ENBD REIT’s FFO drops 40% on quarter on higher provisions
ENBD REIT, the Nasdaq Dubai–listed real-estate investment trust, said its funds from operations (FFO) for Q1 2024 was down by 40% quarter-on-quarter (QoQ) to $1.35 million, mainly due to higher provisions.
Net asset value (NAV) stood at $199 million, or $0.80 per share, compared to $194.7 million for the previous quarter, according to the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Limited.
The total value of ENBD REIT’s property portfolio increased by 0.8% to $387 million QoQ.
In August, the REIT was working towards rebalancing its portfolio following the divestment of the Remraam residential assets in Dubai. Proceeds from the sale were deployed to reduce debt, with the loan-to-value (LTV) dropping to 49.4%.
Thursday 12 September 2024
#Oman’s sovereign wealth fund to launch IPOs over 5-year period
Oman’s sovereign wealth fund to launch IPOs over 5-year period
Investors can expect more initial public offerings (IPOs) in Oman, as the sultanate aims to raise additional funds from the markets over a five-year period.
Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), with assets worth OMR 19.2 billion ($49 billion) as of last year, has confirmed that between 2024 and 2028, it will launch IPOs in key sectors.
As part of a new divestment plan, the sultanate will float assets in energy, services and logistics, the fund announced in social media.
The fund will also roll out private placements, encouraging investors to support business development in agriculture, aquaculture and mining.
In 2022, the fund launched a divestment plan to attract foreign investments, bolster the Muscat Stock Exchange, restructure capital and repay debts. Since the launch until last year, the plan generated more than OMR 1 billion in revenues.
Oman’s state energy company OQ has just announced IPO plans to offer a 25% stake in its exploration and production business.
The IPO is expected to take place next month, but it is still subject to regulatory approvals.
The region continues to see a flurry of IPOs this year, registering proceeds of $3.6 billion during the first half of 2024.
The number of offerings this year, which reached 23 as of June, has surpassed last year’s but the value of proceeds posted a 32% decline, according to a Markaz report.
Investors can expect more initial public offerings (IPOs) in Oman, as the sultanate aims to raise additional funds from the markets over a five-year period.
Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), with assets worth OMR 19.2 billion ($49 billion) as of last year, has confirmed that between 2024 and 2028, it will launch IPOs in key sectors.
As part of a new divestment plan, the sultanate will float assets in energy, services and logistics, the fund announced in social media.
The fund will also roll out private placements, encouraging investors to support business development in agriculture, aquaculture and mining.
In 2022, the fund launched a divestment plan to attract foreign investments, bolster the Muscat Stock Exchange, restructure capital and repay debts. Since the launch until last year, the plan generated more than OMR 1 billion in revenues.
Oman’s state energy company OQ has just announced IPO plans to offer a 25% stake in its exploration and production business.
The IPO is expected to take place next month, but it is still subject to regulatory approvals.
The region continues to see a flurry of IPOs this year, registering proceeds of $3.6 billion during the first half of 2024.
The number of offerings this year, which reached 23 as of June, has surpassed last year’s but the value of proceeds posted a 32% decline, according to a Markaz report.
Most Gulf markets end higher on Fed rate cut optimism | Reuters
Most Gulf markets end higher on Fed rate cut optimism | Reuters
Most stock markets in the Gulf ended higher on Thursday after U.S. inflation data paved the way for a likely Federal Reserve rate cut next week, while traders awaited more economic data from the United States.
The U.S. consumer price index rose 0.2% in August, but underlying inflation showed some stickiness, which could result in the Fed delivering a smaller 25-basis-point cut at its upcoming meeting.
Fed policymakers is expected to start the long-awaited rate cuts next week as they seek to reduce the chance of a recession even as stubborn underlying price pressures put them off more aggressive action. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council, 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 0.7%, with Al Taiseer Group (4143.SE), opens new tab rising 1.6% and Al Rajhi Bank (1120.SE), opens new tab increasing 1%.
Among other gainers, oil giant Saudi Aramco (2222.SE), opens new tab was up 0.4%.
Oil prices - a catalyst for the Gulf's financial markets -rose by more than 1% to extend a rebound spurred by concern over Hurricane Francine's impact on U.S. output, though a gloomy demand outlook capped gains.
The market is supported by optimism regarding next week's potential Fed rate cut following yesterday's inflation data, said George Khoury, global head of education and research at CFI.
"Additionally, a rebound in oil prices is providing some support, even though the rise could be temporary. The Saudi market remains under pressure and could potentially continue its downward trend."
Dubai's main share index (.DFMGI), opens new tab added 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab closing 1.1% higher.
The Qatari benchmark (.QSI), opens new tab advanced 1.5%, buoyed by a 4.8% jump in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab a day after the bank's board approved a share buyback of 2.9 billion riyals ($795.61 million).
