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☆ Money or talent? What's actually driving hedge funds to Abu Dhabi and Dubai
▼ + stars: | 2024-05-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

Millennium, Brevan Howard, Schonfeld, and ExodusPoint are just a few of the funds that have put roots down in either Abu Dhabi or Dubai. Meanwhile, Bridgewater's Ray Dalio bought a penthouse in Abu Dhabi as he compliments the country's policies. When one US-based hedge fund fundraiser met with Abu Dhabi officials late last year, he didn't expect much to come of it. He lauded everything from the Louvre outpost in Abu Dhabi to the warm weather to the responsiveness from government officials. A Bloomberg story on Abu Dhabi notes that it's fast-tracking country-club admissions for new wealthy immigrants.

Persons: —, Brevan Howard, Schonfeld, Bridgewater's Ray Dalio, Austen Smart, Tighe, Smart, Alan Howard, Greg Coffey, Danny Yong, hoover, Doug Greenig, Morgan, Point72, Steve Cohen, Viking Global's Andreas Halvorsen, keynotes, Howard, Abu Dhabi, Craig Bergstrom, Bobby Jain's, Florin Court's Greenig, Abu, Floring Organizations: Service, United Arab Emirates, titans, Business, Tighe International, Florin Court Capital, Morgan Stanley's, Dubai Financial Services Authority, Abu, Abu Dhabi Investment Authority, Mubadala Investment Company, Corbin Capital, Abu Dhabi Global, Hong Kong, pats, Bloomberg Locations: Dubai, Abu Dhabi, London, New York, Mumbai, UAE, Asia, Switzerland, It's, Gaza, Iran, Palm, Europe, Cayman Islands, Jersey, Miami, San Franciso, Riyadh, Saudi

☆ Investor protection is "non-negotiable" in crypto regulation: Dubai's DFSA
▼ + stars: | 2024-01-25 | 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 EmailInvestor protection is "non-negotiable" in crypto regulation: Dubai's DFSAIan Johnston, CEO of Dubai Financial Services Authority says regulators need to ensure strong governance and compliance in crypto companies and offerings.

Persons: DFSA Ian Johnston Organizations: Dubai Financial Services Authority Locations: Dubai

☆ Most Gulf markets fall on weak oil; Saudi gains
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.

Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

☆ Supermarket franchisee Spinneys Dubai plans IPO in 2024
▼ + stars: | 2023-09-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

A woman looks at products as she buys food supplies at a supermarket, as Muslims prepare for the fasting month of Ramadan in Dubai July 8, 2013. Albwardy Investment, the franchise's 100% owner, hired Rothschild & Co to advise on the planned IPO, the sources said, requesting anonymity as the plans are not public. The potential IPO of Spinneys Dubai, planned on the Dubai Financial Market, would add to the small but growing regional food retail sector. Spinneys Dubai operates more than 65 stores across the UAE, its website says. Albwardy, which says it has annual turnover above $1 billion, also owns the franchise rights to upmarket British supermarket chain Waitrose.

Persons: El, Rothschild, Moelis, Yousef Saba, Barbara Lewis Organizations: REUTERS, Spinneys, United Arab, Albwardy Investment, Co, Dubai Financial, Americana, North, KFC, Lulu, Reuters, UAE, Spinneys Dubai, Waitrose, Nestle UAE, Thomson Locations: Dubai, Spinneys Dubai, United Arab Emirates, Oman, Albwardy, East, North Africa, Abu Dhabi, Riyadh, Saudi Arabia, Europe, Middle East, Africa

☆ Major Gulf markets little changed ahead of Fed decision
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsSept 20 (Reuters) - Major stock markets in the Gulf were little changed in early trade on Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Investors are awaiting a raft of central bank interest rate decisions this week to assess the outlook for economic growth and fuel demand. The U.S. central bank is widely expected to keep interest rates on hold, but the focus will be on its projected policy path. The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar. The Qatari benchmark (.QSI) rose 0.1%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).

Persons: Joe Biden, Christopher Pike, Ateeq, Sohini Goswami Organizations: Dubai Financial, U.S, United Arab Emirates, REUTERS, Gulf Cooperation, U.S ., Development, Saudi Aramco, Qatar National Bank, Thomson Locations: Dubai, United Arab, U.S . Federal, U.S, Saudi, Dar Al Arkan, Yemen, Riyadh, Abu Dhabi, Ateeq Shariff, Bengaluru

☆ Shares of family-owned UAE exchange Al Ansari Financial Services surge in Dubai trading debut
▼ + stars: | 2023-04-06 | by ( Emma Graham | ) www.cnbc.com time to read: +1 min

DUBAI, United Arab Emirates — Al Ansari Financial Services made its trading debut on the Dubai Financial Market Thursday. Shares surged over 17% for the family-owned remittances and money exchange firm, which marks the first IPO for Dubai this year. The Al Ansari family sold 750 million shares in the offering, which is equal to a 10% stake in the company. Al Ansari Financial Services' Group CEO Rashed Ali Al Ansari told CNBC's Dan Murphy the sheer size of the organization pushed the company to decide to list publicly. In 2021, Dubai announced a listing of 10 state entities which aims to double the size of the Emirate's capital market to $817 billion.

☆ 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.

☆ Aster DM Healthcare shortlists two bidders for stake in Gulf business -sources
▼ + stars: | 2023-03-03 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 3 (Reuters) - Dubai-based Aster DM Healthcare (ATRD.NS) is looking to sell a majority stake in its Gulf-based business and has short-listed buyers for the sale, two sources with direct knowledge of the matter told Reuters. Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is looking to sell a stake of more than 50% in its business in the region, said the sources, declining to be named as the matter is not public. Private equity firm Fajr Capital and Dubai financial services firm Gulf Islamic Investments have been shortlisted in the process, the sources said. Fajr declined to comment, while Gulf Islamic Investments did not immediately respond to a request for comment when contacted by Reuters on Friday. Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business to help investors and analysts better understand the company, one of the sources said.

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