Saudi Solar Developer Said to Revive €2 Billion Sale of Spain’s Fotowatio - Bloomberg
Saudi Arabia’s Abdul Latif Jameel Energy & Environmental Services plans to revive the sale of Fotowatio Renewable Ventures in a deal that may value the Spanish energy company at about €2 billion ($2.2 billion), people with knowledge of the matter said.
The Saudi solar developer is working with JPMorgan Chase & Co. to start the sale process by year-end, according to the people, who asked not to be identified as the information is private. Large infrastructure funds are seen as potential bidders, one of the people said.
A transaction would be one of the largest in Spain’s fast-growing renewables industry, with clean-energy firms such as FRV increasingly drawing interest from international investors. In 2023, Brookfield Asset Management gained full control of solar developer X-Elio, while last month Masdar agreed to buy Saeta Yield SA at a valuation of $1.4 billion including debt.
Deliberations are ongoing and ALJ could still decide to keep the asset for longer, the people said. Spokespeople for ALJ, Fotowatio and JPMorgan declined to comment.
FRV, which was founded in 2006, has a portfolio of more than 3.5 gigawatts across nine markets, according to its website. ALJ agreed to buy the business in 2015 for an undisclosed sum.
The Saudi developer previously attempted to divest Madrid-based FRV, with the Spanish company attracting potential suitors including state-owned China Three Gorges Corp. and Shanghai Electric Power Co., Bloomberg News reported in 2019. However, the sale process was halted after the start of the Covid-19 pandemic and the company later went through an internal reorganization.
Friday, 18 October 2024
Top Mideast Grocer LuLu Is Said to Gauge #AbuDhabi #UAE IPO Appetite Next Week - Bloomberg
Top Mideast Grocer LuLu Is Said to Gauge Abu Dhabi IPO Appetite Next Week - Bloomberg
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, plans to start gauging investor interest next week in preparation for what could be among the year’s biggest initial public offerings in the region.
The firm will hold roadshows starting Monday, according to people familiar with the matter, who declined to be identified as the information is private. Its owners are seeking a valuation of at least $5 billion in the Abu Dhabi listing, they said.
LuLu was valued at more than $5 billion in 2020 when an investment firm backed by a member of Abu Dhabi’s royal family bought a fifth of the company. Its owners are now looking to sell a further 25% stake, according to another person familiar with the matter.
No final decisions have been made on terms of the deal, including the size. A representative for LuLu declined to comment.
The firm initially considered a dual listing in Riyadh, but now plans to sell shares only in Abu Dhabi. It has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the offering, Bloomberg News has previously reported. Moelis & Co. is acting as an independent financial adviser.
Indian entrepreneur Yusuff Ali founded LuLu in the early 1990s during a years-long oil boom in the Gulf. The firm has annual revenue of about $8 billion and employs over 70,000 people in 26 countries across the Middle East, Asia, the US, and Europe, according to its website.
The potential share sale would follow high-end supermarket chain Spinneys 1961 Holding Plc’s Dubai listing. The stock had a relatively muted debut, and Spinneys shares are largely unchanged from their offer price.
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, plans to start gauging investor interest next week in preparation for what could be among the year’s biggest initial public offerings in the region.
The firm will hold roadshows starting Monday, according to people familiar with the matter, who declined to be identified as the information is private. Its owners are seeking a valuation of at least $5 billion in the Abu Dhabi listing, they said.
LuLu was valued at more than $5 billion in 2020 when an investment firm backed by a member of Abu Dhabi’s royal family bought a fifth of the company. Its owners are now looking to sell a further 25% stake, according to another person familiar with the matter.
No final decisions have been made on terms of the deal, including the size. A representative for LuLu declined to comment.
The firm initially considered a dual listing in Riyadh, but now plans to sell shares only in Abu Dhabi. It has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the offering, Bloomberg News has previously reported. Moelis & Co. is acting as an independent financial adviser.
Indian entrepreneur Yusuff Ali founded LuLu in the early 1990s during a years-long oil boom in the Gulf. The firm has annual revenue of about $8 billion and employs over 70,000 people in 26 countries across the Middle East, Asia, the US, and Europe, according to its website.
The potential share sale would follow high-end supermarket chain Spinneys 1961 Holding Plc’s Dubai listing. The stock had a relatively muted debut, and Spinneys shares are largely unchanged from their offer price.
