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☆ UAE to set up investment ministry, PM says
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 3 (Reuters) - The United Arab Emirates (UAE) will set up a new federal ministry of investment to develop the Gulf state's investment strategy both globally and domestically as it contends with growing economic competition from neighbours. The Gulf states, largely dependent on hydrocarbons for revenue, all have plans underway to diversify their economies and sources of income. The ministry's aims would include stimulating the investment environment in the UAE and to make the UAE's legislation and procedures more competitive to attract global investment, Sheikh Mohammed said. The UAE will also set up a Financial Stability Council to monitor risks, and deal with financial crises to further its objectives of becoming a major global financial centre. Foreign direct investment into Saudi Arabia was about 30 billion riyals ($8 billion), based on data from the Saudi investment ministry.

Persons: Sheikh Mohammed bin Rashid al, Mohammed Hassan Al Suwaidi, Sheikh Mohammed said, Sheikh Mohammed, Rachna Uppal, Nayera Abdallah, David Goodman, Jane Merriman Organizations: United Arab Emirates, Twitter, Thomson Locations: DUBAI, UAE, Maktoum, Dubai, Saudi Arabia, Saudi

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

☆ Abu Dhabi's G42 and Israeli firm Viola partner up in new tech venture
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

DUBAI, June 15 (Reuters) - Abu Dhabi's artificial intelligence firm G42 and Israeli technology investment company Viola Group, which manages $5 billion in assets, on Thursday announced Global Valley, a joint venture to set up a new platform to meet demand for high-skilled tech talent. Based in the UAE capital, Global Valley will employ specialised tech-focused workers from around the world providing a variety of services, as well as help develop Abu Dhabi's local tech sector, a statement from the Abu Dhabi Investment Office, which provided support for the project, said. No figure for the value of the investments by any of the involved parties was provided in the statement. ADIO is a government vehicle tasked with expanding private sector investment into the emirate and helping diversify its economy. We are looking to diversify Abu Dhabi's economy, we want and are developing further platforms for growth.

Persons: Abu, Abdulla Abdul Aziz AlShamsi, Shamsi, Abraham, Rachna, Jason Neely Organizations: Viola Group, Abu Dhabi Investment Office, Tech, Reuters, Trade, UAE, Thomson Locations: DUBAI, UAE, Global, Abu Dhabi, Abu, Israel

☆ Saudi Arabia signs $5.6 bln deal with Chinese EV company - state media
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

Companies Human Horizons Group Inc FollowDUBAI, June 12 (Reuters) - Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement. Part of the Saudi plan is to develop a domestic electric vehicle (EV) manufacturing industry. Human Horizons manufactures electric vehicles under the HiPhi brand in China. Chinese foreign direct investment into Arab markets stood at $23 billion in 2021, of which $3.5 billion as in Saudi Arabia, the Saudi statement said. Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year as it looks to expand overseas.

Persons: Rachna Uppal, Robert Birsel Organizations: Human Horizons, DUBAI, Saudi Arabia's Ministry of Investment, Thomson Locations: Saudi, Arab, China, Riyadh, Saudi Arabia

The business conference will draw about 2,000 attendees from Greater China, in what will be one of the region's biggest-yet business delegation to Saudi Arabia, according to one person with direct knowledge of the matter. "From the perspective of both capital and new market, the Middle East, Saudi Arabia are really good new choices for Chinese companies and investors," said Henry Zhang, president of Hong Kong-based private equity firm Hermitage Capital. "Since late last year, a large number of Chinese funds have rushed to the Middle East looking for new investors. For the upcoming conference, Chinese entrepreneurs in attendance represent a range of industries -- from renewable energy and artificial intelligence to biotech, finance and tourism. "Previously, I had to actively pitch Chinese companies to consider Saudi Arabia as their destination of outbound investment and overseas expansion.

Persons: Xi Jinping's, Antony Blinken, Henry Zhang, Zhang, Robert Mogielnicki, Edison Gao, I've, Gao, Julie Zhu, Aziz El Yaakoubi, Sumeet Chatterjee, Michael Perry Organizations: China Business Conference, Hermitage Capital, Gulf States Institute, Ajlan, Brothers, Thomson Locations: HONG KONG, RIYADH, Riyadh, Saudi Arabia, Arab, Gulf, Beijing, Washington, U.S, Greater China, East, Hong Kong, Hermitage, China, Saudi, Rachna, Dubai

☆ Qatar records budget surplus of $5.4 bln in Q1 - state news agency
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: 1 min

