Banking and Finance $500m Aldar green bond ‘four times oversubscribed’ Aldar Investment Properties – a subsidiary of Abu Dhabi’s biggest real estate developer Aldar Properties – has launched a $500 million 10-year green debut Islamic bond, it said in a stock market filing on Thursday. The issuance marks Aldar Properties’ first return to international capital markets since 2019, when it launched its debut 10-year sukuk, […] May 18, 2023
Analysis Banking and Finance Qatar’s QIA challenges UBS Credit Suisse takeover The Qatar Investment Authority (QIA) is said to be considering taking legal action against the Swiss financial authorities following the forced takeover of Credit Suisse by domestic rival UBS. The Qatari fund increased its stake in Credit Suisse in late 2022 as part of the ailing lender’s ultimately failed attempts to bolster its finances following […] May 18, 2023
Banking and Finance Bahrain’s oil holding firm launches $750m sukuk Bahrain’s state oil holding firm Nogaholding launched a $750 million 10-year Islamic bond, or sukuk, on Wednesday, capital markets publication IFR News reported. Demand for the high-yield issue drove pricing below guidance. Order books hit more than $3.75 billion ahead of launch, allowing the company to offer a yield of 6.625 percent from the 7.25 […] May 18, 2023
Banking and Finance Qatari fund explores claims against Credit Suisse losses Qatar’s sovereign wealth fund, Credit Suisse’s second-largest investor, has explored seeking redress for losses incurred by the bank’s takeover, two people familiar with the matter said, as legal challenges to Switzerland’s state-backed rescue mount. The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, […] May 18, 2023
Video length: 04:29 VIDEO Banking and Finance UAE family businesses: ‘bigger cake, bigger problem’ Inefficient governance and incomplete succession planning are the two main challenges facing UAE family businesses, says the chairman of Dubai Chambers. Over the past 50 years family businesses have evolved from being small operations to multi-billion-dollar conglomerates. The sector now accounts for 60 percent of the country’s GDP. “The bigger the cake, the bigger the […] May 17, 2023
Banking and Finance Consortium to make bid for Oman’s Ahli Bank Oman International Development and Investment Company (Ominvest) is heading a consortium to acquire Ahli Bank in Oman. The consortium will make a cash offer of 185 baisas ($0.48) per share, representing a 28 percent premium over the bank’s average one-year market price of 144 baisas, the investment firm said in a statement to the Muscat […] May 17, 2023
Exclusive Banking and Finance Gulf warms to outsourced investment market A growing number of Gulf businesses and wealthy individuals are outsourcing their investment management, experts have told AGBI. Market volatility and a desire to invest in more complex assets are pushing up demand for outsourced chief investment officer (OCIO) services, they said. The Gulf’s increased focus on governance and compliance – plus a recognition that […] May 17, 2023
Banking and Finance Pfizer plans $31bn debt to fund Seagen takeover Pfizer Inc said on Tuesday it plans to raise $31 billion from a debt offering to finance its proposed acquisition of Seagen Inc. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in Covid-related sales and generic competition for some top-selling […] May 17, 2023
Banking and Finance Turkey’s market rout deepens after Erdoğan’s secures lead Turkey’s market rout deepened on Tuesday amid investor expectations that President Tayyip Erdoğan could be able to extend his rule – and his unorthodox economic policies – into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdoğan […] May 17, 2023
Banking and Finance UBS flags $17bn hit from Credit Suisse takeover UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG, the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival. UBS estimates a negative impact of $13 billion from fair value adjustments of the combined […] May 17, 2023
Banking and Finance Saudi’s ANB invests $38.2m in new Iraqi bank Saudi Arabia’s Arab National Bank (ANB) will invest $38.2 million to set up a new bank in Iraq, as it looks to boost trade exchange for its customers and expand into new markets. ANB, one of the kingdom’s largest lenders with assets of SAR214.04 billion ($57 billion), will own a 20 percent stake in the […] May 16, 2023
