Saudi Arabia’s Hassana Backs TPG Climate Funds with $1.5 Billion - Bloomberg
Saudi Arabia’s main pension fund is set to back TPG’s climate vehicle under a $1.5 billion partnership, marking the latest instance of an oil-rich Gulf state supporting efforts aimed at reducing carbon emissions.
Hassana Investment Co., which manages over $320 billion for Saudi Arabia’s General Organisation for Social Insurance, is set to make “a substantial anchor commitment” to TPG Rise Climate’s new Transition Infrastructure fund, according to a joint statement Wednesday. The remainder of Hassana’s commitment will be allocated to the TPG Rise Climate II fund.
Hassana has become an increasingly prominent global investor since Saudi Arabia merged two of its pension and insurance funds in 2021. It signed a memorandum of understanding with BlackRock in 2022 to promote and develop an infrastructure strategy.
“Large and sophisticated investors like Hassana are essential to meeting the growing capital demands of the new climate economy,” said Jim Coulter, TPG Founding Partner and Managing Partner of TPG Rise Climate.
TPG Rise Climate is the dedicated climate investing strategy of the US firm’s $19 billion global impact investing platform, TPG Rise. The Hassana deal comes months after the United Arab Emirates announced a plan to put $30 billion into a new climate fund to back projects to reduce emissions.
Wednesday, 15 May 2024
Egypt Gets $14 Billion Boost From #UAE as Landmark Deal Pays Out - Bloomberg
Egypt Gets $14 Billion Boost From UAE as Landmark Deal Pays Out - Bloomberg
Egypt received a further $14 billion from its landmark investment deal with the United Arab Emirates, providing another surge of dollar liquidity about two months after a currency flotation.
The transfer, announced Wednesday by Egypt’s cabinet, was the second tranche of the $35 billion pact signed in February that was billed as the North African nation’s biggest-ever inward investment.
The UAE deal marked a turnaround in fortunes for the most populous Middle Eastern nation after a grinding two-year economic crisis and a chronic foreign-exchange shortage. It allowed authorities to oversee a long-awaited devaluation of the currency that in turn unlocked more financing from the International Monetary Fund, European Union and others — taking the total secured by Egypt to $57 billion.
Egypt received initial transfers of $15 billion within two weeks of inking the UAE deal, with a third of that sum coming from existing Emirati deposits in the Egyptian central bank.
Authorities have begun procedures to exchange another UAE deposit of $6 billion into Egyptian pounds, Prime Minister Mostafa Madbouly said Wednesday.
Egypt received a further $14 billion from its landmark investment deal with the United Arab Emirates, providing another surge of dollar liquidity about two months after a currency flotation.
The transfer, announced Wednesday by Egypt’s cabinet, was the second tranche of the $35 billion pact signed in February that was billed as the North African nation’s biggest-ever inward investment.
The UAE deal marked a turnaround in fortunes for the most populous Middle Eastern nation after a grinding two-year economic crisis and a chronic foreign-exchange shortage. It allowed authorities to oversee a long-awaited devaluation of the currency that in turn unlocked more financing from the International Monetary Fund, European Union and others — taking the total secured by Egypt to $57 billion.
Egypt received initial transfers of $15 billion within two weeks of inking the UAE deal, with a third of that sum coming from existing Emirati deposits in the Egyptian central bank.
Authorities have begun procedures to exchange another UAE deposit of $6 billion into Egyptian pounds, Prime Minister Mostafa Madbouly said Wednesday.
Mideast Stocks: Gulf markets slip on weaker earnings; #Dubai hits four-month low
Mideast Stocks: Gulf markets slip on weaker earnings; Dubai hits four-month low
Most stock markets in the Gulf dropped on Wednesday, led by the Dubai index, on weaker corporate results, while lower oil prices also dampened investor sentiment.
Dubai's benchmark index dropped 1.1% to 4,093, its lowest level in nearly four months, with all constituents posting losses, led by consumer staples, industry and real estate stocks. The tolls operator Salik Company slipped 2.3%, and Emaar Properties fell 1% after the blue-chip developer posted a 9% drop in its first-quarter net profit.
In Abu Dhabi, the benchmark index retreated 0.4%, with conglomerate Alpha Dhabi dropping 2.2% and First Abu Dhabi Bank, the UAE's largest lender, shedding 1%. Among other losers, Abu Dhabi National Energy Co slid 1.4% after the state-owned power and water utility posted an 81.8% decline in its first-quarter net profit.
The Qatari benchmark index was down 0.2%, pressured by a 1% drop in Qatar National Bank, the region's largest lender, and a 0.7% loss in Industries Qatar.
Saudi Arabia's benchmark stock index dropped 0.2% to 12,103, its lowest level in over there months, with most sectors in the red. Saudi National Bank, the kingdom's largest lender, fell 1.1% and oil giant Saudi Aramco slipped 1.7%. Saudi Research And Media Group dropped 4.2% after the integrated media firm posted a 28% decrease in its quarterly net profit.
Oil prices, a catalyst for the Gulf's financial markets, dipped 0.3% as the International Energy Agency trimmed its forecast for 2024 oil demand growth.
Outside the Gulf, Egypt's blue-chip index eased 0.1%, with most sectors in the negative territory. Talaat Mostafa Group fell 1.3% and Egypt Kuwait Holding dropped 3.1% after the investment firm posted a dip in quarterly net profit.
Dubai's benchmark index dropped 1.1% to 4,093, its lowest level in nearly four months, with all constituents posting losses, led by consumer staples, industry and real estate stocks. The tolls operator Salik Company slipped 2.3%, and Emaar Properties fell 1% after the blue-chip developer posted a 9% drop in its first-quarter net profit.
