Lunate Explores Minority Stake in Credit Firm HPS - Bloomberg
Lunate, the Abu Dhabi-based asset manager, is considering buying a minority stake in HPS Investment Partners as the private credit firm weighs an initial public offering or sale, according to people familiar with the matter.
Lunate is evaluating an investment of $1 billion or more into HPS, the people said, asking not to be identified as the information is private. HPS could also seek additional capital to manage as part of any transaction.
Lunate is the latest firm to show interest in HPS, which is pursuing a potential IPO that could value it at $10 billion or more. BlackRock Inc. is exploring a purchase of the credit firm as multiple potential suitors weigh preempting the IPO attempt, Bloomberg reported Wednesday. Private equity firm CVC Capital Partners has been interested in a potential combination with HPS and has held on-and-off talks, but no formal negotiations are currently underway, people familiar said earlier this week.
Deliberations are ongoing and no final decision has been made, according to the people. The scope and structure of Lunate’s investment in the business could also change as talks proceed, the people said. A representative for Lunate declined to comment, and HPS didn’t immediately respond to requests for comment.
HPS is among the largest independent managers in the $1.7 trillion private-credit market and has come to epitomize the industry’s surge over the past several years. It managed $98 billion of assets in private credit and $19 billion in public credit at the end of June. HPS was founded in 2007 by Scott Kapnick, Scot French and Mike Patterson, and in 2016, the firm bought itself out of JPMorgan Chase & Co. in a complicated deal that valued it at close to $1 billion.
HPS already sold a minority stake to Guardian Life Insurance Co. of America as part of a 2022 deal in which the insurer provided capital for the credit firm to manage. In August, Guardian said it would increase its passive stake and shift the management of about $30 billion of assets to HPS.
Lunate is part of a sprawling empire overseen by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. It’s a unit of the UAE’s largest listed conglomerate International Holding Co., which is chaired by the Abu Dhabi royal.
Lunate manages about $105 billion of assets and invests across the private markets including buyouts, venture capital, private credit and public equities, its website shows. Earlier this year, the firm acquired a 40% stake in Adnoc’s oil pipeline network from BlackRock and KKR & Co. It also teamed up with Saudi Arabia’s Olayan Financing Company to buy a 49% stake in ICD Brookfield Place, the largest office tower in Dubai’s financial hub.
Thursday, 10 October 2024
#AbuDhabi’s Aldar Plans $480 Million Project in #Dubai Near Expo - Bloomberg #UAE
Abu Dhabi’s Aldar Plans $480 Million Project in Dubai Near Expo - Bloomberg
Abu Dhabi’s largest property developer is planning a 1.8 billion dirham ($480 million) project that will include homes, offices and retail locations in neighboring Dubai as it aims to capitalize on rising demand in the Middle East’s tourism and business hub.
Aldar Properties PJSC has partnered with Expo City Dubai to build a community near Dubai’s new airport Dubai World Central, the company said in a statement on Thursday. The six-building project will be constructed on 103,000 square meters (1.1 million square feet) of land near the site where Dubai hosted the COP28 global climate summit and the Expo 2020 in Dubai. Aldar will also manage the facilities after the project’s completion.
Soaring demand for property in Dubai has lured developers into the emirate where home values have surged for 16 straight quarters, pushing up rents and causing many residents to move to more affordable locations, sometimes in other emirates.
Dubai’s property recovery, after seven years of declines, was initially triggered by an influx of Russians moving their wealth after their country’s invasion of Ukraine. Since then, the recovery has been sustained by white-collar workers flocking from Asia and Europe, lured by a low-tax regime as well as the city’s favorable time zone and the possibility of long-term visas.
Last year, Abu Dhabi generated $844 million from the sale of 786 homes in Dubai, which were snapped up by buyers within hours. Since then, the developer has announced several more developments in Dubai.
Abu Dhabi’s largest property developer is planning a 1.8 billion dirham ($480 million) project that will include homes, offices and retail locations in neighboring Dubai as it aims to capitalize on rising demand in the Middle East’s tourism and business hub.
Aldar Properties PJSC has partnered with Expo City Dubai to build a community near Dubai’s new airport Dubai World Central, the company said in a statement on Thursday. The six-building project will be constructed on 103,000 square meters (1.1 million square feet) of land near the site where Dubai hosted the COP28 global climate summit and the Expo 2020 in Dubai. Aldar will also manage the facilities after the project’s completion.
