Four UAE banks help raise $1.15bln syndicated loan for Africa
Four UAE banks helped Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, raise a $1.16-billion (Dh4.25-billion) syndicated loan.
In addition to UAE banks, AFC on Tuesday signed a deal with lenders from Europe and Asia.
Leading international financial institutions — including First Abu Dhabi Bank (FAB), Mashreqbank, MUFG Bank and Standard Chartered — acted as global coordinators, with the Industrial and Commercial Bank of China (London Branch) acting as China coordinator.
Among those who acted as initial mandated lead arrangers and bookrunners were Abu Dhabi Commercial Bank (ADCB), Emirates NBD Bank and Mizuho and Sumitomo Mitsui Banking Corporation.
Additionally, Bank of China and Société Générale S.A acted as initial mandated lead arrangers.
Société Générale, Bank Muscat and Intesa Sanpolo Bank Luxembourg S.A. joined the syndicate as first-time lenders.
Initially launched at $1 billion, the three-year syndicated loan was upsized after being oversubscribed by 49 per cent, underscoring global investor confidence in AFC's creditworthiness and its ability to navigate the current economic landscape marked by evolving global complexities.
Tuesday 26 March 2024
Gulf bourses drop ahead of US inflation data | Reuters
Gulf bourses drop ahead of US inflation data | Reuters
Stock markets in the Gulf declined on Tuesday, led by the Dubai index, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Dubai's benchmark index (.DFMGI), opens new tab was down 0.8%, after gaining for three straight sessions, with most of its constituents posting losses.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 1.6% and Dubai Islamic Bank (DISB.DU), opens new tab slid 1.2%, while Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index (.QSI), opens new tab ended 0.7% lower, down for the second consecutive session, with all sectors in the red.
Qatar Gas Transport (QGTS.QA), opens new tab and Qatar's Commercial Bank (COMB.QA), opens new tab slid 1.5% each, while Masraf Al Rayan (MARK.QA), opens new tab fell 5.3%.
But Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6%.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.6%, extending its losses to a third straight session.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, and Saudi National Bank (1180.SE), opens new tab, the kingdom' largest lender, dropped 0.7% and 1.1%, respectively.
Middle East Pharmaceutical Industries (4016.SE), opens new tab and Saudi Arabian Mining (1211.SE), opens new tab, down 3.8% and 1.2%, respectively, were among other losers.
The healthcare services provider Mouwasat Medical Services (4002.SE), opens new tab, however, gained 8.2%, the sharpest intraday rise in a year.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with Aldar Properties (ALDAR.AD), opens new tab slipping 1% and conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab down 0.3%, while Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 1.1%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab snapped its three-session winning streak and ended 1% lower, with all sectors in the negative territory.
Commercial International Bank (COMI.CA), opens new tab slipped 1.3% and El Sewedy Electric (SWDY.CA), opens new tab lost 4%.
Stock markets in the Gulf declined on Tuesday, led by the Dubai index, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Dubai's benchmark index (.DFMGI), opens new tab was down 0.8%, after gaining for three straight sessions, with most of its constituents posting losses.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropped 1.6% and Dubai Islamic Bank (DISB.DU), opens new tab slid 1.2%, while Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index (.QSI), opens new tab ended 0.7% lower, down for the second consecutive session, with all sectors in the red.
Qatar Gas Transport (QGTS.QA), opens new tab and Qatar's Commercial Bank (COMB.QA), opens new tab slid 1.5% each, while Masraf Al Rayan (MARK.QA), opens new tab fell 5.3%.
But Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.6%.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.6%, extending its losses to a third straight session.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, and Saudi National Bank (1180.SE), opens new tab, the kingdom' largest lender, dropped 0.7% and 1.1%, respectively.
Middle East Pharmaceutical Industries (4016.SE), opens new tab and Saudi Arabian Mining (1211.SE), opens new tab, down 3.8% and 1.2%, respectively, were among other losers.
The healthcare services provider Mouwasat Medical Services (4002.SE), opens new tab, however, gained 8.2%, the sharpest intraday rise in a year.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with Aldar Properties (ALDAR.AD), opens new tab slipping 1% and conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab down 0.3%, while Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gained 1.1%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab snapped its three-session winning streak and ended 1% lower, with all sectors in the negative territory.
Commercial International Bank (COMI.CA), opens new tab slipped 1.3% and El Sewedy Electric (SWDY.CA), opens new tab lost 4%.
