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☆ Emirates NBD strategist names the 4 regions it likes
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmirates NBD strategist names the 4 regions it likesAnita Krishna Gupta, head of equity strategy at Emirates NBD, says it continues to favor the United States, Japan, India and the United Arab Emirates.

Persons: Anita Krishna Gupta Organizations: Emirates, Emirates NBD, United Locations: United States, Japan, India, United Arab Emirates

☆ Israel-Hamas truce: Market impact won't be huge, CIO says
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael-Hamas truce: Market impact won't be huge, CIO saysMaurice Gravier, chief investment officer for wealth management at Emirates NBD, discusses the start of the four-day truce and the delayed OPEC+ meeting.

Persons: Maurice Gravier Organizations: Israel, Emirates NBD

☆ Dubai rises on higher oil prices; FAB drags on Abu Dhabi
▼ + stars: | 2023-08-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

REUTERS/Hamad I Mohammed/File PhotoAug 11 (Reuters) - Stock markets in Dubai rose on Friday as upbeat demand growth forecasts from OPEC and the International Energy Agency (IEA) lifted oil prices, while lender FAB weighed on Abu Dhabi's index. In Dubai, the main share index (.DFMGI) added 0.4% after falling for four consecutive sessions. Emirates NBD Bank (ENBD.DU), Dubai's largest lender, rose more than 3% while toll operator Salik Company (SALIK.DU) was up 2% after reporting second quarter earnings. Emaar Properties (EMAR.DU), Dubai's largest listed real estate firm, was also up more than 0.7% the day after reporting second-quarter earnings. In Abu Dhabi, the benchmark index (.FTFADGI) dropped 0.3%, for a third negative session in a row, pressured by a 1.1% fall for the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.6% drop in Alpha Dhabi Holding (ALPHADHABI.AD).

Persons: Hamad I Mohammed, Brent, Shamsuddin, Kirsten Donovan Organizations: Bahrain Bourse, REUTERS, Stock, International Energy Agency, FAB, IEA, Organization of Petroleum, Emirates NBD Bank, Salik, Abu Dhabi Bank, Alpha, Thomson Locations: Bahrain, Manama, Dubai, Abu Dhabi, Alpha Dhabi, Bengaluru

☆ Dubai invites pitches for IPOs of taxi, parking assets
▼ + stars: | 2023-07-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place around December or January, said the sources, declining to be named as the matter is not public. It has appointed Rothschild & Co to advise on a strategic review of its assets, which include its taxi and public parking businesses, Reuters reported on July 7, citing sources familiar with the matter. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. Companies in the region raised $21.9 billion through IPOs last year, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows. Reporting by Hadeel Al Sayegh; Editing by Jan Harvey, John Stonestreet and Emma RumneyOur Standards: The Thomson Reuters Trust Principles.

Persons: Rothschild, Hadeel Al Sayegh, Jan Harvey, John Stonestreet, Emma Rumney Organizations: Transport Authority, Reuters, RTA, Dubai Taxi Corporation, Co, Nol, Dubai, Emirates, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

DUBAI, July 7 (Reuters) - Dubai's Roads and Transport Authority (RTA) has selected Rothschild & Co (ROTH.PA) to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corp and its public parking business, said the sources, who declined to be named as the matter is not public. The authority is expected to appoint Emirates NBD for the potential IPOs, two sources with knowledge of the matter said. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. The authority was also looking at potential options for its public parking assets and the Nol card, which passengers use to pay for public transport across the emirate.

