Dubai's Salik posts lower Q2 net profit
Dubai's toll operator Salik has posted a net profit of 267.5 million dirhams ($72.8 million), 2% lower year-on-year (YoY).
The net profit was a shade lower than analysts’ mean estimate of AED 271 million, according to LSEG data.
Salik’s Q2 revenue reached AED 532.7 million, up 3% from the same period in the prior year.
For H1 2024, the toll operator posted a net profit of AED 598.6 million, flat on year.
Its board of directors has recommended distributing 7.263 fils per share as dividend.
Tuesday, 13 August 2024
Most Gulf markets in red ahead of US data, on oil demand concerns | Reuters
Most Gulf markets in red ahead of US data, on oil demand concerns | Reuters
Most stock markets in the Gulf ended lower on Tuesday ahead of a slew of data being released this week, including U.S. inflation, that will help sharpen views on the Federal Reserve's next moves, and amid concerns about oil demand.
Markets are evenly split between a cut of 25 bps and 50 bps at the next meeting in September. Traders are pricing in a total of 100 bps of cuts this year. FEDWATCH
U.S. producer price data for July, due later in the day, could feed through to the core personal consumption (PCE) measure favoured by the Fed.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab dropped 0.4%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab losing 1.7% and top lender Emirates NBD (ENBD.DU), opens new tab was down 0.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.4%.
The Qatari benchmark (.QSI), opens new tab eased 0.2%, hit by a 0.8% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, gained 0.5%, with oil giant Saudi Aramco (2222.SE), opens new tab rising 0.9% and telecoms firm Etihad Etisalat Co (7020.SE), opens new tab gaining 3%.
OPEC cut its forecast for global oil demand growth in 2024 on Monday, citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.
This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.3%, dragged down by a 1.7% fall in top lender Commercial International Bank (COMI.CA), opens new tab.
Most stock markets in the Gulf ended lower on Tuesday ahead of a slew of data being released this week, including U.S. inflation, that will help sharpen views on the Federal Reserve's next moves, and amid concerns about oil demand.
Markets are evenly split between a cut of 25 bps and 50 bps at the next meeting in September. Traders are pricing in a total of 100 bps of cuts this year. FEDWATCH
U.S. producer price data for July, due later in the day, could feed through to the core personal consumption (PCE) measure favoured by the Fed.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab dropped 0.4%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab losing 1.7% and top lender Emirates NBD (ENBD.DU), opens new tab was down 0.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.4%.
The Qatari benchmark (.QSI), opens new tab eased 0.2%, hit by a 0.8% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, gained 0.5%, with oil giant Saudi Aramco (2222.SE), opens new tab rising 0.9% and telecoms firm Etihad Etisalat Co (7020.SE), opens new tab gaining 3%.
OPEC cut its forecast for global oil demand growth in 2024 on Monday, citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.
This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.3%, dragged down by a 1.7% fall in top lender Commercial International Bank (COMI.CA), opens new tab.
Strengthening #UAE anti-money laundering laws key to tackling evolving threat | The National
Strengthening UAE anti-money laundering laws key to tackling evolving threat | The National
The UAE’s amended anti-money laundering laws signal a "transformative shift" in the country's approach to financial crimes and shows authorities are not "resting on their laurels", experts said.
The move aims to ensure “compliance with international standards”, as well as to address the evolving and complex nature of financial crimes, they said.
Authorities on Sunday outlined the amended laws on money laundering and the financing of terrorism and illegal organisations. Two new bodies were established to tackle the issue: a National Committee for Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations, and a Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing.
Ibtissem Lassoued, partner and head of advisory in white-collar crime and investigations at Al Tamimi and Company law firm, said the move represented “a key advancement in the UAE's legal and regulatory framework for financial crime prevention”.
She said the amendments "signal a transformative shift in the UAE’s approach to financial crime prevention" and show a "robust and unwavering commitment by the UAE to tackle money laundering and the financing of terrorism".
The UAE’s amended anti-money laundering laws signal a "transformative shift" in the country's approach to financial crimes and shows authorities are not "resting on their laurels", experts said.
The move aims to ensure “compliance with international standards”, as well as to address the evolving and complex nature of financial crimes, they said.
Authorities on Sunday outlined the amended laws on money laundering and the financing of terrorism and illegal organisations. Two new bodies were established to tackle the issue: a National Committee for Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations, and a Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing.