#Dubai Weighs IPO of Construction Firm ALEC Amid Property Boom - Bloomberg
Dubai Weighs IPO of Construction Firm ALEC Amid Property Boom - Bloomberg
Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that’s pushed commercial and residential real estate prices close to record levels.
State-backed Investment Corp. of Dubai has held early talks on a potential listing, people familiar with the matter said, asking not to be identified as the information isn’t public.
Details of the IPO, such as the size and timing, weren’t immediately available. No final decisions have been made and ICD may still decide against listing ALEC.
Representatives for ICD declined to comment.
An IPO of ALEC Engineering & Contracting LLC would be the latest by Dubai, which has been selling stakes in state-owned firms for the past two years as part of a push to deepen its capital markets.
The listing spree — which has raised $9 billion since 2021 — matches similar moves in neighboring Abu Dhabi and Saudi Arabia as governments seek funds to diversify their economies away from fossil fuels. The deals have drawn strong demand from both local and international investors, making the region a bright spot for IPOs over the past two years.
Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that’s pushed commercial and residential real estate prices close to record levels.
State-backed Investment Corp. of Dubai has held early talks on a potential listing, people familiar with the matter said, asking not to be identified as the information isn’t public.
Details of the IPO, such as the size and timing, weren’t immediately available. No final decisions have been made and ICD may still decide against listing ALEC.
Representatives for ICD declined to comment.
An IPO of ALEC Engineering & Contracting LLC would be the latest by Dubai, which has been selling stakes in state-owned firms for the past two years as part of a push to deepen its capital markets.
The listing spree — which has raised $9 billion since 2021 — matches similar moves in neighboring Abu Dhabi and Saudi Arabia as governments seek funds to diversify their economies away from fossil fuels. The deals have drawn strong demand from both local and international investors, making the region a bright spot for IPOs over the past two years.
Hedge Fund Gemcorp Plots #AbuDhabi Office in Private Credit Push - Bloomberg
Hedge Fund Gemcorp Plots Abu Dhabi Office in Private Credit Push - Bloomberg
London-based hedge fund Gemcorp Capital is looking to add a trading office in Abu Dhabi later this year.
The emerging markets-focused hedge fund plans to place 15 people in a new United Arab Emirates hub within the first year, according to a representative for the firm. The office will also seek further opportunities in Africa and other emerging markets, the representative said.
A key focus will be on private credit — a relatively new asset class in the region after an explosion in popularity among money managers worldwide.
The hedge fund, which manages around $1.2 billion of assets, already operates a representative office in neighboring Dubai. It hired Simon Penney, a former UK trade commissioner in the Middle East, last year to run its operations in the region.
Gemcorp joins a raft of finance companies laying down roots in Abu Dhabi, which had 1,825 operational entities at the end of last year, up by a third from 2022. Abu Dhabi Global Market, the emirate’s financial free-zone, said it’s been the fastest-growing hub in the region for two consecutive years.
Brevan Howard Asset Management recently turned Abu Dhabi into its biggest risk-taking center, running about $10 billion and growing its local team to more than 80 since opening last February. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among other global financial firms opening offices in the emirate.
Gemcorp also has plans for a $1 billion fund for inward investment into Saudi Arabia, which will be run by separately regulated fund managers and available to both global and domestic investors.
Atanas Bostandjiev founded Gemcorp in 2014 and runs investment strategies ranging across direct lending, trade finance, private equity, and opportunistic credit and macro trading.
London-based hedge fund Gemcorp Capital is looking to add a trading office in Abu Dhabi later this year.
The emerging markets-focused hedge fund plans to place 15 people in a new United Arab Emirates hub within the first year, according to a representative for the firm. The office will also seek further opportunities in Africa and other emerging markets, the representative said.
A key focus will be on private credit — a relatively new asset class in the region after an explosion in popularity among money managers worldwide.
The hedge fund, which manages around $1.2 billion of assets, already operates a representative office in neighboring Dubai. It hired Simon Penney, a former UK trade commissioner in the Middle East, last year to run its operations in the region.
Gemcorp joins a raft of finance companies laying down roots in Abu Dhabi, which had 1,825 operational entities at the end of last year, up by a third from 2022. Abu Dhabi Global Market, the emirate’s financial free-zone, said it’s been the fastest-growing hub in the region for two consecutive years.
