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☆ Expect oil prices to decline on average in 2025: Emirates NBD
▼ + stars: | 2024-10-07 | 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 EmailExpect oil prices to decline on average in 2025: Emirates NBDEdward Bell, head of market economics at Emirates NBD, says that oil markets are trying to price in the 'worst-case scenario,' if energy infrastructure are targeted in the Mideast conflict.

Persons: Edward Bell Organizations: Emirates, Emirates NBD

☆ Why are we still talking about cat memes in the 2024 campaign?
▼ + stars: | 2024-09-18 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

CNN —Far be it from anyone to identify a defined strategy in the cat memes that have overtaken the American political conversation in a pivotal election year. Never mind the state’s Republican governor, who also counseled against a campaign visit, called out state troopers to city schools to ease concern about scores of bomb threats. Intentional or not, the insult cued a new round of stories about how the Trump campaign doesn’t seem to mind turning off women voters. Women voters have shifted away from Trump since Harris entered the race, according to polls. “Every time I do a focus group with swing voters, they bring up JD Vance talking about childless cat ladies.

Persons: “, Donald Trump’s, Ramaswamy, Vivek Ramaswamy, Roberto Schmidt, Sarah Huckabee Sanders, Kamala Harris, Sanders, Harris, ” Harris, Kristen Soltis Anderson, ” That’s, Harris ”, Anderson, Trump, Sen, JD Vance, Harry Enten, we’ve, Enten, Nicky Jam, He’s, Taylor Swift’s, Billie Eilish’s, Lance Trover, Doug Burgum, Trover, “ I’m, ” Trover, it’s, ” Anderson, Vance, Sarah Longwell, CNN’s Jake Tapper, “ I’ve, ” Longwell Organizations: CNN, Republican, he’d, AFP, Getty, Arkansas Gov, Trump, New York Times, Siena College, Puerto, Pennsylvania doesn’t, North Dakota Gov, The New York Times, Trump Republican Locations: Ohio, Springfield, Springfield , Ohio, Michigan, Puerto Rican, Las Vegas, Philadelphia, Pennsylvania

☆ Strategist: No U.S. recession in sight
▼ + stars: | 2024-09-11 | 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 EmailStrategist: No U.S. recession in sightAnita Gupta, head of equity strategy at Emirates NBD, says "that takes away the stagflation risk."

Persons: Anita Gupta Organizations: Emirates NBD

☆ Every CPI data point until September is crucial for markets, strategist says
▼ + stars: | 2024-08-12 | 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 EmailEvery CPI data point until September is crucial for markets, strategist saysAnita Gupta, head of equity strategy at Emirates NBD, says it's watching for what the U.S. Federal Reserve will do in September.

Persons: Anita Gupta Organizations: Emirates NBD, U.S . Federal

☆ Markets currently driven by fundamentals, not central bank reactions: Emirates NBD
▼ + stars: | 2024-07-01 | 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 EmailMarkets currently driven by fundamentals, not central bank reactions: Emirates NBDMaurice Gravier, group chief investment officer, wealth management, at Emirates NBD, discusses how markets are doing after the Biden-Trump debate and ahead of the French elections.

Persons: Maurice Gravier Organizations: Emirates NBD, Biden, Trump Locations: Emirates

☆ The U.S. Fed has 'very limited space for action,' CIO says
▼ + stars: | 2024-05-15 | 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 EmailThe U.S. Fed has 'very limited space for action,' CIO saysMaurice Gravier, group chief investment officer, wealth management at Emirates NBD, discusses the outlook for U.S. inflation and interest rates.

Persons: Maurice Gravier Organizations: U.S, Fed, Emirates NBD

☆ 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

☆ Bike lanes are good for business
▼ + stars: | 2024-03-07 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

Freaked-out business owners have been fighting bike lanes coast to coast, in cities from San Diego to Cambridge, Massachusetts. Rowe compared sales taxes in these “Neighborhood Business Districts” with those in similar districts in the city that didn’t get bike lanes. In one NBD, which replaced car lanes and three parking spots with two bike lanes, sales closely tracked those in the bike-less areas, both in peaks and troughs. Sometimes nothing changed, but more often the areas near bike lanes wound up with more employees and more revenue. It’s the new normal.” All the data in the world may prove that bike lanes are good for business.