Ibtissem Lassoued, partner and head of advisory in white-collar crime and investigations at Al Tamimi and Company law firm, said the move represented “a key advancement in the UAE's legal and regulatory framework for financial crime prevention”.
She said the amendments "signal a transformative shift in the UAE’s approach to financial crime prevention" and show a "robust and unwavering commitment by the UAE to tackle money laundering and the financing of terrorism".
Adnoc Drilling to join MSCI Index this month | The National
Adnoc Drilling to join MSCI Index this month | The National
Abu Dhabi-listed Adnoc Drilling will become a constituent of MSCI Indexes this month, a move that will allow the largest national drilling company in the Middle East by rig fleet size to broaden its investor base.
Adnoc Drilling will be included in the MSCI Emerging Market Index and become the 12th member of the MSCI UAE index after meeting the necessary criteria, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The inclusion will be effective post-market close on August 30.
“This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
The achievement reflects the company’s “unwavering commitment” to operational safety, sustainable growth, investor focus, as well as continuous support from the shareholders, Mr Al Seiari said.
Abu Dhabi-listed Adnoc Drilling will become a constituent of MSCI Indexes this month, a move that will allow the largest national drilling company in the Middle East by rig fleet size to broaden its investor base.
Adnoc Drilling will be included in the MSCI Emerging Market Index and become the 12th member of the MSCI UAE index after meeting the necessary criteria, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The inclusion will be effective post-market close on August 30.
“This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
The achievement reflects the company’s “unwavering commitment” to operational safety, sustainable growth, investor focus, as well as continuous support from the shareholders, Mr Al Seiari said.
Blackstone, Apollo Ditch Old Ways to Attract #Saudi and #UAE Trillions - Bloomberg
Blackstone, Apollo Ditch Old Ways to Attract Saudi and UAE Trillions - Bloomberg
Within the moneyed circles of the Middle East, there’s increasing talk of a shifting power dynamic in the upper echelons of high finance.
Gone are the days of private equity bigwigs and hedge fund honchos flying to the Gulf, shuttling between five-star hotels and gleaming office towers in Abu Dhabi, Doha and Riyadh, then leaving with massive checks for their latest funds.
Sitting atop nearly $4 trillion and acutely aware of their importance to Western capital markets, the Middle East’s biggest state-controlled funds are increasingly asking asset managers what they’ll do in return for an investment. These firms are being urged — and at times required — to have more gatherings in the Gulf, set up local offices and bring more people to live and work in the area.
Apollo Global Management Inc., for instance, shepherded about 200 people to Abu Dhabi early this year, holding company events and senior-level meetings with Mubadala and other local partners. Blackstone Inc. has been allowing more investors from sovereign wealth funds to train on its teams within the firm.
Interviews with more than a dozen investors, lawyers and intermediaries in the region, who requested anonymity to discuss private conversations, show that a group of sovereign wealth funds in countries including Saudi Arabia, the United Arab Emirates and Qatar are flexing their financial might in a previously unseen way.
The growing heft of these Middle Eastern groups is set to disrupt the economics of what’s traditionally been one of the most profitable corners of the investment industry. Firms are doing away with their typical management and performance fee arrangement in order to secure commitments for their latest funds.
Within the moneyed circles of the Middle East, there’s increasing talk of a shifting power dynamic in the upper echelons of high finance.
Gone are the days of private equity bigwigs and hedge fund honchos flying to the Gulf, shuttling between five-star hotels and gleaming office towers in Abu Dhabi, Doha and Riyadh, then leaving with massive checks for their latest funds.
Sitting atop nearly $4 trillion and acutely aware of their importance to Western capital markets, the Middle East’s biggest state-controlled funds are increasingly asking asset managers what they’ll do in return for an investment. These firms are being urged — and at times required — to have more gatherings in the Gulf, set up local offices and bring more people to live and work in the area.
Apollo Global Management Inc., for instance, shepherded about 200 people to Abu Dhabi early this year, holding company events and senior-level meetings with Mubadala and other local partners. Blackstone Inc. has been allowing more investors from sovereign wealth funds to train on its teams within the firm.
Interviews with more than a dozen investors, lawyers and intermediaries in the region, who requested anonymity to discuss private conversations, show that a group of sovereign wealth funds in countries including Saudi Arabia, the United Arab Emirates and Qatar are flexing their financial might in a previously unseen way.
The growing heft of these Middle Eastern groups is set to disrupt the economics of what’s traditionally been one of the most profitable corners of the investment industry. Firms are doing away with their typical management and performance fee arrangement in order to secure commitments for their latest funds.
