#Dubai’s ‘co-pilot’ princes step up as emirate prepares for next generation #UAE

Dubai’s ‘co-pilot’ princes step up as emirate prepares for next generation

Dubai crown prince Sheikh Hamdan bin Mohammed al-Maktoum has won popularity at home for his thrill-seeking pursuits, from leading mass-participation runs and cycle events to scaling the city’s Burj Khalifa tower. 

His younger brother Sheikh Maktoum keeps a lower profile, preferring to eschew the limelight as he cultivates the image of an astute technocrat. 

Dubai’s ruling family is counting on the brothers’ different qualities to maintain the development of an emirate that has evolved over the decades from an entrepôt port to a global trade, tourism and financial centre. 

Their abilities are moving more into focus as their father, Dubai ruler and United Arab Emirates prime minister Sheikh Mohammed bin Rashid al-Maktoum, gradually steps back from frontline decision-making. The 75-year-old is now regularly photographed walking with a cane, as the ground is prepared for the eventual succession of Hamdan. 

“Sheikh Mohammed’s still in the driver’s seat,” said Abdulkhaleq Abdulla, a Dubai-based political scientist. “But the co-pilots have taken more responsibility.” 

Hamdan, 41, and Maktoum, 40, were in their 20s when they were appointed heir apparent and deputy ruler respectively, with a view to eventually taking over the day-to-day running of Dubai from their father.

Most Gulf markets gain on US rate cut prospects | Reuters

Most Gulf markets gain on US rate cut prospects | Reuters

Most Gulf markets ended higher on Sunday, extending gains from the previous session, after data supported the likelihood of interest rate cuts by the U.S. Federal Reserve.

The U.S. personal consumption expenditures (PCE) price index - the Fed's preferred inflation measure - rose 0.2% in July, according to Commerce Department data released on Friday.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.5% last month, the report showed. The data sets the stage for the Fed to likely begin easing monetary policy from this month.

Money markets are pricing the Fed's first 25 basis point (bp) cut of this cycle at its September meeting, with a 33% chance of a 50 bp reduction.

Monetary policy in the six-member Gulf Cooperation Council (GCC), including Saudi Arabia, 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 gained 0.4%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab advancing 3.1% and Al Rajhi Bank (1120.SE), opens new tab closing 0.8% higher.

In Qatar, the index (.QSI), opens new tab rose 0.3%, with Islamic lender Masraf Al Rayan (MARK.QA), opens new tab increasing 1.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.4%, led by a 1.7% gain in Talaat Mostafa Group (TMGH.CA), opens new tab.

Egypt's net foreign assets (NFAs) rose by $220 million in July, remaining positive for a third straight month after having been deeply negative for more than two years, central bank data showed.

Arabian Mills’ $271 Million #Saudi IPO Sells Out in An Hour - Bloomberg

Arabian Mills’ $271 Million Saudi IPO Sells Out in An Hour - Bloomberg

Arabian Mills for Food Products Co.’s initial public offering in Saudi Arabia was fully covered within an hour of books opening, the latest sign investor appetite remains rife and will support a further burst of activity in the kingdom’s IPO market in the final months of the year. .

The flour milling company plans to raise as much as $271 million by selling a 30% stake, or about 15.4 million shares, on the local Saudi stock exchange. Institutional investors covered the order book throughout the price range of 62 riyals to 66 riyals ($16.50 to $17.60) per share, according to people familiar with the matter, who asked not to be identified discussing private information.

The offer period and book-building for institutional investors will run from Sept. 1 to Sept. 5, with final pricing expected on Sept. 11. The retail subscription period will run from Sept. 18 to Sept. 19.

Details on Arabian Mills’ IPO plans and orders come just a week after Saudi perfume maker Al Majed for Oud Co. announced its own pricing for an offering that was also sold out almost immediately. The activity suggests Saudi Arabia’s equity capital markets may stay brisk through 2024 after a busy first half that included a $12 billion secondary offering from oil behemoth Saudi Aramco.

Aramco’s deal was also sold out within hours, as was the $763 million IPO done by local hospital group Dr. Soliman Abdul Kader Fakeeh Hospital earlier this year, Bloomberg has reported.

Arabian Mills is the fourth Saudi flour milling company to announce plans to go public, after the government split the state-controlled industry into four firms and sold them to the private sector.

First Milling Co. and Modern Mills Co. already trade on Saudi’s stock exchange; Fourth Milling Co. was approved for an IPO in June.

Arabian Mills hired HSBC Saudi Arabia as its sole financial adviser, global coordinator, book-runner, underwriter and lead manager. Al Rajhi Bank, Saudi Awwal Bank and Banque Saudi Fransi are receiving agents, according to Sunday’s statement.

ADX logs $506.4mln in ETF trading Jan-Aug 2024

ADX logs $506.4mln in ETF trading Jan-Aug 2024

The Abu Dhabi Securities Exchange (ADX) has recorded significant value and volume of trading in exchange-traded funds (ETFs) since the beginning of this year, making it the most active and liquid ETF market in the Middle East and North Africa (MENA) region.

According to data obtained by the Emirates News Agency (WAM) from ADX, the total value of ETF trading on the exchange reached AED1.863 billion in the first eight months of 2024.

This strong activity and significant growth reinforces ADX's position as a preferred destination and a major regional hub for ETFs, while supporting its ambitious goals of attracting and listing ETFs from global issuers. The exchange is also continuing its efforts to expand investment products, enhance its efficiency, and drive its sustainable growth.

The volume of trading in exchange-traded index funds (ETFs) on ADX settled at around 450.7 million units since the beginning of this year, with the number of transactions reaching 19,853 transactions.