Persons: —, ”, Joseph Poirier, Nelson Nygaard, “, It’s, I’ve, Kyle Rowe, Rowe, it’s, Poirer, Jenny Liu, Wei Shi, Liu, Poirier, Shi, ” Liu, downtowns, who’s, Larisa Ortiz, ” Poirier, Adam Rogers Organizations: —, University of Washington, New York City Department of Transportation, ”, San, Portland State University, Center for Urban Studies, Portland State, Boston Globe, Automobile, Getty, Business Locations: San Diego, Cambridge , Massachusetts, Los Angeles, Seattle, New York, Brooklyn, Manhattan, Bronx, ”, San Francisco, there’s, Oregon, Portland, San Francisco , Minneapolis, Memphis, Minneapolis, America’s, downtowns, United States, Chicago ; New York City, Angeles

☆ Democrats pivot on immigration as Republicans take a stand against Biden
▼ + stars: | 2024-02-14 | by ( Zachary Wolf | Analysis Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

CNN —The immigration and border crisis is quickly morphing into the dominant issue of American politics – and Democrats are pivoting faster than Republicans at the moment. It took two tries, but House Republicans made their point and voted by the narrowest possible margin to impeach Homeland Security Secretary Alejandro Mayorkas, the first impeachment of a Cabinet secretary since the 1870s. He tacked to the middle specifically on the issue of immigration, hammering Republicans for refusing to work with Democrats on an immigration compromise. Except voters concerned about immigration told CNN reporters that it was also dysfunction on Capitol Hill – Republicans rejected even the idea of a bipartisan immigration deal last week – that drove their votes. Democrats and Republicans in the Senate joined together to pass a foreign aid package this week after it was decoupled from the border compromise.

Persons: –, Joe Biden, Donald Trump’s, Biden, Mayorkas, Alejandro Mayorkas, George Santos, Tom Suozzi, “ Let’s, ” Suozzi, Timothy A, Clary, Santos, Eric Adams, Greg Abbott, Mike Johnson, Johnson, Suozzi, “, ”, ” Johnson, bipartisanship, Hakeem Jeffries, ” Jeffries, Mike Gallagher of, impeaching Mayorkas, ” Gallagher, Larry Hogan, Hogan, CNN’s Dana, ” Hogan, “ I’m, it’s Organizations: CNN, York House, Republicans, Homeland, Democrats, Immigration, Customs, GOP, Trump, Getty, Texas Gov, Republican, Capitol Hill, Hill, “, Capitol, Capitol Hill ., Maryland Gov, Trump Republican Locations: York, New York, midtown Manhattan, AFP, New York City, Texas, Ukraine, Israel, Capitol Hill, Mike Gallagher of Wisconsin, America, Washington

Never Back Down, the super PAC supporting the Republican’s White House bid, abruptly let go three key senior staffers that evening, including an interim CEO who had just been installed nine days earlier. The sudden departures sent shockwaves throughout DeSantis’ political operation, from Tallahassee to Des Moines. One of the dismissed operatives had appeared that day at a super PAC event in Sioux City, Iowa, that featured DeSantis. “They’re a laughingstock.”Jess Szymanski, a spokeswoman for the super PAC, dismissed the outside criticism. After months of watching ads and receiving mailers from the super PAC, voters seemed unaware – and unfazed – by the duplication.

Persons: Ron DeSantis, DeSantis, Donald Trump, ” DeSantis, “ It’s, DeSantis –, –, David Polyansky, ” Polyansky, Kristin Davison, Adam Laxalt, caucusgoers, ”, canvasser, “, ” Jess Szymanski, Loren Reit, Reit, “ We’ve, NBD Organizations: Iowa CNN, Florida Gov, PAC, CNN, Republican, Iowa, Outsiders, Trump, GOP, Washington Post, Gov, Cody, “, Iowa - Locations: Newton, Iowa, Tallahassee, Des Moines, Sioux City , Iowa, Florida, DeSantis, Nevada, United States, Eldridge, Clive, Spencer, Iowa - South Dakota, “

