Abu Dhabi Funds: ADIA Seeks More Innovation in Private Credit (ETFs) - Bloomberg
Abu Dhabi’s $1 trillion sovereign investor called for more innovative products including exchange-traded funds in the private credit market, where it’s been ramping up bets in recent years.
“There’s a lot of opportunities in that asset class,” Abu Dhabi Investment Authority Executive Director Dhaen Al Hameli said on a panel Tuesday. “We want to see more innovation — we’re seeing a lot of private credit funds partnering with asset managers to create some kind of products with liquidity.”
As an example, he pointed to exchange-traded funds. “ETFs give you a sense of exposure to underlying illiquid nature of private credit, and that’s definitely exciting,” Al Hameli said at the Abu Dhabi Finance Week.
His comments come days after the first two ETFs to hold private credit loans began trading. The new fund launches followed a surprise filing from Apollo Global Management Inc. and State Street Corp. in September for an ETF that will include private credit investments originated by the former.
ADIA, as the fund is known, is Abu Dhabi’s biggest state-backed investor and has helped drive the city’s push into the $1.6 trillion private credit market. As part of broad changes to its strategy, the fund is now putting money more rapidly into the sector, Bloomberg News has reported.
Earlier this year, ADIA boosted its exposure to real estate private credit fund Cheyne Capital and it has also committed $1 billion to a new vehicle set up by Barclays Plc and AGL Credit Management. Abu Dhabi’s Mubadala Investment Co. has also unveiled a string of deals in the sector.
Tuesday, 10 December 2024
#Saudi bourse gains ahead of US rate cut decision; #Dubai falls on tax concerns | Reuters
Saudi bourse gains ahead of US rate cut decision; Dubai falls on tax concerns | Reuters
Saudi Arabian stock market ended higher on Tuesday, as investors looked ahead to the U.S. Federal Reserve's upcoming interest rate decision, while the Dubai bourse retreated on tax concerns.
Fed officials appear on track to cut interest rates this month after data showed the U.S. labor market remained strong but continued to cool in November.
The U.S. Fed started its interest rate easing cycle with an unusually large 50-basis-point cut in September, followed by a 25 bps cut in November. Traders are pricing an 86% chance of another quarter-percentage-point cut from the central bank at its Dec. 17-18 meeting. FEDWATCH
The Fed's decisions impact monetary policy in the Gulf region where most currencies, including Saudi Arabia's, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8%, led by a 0.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.2% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab retreated 1.1%, weighed down by a 2.7% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.6% decrease in toll operator Salik Co (SALIK.DU), opens new tab.
The United Arab Emirates starting in January will impose a minimum top-up tax (DMTT) of 15% on large multinational companies operating in the country, the finance ministry said on Monday, as the government seeks to boost non-oil revenue.
In the short term, a higher tax regime will inevitably impact profitability for businesses that were used to enjoying relatively lower taxes offered by the Gulf state, leading to a negative investor sentiment, said Bal Krishen, Chairman - Century Group.
Elsewhere, Talabat Holding (TALABAT.DU), opens new tab tumbled 6.9% to 1.49 dirhams in debut trade.
Talabat Holding, one of the biggest food-ordering businesses in the Middle East, has raised about $2 billion from the largest initial public offering in the UAE this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 1.3%, as most of its constituents were in the negative territory, including top lender Commercial International Bank (COMI.CA), opens new tab, which was down 1.5%.
Saudi Arabian stock market ended higher on Tuesday, as investors looked ahead to the U.S. Federal Reserve's upcoming interest rate decision, while the Dubai bourse retreated on tax concerns.
Fed officials appear on track to cut interest rates this month after data showed the U.S. labor market remained strong but continued to cool in November.
The U.S. Fed started its interest rate easing cycle with an unusually large 50-basis-point cut in September, followed by a 25 bps cut in November. Traders are pricing an 86% chance of another quarter-percentage-point cut from the central bank at its Dec. 17-18 meeting. FEDWATCH
The Fed's decisions impact monetary policy in the Gulf region where most currencies, including Saudi Arabia's, are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8%, led by a 0.4% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.2% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab retreated 1.1%, weighed down by a 2.7% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.6% decrease in toll operator Salik Co (SALIK.DU), opens new tab.
The United Arab Emirates starting in January will impose a minimum top-up tax (DMTT) of 15% on large multinational companies operating in the country, the finance ministry said on Monday, as the government seeks to boost non-oil revenue.
In the short term, a higher tax regime will inevitably impact profitability for businesses that were used to enjoying relatively lower taxes offered by the Gulf state, leading to a negative investor sentiment, said Bal Krishen, Chairman - Century Group.
Elsewhere, Talabat Holding (TALABAT.DU), opens new tab tumbled 6.9% to 1.49 dirhams in debut trade.
Talabat Holding, one of the biggest food-ordering businesses in the Middle East, has raised about $2 billion from the largest initial public offering in the UAE this year.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 1.3%, as most of its constituents were in the negative territory, including top lender Commercial International Bank (COMI.CA), opens new tab, which was down 1.5%.
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