Abu Dhabi Consolidates Pharma Assets to Form Life Sciences Firm - Bloomberg
Abu Dhabi sovereign wealth fund ADQ is consolidating some of its pharmaceutical assets to create one of the region’s largest life sciences firms, with operations across four continents.
The new entity will include Egypt’s Amoun Pharmaceutical Co., Switzerland’s Acino International and Turkey’s Birgi Mefar Group. Arcera, as the holding company will be called, will have a combined workforce of more than 6,500 people across 90 countries.
Arcera aims to double its revenue over the next five years through acquisitions and partnerships, ADQ said in a statement. The firm currently offers 2,000 branded medicines, and has manufacturing and packaging sites in the United Arab Emirates, Switzerland, Ukraine, Estonia, South Africa, Turkey and Egypt.
Bloomberg has previously reported that ADQ was considering such a move and ultimately plans to list the new entity. That would mirror the creation of PureHealth — the largest health-care provider in the UAE, which was also formed through the consolidation of several companies. The firm went public in a $1 billion listing and surged 84% on debut in December.
With an estimated $200 billion in assets, ADQ is Abu Dhabi’s third-largest sovereign wealth fund behind the Abu Dhabi Investment Authority and Mubadala Investment Co.
Neighboring Saudi Arabia has also made inroads into the pharma sector. The Public Investment Fund last year created a new entity to attract pharmaceutical and biotech companies to invest in drug manufacturing.
Monday, 1 April 2024
CYVN Is Considering Buying a Stake in McLaren - Bloomberg
CYVN Is Considering Buying a Stake in McLaren - Bloomberg
CYVN Holdings LLC, an investment firm backed by Abu Dhabi, is considering buying a stake in British luxury carmaker McLaren, people with knowledge of the matter said.
CYVN’s deliberations are at an early stage and there’s no certainty it will decide to pursue a deal, according to the people, who asked not to be identified discussing confidential information. Other parties, which couldn’t immediately be identified, are also interested in investing in McLaren, the people said.
Bloomberg News reported in February that McLaren’s controlling shareholder, Bahrain’s Mumtalakat Holding Co., is seeking to bring in additional investors at the carmaker, which also operates the McLaren Formula One racing team.
Representatives for CYVN and Mumtalakat declined to comment.
McLaren was founded in 1963 by racer Bruce McLaren and is one of the UK’s best-known sports car brands. The company said last week that its shareholder has provided £55 million ($69 million) in equity funding as part of a recapitalization process.
CYVN last year committed $2.2 billion to NIO Inc., a Chinese electric vehicle maker. The investment firm aims to “create a smart mobility platform by investing in and partnering with industry leaders around the world,” according to a statement at the time.
CYVN Holdings LLC, an investment firm backed by Abu Dhabi, is considering buying a stake in British luxury carmaker McLaren, people with knowledge of the matter said.
CYVN’s deliberations are at an early stage and there’s no certainty it will decide to pursue a deal, according to the people, who asked not to be identified discussing confidential information. Other parties, which couldn’t immediately be identified, are also interested in investing in McLaren, the people said.
Bloomberg News reported in February that McLaren’s controlling shareholder, Bahrain’s Mumtalakat Holding Co., is seeking to bring in additional investors at the carmaker, which also operates the McLaren Formula One racing team.
Representatives for CYVN and Mumtalakat declined to comment.
McLaren was founded in 1963 by racer Bruce McLaren and is one of the UK’s best-known sports car brands. The company said last week that its shareholder has provided £55 million ($69 million) in equity funding as part of a recapitalization process.
CYVN last year committed $2.2 billion to NIO Inc., a Chinese electric vehicle maker. The investment firm aims to “create a smart mobility platform by investing in and partnering with industry leaders around the world,” according to a statement at the time.
Oil up 1% to five-month high on expectations of rising demand | Reuters
Oil up 1% to five-month high on expectations of rising demand | Reuters
Crude prices edged up about 1% to a five-month high on Monday on expectations oil demand will climb following the release of positive economic news from the U.S. and China, while OPEC+ cuts and attacks on Russian refineries tighten global supplies.
