Egypt’s EFG Boosts Saudi Arabia Presence to Tap IPO Boom - Bloomberg
Egypt’s biggest investment bank plans to increase headcount in Saudi Arabia by a third this year, joining other financial firms that have beefed up operations in the kingdom amid a flurry of deal-making activity.
EFG Holding S.A.E. has moved some very senior resources to the kingdom, and has budgeted to increase headcount by 30% to 47 people, Chief Executive Officer Karim Awad said in an interview.
“We have big plans for hopefully increasing our market share, either at brokerage or investment banking through more deals,” he said. “We need to have a lot more focus there.”
The kingdom is emerging as one of the key battleground markets for global investment banks, drawing in the likes of Rothschild & Co., which last month unveiled plans to set up a new office in Riyadh.
Part of the draw is a string of deals in the offing, including a potential $20 billion secondary share sale in Aramco. Meanwhile, the Public Investment Fund is considering equity offerings in its portfolio companies to help fund a trillion-dollar economic transformation, Bloomberg News has reported.
Wednesday 27 March 2024
Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed
Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed
Kingdom Holding Company logged an 85.44% year-on-year (YoY) plunge in net profit to SAR 1.01 billion in 2023 from SAR 6.95 billion.
Revenues grew 8.48% YoY to SAR 2.70 billion last year from SAR 2.49 billion, according to the annual financial results.
The earnings per share (EPS) reached SAR 0.27 in 2023, down from SAR 1.88 in 2022.
Kingdom Holding’s board has recommended the distribution of SAR 1.03 billion, or SAR 0.28 per share, in cash dividends for 2023.
In the first nine months (9M) of 2023, Kingdom Holding reported an 87.23% YoY lower net profits of SAR 856.17 million, versus SAR 6.70 billion in 9M-22.
Kingdom Holding Company logged an 85.44% year-on-year (YoY) plunge in net profit to SAR 1.01 billion in 2023 from SAR 6.95 billion.
Revenues grew 8.48% YoY to SAR 2.70 billion last year from SAR 2.49 billion, according to the annual financial results.
The earnings per share (EPS) reached SAR 0.27 in 2023, down from SAR 1.88 in 2022.
Kingdom Holding’s board has recommended the distribution of SAR 1.03 billion, or SAR 0.28 per share, in cash dividends for 2023.
In the first nine months (9M) of 2023, Kingdom Holding reported an 87.23% YoY lower net profits of SAR 856.17 million, versus SAR 6.70 billion in 9M-22.
Gulf bourses drop on weaker oil prices; #Saudi gains | Reuters
Gulf bourses drop on weaker oil prices; Saudi gains | Reuters
Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices - a catalyst for the Gulf's financial markets - dropped for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Brent fell 0.8% to $85.58 a barrel by 1250 GMT.
The Qatari benchmark index (.QSI), opens new tab fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 0.6% and Qatar Islamic Bank (QISB.QA), opens new tab slipped 1.9%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a third straight session and ended 0.5% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 2.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 1.8%.
Among other losers, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab, the UAE's third-biggest lender, lost 1.4% and 2.7%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab was down for a second straight session and ended 0.3% lower with most sectors in the red.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 0.7% and Dubai Islamic Bank (DISB.DU), opens new tab slid 0.5%, while Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.4%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.
Saudi Arabian Mining (1211.SE), opens new tab advanced 3% and Saudi Research and Media Group (4210.SE), opens new tab climbed 5.7%.
Among other gainers, Modern Mills Company (2284.SE), opens new tab soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.
E-Finance for Digital (EFIH.CA), opens new tab slumped 11.6% and Commercial International Bank (COMI.CA), opens new tab slipped 1.6%.
Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices - a catalyst for the Gulf's financial markets - dropped for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Brent fell 0.8% to $85.58 a barrel by 1250 GMT.
The Qatari benchmark index (.QSI), opens new tab fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 0.6% and Qatar Islamic Bank (QISB.QA), opens new tab slipped 1.9%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a third straight session and ended 0.5% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 2.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 1.8%.
Among other losers, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab, the UAE's third-biggest lender, lost 1.4% and 2.7%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab was down for a second straight session and ended 0.3% lower with most sectors in the red.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 0.7% and Dubai Islamic Bank (DISB.DU), opens new tab slid 0.5%, while Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.4%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.
Saudi Arabian Mining (1211.SE), opens new tab advanced 3% and Saudi Research and Media Group (4210.SE), opens new tab climbed 5.7%.
Among other gainers, Modern Mills Company (2284.SE), opens new tab soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.
E-Finance for Digital (EFIH.CA), opens new tab slumped 11.6% and Commercial International Bank (COMI.CA), opens new tab slipped 1.6%.
Baker McKenzie Moves Top Funds Partner to #AbuDhabi From London - Bloomberg
Baker McKenzie Moves Top Funds Partner to Abu Dhabi From London - Bloomberg
Global law firm Baker McKenzie is relocating one of its top partners from London to Abu Dhabi, as part of efforts to strengthen its Middle Eastern offering for investment fund and private equity transactions.
James Burdett will join the firm’s United Arab Emirates team from April 1, according to a statement seen by Bloomberg News. He previously ran the firm’s London investment funds group for just under two decades.
