Emirates Airline satisfied with cash reserves, IPO depends on government, chairman says | Reuters #Dubai #UAE

Emirates Airline satisfied with cash reserves, IPO depends on government, chairman says | Reuters

Emirates Airline is very satisfied with its cash reserves, Chairman Sheikh Ahmed bin Saeed Al Maktoum said on Tuesday, adding that if the government asked him to list the company in an initial public offering (IPO), he would have to do it.

"If the government, I am appointed by the government, says do (an IPO) tomorrow, I will have to do it," he said in response to a question at a roundtable at the Arab Travel Market conference in Dubai, without giving further details.

Meanwhile, Abu Dhabi's Etihad Airways is ready for an initial public offering, but any decision to go ahead is a shareholder matter, the airline's CEO Antonoaldo Neves told Reuters on Monday.

Etihad aims to announce the launch of a $1 billion IPO, sources told Reuters in February.

Emirates expects to receive pre-ordered Boeing (BA.N), opens new tab aircraft during the second quarter of 2025, Al Maktoum also said, without giving further details.

Emirates signed orders in November 2023, for 55 additional 777-9s and 35 777-8s, raising the number of its 777-X order book to 205 units.

#ADIA Said to Mull €2 Billion Stake Sale in Packaging Firm IFCO - Bloomberg

ADIA Said to Mull €2 Billion Stake Sale in Packaging Firm IFCO - Bloomberg

The Abu Dhabi Investment Authority is considering a sale of its 50% stake in plastic container business IFCO, according to people familiar with the matter.

The sovereign wealth fund is working with Bank of America Corp. and Morgan Stanley on the potential transaction, which could fetch more than €2 billion ($2.3 billion), the people said. Private equity firms and infrastructure funds may show interest in the asset, the people said, asking not to be identified as the information is private.

Buyout firm Triton, which holds the remainder of IFCO, has decided to keep its stake following a strategic review, the people said. Deliberations are ongoing and ADIA could still decide against a deal, the people said. Representatives for ADIA, Triton, Bank of America and Morgan Stanley declined to comment.

IFCO manufactures reusable containers mainly for transporting perishable products from bananas and eggs to baked goods and seafood. It’s one of the biggest such suppliers in the world, catering to more than 550 retailers in over 50 countries, its website shows. ADIA and Triton acquired the European firm in 2019 from Australian logistics provider Brambles Ltd. at a valuation of $2.5 billion including debt.

ADIA was set up in 1976 to invest the emirate’s surplus energy revenues, diversify its economy and prepare the capital of the United Arab Emirates for life after oil. It oversees about $1 trillion in assets.

Watch Emirates Chairman: Not Seeing US Travel Impact - Bloomberg video

Watch Emirates Chairman: Not Seeing US Travel Impact - Bloomberg

Emirates Airlines isn't seeing a travel impact into the US as a result of President Donald Trump's policies, according to Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum. He joins Bloomberg's Joumanna Bercetche to discuss the company's travel and destination plans, competing in the competitive market of Dubai, and plans for Boeing and Airbus plane deliveries. (Source: Bloomberg)

Three #AbuDhabi Giants Plan Stablecoin Backed by #UAE’s Currency - Bloomberg

Three Abu Dhabi Giants Plan Stablecoin Backed by UAE’s Currency - Bloomberg

Three major Abu Dhabi entities, including a sovereign wealth fund, plan to launch a stablecoin fully regulated by the central bank of the United Arab Emirates and backed by the dirham, a move that could speed the Persian Gulf nation’s efforts to adopt digital currencies and facilitate payments.

The sovereign wealth fund, ADQ along with the UAE’s largest lender, First Abu Dhabi Bank PJSC, and International Holding Co., a sprawling conglomerate, will be the founding partners of the new stablecoin, whose creation will be subject to regulatory approval.

“This stablecoin will be used as a reliable digital currency across a wide range of everyday scenarios,” according to a statement released Monday. “It will also support emerging digital use cases such as machine-to-machine and AI.”

The stablecoin will be issued by the FAB, whose chief executive, Hana Al Rostamani, said the digital currency “will make a significant impact across industries and could revolutionize the use of trusted blockchain payments for UAE consumers and businesses.”

In December, the UAE’s central bank approved AE Coin, also backed by the dirham, the Emirates’ currency. Growing popular worldwide, stablecoins are typically pegged to traditional currencies, which makes them less vulnerable to price volatility like other digital tokens, such as Bitcoin.

Most Gulf bourses gain on upbeat earnings, easing tariff concerns | Reuters

Most Gulf bourses gain on upbeat earnings, easing tariff concerns | Reuters

Most stock markets in the Gulf ended higher on Tuesday underpinned by positive corporate earnings and amid indications of easing U.S.-China trade tensions.

U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.

In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing's increasing unease over the trade war's consequences.

Dubai's main share index (.DFMGI), opens new tab gained 0.5%, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.7%.

In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank (FAB.AD), opens new tab as the United Arab Emirates' biggest lender beat first-quarter estimates.

The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG.

On the other hand, investment firm Multiply Group (MULTIPLY.AD), opens new tab slid 3.2% after reporting a drop in first-quarter profit.

Saudi Arabia's benchmark index (.TASI), opens new tab closed 0.3% lower, hit by a 2.2% fall in Alinma Bank (1150.SE), opens new tab, after the lender reported a sequential fall in first-quarter profit.

Elsewhere, Saudi Kayan Petrochemical Company (2350.SE), opens new tab retreated 2.8%, as the petrochemical firm's quarterly losses widened.

However, Arabian Contracting Services Company (4071.SE), opens new tab surged about 10% - to become the top gainer on the index - following a steep rise in annual sales.

The Qatari index (.QSI), opens new tab was up 0.2%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH) (TMGH.CA), opens new tab, as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq.

The project is expected to produce annual recurring income exceeding $1.5 billion.

#UAE's top lender FAB profit beats estimates on strong growth in non-funded income | Reuters

UAE's top lender FAB profit beats estimates on strong growth in non-funded income | Reuters

First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab, the United Arab Emirates' biggest lender by assets, beat first-quarter profit estimates on Tuesday, boosted by strong growth in non-interest income from fees and commissions.

Shares in the lender were up by 2.4% around 0610 GMT in early trading, outperforming a 0.8% rise in Abu Dhabi's benchmark index (.FTFADGI), opens new tab.

The results come as FAB undergoes a restructuring aimed at strengthening its business in the Gulf and boosting shareholder return, according to sources.

Under the reorganisation, FAB is splitting its operations into four new divisions and appointed Citi dealmaking veteran Linos Lekkas as its new head of investment banking, sources told Reuters last month.

The restructuring at FAB, headed by Hana Al Rostamani since 2021, follows a series of senior management departures including its former head of global markets and chief operating officer earlier this year.

The company, whose top shareholder is the $330 billion Abu Dhabi wealth fund Mubadala, said on Tuesday that it had reorganised its operating segments during the January-March period.

Banks in the UAE have benefited from the Gulf region's growth prospects and rising demand for credit as regional governments invest in non-oil sectors including infrastructure and tourism to diversify their economies.

Net interest income climbed 3% to 5 billion dirhams ($1.36 billion) in the quarter ended March 31, while non-interest income jumped 22% to 3.8 billion dirhams.

Fees and commissions income rose 23% in the quarter versus a year earlier.

Net profit rose 23% to 5.13 billion dirhams, beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG.

The bank's total assets rose 6% to 1.31 trillion dirhams.