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.
Thursday, 21 March 2024
#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.
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