Brent futures were up 54 cents, or 0.6%, to $87.54 a barrel by 1:47 p.m. EDT (1747 GMT), while U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.9%, to $83.88.
That puts both crude benchmarks on track for their highest closes since Oct. 27.
The increase in WTI futures cut the U.S. diesel crack spread , which measures refining profit margins, to its lowest since May 2023 for a second day in a row.
In the U.S., manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued amid "sizable layoff activity" and prices for inputs pushed higher.
Crude prices edged up about 1% to a five-month high on Monday on expectations oil demand will climb following the release of positive economic news from the U.S. and China, while OPEC+ cuts and attacks on Russian refineries tighten global supplies.
Brent futures were up 54 cents, or 0.6%, to $87.54 a barrel by 1:47 p.m. EDT (1747 GMT), while U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.9%, to $83.88.
That puts both crude benchmarks on track for their highest closes since Oct. 27.
The increase in WTI futures cut the U.S. diesel crack spread , which measures refining profit margins, to its lowest since May 2023 for a second day in a row.
In the U.S., manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued amid "sizable layoff activity" and prices for inputs pushed higher.
Gulf bourses rise; Egypt jumps near one-year high | Reuters
Gulf bourses rise; Egypt jumps near one-year high | Reuters
Stocks markets in the Gulf ended higher on Monday, after upbeat China manufacturing data raised optimism about demand in the world's second largest economy.
China's manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, a private survey showed on Monday.
The upbeat survey followed better-than-expected export and retail sales data, suggesting a bright start to the year for China.
Dubai's benchmark index (.DFMGI), opens new tab was up for a third consecutive session and ended 0.4% higher, lifted by gains in real estate, consumer staples and industry sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its unit Emaar Development (EMAARDEV.DU), opens new tab climbed 2.5% and 2.4% respectively while Union Properties (UPRO.DU), opens new tab soared 8.1%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab gained 0.2%, snapping a five session losing-streak, helped by a 1.4% rise in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and a 1.5% increase in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Among other gainers, First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's biggest lender and Abu Dhabi National Energy (TAQA.AD), opens new tab, the country's largest utility firm added 1.7% each.
The Qatari benchmark index (.QSI), opens new tab rose 0.2%, after a fifth straight session of losses, supported by gains in finance, utilities and materials sectors with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.5% and Industries Qatar (IQCD.QA), opens new tab adding 1.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2% after two consecutive session of losses with ACWA Power (2082.SE), opens new tab rising 7% and Sahara International (2310.SE), opens new tab gaining 5.1%.
However, Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender shed 1% and Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender slipped 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab ended fourth straight session of losses and surged 5.3%, the highest intraday rise in nearly one year with almost all stocks posting gains.
Commercial International Bank (COMI.CA), opens new tab and Talaat Mostafa Group (TMGH.CA), opens new tab climbed 6.5% and 6% respectively, while E-Finance for Digital(EFIH.CA), opens new tab surged 11.8%.
Stocks markets in the Gulf ended higher on Monday, after upbeat China manufacturing data raised optimism about demand in the world's second largest economy.
China's manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, a private survey showed on Monday.
The upbeat survey followed better-than-expected export and retail sales data, suggesting a bright start to the year for China.
Dubai's benchmark index (.DFMGI), opens new tab was up for a third consecutive session and ended 0.4% higher, lifted by gains in real estate, consumer staples and industry sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its unit Emaar Development (EMAARDEV.DU), opens new tab climbed 2.5% and 2.4% respectively while Union Properties (UPRO.DU), opens new tab soared 8.1%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab gained 0.2%, snapping a five session losing-streak, helped by a 1.4% rise in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and a 1.5% increase in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Among other gainers, First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's biggest lender and Abu Dhabi National Energy (TAQA.AD), opens new tab, the country's largest utility firm added 1.7% each.