#UAE markets track global shares higher | Reuters
UAE market track global shares higher | Reuters
Stock markets in the United Arab Emirates closed higher on Friday, in line with global equities as China's central bank launched two schemes aimed at boosting stocks and as robust U.S. economic data this week continued to bolster investor sentiment.
Mainland Chinese blue chips (.CSI300), opens new tab jumped 3.6%, while European index (.STOXX), opens new tab edged up 0.14%.
U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly.
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 index (.DFMGI), opens new tab settled 0.2% higher, lifted by gains in banking sector stocks with top lender Emirates NBD Bank (ENBD.DU), opens new tab advancing 1.3% and Dubai Islamic Bank (DISB.DU), opens new tab marching 1.1%.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab rose 0.1%, supported by a 0.3% increase in conglomerate International Holding Company (IHC.AD), opens new tab and a 14.9% jump in Gulf Pharmaceutical Industries (JULPHAR.AD), opens new tab.
Among the winners, UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab gained 0.9% after the lender posted a 5% growth in Q3 net profit to 4.46 billion dirhams ($1.21 billion) that beat the market estimates.
Dubai and Abu Dhabi indexes reported weekly gains of 0.6% and 0.3%, respectively, according to data compiled by LSEG.
Stock markets in the United Arab Emirates closed higher on Friday, in line with global equities as China's central bank launched two schemes aimed at boosting stocks and as robust U.S. economic data this week continued to bolster investor sentiment.
Mainland Chinese blue chips (.CSI300), opens new tab jumped 3.6%, while European index (.STOXX), opens new tab edged up 0.14%.
U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly.
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 index (.DFMGI), opens new tab settled 0.2% higher, lifted by gains in banking sector stocks with top lender Emirates NBD Bank (ENBD.DU), opens new tab advancing 1.3% and Dubai Islamic Bank (DISB.DU), opens new tab marching 1.1%.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab rose 0.1%, supported by a 0.3% increase in conglomerate International Holding Company (IHC.AD), opens new tab and a 14.9% jump in Gulf Pharmaceutical Industries (JULPHAR.AD), opens new tab.
Among the winners, UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab gained 0.9% after the lender posted a 5% growth in Q3 net profit to 4.46 billion dirhams ($1.21 billion) that beat the market estimates.
Dubai and Abu Dhabi indexes reported weekly gains of 0.6% and 0.3%, respectively, according to data compiled by LSEG.
Russia Adds LNG Shadow Fleet Tankers With New #Dubai-Based Firm - Bloomberg
Russia Adds LNG Shadow Fleet Tankers With New Dubai-Based Firm - Bloomberg
A newly established company in Dubai has taken over three liquefied natural gas tankers, in what appears to be Russia’s latest effort to circumvent Western sanctions.
Velikiy Novgorod, Pskov and La Perouse — formerly Russian-managed vessels — have had aspects of their management transfered to a company called Matias Ship Management in September, according to Equasis, a global shipping database. Dubai-based shell companies are often used to procure tankers, obscuring their ultimate ownership and governance from Western authorities.
Russia is utilizing a network of shell companies stretching from Dubai to China in order to ship gas from the Arctic LNG 2 facility, which was sanctioned by the US last year. Opaque ownership structure is a typical feature of shadow fleet vessels.
The registered address for Matias Ship Management is a shared office space in the Meydan Hotel, the same location as another Dubai-based firm — Nur Global Shipping — that’s suspected of helping Russia to gather shadow fleet vessels. The hotel is located in a free trade zone that has previously been criticized by the US and some local officials for its lack of transparency.
Matias Ship Management doesn’t have a website, a registered email or a phone number. Calls to Meydan Hotel’s business center went unanswered.
Velikiy Novgorod, Pskov and La Perouse were all previously managed by Russia’s Gazprom PJSC or Sovcomflot PJSC, according to Equasis. Two of the vessels are now owned by companies with the same address as Matias Ship Management, which a UAE business database shows was established in August.
The Pskov is owned by a company called Nephrite Shipping Inc., Equasis shows. Its address — 103, Sham Peng Tong Plaza in the Seychelles — has been commonly used for shell companies, Global Witness revealed in a 2012 report.
