Aramco Nears $10 Billion Jafurah Pipeline Stake Sale to GIP - Bloomberg
Saudi Aramco is in advanced talks to sell a roughly $10 billion stake in midstream infrastructure serving the giant Jafurah natural gas project to a group led by BlackRock Inc., according to people with knowledge of the matter.
The consortium is backed by BlackRock’s Global Infrastructure Partners unit and could reach an agreement as soon as the coming days, said the people, who asked not to be identified discussing confidential information.
The deal will involve pipelines and other infrastructure serving the $100 billion-plus Jafurah project, which Aramco is developing to supply domestic power plants as well as for export. It’s an unconventional field, meaning the gas is trapped in hard-to-access rock formations and requires special techniques to extract.
Reuters reported on Thursday that GIP was nearing a deal, citing unidentified people. Aramco didn’t respond to emailed queries outside regular business hours in Saudi Arabia.
Bloomberg News first revealed in 2021 that Aramco was considering introducing outside investors into parts of the Jafurah project. Aramco was approaching infrastructure funds to gauge their interest in the midstream assets, people with knowledge of the matter said the next year.
State-controlled Aramco has been seeking to bring in international capital and sell stakes in some assets as the government pursues massive projects to build futuristic cities and diversify its economy. The kingdom is pushing ahead with a vast expansion, including developing new tourism destinations and building up a manufacturing base, to prepare for a future in which oil demand will begin to wane.
BlackRock was earlier among investors that bought stakes in Aramco’s national gas pipeline network.
Friday, 18 July 2025
#Qatar-backed Mayhoola denies report it is considering Valentino sale with Kering | Reuters
Qatar-backed Mayhoola denies report it is considering Valentino sale with Kering | Reuters
The head of Qatar-backed investment fund Mayhoola on Friday denied an Italian newspaper report that suggested the fund and Gucci-owner Kering (PRTP.PA), opens new tab were considering selling their jointly owned fashion house Valentino.
"This news is untrue," Mayhoola chief executive Rachid Mohamed Rachid told Reuters.
Kering shares, which have lost more than 60% of their value over the last two years, initially rose by around 2.5% in early Paris trade after the Corriere della Sera report, before paring some gains after Mayhoola's denial.
A Kering spokesperson declined to comment.
Kering bought a 30% stake in Valentino in 2023 for $1.7 billion with a commitment to buy the remaining 70% by 2028.
The deal, struck at a top valuation just before the luxury sector entered a prolonged slowdown, has become a liability for heavily indebted Kering, which has come under pressure from investors and is trying to free up cash through divestments.
Kering estimated in its last annual report that fully executing the Valentino transaction, which could come as early as 2026 if Mayhoola exercises put options, would cost it four billion euros.
The future of Valentino, whose handbag unit Valentino Bags Lab Srl was recently placed under court administration due to labour conditions in its supply chain, has become the subject of increased speculation since the firm said last month its CEO Jacopo Venturini was on sick leave.
The Rome-based fashion house, which last year named star designer Alessandro Michele as creative director to replace long-serving Pierpaolo Piccioli, reported a 2% drop at constant exchange rates in revenues last year, to 1.31 billion euros ($1.52 billion).
The head of Qatar-backed investment fund Mayhoola on Friday denied an Italian newspaper report that suggested the fund and Gucci-owner Kering (PRTP.PA), opens new tab were considering selling their jointly owned fashion house Valentino.
"This news is untrue," Mayhoola chief executive Rachid Mohamed Rachid told Reuters.
Kering shares, which have lost more than 60% of their value over the last two years, initially rose by around 2.5% in early Paris trade after the Corriere della Sera report, before paring some gains after Mayhoola's denial.
A Kering spokesperson declined to comment.
Kering bought a 30% stake in Valentino in 2023 for $1.7 billion with a commitment to buy the remaining 70% by 2028.
The deal, struck at a top valuation just before the luxury sector entered a prolonged slowdown, has become a liability for heavily indebted Kering, which has come under pressure from investors and is trying to free up cash through divestments.
Kering estimated in its last annual report that fully executing the Valentino transaction, which could come as early as 2026 if Mayhoola exercises put options, would cost it four billion euros.
The future of Valentino, whose handbag unit Valentino Bags Lab Srl was recently placed under court administration due to labour conditions in its supply chain, has become the subject of increased speculation since the firm said last month its CEO Jacopo Venturini was on sick leave.
The Rome-based fashion house, which last year named star designer Alessandro Michele as creative director to replace long-serving Pierpaolo Piccioli, reported a 2% drop at constant exchange rates in revenues last year, to 1.31 billion euros ($1.52 billion).
#AbuDhabi index gains on oil surge, #Dubai falls on profit-taking | Reuters #UAE
Abu Dhabi index gains on oil surge, Dubai falls on profit-taking | Reuters
Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the European Union introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions' gains.
The EU sanctions, aimed at punishing Moscow over its war in Ukraine, include fresh measures targeting the Russian oil and energy industry and lower the G7's price cap for buying Russian crude oil to $47.6 per barrel.
Oil prices - a key catalyst for Gulf's financial market - rose 0.75% to reach $70.04 a barrel by 1106 GMT.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab recorded gains for the fourth session with the index finishing 0.2% higher, led by a 1.7% jump in Emirates Telecom Group (EAND.AD), opens new tab, while its biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab added 0.5%.
Dubai’s main index (.DFMGI), opens new tab meanwhile fell 0.2%, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.
Losses were driven by a decline in financial sector stocks as Dubai's top lender Emirates NBD Bank (ENBD.DU), opens new tab dropped 2.4% after three consecutive session gains, while Commercial Bank of Dubai (CBD.DU), opens new tab slumped 3.6%.
However, budget airline Air Arabia (AIRA.DU), opens new tab rose by 0.8%, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40% in 2025.
The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week's corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, Head of Market Research MENA at XS.com.
Dubai’s index went up 4.1% and Abu Dhabi’s rose 2% in their fourth week of gains, according to LSEG data.
Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Ahmed Negm.
Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the European Union introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions' gains.
The EU sanctions, aimed at punishing Moscow over its war in Ukraine, include fresh measures targeting the Russian oil and energy industry and lower the G7's price cap for buying Russian crude oil to $47.6 per barrel.
Oil prices - a key catalyst for Gulf's financial market - rose 0.75% to reach $70.04 a barrel by 1106 GMT.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab recorded gains for the fourth session with the index finishing 0.2% higher, led by a 1.7% jump in Emirates Telecom Group (EAND.AD), opens new tab, while its biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab added 0.5%.
Dubai’s main index (.DFMGI), opens new tab meanwhile fell 0.2%, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.
Losses were driven by a decline in financial sector stocks as Dubai's top lender Emirates NBD Bank (ENBD.DU), opens new tab dropped 2.4% after three consecutive session gains, while Commercial Bank of Dubai (CBD.DU), opens new tab slumped 3.6%.
However, budget airline Air Arabia (AIRA.DU), opens new tab rose by 0.8%, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40% in 2025.
The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week's corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, Head of Market Research MENA at XS.com.
Dubai’s index went up 4.1% and Abu Dhabi’s rose 2% in their fourth week of gains, according to LSEG data.
Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Ahmed Negm.
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