BlackRock Gets Saudi Arabia Approval for Regional HQ in Riyadh - Bloomberg
BlackRock Inc. received approval from Saudi Arabia to set up its regional headquarters in Riyadh, the latest sign that the kingdom is having some success in attracting more financial firms to set up bases in the country.
With the move, BlackRock will be able to expand its operations across the Middle East, according to a statement. The company established BlackRock Saudi Arabia Company six years ago and is regulated by the kingdom’s Capital Market Authority.
“BlackRock plays an important role in Saudi Arabia’s asset management landscape,” Hassan Alduhaim, senior adviser of the minister of investment of Saudi Arabia, said in the statement. “We look forward to BlackRock’s continued growth in Saudi Arabia and the Region.”
Under new rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries or risk losing business with the kingdom’s vast network of government entities.
More than 500 companies have set up their regional headquarters in Riyadh since the launch of the kingdom’s program, Alduhaim said in the statement.
That includes Goldman Sachs Group Inc., which earlier this year became the first Wall Street bank to received a license from the kingdom’s Ministry of Investment.
BlackRock has been intensifying its efforts to grow in the kingdom. Earlier this year, the company announced it would get as much as $5 billion from Saudi Arabia’s sovereign wealth fund to invest in the Middle East and build a Riyadh-based investments team.
The $10.5 trillion asset manager in recent months also hosted a gathering of top corporate executives and government officials in Riyadh, the firm’s first event of this scale in the Saudi capital.
Thursday 31 October 2024
Emirates Says Jet Delays Are Disrupting Its Plans for Growth - Bloomberg
Emirates Says Jet Delays Are Disrupting Its Plans for Growth - Bloomberg
Emirates said aircraft delays from Boeing Co. and Airbus SE are disrupting the carrier’s growth plans, and added costs dwarf the compensation the Gulf carrier has received from the planemakers.
The setbacks include lost business from expansion it’s had to put off, as well as added costs to overhaul existing aircraft, Chief Commercial Officer Adnan Kazim said in an interview.
“There are a lot of missed opportunities,” Kazim said. “With how the growth is coming in, we are definitely in need of these aircraft now or yesterday even.”
Emirates is the latest airline to speak out about jet delivery delays costing them business. Deutsche Lufthansa AG CEO Carsten Spohr said this week that the hold-up in handovers was costing the airline several hundred million euros in annual earnings.
Emirates is spending $4 billion overhauling its existing fleet of Airbus A380 double-deckers and Boeing 777 jets, as the entry into service of the 777X that will replace those planes has been further delayed until 2026, while the first handover of the A350 model has been postponed multiple times this year.
The delays are creating a disruption to the airline’s growth plans and there is a shortage in capacity coming along the way, Kazim said. The date for entry into service of the 777X “has gone through many alterations in the past,” that the airline could no longer expect a clear time line for when it will join the fleet.
This month, Boeing said that it would push back plans for the 777X’s entry into service by another year to 2026 due to ongoing certification issues. The model was first scheduled to be delivered in 2020. Emirates has orders for over 200 777X, almost half the model’s total backlog.
Emirates said aircraft delays from Boeing Co. and Airbus SE are disrupting the carrier’s growth plans, and added costs dwarf the compensation the Gulf carrier has received from the planemakers.
The setbacks include lost business from expansion it’s had to put off, as well as added costs to overhaul existing aircraft, Chief Commercial Officer Adnan Kazim said in an interview.
“There are a lot of missed opportunities,” Kazim said. “With how the growth is coming in, we are definitely in need of these aircraft now or yesterday even.”
Emirates is the latest airline to speak out about jet delivery delays costing them business. Deutsche Lufthansa AG CEO Carsten Spohr said this week that the hold-up in handovers was costing the airline several hundred million euros in annual earnings.
Emirates is spending $4 billion overhauling its existing fleet of Airbus A380 double-deckers and Boeing 777 jets, as the entry into service of the 777X that will replace those planes has been further delayed until 2026, while the first handover of the A350 model has been postponed multiple times this year.
The delays are creating a disruption to the airline’s growth plans and there is a shortage in capacity coming along the way, Kazim said. The date for entry into service of the 777X “has gone through many alterations in the past,” that the airline could no longer expect a clear time line for when it will join the fleet.
This month, Boeing said that it would push back plans for the 777X’s entry into service by another year to 2026 due to ongoing certification issues. The model was first scheduled to be delivered in 2020. Emirates has orders for over 200 777X, almost half the model’s total backlog.