Brevan Howard Asset Management recently turned Abu Dhabi into its biggest risk-taking center, running about $10 billion and growing its local team to more than 80 since opening last February. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among other global financial firms opening offices in the emirate.
Gemcorp also has plans for a $1 billion fund for inward investment into Saudi Arabia, which will be run by separately regulated fund managers and available to both global and domestic investors.
Atanas Bostandjiev founded Gemcorp in 2014 and runs investment strategies ranging across direct lending, trade finance, private equity, and opportunistic credit and macro trading.
#Qatar's Commercial Bank sets spread for its 5-year bonds -document | Reuters
Qatar's Commercial Bank sets spread for its 5-year bonds -document | Reuters
Qatar-based Commercial Bank (COMB.QA), opens new tab has set the spread for its 5-year bond offering, according to a document seen by Reuters on Tuesday.
The spread was set at 125 basis points over U.S. Treasuries, tighter than earlier guidance of 150 bps after the lender secured more than $1.75 billion in orders, the document said.
The Qatari lender is planning to sell benchmark-sized, U.S. dollar denominated senior unsecured bonds, which are expected to be priced later in the day, the document showed.
Earlier this month, Doha Bank (DOBK.QA), opens new tab, majority owned by the Qatar Investment Authority, raised $500 million from a 5-year bond sale.
Qatar-based Commercial Bank (COMB.QA), opens new tab has set the spread for its 5-year bond offering, according to a document seen by Reuters on Tuesday.
The spread was set at 125 basis points over U.S. Treasuries, tighter than earlier guidance of 150 bps after the lender secured more than $1.75 billion in orders, the document said.
The Qatari lender is planning to sell benchmark-sized, U.S. dollar denominated senior unsecured bonds, which are expected to be priced later in the day, the document showed.
Earlier this month, Doha Bank (DOBK.QA), opens new tab, majority owned by the Qatar Investment Authority, raised $500 million from a 5-year bond sale.
Gulf bourses mixed in early trade | Reuters
Gulf bourses mixed in early trade | Reuters
Stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in most sectors, with Saudi Awwal Bank (1060.SE), opens new tab rising 1.5% and Mouwasat Medical (4002.SE), opens new tab up 6%.
Among other gainers, Seera Group (1810.SE), opens new tab climbed 4.3%, the sharpest intraday rise in more than two months.
The hospitality and travel services provider Seera posted a full-year net profit of 265 million riyals ($70.66 million) compared with a loss of 46 million riyals a year earlier, recording strong booking volumes and revenues.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1%, with Abu Dhabi National Energy Co (TAQA.AD), opens new tab gaining 1.5% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, aided by gains in industry, finance, consumer discretionary and real estate sectors, with tolls operator Salik Company (SALIK.DU), opens new tab climbing 1.1% and Dubai Islamic Bank (DISB.DU), opens new tab adding 0.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.2%, weighed down by losses in most sectors, with Masraf Al Rayan (MARK.QA), opens new tab dropping 4.7% and Qatar Navigation (QNNC.QA), opens new tab sliding 1.1%.
However, Qatar National Bank, the region's largest lender, gained 0.8%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors assessed the likely path of interest rates from the U.S. Federal Reserve ahead of key inflation data due later in the week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in most sectors, with Saudi Awwal Bank (1060.SE), opens new tab rising 1.5% and Mouwasat Medical (4002.SE), opens new tab up 6%.
Among other gainers, Seera Group (1810.SE), opens new tab climbed 4.3%, the sharpest intraday rise in more than two months.
The hospitality and travel services provider Seera posted a full-year net profit of 265 million riyals ($70.66 million) compared with a loss of 46 million riyals a year earlier, recording strong booking volumes and revenues.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1%, with Abu Dhabi National Energy Co (TAQA.AD), opens new tab gaining 1.5% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.7%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, aided by gains in industry, finance, consumer discretionary and real estate sectors, with tolls operator Salik Company (SALIK.DU), opens new tab climbing 1.1% and Dubai Islamic Bank (DISB.DU), opens new tab adding 0.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.2%, weighed down by losses in most sectors, with Masraf Al Rayan (MARK.QA), opens new tab dropping 4.7% and Qatar Navigation (QNNC.QA), opens new tab sliding 1.1%.
However, Qatar National Bank, the region's largest lender, gained 0.8%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
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