Dubai’s MAF: Majid Al Futtaim Said to Eye Options Including Stake Sale - Bloomberg
The government-appointed officials overseeing Majid Al Futtaim Holding LLC have discussed a range of strategic options for the sprawling $19 billion conglomerate, including a potential stake sale, according to people familiar with the matter.
The group has held early-stage talks on the merits of a minority stake sale, some of the people said, declining to be identified as the information is confidential. An initial public offering and the sale of some business lines have also been discussed, some of the people said.
Financial advisers have recently pitched for a role on the share sale, though it wasn’t immediately clear if banks have formally been appointed, some of the people said. No final decisions have been made and a transaction might ultimately not materialize, they added.
Representatives for Majid Al Futtaim declined to comment.
Long seen as an anchor of Dubai’s economy, Majid Al Futtaim owns the Mall of the Emirates, which features an indoor ski hall, as well as residential communities and the Carrefour hypermarket franchise across parts of the Middle East.
That breadth could be a hurdle to a stake sale as buyers might not necessarily want exposure across the firm’s multiple business verticals, according to one person familiar with the matter. The conglomerate has faced headwinds at its retail division amid currency crises in countries like Egypt and a boycott movement linked to the Israel-Hamas war.
The firm’s ownership transitioned to multiple heirs after its eponymous billionaire founder, Majid Al Futtaim, died in December 2021. The ruler of Dubai appointed a special judicial committee, which ultimately oversees the board that’s chaired by Dubai Financial Services Authority’s Fadel Al Ali.
The United Arab Emirates, of which Dubai is a part, has been stepping up efforts to formalize succession planning, Bloomberg News has reported. Officials have met with heads of prominent business groups to discuss the potential creation of family offices to better manage generational transitions.
There has also been a renewed effort to encourage local listings, people familiar with the matter said earlier this year, though Majid Al Futtaim executives have previously indicated they were not considering an IPO.
Family-owned businesses make up about 90% of private companies in the UAE, spanning sectors from supermarket chains to luxury car dealerships. While there are no official estimates, US-based Dash Venture Labs projects that the country’s richest families will control a combined $1 trillion by the end of next year.
Wednesday, 12 November 2025
Oil Declines After Run of Gains as Signs of Oversupply Persist - Bloomberg
Latest Oil Market News and Analysis for Nov. 12 - Bloomberg
Oil dropped by the most in a month as a key market gauge flashed weakness and OPEC said global crude supplies surpassed demand sooner than anticipated.
West Texas Intermediate fell more than 3%, wiping out three sessions of gains. The US benchmark’s nearest timespread briefly traded in a so-called bearish contango structure — which means current oil prices are cheaper than contracts for delivery further out — for the first time since February, a fresh sign of the widely anticipated supply glut.
OPEC revised estimates for global oil markets to a third-quarter surfeit from a deficit as US production exceeded expectations and the group itself accelerated output. Worldwide oil supplies exceeded demand by 500,000 barrels a day during the period, the group said.
Later on Wednesday, the US Energy Information Administration is scheduled to release its monthly outlook, followed by an International Energy Agency assessment a day later.
Trend-following funds are also selling positions, reinforcing the long squeeze in oil.
“Whipsaw season persists, but we expect CTAs to imminently sell roughly 25% of their maximum size in WTI crude and 10% in Brent, in response to weakening trend signals,” said Dan Ghali, a commodity strategist at TD Securities. A break below $58.50 a barrel in the US benchmark’s December contract may trigger further selling, he added.
Oil has lost ground this year on glut concerns, with the Organization of Petroleum Exporting Countries and its allies restoring capacity, and drillers outside the group raising production. The Paris-based IEA forecasts a record surplus next year, and banks including Goldman Sachs Group Inc. have warned of rising inventories.
Still, premiums have surged for refined fuels like gasoline and diesel, in part because of a slew of refinery outages, traders said, including attacks on Russian plants.
Oil dropped by the most in a month as a key market gauge flashed weakness and OPEC said global crude supplies surpassed demand sooner than anticipated.
