Banking & Finance PIF enlists global banks for second debt market issue By Pramod Kumar February 27, 2024, 5:22 AM Creative Commons PIF has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year. The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings started on Monday. The unsecured sukuk will have a seven-year tenure. The total amount to be raised was not disclosed. Saudi sovereign fund PIF buys 40% stake in Zamil Offshore PIF explores buying stake in Saudi Binladin Group Saudi wealth fund pitches kingdom as global AI centre Last month, PIF received orders for more than $20 billion for its dollar-denominated triple-tranche bond sale, capital markets publication IFR reported. The sovereign fund raised $5 billion through selling a triple-tranche conventional bond and $3.5 billion from a sukuk deal in October. PIF plans to ramp up its capital deployment to $70 billion a year after 2025, from the current $40-$50 billion, PIF governor Yasir Al-Rumayyan said last week in Miami. Saudi Arabia requires roughly SAR86 billion ($23 billion) in financing this year in order to help balance the kingdom’s books, finance minister Mohammed Al Jadaan said in January. The 2024 budget statement, approved in December, estimated that the deficit for 2023 will be $22 billion, rather than the surplus of $4 billion that was being predicted last year. The plan will be used to finance the deficit “in addition to seizing available opportunities according to market conditions to implement additional financing activities to pay debt maturing in the coming years”.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