DUBAI, June 5 (Reuters) - Qatar recorded a budget surplus of 19.7 billion Qatari riyals ($5.40 billion) in the first quarter of 2023, its state news agency said on Monday, citing the finance ministry. Total revenues for Q1 stood at 68.6 billion riyals, of which 63.4 billion were oil and gas revenues, the Qatar News Agency statement said, while non-oil revenues amounted to 5.2 billion riyals. ($1 = 3.6450 Qatar riyals)Reporting by Rachna Uppal; Editing by Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Rachna Uppal, Jon Boyle Organizations: Qatar, Agency, Thomson Locations: DUBAI, Qatar

☆ Saudi's Morabaha Marina aims to raise up to $83.4 million in IPO -statement
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 14 (Reuters) - Saudi Arabia's Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth. The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement. The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. Net proceeds from the share sale will be used to strengthen the company's capital base to support future growth. Morabaha Marina Financing Company offers Sharia-compliant financial services to individuals and small and medium sized enterprises in Saudi Arabia.

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ UAE's ADNOC to offer 15% stake in logistics unit IPO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 10 (Reuters) - Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday. ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June. This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

☆ UAE's Aldar Properties to hold off further Egypt investments for now
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 3 (Reuters) - Aldar Properties (ALDAR.AD) will hold off any further investments in Egypt until conditions there stabilise, a senior executive said, as the Abu Dhabi real estate developer reported a 22% jump in first quarter profit on Wednesday. Aldar issued a bourse statement later on Wednesday to reaffirm its commitment to being a long term investor in Egypt. He said the company would only tap debt markets opportunistically, and was in a comfortable liquidity position, with 6.1 billion dirhams in free cash and 4.4 billion dirhams available in undrawn facilities. Aldar reported net profit of 836 million dirhams ($228 million) in the first quarter, up 22% year on year, while revenue rose 14% to 3.1 billion dirhams. Increased demand from overseas and resident expatriate buyers resulted in record quarterly development sales of 4.5 billion dirhams.

☆ Saudi economy edging closer to reducing dependence on oil –IMF official
▼ + stars: | 2023-05-03 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

The Saudi economy grew 8.7% last year, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years. The IMF projects that Saudi GDP growth will more than halve, to 3.1%, this year, in line with the forecast for Middle East oil exporters. "Clearly, the strategy over the last five to six years has helped the Saudi economy, and also the public finances, to be less dependent on the cycle of oil." Saudi Arabia has embarked on an ambitious economic transformation plan known as Vision 2030, investing billions to diversify into sectors such as tourism, launch massive infrastructure projects, and develop the financial and private sectors. "The size of the non-oil economy is growing and it's mainly driven by the private sector," Azour said.

☆ Saudi's United Electronics Co shelves plans for Egypt expansion
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 1 (Reuters) - United Electronics Company (4003.SE), known as eXtra, has decided to discontinue its expansion plans in Egypt, it said on Monday, following a feasibility study. The expected negative financial impact of shelving the expansion in Egypt is about 38 million riyals ($10.13 million), the company said in a bourse statement. "After reviewing the feasibility of the company continuing to move forward with external expansion in the Arab Republic of Egypt, United Electronics Company announces that the Board of Directors has decided...to discontinue the company's plans to expand in Egypt," the statement said. Companies from the Gulf have been eyeing expansion opportunities in Egypt which offers a big market for their goods and services. ($1 = 3.7506 riyals)($1 = 30.8500 Egyptian pounds)Reporting by Rachna Uppal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia commits financial support to help Pakistan secure IMF deal - minister
▼ + stars: | 2023-04-06 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

ISLAMABAD, April 6 (Reuters) - Saudi Arabia has told the International Monetary Fund it will provide financing to Pakistan, Pakistani junior finance minister Aisha Ghaus Pasha said on Thursday, a critical step needed to secure IMF funding. Saudi Arabia's $2 billion pledged in external financing support to Pakistan is one of the final conditions for an IMF deal that Islamabad needs to avert a default. "Apparently Saudi Arabia has committed to IMF, and IMF has indicated to us that there has been a correspondence from them," Pasha told reporters in Islamabad. ,The IMF has asked Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, which ends in June. Pasha said Islamabad was also in talks with UAE to secure an assurance for a foreign reserves deposits in central bank.

[1/2] The logo of the Swiss bank Credit Suisse is seen in Zurich, Switzerland March 20, 2023. While the nation's central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation's second-biggest bank. The Swiss National Bank declined to comment while the finance ministry did not respond to a request for comment. Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence of its own making. By Wednesday, two days later, Credit Suisse was swept up in a full-blown crisis.

