Danantara, Qatar to Pool $4 Billion for Investments in Indonesia - Bloomberg
Indonesian wealth fund Danantara and Qatar have agreed to pool $4 billion for investments in Southeast Asia’s largest economy, marking the new fund’s first planned venture with foreign investors.
The two parties agreed to invest in a joint investment fund after a meeting between Emir Sheikh Tamim bin Hamad Al Thani and Indonesian President Prabowo Subianto in Doha on Sunday, according to both governments.
Danantara Chief Investment Officer Pandu Sjahrir said Monday via text message that both entities would contribute $2 billion each. He said the venture would be for investments in Indonesia, without elaborating.
Danantara, which intends to operate as both an investment vehicle and a holding company for Indonesia’s state-owned enterprises, launched this year as part of Prabowo’s plans to accelerate growth. The fund expects to receives billions of dollars from dividends this year, some of which it plans to invest in national strategic projects ranging from food and energy security to commodity downstreaming.
Longer term, fund executives have said they hope to attract foreign investment into Indonesia in the form of co-investments.
Prabowo was accompanied during the Doha meeting by Danantara Chief Executive Rosan Roeslani and the minister for public housing and settlements, Maruarar Sirait, who earlier this year signed a pact with Qatar in which the Middle Eastern nation pledged to help develop a million homes in Indonesia.
Tuesday, 15 April 2025
Billionaire Platt’s BlueCrest Gets Approval to Trade From #Dubai #UAE - Bloomberg
Billionaire Platt’s BlueCrest Gets Approval to Trade From Dubai - Bloomberg
Billionaire Michael Platt’s private investment firm has received full regulatory authorization in Dubai, which has emerged as a magnet for money managers in recent years.
BlueCrest Capital Management was issued a license from the Dubai Financial Services Authority on Tuesday, allowing it to hire traders to manage capital from the city, according to people familiar with the matter. The firm already has an office in the emirate and will be moving from the Dubai World Trade Centre to the Dubai International Financial Centre shortly, one of the people said.
The firm, which runs Platt’s wealth and that of his partners, joins others like Millennium Management and ExodusPoint Capital Management that have expanded operations to Dubai drawn by a slew of incentives, a favorable timezone and a low tax regime.
A spokesperson for BlueCrest declined to comment.
Overall, the DIFC is home to roughly 75 hedge funds, 48 of which have assets exceeding $1 billion each, and the sector employs over 1,000 people.
It’s not clear how much money Platt’s investment firm manages now, but a court document from 2022 described BlueCrest running $3.9 billion and allocating $15 billion in trading power to its managers. The firm has netted significant gains navigating the market turmoil sparked by US President Donald Trump’s move to impose tariffs on allies and rivals, Bloomberg News has reported.
Billionaire Michael Platt’s private investment firm has received full regulatory authorization in Dubai, which has emerged as a magnet for money managers in recent years.
BlueCrest Capital Management was issued a license from the Dubai Financial Services Authority on Tuesday, allowing it to hire traders to manage capital from the city, according to people familiar with the matter. The firm already has an office in the emirate and will be moving from the Dubai World Trade Centre to the Dubai International Financial Centre shortly, one of the people said.
The firm, which runs Platt’s wealth and that of his partners, joins others like Millennium Management and ExodusPoint Capital Management that have expanded operations to Dubai drawn by a slew of incentives, a favorable timezone and a low tax regime.
A spokesperson for BlueCrest declined to comment.
Overall, the DIFC is home to roughly 75 hedge funds, 48 of which have assets exceeding $1 billion each, and the sector employs over 1,000 people.
It’s not clear how much money Platt’s investment firm manages now, but a court document from 2022 described BlueCrest running $3.9 billion and allocating $15 billion in trading power to its managers. The firm has netted significant gains navigating the market turmoil sparked by US President Donald Trump’s move to impose tariffs on allies and rivals, Bloomberg News has reported.
UCIC to float 30% stake in first #Saudi IPO since tariff-driven sell-off | Reuters
UCIC to float 30% stake in first Saudi IPO since tariff-driven sell-off | Reuters
United Carton Industries Company (UCIC) on Tuesday announced plans to float a 30% stake on the Saudi Exchange's main market, in what would be the first initial public offering since trade tensions sparked a sell-off in the kingdom's equity markets.
The global IPO market has come under pressure in 2025, with rising geopolitical tensions, protectionist trade policies, and stock market volatility prompting many companies to delay listings or scale back fundraising plans.
The offering will consist of 12 million existing shares to be sold by current shareholders, with no new capital raised. Saudi Arabia's Capital Market Authority approved the IPO in December, and bookbuilding for institutional investors is scheduled to run from April 22 to April 28.
UCIC generated 1.34 billion Saudi riyals ($357.11 million) in revenue in full-year 2024. Its gross profit margin was 17.9% over the same period, while net profit came in at 125 million Saudi riyals.
