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Citigroup sees Saudi, UAE as top Mideast markets for deals this year

Wednesday, 13 February 2019

Citigroup expects the majority of investment banking opportunities in the Middle East to come from Saudi Arabia and the UAE this year, said Miguel Azevedo, Citigroup’s head of investment banking, Middle East and Africa. The US lender, which is working towards a full banking license in Saudi Arabia, ended a five-decade presence in the kingdom in 2004 but in 2015 won permission to invest directly in the local stock market and last year gained approval to begin investment banking ...

Mubadala to sell 34.9 million shares in Advanced Micro Devices

Tuesday, 5 February 2019

Mubadala Investment Company announced on Tuesday the sale of its stake of 34.9 million common equity shares, along with a plan to convert 75 million warrants, in US-based semi-conductor company Advanced Micro Devices (AMD).Mubadala will continue to be a major AMD shareholder after the transaction, with ownership of 6.9 percent, once the 75 million warrants are converted to common equity share, it added.Converting the warrants will provide AMD with $448.5 million, Mubadala said in a statement ...

Market upgrade to boost foreign investments in Saudi Arabia to $30-$50 billion

Tuesday, 22 January 2019

Mohammed bin Abdullah al-Quweiz, the president of Saudi Capital Market Authority, has said he expects inflows of around $30-$50 billion to invest in the country’s stock market because of the recent upgrade in emerging market indices. “These expected inflows are part of the remaining funds, and the other active investments will move after the decision to upgrade,” al-Quweiz told Al Arabiya on the sidelines of the World Economic Forum in Davos. He said “the foreign investor ...

Saudi Alhokair’s mall unit to file for IPO, offering in Q2: sources

Monday, 21 January 2019

Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.Arabian Centres did not respond to requests for comment.Saudi Arabia is encouraging more family-owned companies to list ...

Saudi stocks achieve yearly gains in two weeks

Tuesday, 15 January 2019

The Tadawul stock market ended Tuesday’s trading with a good gain of 76.70 points to close at 8347.25 points up 0.93%, with trades worth more than 3.1 billion riyals. By today’s closing, the Saudi market has achieved gains in just two weeks, equivalent to the one achieved in a year. More than 117 million shares were traded, with shares in 98 companies showing gains while shares in 76 companies closed lower. Saudi Cable company, Buruj Insurance, Savola, Saudi Cement and Saco were ...

First Abu Dhabi Bank plans to raise $750 mln in sukuk

Tuesday, 15 January 2019

First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, is expected to raise $750 million in Islamic bonds, according to a document issued by one of the banks leading the deal. The five-year sukuk offer buyers 130 basis points over mid-swaps, 20 basis points below the indicative price FAB proposed when it started marketing the notes earlier on Tuesday. FAB is the largest bank by assets in the UAE, formed in December 2016 through the merger of First Gulf Bank (FGB) and the ...

Nissan plans to file for damages against Ghosn in future - source

Tuesday, 15 January 2019

Nissan plans to file a civil suit against ousted chairman Carlos Ghosn to claim for damages resulting from alleged misuse of company funds, a person with knowledge of the issue said, which would add to the high profile executive’s legal headaches. Ghosn, who remains chairman and chief executive of Nissan partner Renault, has already been charged with three counts of financial misconduct and has been held at a detention centre in Tokyo for nearly two months. On ...

Turkish lira weakens after Trump comment on economic devastation

Monday, 14 January 2019

Turkey’s lira weakened against the dollar on Monday after U.S. President Donald Trump warned it would devastate Turkey economically if it attacks a Kurdish militia in Syria. According to Reuters, the lira, which lost nearly 30 percent of its value against the dollar last year, eased to 5.49 against the U.S. currency by 0454 GMT from a close of 5.4540 on Friday. “Starting the long overdue pull-out from Syria while hitting the little remaining ISIS territorial caliphate hard, and from ...

Dubai’s DP World to buy major stake in Chile firm for $502 million

Sunday, 13 January 2019

Dubai based port operator DP World says it will buy a 71.3 percent stake in Chile’s Puertos y Logistica SA, a port services firm in the South American nation.Sunday’s announcement says DP World would pay $502 million for the stake in the port operator, which has a long term concession for Puerto Central in San Antonio and owns and operates Puerto Lirquen in Chile’s southern region.The statement quoted DP World Group chairman and CEO Sultan Ahmed bin Sulayem as saying the deal ...

Nasdaq Dubai launches 12 Saudi futures

Thursday, 10 January 2019

The Nasdaq Dubai has launched futures trading on shares of 12 Saudi Arabian companies, its first single stock futures outside of the United Arab Emirates. The move aims to diversify financial offerings to regional and international investors, allowing them to both invest in and trade Saudi companies on the Emirati exchange. The companies now available for futures trading on the Dubai exchange comprise a market capitalization of 794 billion Saudi riyals ($212 billion) and cover sectors ...

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