Kristin Davison, the chief executive officer of the Never Back Down super PAC, and Erin Perrine, the communications director, have parted ways with the group, said the sources, who requested anonymity to discuss personnel matters. In a statement, Never Back Down spokesperson Jess Szymanski said long-time DeSantis ally Scott Wagner would now take over as CEO. As a super PAC, NBD can receive donations of unlimited size, but cannot coordinate with the campaign directly. DeSantis allies recently formed a new Super PAC, dubbed Fight Right, which is focusing on attacks against former U.S. Both DeSantis and Haley trail former President Donald Trump in the race for the Republican presidential nomination by over 40 points in most national polls.

Persons: Ron DeSantis, Vincent Alban, Kristin Davison, Erin Perrine, Davison, Jess Szymanski, Scott Wagner, Semafor, NBD, Nikki Haley, DeSantis, Haley, Donald Trump, Perrine, Gram Slattery, Chizu Organizations: Republican, Florida, REUTERS, Rights, Politico, Super PAC, U.S, Thomson Locations: Newton , Iowa, U.S, Florida, NBD

Struggling to energize his campaign, DeSantis this week privately encouraged his donor network to support a newly formed super PAC that's taking over advertising responsibilities. The super PAC has also paid for the bulk of his TV ads and almost all of his organizing. On Aug. 8, the DeSantis campaign announced a staff shakeup, replacing its campaign manager and hiring Polyansky from the super PAC to serve as deputy campaign manager. Polyansky is an Iowa campaign veteran who has worked on several presidential campaigns in the state. DeSantis spokesman Andrew Romeo said it was “totally false” to assert that DeSantis coordinated any campaign strategy with the super PAC.

Persons: scrappy, Koch, Trump, “, ”, Bob Vander Plaats, DeSantis, Jasper County —, David Polyansky, Polyansky, Andrew Romeo, James Uthmeier, Right's, Donald Trump, Nikki Haley, Ron DeSantis, ” Uthmeier, ” Haley, Haley, Nachama Soloveichik, Emily Seidel, Drew Klein, ___ Peoples Organizations: DeSantis, Republican, Supreme, GOP, PAC, The Associated Press, “, Iowa Caucus, WIN, ”, Trump, Haley, SFA Fund, Haley SFA, Prosperity, ___ Locations: Iowa, U.S, Jasper, Washington, ” Ports, New Hampshire, South Carolina, New York, Meredith , New Hampshire

☆ 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

☆ Even a Russian-cofounded bank can't fund new projects in the country — and it shows just how financially isolated the country is
▼ + stars: | 2023-07-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

"Any speculations concerning the discussion of new operations of the NDB in Russia are unfounded," the development bank said in a Wednesday statement. The Shanghai-headquartered NDB was founded in 2015 by the "BRICS" nations — that's Brazil, Russia, India, China, and South Africa. She said the bank is not considering new projects in Russia as it operates in compliance with international financial and capital restrictions. On Wednesday, she also met with Russian President Vladimir Putin, the Kremlin said in a statement. Mere days after it invaded Ukraine, some Russian banks were banned from SWIFT, the Belgium-based messaging service that lets banks globally communicate about cross-border transactions.

Persons: —, Dilma Rousseff, Rousseff, Vladimir Putin, Putin Organizations: New Development Bank, Twitter, Kremlin, SWIFT Locations: Russia, Shanghai, Brazil, India, China, South Africa, Russian, St, Petersburg, Ukraine, Belgium

☆ 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.

☆ A Chinese tech company fired an employee for taking medical 'bed rest' on a tropical island instead of recuperating at home
▼ + stars: | 2023-04-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A tech company fired a man who spent sick leave on a tropical island, per National Business Daily. A tech company in China fired an employee after he spent his two-week sick leave on a tropical island, according to the country's National Business Daily, or NBD, on April 16. Xu then applied for sick leave for the period from July 18 to July 31. Xu's manager called Xu on August 21 to check where he was during his sick leave. The tech company fired Xu two days later for "fraud and dishonesty" and a labor dispute between the two parties ensued.

☆ 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.

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