"This IPO represents a transformative moment for the company, empowering us to scale operations, expand our product portfolio, and further our mission to be the preferred partner for packaging solutions in the region," CEO Mohnish Rikhy said in a statement.
Founded in 1988, UCIC is the largest corrugated carton manufacturer in the Middle East and holds a 37%-40% share of the Saudi market, according to the firm.
The company operates eight manufacturing plants across the kingdom and the UAE, producing a range of paper-based packaging products including corrugated cartons, folding cartons, recycled containerboard paper and moulded pulp.
Its customers include major corporates such as Starbucks, Pepsi and Pizza Hut, the company's website showed.
Al Rajhi Capital is acting as the financial advisor, lead manager, bookrunner and underwriter on the IPO.
United Carton Industries Company (UCIC) on Tuesday announced plans to float a 30% stake on the Saudi Exchange's main market, in what would be the first initial public offering since trade tensions sparked a sell-off in the kingdom's equity markets.
The global IPO market has come under pressure in 2025, with rising geopolitical tensions, protectionist trade policies, and stock market volatility prompting many companies to delay listings or scale back fundraising plans.
The offering will consist of 12 million existing shares to be sold by current shareholders, with no new capital raised. Saudi Arabia's Capital Market Authority approved the IPO in December, and bookbuilding for institutional investors is scheduled to run from April 22 to April 28.
UCIC generated 1.34 billion Saudi riyals ($357.11 million) in revenue in full-year 2024. Its gross profit margin was 17.9% over the same period, while net profit came in at 125 million Saudi riyals.
"This IPO represents a transformative moment for the company, empowering us to scale operations, expand our product portfolio, and further our mission to be the preferred partner for packaging solutions in the region," CEO Mohnish Rikhy said in a statement.
Founded in 1988, UCIC is the largest corrugated carton manufacturer in the Middle East and holds a 37%-40% share of the Saudi market, according to the firm.
The company operates eight manufacturing plants across the kingdom and the UAE, producing a range of paper-based packaging products including corrugated cartons, folding cartons, recycled containerboard paper and moulded pulp.
Its customers include major corporates such as Starbucks, Pepsi and Pizza Hut, the company's website showed.
Al Rajhi Capital is acting as the financial advisor, lead manager, bookrunner and underwriter on the IPO.
Most Gulf markets end higher on potential US tariff exemptions | Reuters
Most Gulf markets end higher on potential US tariff exemptions | Reuters
Most stock markets in the Gulf ended higher on Tuesday after U.S. President Donald Trump suggested he might grant exemptions on auto-related levies already in place.
Trump said on Monday he was considering a modification to the 25% tariffs on auto and auto parts imports from Mexico, Canada and other places. He said car companies "need a little bit of time because they're going to make 'em here."
The U.S. recently exempted smartphones, computers and certain electronics from Trump's "reciprocal" tariffs, but probes into semiconductor imports have intensified, with Trump set to announce tariff rates soon.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.5% and telecoms firm Saudi Telecom Company (7010.SE), opens new tab increasing 2.3%.
The market has solid fundamentals conducive to recovery should sentiment improve, although trade tensions and low oil prices persist as notable risks, said Milad Azar, market analyst at XTB MENA.
Dubai's main share index (.DFMGI), opens new tab closed 0.4% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 2.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.6%.
Oil prices — a catalyst for the Gulf's financial markets — inched down after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by Trump's suggestion of new tariff exemptions.
The Qatari index (.QSI), opens new tab climbed 0.7%, led by a 1.3% gain in Qatar Islamic Bank (QISB.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed flat.
Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say tariff uncertainty is likely to make it cautious despite plunging Egyptian inflation, a Reuters poll shows.
Most stock markets in the Gulf ended higher on Tuesday after U.S. President Donald Trump suggested he might grant exemptions on auto-related levies already in place.
Trump said on Monday he was considering a modification to the 25% tariffs on auto and auto parts imports from Mexico, Canada and other places. He said car companies "need a little bit of time because they're going to make 'em here."
The U.S. recently exempted smartphones, computers and certain electronics from Trump's "reciprocal" tariffs, but probes into semiconductor imports have intensified, with Trump set to announce tariff rates soon.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.5% and telecoms firm Saudi Telecom Company (7010.SE), opens new tab increasing 2.3%.
The market has solid fundamentals conducive to recovery should sentiment improve, although trade tensions and low oil prices persist as notable risks, said Milad Azar, market analyst at XTB MENA.
Dubai's main share index (.DFMGI), opens new tab closed 0.4% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 2.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.6%.
Oil prices — a catalyst for the Gulf's financial markets — inched down after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by Trump's suggestion of new tariff exemptions.
The Qatari index (.QSI), opens new tab climbed 0.7%, led by a 1.3% gain in Qatar Islamic Bank (QISB.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed flat.
Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say tariff uncertainty is likely to make it cautious despite plunging Egyptian inflation, a Reuters poll shows.
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