Soaring demand for property in Dubai has lured developers into the emirate where home values have surged for 16 straight quarters, pushing up rents and causing many residents to move to more affordable locations, sometimes in other emirates.
Dubai’s property recovery, after seven years of declines, was initially triggered by an influx of Russians moving their wealth after their country’s invasion of Ukraine. Since then, the recovery has been sustained by white-collar workers flocking from Asia and Europe, lured by a low-tax regime as well as the city’s favorable time zone and the possibility of long-term visas.
Last year, Abu Dhabi generated $844 million from the sale of 786 homes in Dubai, which were snapped up by buyers within hours. Since then, the developer has announced several more developments in Dubai.
#UAE Casinos: Wynn's Bet On Resort Near #Dubai Starts to Pay Off? - Bloomberg #RasAlKhaimah
UAE Casinos: Wynn's Bet On Resort Near Dubai Starts to Pay Off? - Bloomberg
Craig Billings’ biggest wager as chief executive officer of Wynn Resorts Ltd. is starting to pay off.
For three years, the executive has been on a quest to build a casino from scratch on a desolate stretch of desert in the United Arab Emirates. Under Billings, the hospitality giant has already sunk more than half a billion dollars into the tower even though gambling remains illegal in the country and government officials go to great length to avoid uttering the word “casino.”
Against those odds, the firm last week received the UAE’s first-ever commercial gaming operator’s license.
It was back in 2022 that the tiny emirate of Ras Al Khaimah gave Wynn the green light to begin work on the project on the Marjan islands, a tiny 2.7 square-kilometer stretch of manmade archipelago that’s been largely unused for the last decade. Work began on the tower almost immediately and it’s already grown to become the tallest building in the emirate.
To an outsider, Billings’ moves probably seem crazy.
But Billings, to his credit, is no outsider. A Las Vegas native, he cut his teeth as an investment banker at Goldman Sachs Group Inc., advising some of the biggest gaming companies on the planet before going on to become an executive at the slot machine maker Aristocrat Leisure. He joined Wynn in 2017 and helped shepherd the company through the worst of the pandemic.
And after two decades in the business, Billings thinks he knows a good bet when he sees one.
“The UAE is the most exciting new market for our industry in decades,” Billings gushed to investors in August after spending several weeks in Dubai and Ras Al Khaimah. “In terms of relative returns, I think the highest relative return that we can quantify now is absolutely in the UAE on Al Marjan Island.”
Craig Billings’ biggest wager as chief executive officer of Wynn Resorts Ltd. is starting to pay off.
For three years, the executive has been on a quest to build a casino from scratch on a desolate stretch of desert in the United Arab Emirates. Under Billings, the hospitality giant has already sunk more than half a billion dollars into the tower even though gambling remains illegal in the country and government officials go to great length to avoid uttering the word “casino.”
Against those odds, the firm last week received the UAE’s first-ever commercial gaming operator’s license.
It was back in 2022 that the tiny emirate of Ras Al Khaimah gave Wynn the green light to begin work on the project on the Marjan islands, a tiny 2.7 square-kilometer stretch of manmade archipelago that’s been largely unused for the last decade. Work began on the tower almost immediately and it’s already grown to become the tallest building in the emirate.
To an outsider, Billings’ moves probably seem crazy.
But Billings, to his credit, is no outsider. A Las Vegas native, he cut his teeth as an investment banker at Goldman Sachs Group Inc., advising some of the biggest gaming companies on the planet before going on to become an executive at the slot machine maker Aristocrat Leisure. He joined Wynn in 2017 and helped shepherd the company through the worst of the pandemic.
And after two decades in the business, Billings thinks he knows a good bet when he sees one.
“The UAE is the most exciting new market for our industry in decades,” Billings gushed to investors in August after spending several weeks in Dubai and Ras Al Khaimah. “In terms of relative returns, I think the highest relative return that we can quantify now is absolutely in the UAE on Al Marjan Island.”
#Qatar to write off loans to boost private sector growth | Reuters
Qatar to write off loans to boost private sector growth | Reuters
Qatar is planning initiatives to boost private sector growth in the Gulf state, including writing off some loans to Qatari companies made during the COVID-19 pandemic, state media reported late on Wednesday.
The Cabinet has called for the preparation and implementation of a package of initiatives to increase private sector participation in the national economy, the Qatar News Agency reported, based on directives from Emir Sheikh Tamim bin Hamad Al Thani.
The initiatives are intended to offer support to private companies struggling to recover from the pandemic and strengthen the private sector as part of government plans to diversify the economy, create jobs and attract investment.