#SaudiArabia's Hassana eyes investment in Brookfield Middle East fund | Reuters
Saudi Arabia's Hassana eyes investment in Brookfield Middle East fund | Reuters
Hassana, the investment arm of Saudi Arabia's main pension fund, is considering becoming an anchor investor in Brookfield's (BN.TO), opens new tab new $2 billion Middle East fund, it said on Thursday.
That would bring Hassana on board with the kingdom's PIF sovereign wealth fund, which announced on Wednesday that it had entered a non-binding agreement to become an anchor investor in the Brookfield Middle East Partners fund.
Hassana could allocate up to $500 million to the fund, in addition to Brookfield's own $500 million commitment, the statement said. PIF had not disclosed the size of its potential backing.
The Brookfield fund will target buyouts, structured solutions and other investment opportunities across a range of sectors including industrials, consumer and business services, technology and healthcare.
Hassana has become an increasingly active global investor since the merger of the kingdom's General Organization of Social Insurance and the Public Pension Agency in 2021.
In a separate statement on Thursday, Hassana said it was considering becoming an anchor investor in a $1 billion Middle East-focused fund launched by U.S. investment firm EIG. Hassana said it would allocate up to $250 million for the fund, which will target infrastructure and energy transition projects.
Hassana, the investment arm of Saudi Arabia's main pension fund, is considering becoming an anchor investor in Brookfield's (BN.TO), opens new tab new $2 billion Middle East fund, it said on Thursday.
That would bring Hassana on board with the kingdom's PIF sovereign wealth fund, which announced on Wednesday that it had entered a non-binding agreement to become an anchor investor in the Brookfield Middle East Partners fund.
Hassana could allocate up to $500 million to the fund, in addition to Brookfield's own $500 million commitment, the statement said. PIF had not disclosed the size of its potential backing.
The Brookfield fund will target buyouts, structured solutions and other investment opportunities across a range of sectors including industrials, consumer and business services, technology and healthcare.
Hassana has become an increasingly active global investor since the merger of the kingdom's General Organization of Social Insurance and the Public Pension Agency in 2021.
In a separate statement on Thursday, Hassana said it was considering becoming an anchor investor in a $1 billion Middle East-focused fund launched by U.S. investment firm EIG. Hassana said it would allocate up to $250 million for the fund, which will target infrastructure and energy transition projects.
Most Gulf markets gain on Israel-Hezbollah ceasefire hopes | Reuters
Most Gulf markets gain on Israel-Hezbollah ceasefire hopes | Reuters
Most stock markets in the Gulf ended higher on Thursday, helped by hopes for a potential ceasefire deal between Israel and Hezbollah.
Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce.
The push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.
In Qatar, the index (.QSI), opens new tab gained 0.6%, led by a 0.8% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.3% jump in Qatar Navigation (QNNC.QA), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab closed 0.4% higher, with conglomerate International Holding (IHC.AD), opens new tab gaining 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab gave up early gains to conclude higher.
Oil prices — a catalyst for the Gulf's financial markets — stabilised after rallying the previous day on stronger-than-expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase.
Manufacturing activity in China, the world's biggest oil importer, expanded for the first time in six months in October, suggesting stimulus measures are having an effect.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.9%, as most of its constituents gained, including Ezz Steel Co (ESRS.CA), opens new tab, which was up 3.6%.
The International Monetary Fund's $8 billion programme for Egypt is making progress, with the fund's top regional official stating that any discussions to further increase the overall programme size are premature.
Most stock markets in the Gulf ended higher on Thursday, helped by hopes for a potential ceasefire deal between Israel and Hezbollah.
Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce.
The push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.
In Qatar, the index (.QSI), opens new tab gained 0.6%, led by a 0.8% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.3% jump in Qatar Navigation (QNNC.QA), opens new tab.
The Abu Dhabi index (.FTFADGI), opens new tab closed 0.4% higher, with conglomerate International Holding (IHC.AD), opens new tab gaining 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab gave up early gains to conclude higher.
Oil prices — a catalyst for the Gulf's financial markets — stabilised after rallying the previous day on stronger-than-expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase.
Manufacturing activity in China, the world's biggest oil importer, expanded for the first time in six months in October, suggesting stimulus measures are having an effect.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.9%, as most of its constituents gained, including Ezz Steel Co (ESRS.CA), opens new tab, which was up 3.6%.
The International Monetary Fund's $8 billion programme for Egypt is making progress, with the fund's top regional official stating that any discussions to further increase the overall programme size are premature.
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