Dubai’s Stock Exchange Eyes $1.7 Trillion Private Credit Market - Bloomberg
Dubai’s stock exchange is dipping its toes into the $1.7 trillion private credit market with a new platform it says would make it easier for local companies to raise such debt.
Dubai Financial Market will also allow venture capital firms to sell the shares of private companies they own on the new platform, which will be known as Arena, according to a statement. Arena will operate on technology provided by Nasdaq Inc.
Middle East sovereign wealth funds from Mubadala Investment Co. to Abu Dhabi Investment Authority have joined investors around the world in piling into the burgeoning market for private credit. Still, the United Arab Emirates has largely remained a market that’s dominated by bank loans.
With Dubai Financial Market’s latest offering, that could soon change, according to the exchange’s Chief Executive Officer Hamed Ali.
“It enables investors to easily access private investments in the UAE’s most promising companies and brands,” Ali said in the statement.
Wednesday, 1 May 2024
Aircraft lessor DAE set to receive half promised Boeing planes this year | Reuters
Aircraft lessor DAE set to receive half promised Boeing planes this year | Reuters
Aircraft lessor Dubai Aerospace Enterprise (DAE) Capital will likely receive around half the number of aircraft from Boeing (BA.N), opens new tab this year than the planemaker had originally committed to deliver, DAE's chief executive said on Wednesday.
DAE, one of the world's top 10 lessors with a 500-strong fleet of owned, managed or ordered aircraft, said Boeing had delivered just one aircraft in the first quarter with up to four expected in the second quarter.
"The only thing we can reliably expect from Boeing these days is a delivery delay notification as opposed to aircraft so we hope that they get their act together," DAE CEO Firoz Tarapore said on an analyst call.
Aircraft lessor Dubai Aerospace Enterprise (DAE) Capital will likely receive around half the number of aircraft from Boeing (BA.N), opens new tab this year than the planemaker had originally committed to deliver, DAE's chief executive said on Wednesday.
DAE, one of the world's top 10 lessors with a 500-strong fleet of owned, managed or ordered aircraft, said Boeing had delivered just one aircraft in the first quarter with up to four expected in the second quarter.
"The only thing we can reliably expect from Boeing these days is a delivery delay notification as opposed to aircraft so we hope that they get their act together," DAE CEO Firoz Tarapore said on an analyst call.
#Saudi petrochemical group SABIC reports 62% slump in Q1 profit
Saudi petrochemical group SABIC reports 62% slump in Q1 profit
Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical companies, reported a 62% drop in first-quarter net profit on Wednesday, which the company partially attributed to a decline in revenue.
SABIC reported net profit of 250 million riyals ($66.66 million) for the three months to March 31, down from 660 million riyals in the prior year period, and missed a mean estimate of 440 million riyals, based on LSEG data.
"The decrease in net profit is attributed to lower revenues, lower results from associates and joint ventures in addition, to losses from discontinued operations," SABIC said.
The company reported quarterly revenues of 32.7 billion riyals, down 10.3% year on year, which it said was due to a decline in the average selling prices by 3% and reduction in sales quantities by 7%.
SABIC made a net loss of 2.77 billion riyals in 2023, citing net losses due to discontinued operations.
Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical companies, reported a 62% drop in first-quarter net profit on Wednesday, which the company partially attributed to a decline in revenue.
SABIC reported net profit of 250 million riyals ($66.66 million) for the three months to March 31, down from 660 million riyals in the prior year period, and missed a mean estimate of 440 million riyals, based on LSEG data.
"The decrease in net profit is attributed to lower revenues, lower results from associates and joint ventures in addition, to losses from discontinued operations," SABIC said.
The company reported quarterly revenues of 32.7 billion riyals, down 10.3% year on year, which it said was due to a decline in the average selling prices by 3% and reduction in sales quantities by 7%.
SABIC made a net loss of 2.77 billion riyals in 2023, citing net losses due to discontinued operations.
Mideast Stocks: Gulf markets drop on lower oil prices; Egypt gains
Mideast Stocks: Gulf markets drop on lower oil prices; Egypt gains
Most stock markets in the Gulf ended lower on Wednesday as oil prices fell, with investors also awaiting the U.S. Federal Reserve's policy decision later in the day for hints on its interest rate path.
Oil prices declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the U.S.
Dubai's benchmark index dropped 0.5% to 4,133, its lowest levels in over three months, with real estate and consumer staples sectors leading in losses. The blue-chip developer Emaar Properties slumped 6.1%, the steepest fall in nearly two years as the firm traded ex-dividend.
Saudi Arabia's benchmark stock index was down 0.4% after two straight session of gains with most sectors in the red. Middle East Pharmaceutical lost 2% while Saudi National Bank, the kingdom's largest lender, shed 0.9%. Meanwhile, Saudi Arabia's real gross domestic product (GDP) decreased 1.8% year-on-year in the first quarter, flash estimates showed on Wednesday, as a decline in oil activities continued to hurt overall growth.
