Singapore Exchange Targets Dubai Expansion to Follow Hedge Funds - Bloomberg
Singapore Exchange Ltd. is looking at expanding into Dubai, drawn by the surge of hedge funds that have settled in the United Arab Emirates.
An influx of the firm’s clients settling in the emirate is strengthening the case for opening a new office, complementing its operations in nine other countries, Lee Beng Hong, head of wholesale markets and platforms at SGX, said in an interview in London.
“Given the success we’ve had in the Middle East, it’s the right time for us to grow our presence there,” Lee said. “We are actively looking at that.”
A wave of fund managers have flocked to Dubai in recent months, drawn by a slew of government incentives, a favorable timezone and a low tax regime. Millennium Management, BlueCrest and Balyasny Asset Management are among those that have expanded operations in the city.
While SGX’s strategy in the Middle East is at an early stage, the initial plan is to move a Qatar-based employee to Dubai before adding more people, Lee said. He didn’t disclose the number of people that the firm is planning to hire.
“We go where our clients go,” Lee said. “The plan is to have more people, we don’t want to have small offices because that means employees are less connected to the functions that are building and designing our products.”
Currency trading has been a particular bright spot for SGX this year, with four consecutive months of record volumes through August and average daily volumes of around $111 billion. The firm has benefited from rising interest in the trading of Asian currencies, especially as the impact of the Japanese yen carry trade blow-up rippled across the region.
Monday, 23 September 2024
#SaudiArabia: BlackRock (BLK) Deal Showcases Rise of PIF's New Star - Bloomberg
Saudi Arabia: BlackRock (BLK) Deal Showcases Rise of PIF's New Star - Bloomberg
When BlackRock Inc. landed a $5 billion investment pledge from Riyadh in April, pictured smiling alongside Larry Fink and Public Investment Fund Governor Yasir Al Rumayyan was an executive seen as a rising force within the sovereign investor.
That man, Yazeed Al Humied, is one of the fund’s two deputy governors and runs its Middle East and North Africa unit. While this was regarded as the less glamorous arm of the PIF for years, the $925 billion fund’s growing domestic focus means that Al Humied is now increasingly being courted by the titans of investing.
He was the executive handpicked to deliver a blunt message to firms eyeing business and big checks from Riyadh. Foreign outfits should set up “not just their reception desks but their kitchens” in Saudi Arabia if they want to continue raising money from the PIF, Al Humied told attendees at a summit last year.
He’s now being sought out by international firms looking to set up Saudi entities and raise money for domestic investments, according to people familiar with the matter, who declined to be identified discussing confidential information.
Since such agreements are mostly routed through the fund’s local investments arm, Al Humied’s leading the charge for a more aggressive PIF that, like other Gulf funds, is increasingly asking big money managers to offer concessions in return for cash.
In one sign that he’s been groomed for a higher profile role, Al Humied is among many senior executives who have been offered training similar to what was made available to Al Rumayyan, according to one of the people. This includes language coaching and tips on how to interact with executives at the top echelons of world finance, the person said.
Representatives for the fund declined to comment.
When BlackRock Inc. landed a $5 billion investment pledge from Riyadh in April, pictured smiling alongside Larry Fink and Public Investment Fund Governor Yasir Al Rumayyan was an executive seen as a rising force within the sovereign investor.
That man, Yazeed Al Humied, is one of the fund’s two deputy governors and runs its Middle East and North Africa unit. While this was regarded as the less glamorous arm of the PIF for years, the $925 billion fund’s growing domestic focus means that Al Humied is now increasingly being courted by the titans of investing.
He was the executive handpicked to deliver a blunt message to firms eyeing business and big checks from Riyadh. Foreign outfits should set up “not just their reception desks but their kitchens” in Saudi Arabia if they want to continue raising money from the PIF, Al Humied told attendees at a summit last year.
He’s now being sought out by international firms looking to set up Saudi entities and raise money for domestic investments, according to people familiar with the matter, who declined to be identified discussing confidential information.
Since such agreements are mostly routed through the fund’s local investments arm, Al Humied’s leading the charge for a more aggressive PIF that, like other Gulf funds, is increasingly asking big money managers to offer concessions in return for cash.