Persons: Rothschild, Emirates NBD, Nol, Hadeel Al Sayegh, Yousef Saba, Jonathan Oatis, Josie Kao, Louise Heavens Organizations: Transport Authority, Co, Dubai Taxi Corp, RTA, Rothschild, Emirates, dnata, Reuters, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

☆ Gulf bourses end mixed on China growth concerns
▼ + stars: | 2023-06-20 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

China on Tuesday cut two benchmark lending rates by 10 basis points each. Dubai's benchmark index (.DFMGI) extended losses to a second straight session, ending 0.3% lower. Saudi Arabia's benchmark index (.TASI) inched up 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 0.7% and Company for Cooperative Insurance (8010.SE) climbing 2.3%. "Oil prices remained volatile as Chinese economic recovery continues to fuel concerns among traders, affecting oil demand expectations," said Daniel Takieddine, CEO MENA at BDSwiss. Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, extending previous session losses with financial and materials sectors trading in the red.

Persons: Dr Sulaiman Al, Daniel Takieddine, Brent, Md Manzer Hussain, Eileen Soreng Organizations: Emaar, Emirates Central Cooling Systems, Emirates, Qatar National Bank, Ezdan, Habib Medical Services, Company, Cooperative Insurance, Jamjoom Pharmaceuticals, Alpha, Commercial International Bank, Ezz, Thomson Locations: Dubai, Qatar, Saudi, Abu Dhabi, China, Beijing, Alpha Dhabi, Burjeel

☆ Bahrain's Investcorp seeks to raise up to $600 mln from investment vehicle IPO
▼ + stars: | 2023-06-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 20 (Reuters) - Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters. Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates. Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Bloomberg in March reported Investcorp was putting together a plan to list the vehicle. Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Persons: Investcorp Holding, Goldman Sachs, Investcorp, Emirates NBD, Gucci, Mohammed Al Ardhi, Hadeel Al Sayegh, Jason Neely Organizations: Reuters, Investcorp, Abu Dhabi Global Market, United, United Arab Emirates, Abu Dhabi Bank, Emirates, HSBC, Moelis, Bloomberg, FAB, Tiffany, Nasdaq, Mubadala Investment Company, Thomson Locations: DUBAI, Abu Dhabi, Bahrain, United Arab, Abu, Emirates, U.S, Europe, India, Singapore, Beijing, Mumbai, Delhi

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

☆ Most Gulf markets fall as Fed seen hiking rates
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Most major stock markets in the Gulf fell in early trade on Monday, dragged lower by expectations the Federal Reserve will increase interest rates, although the Qatari index bucked the trend. The Fed is predicted to raise rates by another 25 basis points this week. The U.S. central bank has raised its policy rate by 475 basis points since March last year from the near-zero level to the current 4.75%-5.00% range. Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.1% fall in Emirates NBD Bank (ENBD.DU) and a 0.8% decrease in utility firm Dubai Electricity and Water Authority (DEWAA.DU). In Qatar, the index (.QSI) bucked the trend to trade 0.5% higher, with telecoms firm Ooredoo (ORDS.QA) up more than 5%.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ Turkey's Ziraat bank finalises $1.3 bln syndicated loan
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, April 7 (Reuters) - Turkey's Ziraat Bank has finalised a $1.3 billion, 367-day syndicated loan in two tranches of $423 million and 779 million euros ($850.4 million), it said on Friday. It said the loan was coordinated by Abu Dhabi Commercial Bank PJSC and Emirates NBD Capital. ($1 = 0.9161 euros)Reporting by Ebru Tuncay Writing by Daren Butler Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ Most Gulf markets open lower on weak oil prices, rate-hike bets
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite. Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, extending losses to a seventh consecutive session. The Qatari Stock index (.QSI) eased 0.1%, dragged down by losses in financial stocks. Bucking the trend, Dubai's benchmark index (.DFMGI) rose 0.4%, lifted by gains in property and banking shares. ($1 = 3.7519 riyals)Reporting by Shamsuddin Mohd in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani to hold fixed-income roadshow next week in Asia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - India's Adani Group will hold a fixed-income roadshow next week in Asia, according to a bank document seen by Reuters, as the beleaguered conglomerate tries to shore up investor confidence in the aftermath of a U.S. short-seller report. Adani group executives, including group Chief Financial Officer Jugeshinder Singh, will attend the roadshows in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, the document showed. Dollar bonds of Adani Group were largely trading lower on Friday. Bonds of Adani Ports (APSE.NS) maturing in February 2031 led the losses, while some notes of Adani Green Energy (ADNA.NS) were marginally higher. Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are the banks organising next week's roadshow, according to the document.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Egypt to raise $1.5 billion with debut sukuk at 11% yield
▼ + stars: | 2023-02-21 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Feb 21 (Reuters) - Egypt was set to raise $1.5 billion on Tuesday from its debut sale of Islamic bonds known as sukuk at a yield of 11%, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625% and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt's vulnerable finances fell into crisis after the war in Ukraine triggered heavy foreign investment outflows from Egyptian financial markets. The sukuk will be listed on the London Stock Exchange, issued through The Egyptian Financial Company for Sovereign Taskeek, with the finance ministry as obligor. The sukuk will help Egypt repay $1.25 billion in five-year Eurobonds, which carried a fixed interest rate of 5.577% and mature on Feb. 21.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Russian refined oil product price cap: No panic over supply yet, analyst says
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRussian refined oil product price cap: No panic over supply yet, analyst saysEdward Bell of Emirates NBD discusses the Group of Seven and EU's price cap on Russian petroleum products.