Most stock markets in the Gulf ended higher on Thursday after U.S. inflation data paved the way for a likely Federal Reserve rate cut next week, while traders awaited more economic data from the United States.
The U.S. consumer price index rose 0.2% in August, but underlying inflation showed some stickiness, which could result in the Fed delivering a smaller 25-basis-point cut at its upcoming meeting.
Fed policymakers is expected to start the long-awaited rate cuts next week as they seek to reduce the chance of a recession even as stubborn underlying price pressures put them off more aggressive action. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council, 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 0.7%, with Al Taiseer Group (4143.SE), opens new tab rising 1.6% and Al Rajhi Bank (1120.SE), opens new tab increasing 1%.
Among other gainers, oil giant Saudi Aramco (2222.SE), opens new tab was up 0.4%.
Oil prices - a catalyst for the Gulf's financial markets -rose by more than 1% to extend a rebound spurred by concern over Hurricane Francine's impact on U.S. output, though a gloomy demand outlook capped gains.
The market is supported by optimism regarding next week's potential Fed rate cut following yesterday's inflation data, said George Khoury, global head of education and research at CFI.
"Additionally, a rebound in oil prices is providing some support, even though the rise could be temporary. The Saudi market remains under pressure and could potentially continue its downward trend."
Dubai's main share index (.DFMGI), opens new tab added 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab closing 1.1% higher.
The Qatari benchmark (.QSI), opens new tab advanced 1.5%, buoyed by a 4.8% jump in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab a day after the bank's board approved a share buyback of 2.9 billion riyals ($795.61 million).
PGIM opens #AbuDhabi office, joining money managers' rush to #UAE capital | Reuters
PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital | Reuters
PGIM, the investment management arm of U.S. insurer Prudential Financial (PRU.N), opens new tab, has opened an office in Abu Dhabi, it said on Thursday, joining a slew of money managers coming to the United Arab Emirates capital to tap a growing pool of wealthy clients.
PGIM, which had $1.33 trillion in assets under management as of June-end, obtained a Financial Services Permission (FSP) to operate in Abu Dhabi's financial centre ADGM, where it will cater to regional institutional and professional clients.
Asset managers, banks, hedge funds and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound, the UAE's relatively neutral political stance, convenient time zones and tax-free status.
In Abu Dhabi -- where state funds ADIA, Mubadala and ADQ manage $1.54 trillion in assets, per sovereign wealth fund tracker Global SWF -- some of the big names include the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, who opened a branch of his family office last year, and peers Brevan Howard.
The oil-rich emirate also lured banks such as Goldman Sachs (GS.N), opens new tab and Rothschild, which have traditionally favoured neighbouring Dubai as their regional hub but are now setting up smaller offices in Abu Dhabi and Riyadh.
Company registrations at ADGM surged 31% in the first half of 2024 compared with a year earlier, while assets under management soared by 226%, the financial centre said. Morgan Stanley (MS.N), opens new tab was among the asset managers that received an FSP in the period.
PGIM said it has served clients in the Middle East "for many years", but Abu Dhabi would be its first office in the region.
"Abu Dhabi remains a key market," its Middle East head Mohammed Abdulmalek said.
The firm said it has over 1,400 employees globally, spread across 41 countries, without disclosing the number of staff it plans to employ in Abu Dhabi.
PGIM, the investment management arm of U.S. insurer Prudential Financial (PRU.N), opens new tab, has opened an office in Abu Dhabi, it said on Thursday, joining a slew of money managers coming to the United Arab Emirates capital to tap a growing pool of wealthy clients.
PGIM, which had $1.33 trillion in assets under management as of June-end, obtained a Financial Services Permission (FSP) to operate in Abu Dhabi's financial centre ADGM, where it will cater to regional institutional and professional clients.
Asset managers, banks, hedge funds and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound, the UAE's relatively neutral political stance, convenient time zones and tax-free status.
In Abu Dhabi -- where state funds ADIA, Mubadala and ADQ manage $1.54 trillion in assets, per sovereign wealth fund tracker Global SWF -- some of the big names include the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, who opened a branch of his family office last year, and peers Brevan Howard.
The oil-rich emirate also lured banks such as Goldman Sachs (GS.N), opens new tab and Rothschild, which have traditionally favoured neighbouring Dubai as their regional hub but are now setting up smaller offices in Abu Dhabi and Riyadh.
Company registrations at ADGM surged 31% in the first half of 2024 compared with a year earlier, while assets under management soared by 226%, the financial centre said. Morgan Stanley (MS.N), opens new tab was among the asset managers that received an FSP in the period.
PGIM said it has served clients in the Middle East "for many years", but Abu Dhabi would be its first office in the region.
"Abu Dhabi remains a key market," its Middle East head Mohammed Abdulmalek said.
The firm said it has over 1,400 employees globally, spread across 41 countries, without disclosing the number of staff it plans to employ in Abu Dhabi.
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