Banking and Finance Goldman Sachs plans Abu Dhabi office after 1MDB scandal An internal memo seen by Bloomberg shows that Goldman Sachs Group Inc is opening an office in Abu Dhabi Global Market, a free trade zone in the UAE capital, adding to its hubs in Doha, Dubai and Riyadh. Assuming the office receives regulatory approval, it will mark a significant step forward in the rehabilitation of […] May 16, 2023
Banking and Finance Bahrain’s Nogaholding plans new dollar sukuk Bahrain’s state oil holding firm, Nogaholding, is planning a sale of US dollar-denominated Islamic bonds and has offered to tender existing notes for cash, a bank document and filing showed. The tender offer is conditional on the completion of the new debt sale, in which nogaholding will offer sukuk maturing in seven or 10 years. […] May 16, 2023
Banking and Finance Saudi’s latest sukuk issuance gets $17bn worth of orders Saudi Arabia has launched a dollar-denominated sukuk with tenors of six and 10 years for the second time this year. The Arab world’s largest economy drew over $17 billion in demand for the issue, Reuters reported, citing a bank document. The initial guidance for the six and 10-year sukuk was at 110 basis points (bps) […] May 16, 2023
Banking and Finance SC Lowy targets regional deals from Abu Dhabi office Hong Kong-headquartered SC Lowy, which invests in high yield and distressed credits, plans to open an office in Abu Dhabi amid growing opportunities in the Middle East region, its new regional head said. “We are in the final stages, hopefully, of getting the final sign off from the regulatory bodies to open an office in […] May 16, 2023
Banking and Finance Egypt sells 9.5% stake in telecoms firm for $122m The Egyptian government has sold a 9.5 percent stake in state-run Telecom Egypt for EGP3.75 billion ($121.6 million). It represents the second sale of state-owned assets since Prime Minister Mostafa Madbouly vowed to proceed with the divestment programme and sell assets worth $2 billion by June-end. The government sold more than 162 million shares for […] May 15, 2023
Banking and Finance Turkey’s lira sinks to 2-month low in post-election trade Turkey’s lira slipped to a two-month low as financial markets kicked off trading in the wake of the country’s Sunday presidential and parliamentary election. The currency weakened to 19.70 to the dollar before retracing some of its losses to 19.66, on track for its worst session since early November. That was not far off the […] May 15, 2023
Banking and Finance S&P affirms Israel’s rating but warns on growth Credit ratings agency S&P on Friday affirmed Israel’s “Aa-/A-1+” rating and kept its outlook stable, but warned that fallout from a highly contested judicial overhaul could hamper growth. Israel’s government is trying to push through changes that would give politicians greater sway over selecting judges and to limit the power of the Supreme Court to […] May 14, 2023
Opinion Banking and Finance Abu Dhabi opens its doors to ‘masters of the universe’ The UAE capital has big plans to be the region's top financial centre May 12, 2023
Banking and Finance Mubadala $1.5bn bond sale gets orders over $18bn Abu Dhabi sovereign investor Mubadala is set to raise $1.5 billion from a dual-tranche bond sale that drew over $18 billion in demand, a bank document showed. The spreads were tightened by as much as 45 basis points (bps) from initial guidance to 105 bps over US Treasuries (UST) for a 10.5-year tranche and 135 […] May 12, 2023
Banking and Finance UAE’s Royal Group targets US investments The chairman of Abu Dhabi-based conglomerate Royal Group, Sheikh Tahnoon bin Zayed Al Nahyan, said the company has identified “outstanding” investment opportunities in the US market that it plans to pursue. “First and foremost, I’d like to reiterate that I firmly believe in the stability and potential of the US market,” Sheikh Tahnoon, who rarely […] May 12, 2023
Analysis Banking and Finance Tadawul and DFM are overvalued, data shows The companies that operate Dubai and Saudi Arabia’s bourses are providing investors with scant returns because of high valuations and low dividend yields following a prolonged Gulf stock trading slump. Dubai Financial Market (DFM) was the first Gulf bourse to go public, in 2007, while Boursa Kuwait and Saudi Tadawul Group followed suit in 2020 […] May 11, 2023