In Abu Dhabi, the benchmark index retreated 0.4%, with conglomerate Alpha Dhabi dropping 2.2% and First Abu Dhabi Bank, the UAE's largest lender, shedding 1%. Among other losers, Abu Dhabi National Energy Co slid 1.4% after the state-owned power and water utility posted an 81.8% decline in its first-quarter net profit.
The Qatari benchmark index was down 0.2%, pressured by a 1% drop in Qatar National Bank, the region's largest lender, and a 0.7% loss in Industries Qatar.
Saudi Arabia's benchmark stock index dropped 0.2% to 12,103, its lowest level in over there months, with most sectors in the red. Saudi National Bank, the kingdom's largest lender, fell 1.1% and oil giant Saudi Aramco slipped 1.7%. Saudi Research And Media Group dropped 4.2% after the integrated media firm posted a 28% decrease in its quarterly net profit.
Oil prices, a catalyst for the Gulf's financial markets, dipped 0.3% as the International Energy Agency trimmed its forecast for 2024 oil demand growth.
Outside the Gulf, Egypt's blue-chip index eased 0.1%, with most sectors in the negative territory. Talaat Mostafa Group fell 1.3% and Egypt Kuwait Holding dropped 3.1% after the investment firm posted a dip in quarterly net profit.
#SaudiArabia inflation unchanged at 1.6% in April | Reuters
Saudi Arabia inflation unchanged at 1.6% in April | Reuters
Saudi Arabia's annual inflation rate held at 1.6% in April, the same as the previous month, government data showed on Wednesday, underpinned once again by an increase in housing rents.
Prices in the subcategory of housing, water, electricity, gas and other fuels rose by 8.7% from a year earlier, according to the General Authority for Statistics, with housing rents surging by 10.4% year on year.
Food and beverage prices rose 0.8% year on year while prices for restaurants and hotels increased 2%.
But prices for vehicles declined almost 3% in April from the previous year, bringing down overall transport costs by 1.6%, while clothing and footwear prices fell by 4.2%.
On a month-on-month basis, prices increased 0.3% in April from March, with housing rents and prices the main driver.
Inflation has remained relatively low in Saudi Arabia compared with global levels, and below 2% year to date, with government policies helping limit the impact of international price increases.
Saudi Arabia's annual inflation rate held at 1.6% in April, the same as the previous month, government data showed on Wednesday, underpinned once again by an increase in housing rents.
Prices in the subcategory of housing, water, electricity, gas and other fuels rose by 8.7% from a year earlier, according to the General Authority for Statistics, with housing rents surging by 10.4% year on year.
Food and beverage prices rose 0.8% year on year while prices for restaurants and hotels increased 2%.
But prices for vehicles declined almost 3% in April from the previous year, bringing down overall transport costs by 1.6%, while clothing and footwear prices fell by 4.2%.
On a month-on-month basis, prices increased 0.3% in April from March, with housing rents and prices the main driver.
Inflation has remained relatively low in Saudi Arabia compared with global levels, and below 2% year to date, with government policies helping limit the impact of international price increases.
Most Gulf bourses muted on caution ahead of US inflation print | Reuters
Most Gulf bourses muted on caution ahead of US inflation print | Reuters
Most stock markets in the Gulf were subdued in early trading on Wednesday, as caution prevailed ahead of the U.S. inflation data for clues on the Federal Reserve's interest rate cut strategy.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.2% weighed down by losses in industry, utilities and communication sectors, with tolls operator Salik Company (SALIK.DU), opens new tab sliding 1.2% and National Central Cooling (TABR.DU), opens new tab dropping 2.4%.
Abu Dhabi's benchmark stock index (.FTFADGI), opens new tab was down 0.1% with First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, shedding 0.7% and Fertiglobe (FERTIGLB.AD), opens new tab sliding 2.2%.
MENA's largest nitrogen fertilizer maker, Fertiglobe posted a 14% drop in its first-quarter net profit on Tuesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed in early trading, with ACWA Power (2082.SE), opens new tab gaining 4.6%, while oil giant Saudi Aramco (2222.SE), opens new tab slipped 1.7% and Saudi Electricity (5110.SE), opens new tab dropped 5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, helped by a 3.1% gain in Qatar Gas Transport (QGTS.QA), opens new tab and a 1.7% rise in Masraf Al Rayan (MARK.QA), opens new tab.
Investors are awaiting the U.S. Consumer Price Index data due later in the day for clues to when the Fed will consider cutting interest rates.
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.
Most stock markets in the Gulf were subdued in early trading on Wednesday, as caution prevailed ahead of the U.S. inflation data for clues on the Federal Reserve's interest rate cut strategy.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.2% weighed down by losses in industry, utilities and communication sectors, with tolls operator Salik Company (SALIK.DU), opens new tab sliding 1.2% and National Central Cooling (TABR.DU), opens new tab dropping 2.4%.
Abu Dhabi's benchmark stock index (.FTFADGI), opens new tab was down 0.1% with First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, shedding 0.7% and Fertiglobe (FERTIGLB.AD), opens new tab sliding 2.2%.
MENA's largest nitrogen fertilizer maker, Fertiglobe posted a 14% drop in its first-quarter net profit on Tuesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed in early trading, with ACWA Power (2082.SE), opens new tab gaining 4.6%, while oil giant Saudi Aramco (2222.SE), opens new tab slipped 1.7% and Saudi Electricity (5110.SE), opens new tab dropped 5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, helped by a 3.1% gain in Qatar Gas Transport (QGTS.QA), opens new tab and a 1.7% rise in Masraf Al Rayan (MARK.QA), opens new tab.
Investors are awaiting the U.S. Consumer Price Index data due later in the day for clues to when the Fed will consider cutting interest rates.
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.