All three vessels have been serving the smaller Portovaya LNG export plant on Russia’s Baltic shore, which hasn’t been slapped with western restrictions. However, the UK sanctioned Velikiy Novgorod earlier this week and La Perouse last month.
A newly established company in Dubai has taken over three liquefied natural gas tankers, in what appears to be Russia’s latest effort to circumvent Western sanctions.
Velikiy Novgorod, Pskov and La Perouse — formerly Russian-managed vessels — have had aspects of their management transfered to a company called Matias Ship Management in September, according to Equasis, a global shipping database. Dubai-based shell companies are often used to procure tankers, obscuring their ultimate ownership and governance from Western authorities.
Russia is utilizing a network of shell companies stretching from Dubai to China in order to ship gas from the Arctic LNG 2 facility, which was sanctioned by the US last year. Opaque ownership structure is a typical feature of shadow fleet vessels.
The registered address for Matias Ship Management is a shared office space in the Meydan Hotel, the same location as another Dubai-based firm — Nur Global Shipping — that’s suspected of helping Russia to gather shadow fleet vessels. The hotel is located in a free trade zone that has previously been criticized by the US and some local officials for its lack of transparency.
Matias Ship Management doesn’t have a website, a registered email or a phone number. Calls to Meydan Hotel’s business center went unanswered.
Velikiy Novgorod, Pskov and La Perouse were all previously managed by Russia’s Gazprom PJSC or Sovcomflot PJSC, according to Equasis. Two of the vessels are now owned by companies with the same address as Matias Ship Management, which a UAE business database shows was established in August.
The Pskov is owned by a company called Nephrite Shipping Inc., Equasis shows. Its address — 103, Sham Peng Tong Plaza in the Seychelles — has been commonly used for shell companies, Global Witness revealed in a 2012 report.
All three vessels have been serving the smaller Portovaya LNG export plant on Russia’s Baltic shore, which hasn’t been slapped with western restrictions. However, the UK sanctioned Velikiy Novgorod earlier this week and La Perouse last month.
#Saudi Tech Firm Ejada Taps Goldman for IPO at $1.5 Billion Value - Bloomberg
Saudi Tech Firm Ejada Taps Goldman for IPO at $1.5 Billion Value - Bloomberg
Ejada Systems Ltd. is considering an initial public offering in Riyadh at a valuation of as much as $1.5 billion, marking a rare listing by a technology services firm in Saudi Arabia.
Goldman Sachs Group Inc. and Al Rajhi Capital have been hired to arrange the potential offering, which could come in the next few months, people familiar with the matter said, asking not to be identified as the discussions are confidential.
Ejada is owned by Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets. The bank could look to sell at least 30% in the business, according to the people.
No final decisions have been made about the size or timing of the offering. Representatives for Ejada and Goldman Sachs declined to comment, while Al Rajhi Capital did not respond to a request for comment.
Riyadh has seen more than $15 billion worth of share sales this year, mostly down to Saudi Aramco’s bumper secondary offering in July. That figure includes a flurry of listings, which have raised over $3 billion.
Like some Gulf peers, Saudi Arabia is trying to diversify its stock exchange beyond banks and industrial companies that have typically dominated it.
So far this year, Riyadh has hosted IPOs from a range of firms, including a local hospital group, a human resource firm, and a perfume maker. Meantime, the Public Investment Fund is planning to list the kingdom’s largest medical procurement firm.
But listings by tech firms have been relatively rare. Among them, Rasan Information Technology Co., which this year drew orders worth $29 billion for its $224 million IPO. The stock surged in its Riyadh debut and is up 70% from its offer price.
Buy-now-pay-later firm Tabby is also considering plans to list.
Ejada Systems Ltd. is considering an initial public offering in Riyadh at a valuation of as much as $1.5 billion, marking a rare listing by a technology services firm in Saudi Arabia.
Goldman Sachs Group Inc. and Al Rajhi Capital have been hired to arrange the potential offering, which could come in the next few months, people familiar with the matter said, asking not to be identified as the discussions are confidential.
Ejada is owned by Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets. The bank could look to sell at least 30% in the business, according to the people.
No final decisions have been made about the size or timing of the offering. Representatives for Ejada and Goldman Sachs declined to comment, while Al Rajhi Capital did not respond to a request for comment.
