Dubai’s DP World Said to Near Deal for Hong Kong Tycoon John Lau’s Assets - Bloomberg
DP World is nearing a deal to buy Cargo Services Far East Ltd. from Hong Kong tycoon John Lau, people familiar with the matter said, a move that would give the Dubai port operator a bigger footprint in Asia.
The companies are finalizing the details of a transaction that could be announced as early as in the coming days, the people said, asking not to be identified because the matter is private. A potential deal could be valued at $300 million to $400 million, depending on composition of the assets, the people said.
A representative for Cargo Services Far East declined to comment, while a representative for DP World didn’t immediately respond to a request for comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. The Hong Kong-based company has offices in China, the UK, South Africa, the US and Singapore.
Friday 5 April 2024
#UAE bourses close lower as regional tensions rise | Reuters
UAE bourses close lower as regional tensions rise | Reuters
Stock exchanges in United Arab Emirates closed lower on Friday, as tensions in the region escalated and following hawkish commentary from Federal Reserve officials.
Iran reiterated its pledge to punish Israel on Friday at a funeral for seven officers killed in a suspected Israeli airstrike on the Iranian embassy compound in Syria this week.
Undermining expectations that had boosted markets of early interest rate cuts, some Fed officials have grown more hawkish.
Minneapolis Fed President Neel Kashkari said rate cuts might not be required this year if inflation continues to stall.
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.
Dubai's main index (.DFMGI), opens new tab retreated 0.1%, dragged down by a 1.9% decline in toll operator Salik Company (SALIK.DU), opens new tab and a 1.7% fall in state-run Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.
Among the losers, сonsumers' co-operative Union Coop (UNIONCOOP.DU), opens new tab dropped by 7.1%, its steepest decline since mid-August after the company reported a nearly 20% slump in its full-year net profit to 296.9 million dirhams ($80.86 million).
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab edged down 0.02%, pressured by a 1.9% decrease in Adnoc gas (ADNOCGAS.AD), opens new tab and 2.2% decline in Adnoc Distribution (ADNOCDIST.AD), opens new tab.
The losses in the index were capped by 5.4% jump in IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab.
Oil prices - a major contributor to Gulf's economies - were up 0.35% to $90.97 a barrel by 1120 GMT.
Stock exchanges in United Arab Emirates closed lower on Friday, as tensions in the region escalated and following hawkish commentary from Federal Reserve officials.
Iran reiterated its pledge to punish Israel on Friday at a funeral for seven officers killed in a suspected Israeli airstrike on the Iranian embassy compound in Syria this week.
Undermining expectations that had boosted markets of early interest rate cuts, some Fed officials have grown more hawkish.
Minneapolis Fed President Neel Kashkari said rate cuts might not be required this year if inflation continues to stall.
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.
Dubai's main index (.DFMGI), opens new tab retreated 0.1%, dragged down by a 1.9% decline in toll operator Salik Company (SALIK.DU), opens new tab and a 1.7% fall in state-run Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.
Among the losers, сonsumers' co-operative Union Coop (UNIONCOOP.DU), opens new tab dropped by 7.1%, its steepest decline since mid-August after the company reported a nearly 20% slump in its full-year net profit to 296.9 million dirhams ($80.86 million).
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab edged down 0.02%, pressured by a 1.9% decrease in Adnoc gas (ADNOCGAS.AD), opens new tab and 2.2% decline in Adnoc Distribution (ADNOCDIST.AD), opens new tab.
The losses in the index were capped by 5.4% jump in IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab.
Oil prices - a major contributor to Gulf's economies - were up 0.35% to $90.97 a barrel by 1120 GMT.
#UAE's Sheikh Tahnoon Dominates One of the World's Hottest Stock Markets - Bloomberg
UAE's Sheikh Tahnoon Dominates One of the World's Hottest Stock Markets - Bloomberg
The United Arab Emirates’ rulers will soon achieve a distinction they’ve long coveted. Their once sleepy stock exchanges will be home to companies valued at $1 trillion. This outsize success—the markets already ranked No. 17 in the world at the end of March, ahead of Brazil and Spain—relies on the recent chart-topping performance of the Abu Dhabi Securities Exchange, run by the UAE’s biggest and wealthiest city-state.
But global investors tempted to pile in face the Abu Dhabi market’s defining feature. Royal family member Sheikh Tahnoon bin Zayed Al Nahyan—one of Abu Dhabi’s two deputy rulers, national security adviser of the UAE and brother to its president—dominates just about every part of its business. As of March 31, the sheikh’s companies or those he oversees had a weighting of at least 65% of the benchmark FTSE ADX General Index.
The biggest: his conglomerate International Holding Co., or IHC, which has investments in everything from Rihanna’s lingerie line to Elon Musk’s SpaceX. IHC is up more than 400-fold since 2019. The sprawling conglomerate, which traces its roots back to a fish farming firm, is now valued at almost $240 billion, more than Walt Disney Co. or McDonald’s Corp.