In one sign that he’s been groomed for a higher profile role, Al Humied is among many senior executives who have been offered training similar to what was made available to Al Rumayyan, according to one of the people. This includes language coaching and tips on how to interact with executives at the top echelons of world finance, the person said.
Representatives for the fund declined to comment.
General Atlantic plans #AbuDhabi office by year-end, sources say | Reuters
General Atlantic plans Abu Dhabi office by year-end, sources say | Reuters
General Atlantic plans to open an Abu Dhabi office by the end of the year and move a dealmaker from London as an inaugural member of the new team, two sources familiar with the matter said.
The New York-based private equity firm, which manages funds totalling $83 billion, has received preliminary approval for a license to operate out of the Abu Dhabi Global Market (ADGM), the sources told Reuters.
Final approval is expected by the end of 2024, they said.
Details of General Atlantic's license application are available on the ADGM's online public register. Representatives for General Atlantic declined to comment.
General Atlantic will join other global asset managers and hedge funds which have set up in the UAE capital's financial centre, lured by opportunities to deepen relationships with its sovereign wealth funds as other funding for buyouts dries up.
Abu Dhabi, which generates most of the Gulf state's oil wealth, is home to some of the world's biggest funds including Abu Dhabi Investment Authority (ADIA) and state investor Mubadala, which together manage more than $1 trillion in assets.
General Atlantic is being backed by asset manager Mubadala Capital, the sources said.
General Atlantic plans to open an Abu Dhabi office by the end of the year and move a dealmaker from London as an inaugural member of the new team, two sources familiar with the matter said.
The New York-based private equity firm, which manages funds totalling $83 billion, has received preliminary approval for a license to operate out of the Abu Dhabi Global Market (ADGM), the sources told Reuters.
Final approval is expected by the end of 2024, they said.
Details of General Atlantic's license application are available on the ADGM's online public register. Representatives for General Atlantic declined to comment.
General Atlantic will join other global asset managers and hedge funds which have set up in the UAE capital's financial centre, lured by opportunities to deepen relationships with its sovereign wealth funds as other funding for buyouts dries up.
Abu Dhabi, which generates most of the Gulf state's oil wealth, is home to some of the world's biggest funds including Abu Dhabi Investment Authority (ADIA) and state investor Mubadala, which together manage more than $1 trillion in assets.
General Atlantic is being backed by asset manager Mubadala Capital, the sources said.
Most Gulf markets in red on rising tensions in the region | Reuters
Most Gulf markets in red on rising tensions in the region | Reuters
Most stock markets in the Gulf ended lower on Monday amid rising tensions in the region, with the Dubai index snapping two sessions of gains.
The Qatari benchmark index (.QSI), opens new tab finished flat.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher, supported by a 0.7% rise in conglomerate International Holding (IHC.AD), opens new tab.
The Abu Dhabi stock market was under pressure, while uncertainty limited its potential for gains, said George Khoury Global Head of Education and Research at CFI.
"Additionally, oil prices can continue to weigh on the market with crude remaining near this year's low."
Oil prices - a catalyst for the Gulf's financial markets - rose slightly in choppy trade after last week's cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.1%, with Talaat Mostafa Group (TMGH.CA), opens new tab losing 0.9%.
The Israeli military launched its most widespread wave of airstrikes against Iran-backed Hezbollah, targeting Lebanon's south, eastern Bekaa Valley and northern region near Syria simultaneously after nearly a year of conflict.
Another round of attacks was expected. Israeli aircraft are preparing to attack Hezbollah strategic weapons stashed in houses in Lebanon's Bekaa valley, the Israeli military spokesperson said, calling on civilians to evacuate immediately.
Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hit by a 1.5% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hit by a 1.5% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab finished flat.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher, supported by a 0.7% rise in conglomerate International Holding (IHC.AD), opens new tab.
The Abu Dhabi stock market was under pressure, while uncertainty limited its potential for gains, said George Khoury Global Head of Education and Research at CFI.
"Additionally, oil prices can continue to weigh on the market with crude remaining near this year's low."
Oil prices - a catalyst for the Gulf's financial markets - rose slightly in choppy trade after last week's cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.1%, with Talaat Mostafa Group (TMGH.CA), opens new tab losing 0.9%.