☆ Saudi National Bank strategy unaffected by hit to Credit Suisse investment
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 20 (Reuters) - Saudi National Bank's (1180.SE) growth strategy will be unaffected by the reduced valuation on its investment in Credit Suisse after the Swiss bank was taken over by domestic rival UBS (UBSG.S) on Sunday. "Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance," Saudi National Bank said in a bourse filing on Monday. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability. Investment in Credit Suisse formed less than 0.5% of the Saudi lender's total assets of more than 945 billion riyals as of last December. Saudi National Bank's chairman last week said the bank was not looking at any international acquisitions and was instead focused on growth in the Saudi market.

☆ Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

RIYADH, March 15 (Reuters) - Credit Suisse Group's Saudi backer is happy with the transformation plan and doesn't think the Swiss lender will need extra money. "We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said on in an interview with Reuters. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said on the sidelines of a conference in Riyadh. SNB's investment objective is not dependent on time, and the Saudi bank will exit when proper value to the shares is acquired, he added.

☆ Saudi National Bank not looking at international opportunities
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The chair of Saudi National Bank (SNB) (1180.SE), the kingdom's biggest lender, which last year acquired a stake of almost 10% in Credit Suisse (CSGN.S), said on Wednesday the bank was not considering any specific international opportunities. SNB Chair Ammar Al Khudairy said the bank is instead focused on growing its business in Saudi Arabia. "As of today we are not looking at specific opportunities," Al Khudairy told Reuters in an interview on the sidelines of the Financial Sector Conference in the Saudi capital. "If anything, in the last 12 months, the Saudi market is one of the most exciting markets. Al Khudairy said the bank wants to increase its retail coverage in Saudi Arabia and deploy capital across the country in both the private sector and the government-led gigaprojects underway.

☆ Saudi investment in Iran could happen 'very quickly' after agreement - minister
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

RIYADH, March 15 (Reuters) - Saudi Arabia's finance minister, Mohammed al-Jadaan, said on Wednesday that Saudi investments into Iran could happen "very quickly" following an agreement. "There are a lot of opportunities for Saudi investments in Iran. Tehran and Riyadh agreed to resume diplomatic relations and re-open embassies within two months, according to a statement issued by Iran, Saudi Arabia and China, which brokered the deal. "To focus on your economic development and focus on providing for the people in your country, you need stability, and they (Iran) need both," al-Jadaan said in Riyadh. He said there are a lot of opportunities in Iran and that Saudi Arabia also provides a lot of opportunities for them.

☆ Credit Suisse's biggest backer says can't put up more cash; share down by a fifth
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) (1180.SE), said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data. The Saudi bank would exit when proper value to the shares had been acquired, he added. At 1046 GMT, Credit Suisse shares were trading down 20% at 1.7840 Swiss francs"We are happy with the plan, the transformation plan that they have put forward. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

☆ 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.

☆ Saudi non-oil business activity surges in February on strong demand-PMI
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 5 (Reuters) - Saudi Arabia's non-oil business sector activity soared to its highest level in eight years in February, a survey showed on Sunday, based on a strong increase in demand and an optimistic economic outlook. A substantial rise in new orders indicated improved economic conditions for businesses. As a result the Output sub-index also recorded a strong increase, at 65.6 in February from 63.6 in the previous month, leading to further expansion in employment and purchasing. Saudi inflation rose to 3.4% in January, slightly up from the previous month. Improving economic conditions are driving confidence for future business activity over the next 12 months, the survey said.

☆ UAE cbank studying options after UAE licensed Russian bank sanctioned
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Feb 24 (Reuters) - The central bank of the United Arab Emirates is studying available options regarding the new status of Russia's MTS bank which it licensed to operate in the Gulf country last year, a state news agency WAM said on Friday. The Russian lender was part of a new sanctions package announced on Friday. "The Central Bank is studying now the available options regarding the new status of the bank and the appropriate decision will be taken in due course, considering the obligations incurred by the branch during the previous period," the statement said. Reporting by Rachna Uppal, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi non-oil private sector activity jumps in January on higher output, orders
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 5 (Reuters) - Growth in Saudi Arabia's non-oil business activity accelerated in January, having hit a three-month low the previous month, a survey showed on Sunday, supported by an increase in new orders and output. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.2 in January, from 56.9 in the previous month and well above the 50 mark separating growth from contraction. "This growth confirms the Saudi position as the fastest-growing economy among the Group of 20 countries despite economic headwinds," said Naif Al-Ghaith, Chief Economist at Riyad Bank. The output sub-index rose to 63.6 in January from 61.0 the previous month, mainly on higher demand, as the new orders sub-index jumped to 65.3 from 62.9 in December, with the strongest increase recorded among service providers. Confidence among private firms in the non-oil sector increased to a two-year high last month with survey participants forecasting a strong year ahead supported by new order inflows, high capacity, and lower expected costs.

☆ 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.

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