Loans to Qatari firms under the National Response Guarantee Programme are to be dropped, and companies will also be able to access short-term funding to finance working capital, according to the statement.
Qatar, one of the world's top exporters of liquefied natural gas, has accelerated its efforts to diversify economic sectors and revenue streams, but it remains reliant on gas revenue for government income.
The latest initiatives align with Qatar's Third National Development Strategy 2024-2030.
Qatar is planning initiatives to boost private sector growth in the Gulf state, including writing off some loans to Qatari companies made during the COVID-19 pandemic, state media reported late on Wednesday.
The Cabinet has called for the preparation and implementation of a package of initiatives to increase private sector participation in the national economy, the Qatar News Agency reported, based on directives from Emir Sheikh Tamim bin Hamad Al Thani.
The initiatives are intended to offer support to private companies struggling to recover from the pandemic and strengthen the private sector as part of government plans to diversify the economy, create jobs and attract investment.
Loans to Qatari firms under the National Response Guarantee Programme are to be dropped, and companies will also be able to access short-term funding to finance working capital, according to the statement.
Qatar, one of the world's top exporters of liquefied natural gas, has accelerated its efforts to diversify economic sectors and revenue streams, but it remains reliant on gas revenue for government income.
The latest initiatives align with Qatar's Third National Development Strategy 2024-2030.
Most Gulf bourses end subdued on regional tensions | Reuters
Most Gulf bourses end subdued on regional tensions | Reuters
Most stock markets in the Gulf closed in a subdued mood on Thursday against the backdrop of simmering geopolitical tensions in the region.
Israel's military said it had eliminated a Hezbollah member in Syria who relayed intelligence against Israel in the Israeli-occupied Golan Heights, while Syrian media reported on Thursday that Israeli airstrikes hit targets in Syria.
Israel has escalated its retaliation for the Hamas attack and rocket fire from Lebanon, sending troops into Lebanon and airstrikes into Iran, Yemen and Syria in the hunt for Iran-backed militants, raising fears of a wider Middle East conflict.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab advancing 1% and Al Rajhi Bank (1120.SE), opens new tab up 1.7%.
The Saudi index added 0.3% for the week.
The market was adversely affected by the possibility of further escalation, which dampened the optimism generated by the anticipation of third-quarter results expected later this month, said Joseph Dahrieh, Managing Principal at Tickmill.
"These results could potentially bolster the market. However, the path ahead remains uncertain."
Dubai's main share index (.DFMGI), opens new tab rose 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab gaining 0.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.3%.
The Qatari benchmark (.QSI), opens new tab ended flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.3%, with Commercial International Bank (COMI.CA), opens new tab falling 1.8%.
The International Monetary Fund's fourth review of Egypt's $8 billion loan has been delayed until after the IMF's annual meetings, Prime Minister Mostafa Madbouly said on Wednesday.
The fourth review was expected to be completed on or after Sept. 15, the IMF said in August, one of eight reviews of Egypt's latest 46-month loan programme.
Most stock markets in the Gulf closed in a subdued mood on Thursday against the backdrop of simmering geopolitical tensions in the region.
Israel's military said it had eliminated a Hezbollah member in Syria who relayed intelligence against Israel in the Israeli-occupied Golan Heights, while Syrian media reported on Thursday that Israeli airstrikes hit targets in Syria.
Israel has escalated its retaliation for the Hamas attack and rocket fire from Lebanon, sending troops into Lebanon and airstrikes into Iran, Yemen and Syria in the hunt for Iran-backed militants, raising fears of a wider Middle East conflict.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab advancing 1% and Al Rajhi Bank (1120.SE), opens new tab up 1.7%.
The Saudi index added 0.3% for the week.
The market was adversely affected by the possibility of further escalation, which dampened the optimism generated by the anticipation of third-quarter results expected later this month, said Joseph Dahrieh, Managing Principal at Tickmill.
"These results could potentially bolster the market. However, the path ahead remains uncertain."
Dubai's main share index (.DFMGI), opens new tab rose 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab gaining 0.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.3%.
The Qatari benchmark (.QSI), opens new tab ended flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.3%, with Commercial International Bank (COMI.CA), opens new tab falling 1.8%.
The International Monetary Fund's fourth review of Egypt's $8 billion loan has been delayed until after the IMF's annual meetings, Prime Minister Mostafa Madbouly said on Wednesday.
The fourth review was expected to be completed on or after Sept. 15, the IMF said in August, one of eight reviews of Egypt's latest 46-month loan programme.