#AbuDhabi Wealth Fund ADQ Said to Eye Bank Audi’s Turkish Unit - Bloomberg
Abu Dhabi Wealth Fund ADQ Said to Eye Bank Audi’s Turkish Unit - Bloomberg
An Abu Dhabi sovereign wealth fund is in talks to buy Turkish lender Odeabank, according to people with knowledge of the matter, as United Arab Emirates-based entities hunt for growth opportunities overseas.
The $249 billion fund ADQ has been in discussions to acquire the lender owned by Lebanon’s Bank Audi SAL over the past few months, the people said, asking not to be identified as the information isn’t public.
No final decisions have been made and there’s no certainty that ADQ will ultimately buy the bank, the people said.
Representatives for ADQ declined to comment. Bank Audi and Odeabank did not respond to calls and messages requesting comment.
Odeabank is a midsize lender in Turkey with assets of 87.3 billion liras ($2.6 billion). Bank Audi, which established the firm in 2012, is its largest shareholder with a 76.4% stake.
ADQ is part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire. It’s among Gulf investors evaluating Turkish assets after President Recep Tayyip Erdogan toured the region last year to shore up investments in the $1.1 trillion economy.
During that trip, the UAE had pledged more than $50 billion to support Turkey after years of animosity between the two countries over political differences.
Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, said in September that it’s acquiring a 20% stake in Turkey’s TOM Group of Companies.
An Abu Dhabi sovereign wealth fund is in talks to buy Turkish lender Odeabank, according to people with knowledge of the matter, as United Arab Emirates-based entities hunt for growth opportunities overseas.
The $249 billion fund ADQ has been in discussions to acquire the lender owned by Lebanon’s Bank Audi SAL over the past few months, the people said, asking not to be identified as the information isn’t public.
No final decisions have been made and there’s no certainty that ADQ will ultimately buy the bank, the people said.
Representatives for ADQ declined to comment. Bank Audi and Odeabank did not respond to calls and messages requesting comment.
Odeabank is a midsize lender in Turkey with assets of 87.3 billion liras ($2.6 billion). Bank Audi, which established the firm in 2012, is its largest shareholder with a 76.4% stake.
ADQ is part of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire. It’s among Gulf investors evaluating Turkish assets after President Recep Tayyip Erdogan toured the region last year to shore up investments in the $1.1 trillion economy.
During that trip, the UAE had pledged more than $50 billion to support Turkey after years of animosity between the two countries over political differences.
Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, said in September that it’s acquiring a 20% stake in Turkey’s TOM Group of Companies.
Major Gulf market mixed ahead of US data, oil demand concerns | Reuters
Major Gulf market mixed ahead of US data, oil demand concerns | Reuters
Major stock markets in the Gulf were mixed in early trade on Tuesday ahead of a slew of data being released this week, including U.S. inflation, that will help sharpen views on the Federal Reserve's next moves and on oil demand concerns.
Markets are evenly split between a cut of 25 bps and 50 bps at the next meeting in September. Traders are pricing in a total of 100 bps of cuts this year. FEDWATCH
U.S. producer price data for July, due later in the day, could feed through to the core personal consumption (PCE) measure favoured by the Fed.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 2.5% increase in Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
Dubai's main share index (.DFMGI), opens new tab dropped 0.5%, weighed down by a 1.6% decline in top lender Emirates NBD (ENBD.DU), opens new tab and a 1% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
The Qatari benchmark (.QSI), opens new tab retreated 0.5%, hit by a 0.9% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab after reporting a meagre increase in first-half net profit.
OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.
This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy.
Major stock markets in the Gulf were mixed in early trade on Tuesday ahead of a slew of data being released this week, including U.S. inflation, that will help sharpen views on the Federal Reserve's next moves and on oil demand concerns.
Markets are evenly split between a cut of 25 bps and 50 bps at the next meeting in September. Traders are pricing in a total of 100 bps of cuts this year. FEDWATCH
U.S. producer price data for July, due later in the day, could feed through to the core personal consumption (PCE) measure favoured by the Fed.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 2.5% increase in Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%.
Dubai's main share index (.DFMGI), opens new tab dropped 0.5%, weighed down by a 1.6% decline in top lender Emirates NBD (ENBD.DU), opens new tab and a 1% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
The Qatari benchmark (.QSI), opens new tab retreated 0.5%, hit by a 0.9% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab after reporting a meagre increase in first-half net profit.
OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October.
This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy.
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