The Qatari benchmark index (.QSI), opens new tab rose 0.2%, after a fifth straight session of losses, supported by gains in finance, utilities and materials sectors with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.5% and Industries Qatar (IQCD.QA), opens new tab adding 1.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2% after two consecutive session of losses with ACWA Power (2082.SE), opens new tab rising 7% and Sahara International (2310.SE), opens new tab gaining 5.1%.
However, Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender shed 1% and Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender slipped 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab ended fourth straight session of losses and surged 5.3%, the highest intraday rise in nearly one year with almost all stocks posting gains.
Commercial International Bank (COMI.CA), opens new tab and Talaat Mostafa Group (TMGH.CA), opens new tab climbed 6.5% and 6% respectively, while E-Finance for Digital(EFIH.CA), opens new tab surged 11.8%.
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 Monday amid rising oil prices while investors combed through U.S. economic data for signs of when the Federal Reserve will start cutting interest rates this year.
Oil prices - a catalyst for the Gulf's financial markets - rose on expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data.
Brent was up 0.3% at $87.3 a barrel by 0815 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.3% supported by gains in most sectors, with Acwa Power (2082.SE), opens new tab rising 4.7% and Saudi Arabian Mining (1211.SE), opens new tab gaining 2.2%.
Among other gainers, oil major Saudi Aramco (2222.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, both added 0.5%.
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% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.9%.
Dubai's benchmark stock index (.DFMGI), opens new tab retreated 0.5% weighed down by a 2.5% drop in Tecom Group (TECOM.DU), opens new tab and a 4% decline in Mashreqbank (MASB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.6% and Qatar Electricity and Water (QEWC.QA), opens new tab adding 1.5%, while Qatar International Islamic Bank (QIIB.QA), opens new tab and United Development Co (UDCD.QA), opens new tab fell 6.5% and 5.8%, respectively.
The markets will focus on U.S. ISM manufacturing data, ISM services, and the closely-watched non-farm payrolls report due this week to get further clarity on the Fed's interest rate cuts timeline.
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 Monday amid rising oil prices while investors combed through U.S. economic data for signs of when the Federal Reserve will start cutting interest rates this year.
Oil prices - a catalyst for the Gulf's financial markets - rose on expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data.
Brent was up 0.3% at $87.3 a barrel by 0815 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.3% supported by gains in most sectors, with Acwa Power (2082.SE), opens new tab rising 4.7% and Saudi Arabian Mining (1211.SE), opens new tab gaining 2.2%.
Among other gainers, oil major Saudi Aramco (2222.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, both added 0.5%.
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% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.9%.
Dubai's benchmark stock index (.DFMGI), opens new tab retreated 0.5% weighed down by a 2.5% drop in Tecom Group (TECOM.DU), opens new tab and a 4% decline in Mashreqbank (MASB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.6% and Qatar Electricity and Water (QEWC.QA), opens new tab adding 1.5%, while Qatar International Islamic Bank (QIIB.QA), opens new tab and United Development Co (UDCD.QA), opens new tab fell 6.5% and 5.8%, respectively.
The markets will focus on U.S. ISM manufacturing data, ISM services, and the closely-watched non-farm payrolls report due this week to get further clarity on the Fed's interest rate cuts timeline.
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.
How Gulf states are putting their money into mining
How Gulf states are putting their money into mining
In the summer of 2023, Rothschild bankers working for Zambia’s government were close to finalising a shortlist of buyers for a prized copper mine.
In the summer of 2023, Rothschild bankers working for Zambia’s government were close to finalising a shortlist of buyers for a prized copper mine.
Mopani, a troubled but rare asset formerly owned by resources giant Glencore, had drawn offers worth hundreds of millions of dollars from big names in the mining world eager to gain access to a metal that is crucial to clean energy technologies of the future.
The list had been narrowed down to China’s Zijin Mining and South African deep-level excavation expert Sibanye-Stillwater when seemingly out of nowhere came a third contender: an obscure company from the United Arab Emirates called International Resources Holding.
But behind the scenes IRH’s parent, International Holding Company, the $240bn business empire of powerful Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan, had been courting the highest levels of Zambia’s government for nearly two years.
