Abu Dhabi’s ADQ to buy 49% stake in Alpha Dhabi’s construction arm
Abu Dhabi-listed holding company ADQ has offered to buy a 49% stake in the construction arm of Alpha Dhabi Holding.
A disclosure to Abu Dhabi Securities Exchange did not give an offer value for the stake in Alpha Dhabi Construction Holding Group.
The statement said the board believes the sale is in the best interests of shareholders and that a general assembly will be called to approve it subject to regulatory approvals.
Tuesday 16 April 2024
Most Gulf markets in red on US rate cut concerns, geopolitical tensions | Reuters
Most Gulf markets in red on US rate cut concerns, geopolitical tensions | Reuters
Most stock markets in the Gulf ended lower on Tuesday after stronger-than-expected U.S. retail sales reinforced the view the Federal Reserve may not rush to cut interest rates this year.
Data last week had already shown U.S. consumer prices increased more than expected in March as Americans paid more for gasoline and rental housing, leading financial markets to anticipate the Fed would delay cutting rates until September.
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 dropped 1.6%, with most of its constituents in negative territory, including Al Rajhi Bank (1120.SE), opens new tab, which was down 2.9%.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab retreated 1.3%.
Investors remained cautious about Israel's response to a weekend drone and missile attack by Iran as international pressure for restraint grew amid fears of an escalation of conflict in the Middle East.
Dubai's main share index (.DFMGI), opens new tab lost 1.4%, dragged down by a 1.7% drop in top builder Emaar Properties (EMAR.DU), opens new tab.
The Dubai bourse breached the support level it had held for the past month, affected by both geopolitical tensions and heightened inflationary pressures in the United States. The market may continue its downward trajectory if these pressures persist, said Joseph Dahrieh, managing principal at Tickmill.
"However, the upcoming IPO of Spinneys could positively influence the overall market sentiment," he added.
Supermarket chain franchisee Spinneys announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it planned to expand into Saudi Arabia this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.6%.
The Qatari benchmark (.QSI), opens new tab lost 0.7%, hit by a 1.2% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices, a catalyst for the Gulf's financial markets, dipped but remained near $90 a barrel as investors weighed up how supply from the Middle East might be affected should the geopolitical situation deteriorate further.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.7%, with Talaat Mostafa Holding (TMGH.CA), opens new tab losing 2.6%.
Most stock markets in the Gulf ended lower on Tuesday after stronger-than-expected U.S. retail sales reinforced the view the Federal Reserve may not rush to cut interest rates this year.
Data last week had already shown U.S. consumer prices increased more than expected in March as Americans paid more for gasoline and rental housing, leading financial markets to anticipate the Fed would delay cutting rates until September.
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 dropped 1.6%, with most of its constituents in negative territory, including Al Rajhi Bank (1120.SE), opens new tab, which was down 2.9%.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab retreated 1.3%.
Investors remained cautious about Israel's response to a weekend drone and missile attack by Iran as international pressure for restraint grew amid fears of an escalation of conflict in the Middle East.
Dubai's main share index (.DFMGI), opens new tab lost 1.4%, dragged down by a 1.7% drop in top builder Emaar Properties (EMAR.DU), opens new tab.
The Dubai bourse breached the support level it had held for the past month, affected by both geopolitical tensions and heightened inflationary pressures in the United States. The market may continue its downward trajectory if these pressures persist, said Joseph Dahrieh, managing principal at Tickmill.
"However, the upcoming IPO of Spinneys could positively influence the overall market sentiment," he added.
Supermarket chain franchisee Spinneys announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it planned to expand into Saudi Arabia this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.6%.
The Qatari benchmark (.QSI), opens new tab lost 0.7%, hit by a 1.2% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices, a catalyst for the Gulf's financial markets, dipped but remained near $90 a barrel as investors weighed up how supply from the Middle East might be affected should the geopolitical situation deteriorate further.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.7%, with Talaat Mostafa Holding (TMGH.CA), opens new tab losing 2.6%.