☆ Dubai lender Emirates NBD 2022 net profit up 40%
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 26 (Reuters) - Emirates NBD (ENBD.DU), Dubai's biggest lender, reported a 40% jump in 2022 net profit to 13 billion dirhams ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes which boosted overall income. The bank, majority owned by the government of Dubai, made a profit of 3.9 billion dirhams in the fourth quarter, up 94% from a year earlier. Higher interest rates and increased transaction volumes supported a 36% jump in 2022 total income to 32.5 billion dirhams, boosting profit. Total assets grew 8% to 742 billion dirhams. Total deposits grew 10% in 2022 to 503 billion dirhams.

☆ Gulf economies to slow this year on sluggish oil demand - Reuters poll
▼ + stars: | 2023-01-24 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

Crude oil prices, a major driver for Gulf economies, are down more than a third from last year's highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand. Overall growth in the six GCC economies was forecast to average 3.3% and 2.8% this year and next respectively, the Jan. 9-23 poll showed, down from 4.2% and 3.3% in the previous poll. Among other Gulf countries - Qatar, Oman, and Bahrain - growth was expected at 2.4%-2.7% for 2023. Despite lower oil GDP growth, non-oil growth was expected to remain resilient in 2023, economists in the survey said. Analysts expected continued current account surpluses for the main Gulf economies, based on relatively high oil prices.

☆ Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
▼ + stars: | 2023-01-05 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Saudi Arabia's benchmark stock index (.TASI) closed flat, as losses in energy and financial shares were capped by gains in real estate stocks. In Abu Dhabi, the benchmark index (.FTFADGI) declined 0.3%, as the country's largest lender First Abu Dhabi Bank (FAB.AD) eased 0.6% while fertiliser maker Fertiglobe (FERTIGLOBE.AD) tumbled 2.4%. Alpha Dhabi (ALPHADHABI.AD) and Abu Dhabi state fund Mubadala Investment plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said. Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate $15 billion to decarbonisation projects by 2030. The benchmark stock index in Qatar (.QSI) jumped 2.8% to close the week with a gain of 4.3%.

☆ Most Gulf markets rise as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID as it has become less virulent and will gradually evolve into a common respiratory infection. The announcement buoyed other Asian markets as well, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.53%. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% gain in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) added 0.1%, helped by a 0.4% rise in top lender Emirates NBD (ENBD.DU).

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

☆ Most Gulf markets firm on rising oil prices
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, as oil prices extended gains for a fourth session although global economic concerns limited gains. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.3% increase in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - climbed for a fourth straight day with U.S. crude, heating oil and jet fuel stocks growing tighter just as a cold snap hits the United States and travel is set to soar for the holiday season. In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.6% increase in the country's biggest lender First Abu Dhabi Bank (FAB.AD). The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

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