West Texas Intermediate fell more than 3%, wiping out three sessions of gains. The US benchmark’s nearest timespread briefly traded in a so-called bearish contango structure — which means current oil prices are cheaper than contracts for delivery further out — for the first time since February, a fresh sign of the widely anticipated supply glut.
OPEC revised estimates for global oil markets to a third-quarter surfeit from a deficit as US production exceeded expectations and the group itself accelerated output. Worldwide oil supplies exceeded demand by 500,000 barrels a day during the period, the group said.
Later on Wednesday, the US Energy Information Administration is scheduled to release its monthly outlook, followed by an International Energy Agency assessment a day later.
Trend-following funds are also selling positions, reinforcing the long squeeze in oil.
“Whipsaw season persists, but we expect CTAs to imminently sell roughly 25% of their maximum size in WTI crude and 10% in Brent, in response to weakening trend signals,” said Dan Ghali, a commodity strategist at TD Securities. A break below $58.50 a barrel in the US benchmark’s December contract may trigger further selling, he added.
Oil has lost ground this year on glut concerns, with the Organization of Petroleum Exporting Countries and its allies restoring capacity, and drillers outside the group raising production. The Paris-based IEA forecasts a record surplus next year, and banks including Goldman Sachs Group Inc. have warned of rising inventories.
Still, premiums have surged for refined fuels like gasoline and diesel, in part because of a slew of refinery outages, traders said, including attacks on Russian plants.
Major Gulf markets subdued on soft oil prices | Reuters
Major Gulf markets subdued on soft oil prices | Reuters
Most stock markets in the Gulf dropped on Wednesday, largely influenced by softer global oil prices.
Oil prices - a catalyst for the Gulf's financial markets - fell nearly 1%, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.
Analysts have previously highlighted that crude oversupply is curbing price gains. Earlier this month OPEC+ agreed to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, hit by a 0.9% drop Al Rajhi Bank (1120.SE), opens new tab and a 1% decline in Saudi Telecom Company (7010.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab declined 0.5%, dragged down by a 2% slide in toll operator Salik (SALIK.DU), opens new tab and a 1.1% fall in top lender Emirates NBD (ENBD.DU), opens new tab.
However, Dubai Electricity and Water Authority (DEWAA.DU), opens new tab rose 0.4%, after reporting a rise in quarterly profit.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.4%, with Aldar Properties (ALDAR.AD), opens new tab retreating 1.6%.
On the other hand, Dana Gas (DANA.AD), opens new tab closed 0.7% higher. The energy firm said on Wednesday it had signed a preliminary deal with Syria's state oil company to assess redeveloping natural gas fields crippled in the 13-year civil war that made Syria reliant on imports from Iran.
The Qatari index (.QSI), opens new tab was down 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower, pulling further back from record highs hit on sunday, with tobacco monopoly Eastern Company (EAST.CA), opens new tab losing 3.5%.
Oil prices - a catalyst for the Gulf's financial markets - fell nearly 1%, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.
Analysts have previously highlighted that crude oversupply is curbing price gains. Earlier this month OPEC+ agreed to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, hit by a 0.9% drop Al Rajhi Bank (1120.SE), opens new tab and a 1% decline in Saudi Telecom Company (7010.SE), opens new tab.
Dubai's main share index (.DFMGI), opens new tab declined 0.5%, dragged down by a 2% slide in toll operator Salik (SALIK.DU), opens new tab and a 1.1% fall in top lender Emirates NBD (ENBD.DU), opens new tab.
However, Dubai Electricity and Water Authority (DEWAA.DU), opens new tab rose 0.4%, after reporting a rise in quarterly profit.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.4%, with Aldar Properties (ALDAR.AD), opens new tab retreating 1.6%.
On the other hand, Dana Gas (DANA.AD), opens new tab closed 0.7% higher. The energy firm said on Wednesday it had signed a preliminary deal with Syria's state oil company to assess redeveloping natural gas fields crippled in the 13-year civil war that made Syria reliant on imports from Iran.
The Qatari index (.QSI), opens new tab was down 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower, pulling further back from record highs hit on sunday, with tobacco monopoly Eastern Company (EAST.CA), opens new tab losing 3.5%.
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