipped slightly as losses in energy, finance, and real estate sectors countered gains in industry and communications.
Qatar Fuel Co slid 1.1%, while Gulf International Services added 1.5%.
Saudi Arabia's benchmark stock index was up 0.2%, supported by gains in finance, healthcare and consumer staples sectors. Dr Sulaiman Al Habib Medical Services rose 1.8% and Saudi National Bank gained 1.5%.
SNB, the kingdom's largest lender, launched an $850 million five-year Islamic bond on Tuesday.
Most stock markets in the Gulf fell in early trade on Wednesday as hopes waned for early interest rate cuts from the U.S. Federal Reserve.
Markets will get a chance to assess minutes of the Feds' last meeting later in the day for further clues on when the U.S. central bank will start its easing cycle.
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.
Dubai's benchmark stock index retreated 0.8%, weighed down by losses in most sectors. Emaar Properties declined 1.3% and Emirates NBD, Emirate's largest lender, slipped 0.8%.
In Abu Dhabi, the benchmark stock index fell 0.3%, with First Abu Dhabi Bank, UAE's largest lender, down 2.7% and conglomerate Alpha Dhabi Holding shedding 0.4%.
The Qatari benchmark index dipped slightly as losses in energy, finance, and real estate sectors countered gains in industry and communications.
Qatar Fuel Co slid 1.1%, while Gulf International Services added 1.5%.
Saudi Arabia's benchmark stock index was up 0.2%, supported by gains in finance, healthcare and consumer staples sectors. Dr Sulaiman Al Habib Medical Services rose 1.8% and Saudi National Bank gained 1.5%.
SNB, the kingdom's largest lender, launched an $850 million five-year Islamic bond on Tuesday.