In Abu Dhabi, the benchmark index slipped 0.4%, snapping three straight sessions of gains with conglomerate Alpha Dhabi Holding sliding 1.6% and Emirates Telecommunications, known as e&, dropping 2.2%. The telecom provider e& is considering an acquisition of European cable and pay-TV operator United Group at a valuation of around 8 billion euros ($8.6 billion), Bloomberg News reported on Tuesday.
The Qatari benchmark index eased 0.2%, pressured by a 1.1% drop in Qatar Islamic Bank and a 3.4% slide in Mesaieed Petrochemical. Investors are awaiting comments from Fed Chair Jerome Powell later in the day that could give a clearer sense on rate cuts this year.
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 was up 3.4%, with all its constituents posting gains. Talaat Mostafa advanced 7.9% and Commercial International Bank added 1.5%.
Egypt's net foreign assets deficit shrank $17.8 billion in March, central bank data showed, after remittances, foreign portfolio investment and a $5 billion payment from the UAE poured into the country.
Most stock markets in the Gulf ended lower on Wednesday as oil prices fell, with investors also awaiting the U.S. Federal Reserve's policy decision later in the day for hints on its interest rate path.
Oil prices declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the U.S.
Dubai's benchmark index dropped 0.5% to 4,133, its lowest levels in over three months, with real estate and consumer staples sectors leading in losses. The blue-chip developer Emaar Properties slumped 6.1%, the steepest fall in nearly two years as the firm traded ex-dividend.
Saudi Arabia's benchmark stock index was down 0.4% after two straight session of gains with most sectors in the red. Middle East Pharmaceutical lost 2% while Saudi National Bank, the kingdom's largest lender, shed 0.9%. Meanwhile, Saudi Arabia's real gross domestic product (GDP) decreased 1.8% year-on-year in the first quarter, flash estimates showed on Wednesday, as a decline in oil activities continued to hurt overall growth.
In Abu Dhabi, the benchmark index slipped 0.4%, snapping three straight sessions of gains with conglomerate Alpha Dhabi Holding sliding 1.6% and Emirates Telecommunications, known as e&, dropping 2.2%. The telecom provider e& is considering an acquisition of European cable and pay-TV operator United Group at a valuation of around 8 billion euros ($8.6 billion), Bloomberg News reported on Tuesday.
The Qatari benchmark index eased 0.2%, pressured by a 1.1% drop in Qatar Islamic Bank and a 3.4% slide in Mesaieed Petrochemical. Investors are awaiting comments from Fed Chair Jerome Powell later in the day that could give a clearer sense on rate cuts this year.
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 was up 3.4%, with all its constituents posting gains. Talaat Mostafa advanced 7.9% and Commercial International Bank added 1.5%.
Egypt's net foreign assets deficit shrank $17.8 billion in March, central bank data showed, after remittances, foreign portfolio investment and a $5 billion payment from the UAE poured into the country.
Spinneys supermarket franchisee sets #Dubai IPO price at top of the range | Reuters
Spinneys supermarket franchisee sets Dubai IPO price at top of the range | Reuters
Spinneys Holding 1961, the franchisee of the supermarket chain in the UAE and Oman, said in a statement on Wednesday its final initial public offering (IPO) was priced at 1.53 dirham ($0.4166) per share, at the top of its indicative price range.
Spinneys' IPO was oversubscribed by around 64 times and shares are expected to start trading on the Dubai Financial Market on May 9.
The proceeds of the offer were approximately 1.38 billion dirham ($375.75 million), implying a market capitalisation of around 5.51 billion dirham ($1.50 billion) at listing.
Spinneys operates 75 premium grocery retail supermarkets under the "Spinneys", "Waitrose" and "Al Fair" brands in Oman and the UAE, where it plans to open new stores this year.
Spinneys Holding 1961, the franchisee of the supermarket chain in the UAE and Oman, said in a statement on Wednesday its final initial public offering (IPO) was priced at 1.53 dirham ($0.4166) per share, at the top of its indicative price range.
Spinneys' IPO was oversubscribed by around 64 times and shares are expected to start trading on the Dubai Financial Market on May 9.
The proceeds of the offer were approximately 1.38 billion dirham ($375.75 million), implying a market capitalisation of around 5.51 billion dirham ($1.50 billion) at listing.
Spinneys operates 75 premium grocery retail supermarkets under the "Spinneys", "Waitrose" and "Al Fair" brands in Oman and the UAE, where it plans to open new stores this year.
#SaudiArabia's Q1 GDP shrinks by estimated 1.8% y/y as oil sector weighs | Reuters
Saudi Arabia's Q1 GDP shrinks by estimated 1.8% y/y as oil sector weighs | Reuters
Saudi Arabia's real gross domestic product (GDP) decreased 1.8% year-on-year in the first quarter, flash estimates by the government's statistical authority showed on Wednesday, as a decline in oil activities continued to hurt overall growth.