By December, IRH had agreed to buy a 51 per cent stake in the mine for $1.1bn and overnight became the industry’s fastest-moving newcomer in decades. “What stood out . . . was their intention to invest in the mining industry,” says a Zambian official who was among those tasked with nurturing the budding relationship. “They were head and shoulders above in terms of what they were able to facilitate.”
Bank of Singapore names #Dubai compliance head, builds Middle East business over 3-5 years | Reuters
Bank of Singapore names Dubai compliance head, builds Middle East business over 3-5 years | Reuters
Bank of Singapore, one of Asia's biggest private banks, said on Monday it has appointed Jibu George as its compliance head for its Dubai International Financial Centre (DIFC) branch in Dubai effective Monday.
"The UAE and the Middle East region have been important to Bank of Singapore's strategic growth and will remain so as we continue to strengthen our global footprint," said Ranjit Khanna, Bank of Singapore's Europe and Middle East private banking head and DIFC branch chief executive, in a statement.
Bank of Singapore, the private banking arm of Singapore's second largest lender Oversea-Chinese Banking Corporation (OCBC.SI), opens new tab or OCBC, is building its business in the Middle East region over the next three to five years, Khanna said.
George joined Bank of Singapore from LGT Private Bank, where he was the chief risk and compliance officer for the Middle East business since 2017, according to the statement.
Prior to LGT, he worked in Merrill Lynch, ABN Amro, Dresdner Bank and Barclays, the statement said.
Bank of Singapore, one of Asia's biggest private banks, said on Monday it has appointed Jibu George as its compliance head for its Dubai International Financial Centre (DIFC) branch in Dubai effective Monday.
"The UAE and the Middle East region have been important to Bank of Singapore's strategic growth and will remain so as we continue to strengthen our global footprint," said Ranjit Khanna, Bank of Singapore's Europe and Middle East private banking head and DIFC branch chief executive, in a statement.
Bank of Singapore, the private banking arm of Singapore's second largest lender Oversea-Chinese Banking Corporation (OCBC.SI), opens new tab or OCBC, is building its business in the Middle East region over the next three to five years, Khanna said.
George joined Bank of Singapore from LGT Private Bank, where he was the chief risk and compliance officer for the Middle East business since 2017, according to the statement.
Prior to LGT, he worked in Merrill Lynch, ABN Amro, Dresdner Bank and Barclays, the statement said.
India's Prestige Estates inks $240 mln real estate deal with ADIA, Kotak AIF | Reuters
India's Prestige Estates inks $240 mln real estate deal with ADIA, Kotak AIF | Reuters
Indian real estate developer Prestige Estates Projects (PREG.NS), opens new tab has signed a 20.01 billion rupee (about $240 million) deal with the Abu Dhabi Investment Authority and Kotak Alternate Investment Fund to develop residential projects in the country.
The deal is to develop residential projects in "prominent locations" across the Indian cities of Bengaluru, Mumbai, Goa, and the National Capital Region, with a combined gross development value of over 180 billion rupees ($2.16 billion), Prestige said, opens new tab in a stock exchange filing on Monday.
Prestige rose nearly 5% at 1,225 rupees in early trade and was the top gainer on the Nifty realty index (.NIFTYREAL), opens new tab, which was up 1.6%.
Indian real estate developer Prestige Estates Projects (PREG.NS), opens new tab has signed a 20.01 billion rupee (about $240 million) deal with the Abu Dhabi Investment Authority and Kotak Alternate Investment Fund to develop residential projects in the country.
The deal is to develop residential projects in "prominent locations" across the Indian cities of Bengaluru, Mumbai, Goa, and the National Capital Region, with a combined gross development value of over 180 billion rupees ($2.16 billion), Prestige said, opens new tab in a stock exchange filing on Monday.
Prestige rose nearly 5% at 1,225 rupees in early trade and was the top gainer on the Nifty realty index (.NIFTYREAL), opens new tab, which was up 1.6%.
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