#Dubai Mansion Sales Soar as Wealthy Flock to Palm-Shaped Island - Bloomberg
Dubai Mansion Sales Soar as Wealthy Flock to Palm-Shaped Island - Bloomberg
Sales of homes with a price tag of $10 million or more climbed 19% in Dubai during the first quarter as the world’s ultra-wealthy continue to flock to the Middle East’s business and tourism hub despite mounting geopolitical tension across the region.
A total of 105 luxury homes were sold for $1.73 billion in the first three months of this year, according to property consultant Knight Frank LLP. Sales on Palm Jumeirah, the iconic tree-shaped artificial island off the coast of Dubai, accounted for 36.3% of the activity in the quarter.
“The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists,” Faisal Durrani, a partner at Knight Frank, said in a statement.
In the aftermath of the pandemic, Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs and, in response, the government opened up and officials made it easier to receive the country’s famed ‘golden’ visas. That — along with an influx of investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians setting up second homes — has driven a surge in demand for Dubai property.
Sales of homes with a price tag of $10 million or more climbed 19% in Dubai during the first quarter as the world’s ultra-wealthy continue to flock to the Middle East’s business and tourism hub despite mounting geopolitical tension across the region.
A total of 105 luxury homes were sold for $1.73 billion in the first three months of this year, according to property consultant Knight Frank LLP. Sales on Palm Jumeirah, the iconic tree-shaped artificial island off the coast of Dubai, accounted for 36.3% of the activity in the quarter.
“The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists,” Faisal Durrani, a partner at Knight Frank, said in a statement.
In the aftermath of the pandemic, Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs and, in response, the government opened up and officials made it easier to receive the country’s famed ‘golden’ visas. That — along with an influx of investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians setting up second homes — has driven a surge in demand for Dubai property.
Microsoft Invests $1.5 Billion in G42 as Top #UAE AI Firm Pivots From China - Bloomberg
Microsoft Invests $1.5 Billion in G42 as Top UAE AI Firm Pivots From China - Bloomberg
Microsoft Corp. will invest $1.5 billion in the United Arab Emirates’ top artificial intelligence firm, G42, after the Abu Dhabi-based company worked out an unusual deal with the US government to end any cooperation with China.
The agreement follows behind-the-scenes negotiations between the US government and the Middle Eastern firm, in which G42 agreed to divest from China and pivot to American technology. G42, a leader in the UAE’s push into AI, had come under scrutiny for alleged ties to blacklisted Chinese companies and its government.
The Microsoft investment will align a key Middle East firm with the US as Washington seeks to curtail Chinese access to AI technologies. As part of the accord, Microsoft President Brad Smith will join G42’s board, and G42 will use the US software maker’s Azure cloud for its AI applications.
“Microsoft got strong encouragement from the US government to move forward in this process,” Smith said in an interview with G42 Chief Executive Officer Peng Xiao. “That reflects a recognition by the US government of the importance of the relationship between the two countries and the importance of continuing to encourage responsible companies like G42 and Microsoft really be at the forefront, not only of the technology itself, but of world-leading security and safety and responsible AI standards.”
Microsoft Corp. will invest $1.5 billion in the United Arab Emirates’ top artificial intelligence firm, G42, after the Abu Dhabi-based company worked out an unusual deal with the US government to end any cooperation with China.
The agreement follows behind-the-scenes negotiations between the US government and the Middle Eastern firm, in which G42 agreed to divest from China and pivot to American technology. G42, a leader in the UAE’s push into AI, had come under scrutiny for alleged ties to blacklisted Chinese companies and its government.
The Microsoft investment will align a key Middle East firm with the US as Washington seeks to curtail Chinese access to AI technologies. As part of the accord, Microsoft President Brad Smith will join G42’s board, and G42 will use the US software maker’s Azure cloud for its AI applications.
“Microsoft got strong encouragement from the US government to move forward in this process,” Smith said in an interview with G42 Chief Executive Officer Peng Xiao. “That reflects a recognition by the US government of the importance of the relationship between the two countries and the importance of continuing to encourage responsible companies like G42 and Microsoft really be at the forefront, not only of the technology itself, but of world-leading security and safety and responsible AI standards.”