The kingdom's GDP had shrunk 3.7% in the fourth quarter of 2023, as cuts to oil production and lower crude prices weighed on the economy.
Saudi Arabia, the world's largest oil exporter, is pumping around 9 million barrels per day (bpd), well below its around 12 million bpd capacity after it cut production as part of an agreement with OPEC and other oil producers.
Saudi Arabia needs hundreds of billions of dollars to fund its plan to diversify its economy away from oil, known as Vision 2030, which aims to expand the private sector and boost the non-oil economy.
With a projected budget deficit of 79 billion riyals, Saudi Arabia has announced delays to some of its multiple-billion-dollar mega projects.
"There are challenges... we don't have ego, we will change course, we will adjust, we will extend some of the projects, we will downscale some of the projects, we will accelerate some of the projects," Saudi Arabia' Finance Minister Mohammed Al Jadaan said on Sunday, speaking at the World Economic Forum meeting in Riyadh.
Saudi Arabia's real gross domestic product (GDP) decreased 1.8% year-on-year in the first quarter, flash estimates by the government's statistical authority showed on Wednesday, as a decline in oil activities continued to hurt overall growth.
The kingdom's GDP had shrunk 3.7% in the fourth quarter of 2023, as cuts to oil production and lower crude prices weighed on the economy.
Saudi Arabia, the world's largest oil exporter, is pumping around 9 million barrels per day (bpd), well below its around 12 million bpd capacity after it cut production as part of an agreement with OPEC and other oil producers.
Saudi Arabia needs hundreds of billions of dollars to fund its plan to diversify its economy away from oil, known as Vision 2030, which aims to expand the private sector and boost the non-oil economy.
With a projected budget deficit of 79 billion riyals, Saudi Arabia has announced delays to some of its multiple-billion-dollar mega projects.
"There are challenges... we don't have ego, we will change course, we will adjust, we will extend some of the projects, we will downscale some of the projects, we will accelerate some of the projects," Saudi Arabia' Finance Minister Mohammed Al Jadaan said on Sunday, speaking at the World Economic Forum meeting in Riyadh.
Most Gulf bourses muted on weaker oil prices | Reuters
Most Gulf bourses muted on weaker oil prices | Reuters
Most stock markets in the Gulf were subdued in early trade on Wednesday as oil price fell, though Qatar's index edged up on strong corporate earnings.
Oil prices, a catalyst for the Gulf's financial markets, declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the U.S.
Brent was down 1.3% at $85.23 a barrel by 0815 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab was 0.3% lower, pressured by losses in the real estate, consumer discretionary and utilities sectors, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropping 5.6% and Tecom Group (TECOM.DU), opens new tab sliding 1.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.3% in early trade, with most of its constituents posting losses, led by consumer staples, real estate and finance.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 0.6% and Savola Group (2050.SE), opens new tab dropped 1.7%.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab slipped 0.5% and Alinma Bank (1150.SE), opens new tab dropped 0.9%.
In Abu Dhabi the benchmark stock index (.FTFADGI), opens new tab was little changed, with the emirate's biggest developer Aldar Properties (ALDAR.AD), opens new tab gaining 1.1% while Emirates Telecommunications (EAND.AD), opens new tab shed 0.5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, supported by gains in all sectors, with Barwa Real Estate (BRES.QA), opens new tab adding 1.7% and Industries Qatar (IQCD.QA), opens new tab, known as IQ, advancing 1.4%.
The developer Barwa and industry conglomerate IQ both reported a rise in their quarterly net profit on Tuesday.
Most stock markets in the Gulf were subdued in early trade on Wednesday as oil price fell, though Qatar's index edged up on strong corporate earnings.
Oil prices, a catalyst for the Gulf's financial markets, declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the U.S.
Brent was down 1.3% at $85.23 a barrel by 0815 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab was 0.3% lower, pressured by losses in the real estate, consumer discretionary and utilities sectors, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropping 5.6% and Tecom Group (TECOM.DU), opens new tab sliding 1.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.3% in early trade, with most of its constituents posting losses, led by consumer staples, real estate and finance.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 0.6% and Savola Group (2050.SE), opens new tab dropped 1.7%.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab slipped 0.5% and Alinma Bank (1150.SE), opens new tab dropped 0.9%.
In Abu Dhabi the benchmark stock index (.FTFADGI), opens new tab was little changed, with the emirate's biggest developer Aldar Properties (ALDAR.AD), opens new tab gaining 1.1% while Emirates Telecommunications (EAND.AD), opens new tab shed 0.5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, supported by gains in all sectors, with Barwa Real Estate (BRES.QA), opens new tab adding 1.7% and Industries Qatar (IQCD.QA), opens new tab, known as IQ, advancing 1.4%.
The developer Barwa and industry conglomerate IQ both reported a rise in their quarterly net profit on Tuesday.