The relocation reflects “the sharp uptick that we have seen in private capital activity in the UAE and throughout the region and the increase in fundraising from or focused on the region,” David Allen, co-head of Baker McKenzie’s corporate practice for Europe, Middle East and Africa, said in the statement.
Burdett, whose practice covers a broad range of institutional funds and investment structures, also has experience representing sovereign wealth funds. The Middle East is home to state-backed investors that control close to $4 trillion in assets. That includes entities in Abu Dhabi, which is one of few cities in the world with about $1.5 trillion in sovereign wealth capital.
In an increasingly difficult environment for fundraising, these investors have been sought out by the world’s largest private equity funds. They’ve also played a central role in getting private equity takeovers over the line in an otherwise subdued market.
Abu Dhabi’s financial heft has already helped draw heavyweights into the region. Brevan Howard Asset Management now manages more money from the emirate than it does anywhere else. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among the global financial firms opening up offices in the emirate.
“Our firm recognizes the importance of having a full service investment funds and private equity offering in the backyard of many of our key clients in both Abu Dhabi and the wider region,” said Osama Audi, the Abu Dhabi-based head of Baker McKenzie’s UAE corporate practice.
Global law firm Baker McKenzie is relocating one of its top partners from London to Abu Dhabi, as part of efforts to strengthen its Middle Eastern offering for investment fund and private equity transactions.
James Burdett will join the firm’s United Arab Emirates team from April 1, according to a statement seen by Bloomberg News. He previously ran the firm’s London investment funds group for just under two decades.
The relocation reflects “the sharp uptick that we have seen in private capital activity in the UAE and throughout the region and the increase in fundraising from or focused on the region,” David Allen, co-head of Baker McKenzie’s corporate practice for Europe, Middle East and Africa, said in the statement.
Burdett, whose practice covers a broad range of institutional funds and investment structures, also has experience representing sovereign wealth funds. The Middle East is home to state-backed investors that control close to $4 trillion in assets. That includes entities in Abu Dhabi, which is one of few cities in the world with about $1.5 trillion in sovereign wealth capital.
In an increasingly difficult environment for fundraising, these investors have been sought out by the world’s largest private equity funds. They’ve also played a central role in getting private equity takeovers over the line in an otherwise subdued market.
Abu Dhabi’s financial heft has already helped draw heavyweights into the region. Brevan Howard Asset Management now manages more money from the emirate than it does anywhere else. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among the global financial firms opening up offices in the emirate.
“Our firm recognizes the importance of having a full service investment funds and private equity offering in the backyard of many of our key clients in both Abu Dhabi and the wider region,” said Osama Audi, the Abu Dhabi-based head of Baker McKenzie’s UAE corporate practice.
Gulf equities drop in early trade on weaker oil prices | Reuters
Gulf equities drop in early trade on weaker oil prices | Reuters
Stock markets in the Gulf dropped in early trade on Wednesday, on falling oil prices as the surge in crude stockpiles in the U.S. weighed on trader sentiment.
Oil prices - a catalyst for the Gulf's financial markets - declined for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Benchmark Brent crude fell 0.9% to $85.46 a barrel by 0800 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance, real estate and consumer discretionary sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab slid 0.6% and Dubai Islamic Bank (DISB.DU), opens new tab shed 0.3%, while Dubai Electricity and Water (DEWAA.DU), opens new tab added 0.8%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with Purehealth (PUREHEALTH.AD), opens new tab falling 1.3% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab sliding 1.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.1%, weighed down by a loss of 0.7% in Baladna (BLDN.QA), opens new tab and a 0.6% dip in Industries Qatar (IQCD.QA), opens new tab.
However, Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender gained 0.2%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1%, weighed down by losses in most sectors with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipping 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab dropping 1.9%.
Meanwhile, Saudi Arabia's Modern Mills Company (2284.SE), opens new tab surged as much as 30% on its market debut on Wednesday, trading at 62.4 riyals per share, up from an offer price of 48 riyals.
Stock markets in the Gulf dropped in early trade on Wednesday, on falling oil prices as the surge in crude stockpiles in the U.S. weighed on trader sentiment.
Oil prices - a catalyst for the Gulf's financial markets - declined for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Benchmark Brent crude fell 0.9% to $85.46 a barrel by 0800 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance, real estate and consumer discretionary sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab slid 0.6% and Dubai Islamic Bank (DISB.DU), opens new tab shed 0.3%, while Dubai Electricity and Water (DEWAA.DU), opens new tab added 0.8%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was down 0.2%, with Purehealth (PUREHEALTH.AD), opens new tab falling 1.3% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab sliding 1.5%.
The Qatari benchmark index (.QSI), opens new tab eased 0.1%, weighed down by a loss of 0.7% in Baladna (BLDN.QA), opens new tab and a 0.6% dip in Industries Qatar (IQCD.QA), opens new tab.
However, Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender gained 0.2%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1%, weighed down by losses in most sectors with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipping 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab dropping 1.9%.
Meanwhile, Saudi Arabia's Modern Mills Company (2284.SE), opens new tab surged as much as 30% on its market debut on Wednesday, trading at 62.4 riyals per share, up from an offer price of 48 riyals.
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