Supermarket chain franchisee Spinneys plans IPO, to expand into #SaudiArabia | Reuters
Supermarket chain franchisee Spinneys plans IPO, to expand into Saudi Arabia | Reuters
A franchisee of supermarket chain Spinneys, which operates in the United Arab Emirates and Oman, announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it plans to expand into Saudi Arabia this year.
Shareholder Al Seer Group LLC plans to sell 900 million shares in Spinneys 1961 Holding plc, equal to a 25% stake, the company said in a document, in what would be the first listing of a supermarket chain operator in the UAE.
"It is the right time for us to invite investors to participate into this business," CEO Sunil Kumar told Reuters.
The company plans to open its first store in Riyadh in the first half of this year and open three more by the end of the year in the capital city and Jeddah.
"These are the two cities we are targeting because that's where our customer base - affluent, high disposable income customers - is living," Kumar said, noting that Saudi Arabia, the biggest economy in the Gulf, and the UAE offer a host of untapped opportunities.
A franchisee of supermarket chain Spinneys, which operates in the United Arab Emirates and Oman, announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it plans to expand into Saudi Arabia this year.
Shareholder Al Seer Group LLC plans to sell 900 million shares in Spinneys 1961 Holding plc, equal to a 25% stake, the company said in a document, in what would be the first listing of a supermarket chain operator in the UAE.
"It is the right time for us to invite investors to participate into this business," CEO Sunil Kumar told Reuters.
The company plans to open its first store in Riyadh in the first half of this year and open three more by the end of the year in the capital city and Jeddah.
"These are the two cities we are targeting because that's where our customer base - affluent, high disposable income customers - is living," Kumar said, noting that Saudi Arabia, the biggest economy in the Gulf, and the UAE offer a host of untapped opportunities.
Most Gulf markets ease on US rate cut concerns | Reuters
Most Gulf markets ease on US rate cut concerns | Reuters
Most major stock markets in the Gulf were subdued in early trade on Tuesday, tracking Asian shares lower as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year.
Stronger-than-expected March retail sales data, along with other recent data from the United States, provided further evidence that the world's largest economy was doing well at the end of the first quarter.
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 dropped 0.2%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab.
Geopolitical tensions in the Middle East kept risk sentiment in check.
In Qatar, the index (.QSI), opens new tab dropped 0.3%, weighed down by a 0.7% fall in petrochemical firm Industries Qatar (IQCD.QA), opens new tab.
Dubai's main share index (.DFMGI), opens new tab lost 0.2%, with top lender Emirates NBD (ENBD.DU), opens new tab falling 0.6%.
Separately, a franchisee of supermarket chain Spinneys, which operates in the United Arab Emirates and Oman, announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it planned to expand into Saudi Arabia this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher, helped by a 0.2% gain in First Abu Dhabi Bank (FAB.AD), opens new tab.
Most major stock markets in the Gulf were subdued in early trade on Tuesday, tracking Asian shares lower as stronger-than-expected U.S. retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year.
Stronger-than-expected March retail sales data, along with other recent data from the United States, provided further evidence that the world's largest economy was doing well at the end of the first quarter.
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 dropped 0.2%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab.
Geopolitical tensions in the Middle East kept risk sentiment in check.
In Qatar, the index (.QSI), opens new tab dropped 0.3%, weighed down by a 0.7% fall in petrochemical firm Industries Qatar (IQCD.QA), opens new tab.
Dubai's main share index (.DFMGI), opens new tab lost 0.2%, with top lender Emirates NBD (ENBD.DU), opens new tab falling 0.6%.
Separately, a franchisee of supermarket chain Spinneys, which operates in the United Arab Emirates and Oman, announced plans for an initial public offering (IPO) on the Dubai bourse and said on Tuesday it planned to expand into Saudi Arabia this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher, helped by a 0.2% gain in First Abu Dhabi Bank (FAB.AD), opens new tab.