Riyadh has seen more than $15 billion worth of share sales this year, mostly down to Saudi Aramco’s bumper secondary offering in July. That figure includes a flurry of listings, which have raised over $3 billion.
Like some Gulf peers, Saudi Arabia is trying to diversify its stock exchange beyond banks and industrial companies that have typically dominated it.
So far this year, Riyadh has hosted IPOs from a range of firms, including a local hospital group, a human resource firm, and a perfume maker. Meantime, the Public Investment Fund is planning to list the kingdom’s largest medical procurement firm.
But listings by tech firms have been relatively rare. Among them, Rasan Information Technology Co., which this year drew orders worth $29 billion for its $224 million IPO. The stock surged in its Riyadh debut and is up 70% from its offer price.
Buy-now-pay-later firm Tabby is also considering plans to list.
#UAE's top bank FAB beats third-quarter profit estimates | Reuters
UAE's top bank FAB beats third-quarter profit estimates | Reuters
First Abu Dhabi Bank (FAB.AD), opens new tab, the United Arab Emirates' biggest lender by assets, beat third-quarter profit estimates on Friday, helped by factors such as "increased client activity", which boosted revenue.
Net profit rose 5% to 4.46 billion dirhams ($1.21 billion) in the three months ended Sept. 30, from 4.26 billion dirhams a year earlier, topping analysts' mean expectations of 3.97 billion dirhams, according to LSEG data.
Banks in the UAE have, in recent years, benefited from higher interest rates and also profited from the Gulf region's growth plans as governments boost investment to diversify away from oil and tap different income sources.
"Strong business momentum supported by robust economic conditions were reflected in volume growth, rising revenues and diversified income streams," CFO Lars Kramer said in a statement.
The bank, which is 37.9% owned by Abu Dhabi sovereign wealth fund Mubadala, said its operating income rose 18% to 8.2 billion dirhams in the third quarter, with significant growth in both net interest and non-interest income.
Net interest income - the difference between earnings on loans and payouts on deposits - was up 7% to 4.89 billion dirhams in the quarter from a year earlier.
However, net interest margin fell by 7 basis points from the previous quarter to 1.89%, impacted by the UAE central bank's move to cut key interest rates last month, after the U.S. Federal Reserve cut rates by half a percentage point.
Most regional currencies are pegged to the U.S. dollar.
FAB said loans, advances and Islamic financing were up 10% to 528 billion dirhams in the first nine months from a year earlier, while customer deposits grew 4% to 820 billion dirhams.
Its total assets grew 4% to 1.2 trillion dirhams as of September end, driven by diversified lending growth and an expansion in the investments portfolio, it added.
First Abu Dhabi Bank (FAB.AD), opens new tab, the United Arab Emirates' biggest lender by assets, beat third-quarter profit estimates on Friday, helped by factors such as "increased client activity", which boosted revenue.
Net profit rose 5% to 4.46 billion dirhams ($1.21 billion) in the three months ended Sept. 30, from 4.26 billion dirhams a year earlier, topping analysts' mean expectations of 3.97 billion dirhams, according to LSEG data.
Banks in the UAE have, in recent years, benefited from higher interest rates and also profited from the Gulf region's growth plans as governments boost investment to diversify away from oil and tap different income sources.
"Strong business momentum supported by robust economic conditions were reflected in volume growth, rising revenues and diversified income streams," CFO Lars Kramer said in a statement.
The bank, which is 37.9% owned by Abu Dhabi sovereign wealth fund Mubadala, said its operating income rose 18% to 8.2 billion dirhams in the third quarter, with significant growth in both net interest and non-interest income.
Net interest income - the difference between earnings on loans and payouts on deposits - was up 7% to 4.89 billion dirhams in the quarter from a year earlier.
However, net interest margin fell by 7 basis points from the previous quarter to 1.89%, impacted by the UAE central bank's move to cut key interest rates last month, after the U.S. Federal Reserve cut rates by half a percentage point.
Most regional currencies are pegged to the U.S. dollar.
FAB said loans, advances and Islamic financing were up 10% to 528 billion dirhams in the first nine months from a year earlier, while customer deposits grew 4% to 820 billion dirhams.
Its total assets grew 4% to 1.2 trillion dirhams as of September end, driven by diversified lending growth and an expansion in the investments portfolio, it added.