IHC also makes money from trading on the very exchange where it’s listed. It owns the Abu Dhabi stock exchange’s most active broker. Meanwhile, the emirate’s ADQ fund, which Sheikh Tahnoon chairs, oversees the exchange itself.
The sheikh’s influence runs even deeper. He’s the de facto business chief of Abu Dhabi’s ruling Al Nahyan family, the world’s wealthiest. And he steers about $1.5 trillion, mostly through the sovereign funds he heads. It’s as if one man directed the New York Stock Exchange as well as two-thirds of the companies in the S&P 500 stock index.
Many bankers, investors and economists say the Abu Dhabi market’s unusual structure poses challenges for global investment managers who want to profit as its main index has almost tripled since April 2020, making it the world’s best-performing major market over that period. Outsiders can struggle to get a piece of the action, because UAE nationals and companies own large stakes and hold on to them; those who manage to do so wonder if they’ll be treated as favorably as insiders.
The United Arab Emirates’ rulers will soon achieve a distinction they’ve long coveted. Their once sleepy stock exchanges will be home to companies valued at $1 trillion. This outsize success—the markets already ranked No. 17 in the world at the end of March, ahead of Brazil and Spain—relies on the recent chart-topping performance of the Abu Dhabi Securities Exchange, run by the UAE’s biggest and wealthiest city-state.
But global investors tempted to pile in face the Abu Dhabi market’s defining feature. Royal family member Sheikh Tahnoon bin Zayed Al Nahyan—one of Abu Dhabi’s two deputy rulers, national security adviser of the UAE and brother to its president—dominates just about every part of its business. As of March 31, the sheikh’s companies or those he oversees had a weighting of at least 65% of the benchmark FTSE ADX General Index.
The biggest: his conglomerate International Holding Co., or IHC, which has investments in everything from Rihanna’s lingerie line to Elon Musk’s SpaceX. IHC is up more than 400-fold since 2019. The sprawling conglomerate, which traces its roots back to a fish farming firm, is now valued at almost $240 billion, more than Walt Disney Co. or McDonald’s Corp.
IHC also makes money from trading on the very exchange where it’s listed. It owns the Abu Dhabi stock exchange’s most active broker. Meanwhile, the emirate’s ADQ fund, which Sheikh Tahnoon chairs, oversees the exchange itself.
The sheikh’s influence runs even deeper. He’s the de facto business chief of Abu Dhabi’s ruling Al Nahyan family, the world’s wealthiest. And he steers about $1.5 trillion, mostly through the sovereign funds he heads. It’s as if one man directed the New York Stock Exchange as well as two-thirds of the companies in the S&P 500 stock index.
Many bankers, investors and economists say the Abu Dhabi market’s unusual structure poses challenges for global investment managers who want to profit as its main index has almost tripled since April 2020, making it the world’s best-performing major market over that period. Outsiders can struggle to get a piece of the action, because UAE nationals and companies own large stakes and hold on to them; those who manage to do so wonder if they’ll be treated as favorably as insiders.
First #AbuDhabi Bank Said to Eye #Turkey for Overseas Push - Bloomberg
First Abu Dhabi Bank Said to Eye Turkey for Overseas Push - Bloomberg
First Abu Dhabi Bank PJSC is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of the Emirati lender’s hunt for growth opportunities overseas, according to people with knowledge of the matter.
FAB, as the UAE’s largest lender is known, has held early exploratory talks with the owners of several Turkish banks, the people said. For several months, its been evaluating the possibility of acquiring Yapi Kredi, which is currently valued at 241.6 billion liras ($7.6 billion), according to the people, who asked not to be identified because the information is private.
Deliberations are still at a preliminary stage and there’s no certainty that FAB will ultimately pursue a deal, the people said. Representatives for FAB and Yapi Kredi declined to comment.
“As an investment holding company, we may evaluate alternatives regarding our portfolio and engage in discussions with relevant parties as necessary at all times,” the Turkish lender’s majority owner, Koc Holding AS, said in a statement to the stock exchange. Koc said it was responding to investor queries about an unspecified report that a Middle Eastern bank is studying acquisition targets in Turkey.
First Abu Dhabi Bank PJSC is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of the Emirati lender’s hunt for growth opportunities overseas, according to people with knowledge of the matter.
FAB, as the UAE’s largest lender is known, has held early exploratory talks with the owners of several Turkish banks, the people said. For several months, its been evaluating the possibility of acquiring Yapi Kredi, which is currently valued at 241.6 billion liras ($7.6 billion), according to the people, who asked not to be identified because the information is private.
Deliberations are still at a preliminary stage and there’s no certainty that FAB will ultimately pursue a deal, the people said. Representatives for FAB and Yapi Kredi declined to comment.
“As an investment holding company, we may evaluate alternatives regarding our portfolio and engage in discussions with relevant parties as necessary at all times,” the Turkish lender’s majority owner, Koc Holding AS, said in a statement to the stock exchange. Koc said it was responding to investor queries about an unspecified report that a Middle Eastern bank is studying acquisition targets in Turkey.
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