Abu Dhabi would be a logical owner for Gunvor 4 Oct 2022 ADNOC, the emirate’s huge oil company, is interested in the privately held commodities trader. Gunvor’s valuation involves guesswork, and it used to be owned by a target of U.S. sanctions. But the UAE could use the group’s roster of gas client relationships, and it has the cash.
Petrodollar rush may disappoint Western financiers 20 Sep 2022 In prior energy booms, like in the 1970s, the proceeds wound up in U.S. banks and bonds. OPEC’s $907 bln haul in 2022 is smaller, and winners like Saudi Arabia need cash to pivot away from oil. Bankers may not see a developed world equities and debt bonanza on the same scale.
SoftBank’s Fortress sale calls for an interloper 13 Jul 2022 The Japanese tech conglomerate may sell the asset manager to Abu Dhabi’s Mubadala wealth fund. The mooted price tag of over $1 bln looks embarrassingly cheap. SoftBank’s recent investing mishaps, like Klarna, should make boss Masayoshi Son open to a higher offer.
Western bankers’ long wait for Gulf gold pays off 20 Jun 2022 Not long ago, U.S. and European lenders’ Middle East jobs meant low-paid work and no play. Now, oil-funded deal flow in Riyadh and Dubai is robust even as it falls elsewhere. That’s a boon for the likes of JPMorgan and Citi, who stuck it out and are now boosting their teams.
UAE’s $20 bln chemical IPO is pricey for a reason 26 May 2022 ADNOC and Borealis’ joint venture Borouge is to be Abu Dhabi’s largest listing. The company is priced at a premium to rivals like BASF and SABIC, at a time when higher shipping costs are starting to bite. Yet the group’s cash and dividend profile support a princely valuation.
India’s energy-storage fix has virtue of speed 18 May 2022 As the West obsesses over building the perfect battery, Singapore- and Abu Dhabi-backed Greenko is launching the largest long-lasting renewable power-storage project. It’s a low-tech leap towards a greener energy system. Big customers like ArcelorMittal are lined up too.
Stars align for UAE to become a global crypto hub 6 May 2022 Big exchanges Binance, FTX and Kraken are expanding in Dubai and Abu Dhabi as local regulators grant licences to trade virtual assets. The world’s leading financial regulators have been wary of cryptocurrencies. A variety of factors give UAE the chance to steal a march on them.
Dubai’s $34 bln utility float tees up IPO drive 25 Mar 2022 State-owned DEWA will be the emirate’s largest listing since 2007. Its pricing muscle and generous dividend are drawcards, as is the cheap valuation. That reflects the political desire for the debut to set the stage for follow-up IPOs, and puts rival regional bourses on notice.
UAE could be Russian oligarchs’ next playground 4 Mar 2022 Amid U.S. and European asset freezes, Moscow’s billionaires need new bases. The United Arab Emirates has international schools, a Western feel and, in Dubai, a relaxed approach to sanctioned parties. Most of all, it’s currently taking a different stance over Ukraine to the West.
Rising IPO tide could lift all Gulf boats 20 Jan 2022 Riyadh, Abu Dhabi and Dubai are fighting it out to be the region’s listing venue of choice. But recent evidence suggests much greater foreign investor interest in Gulf IPOs in general than previous misfires like Aramco. The competitive tension may wind up being good for everyone.
Riyadh will flip from No-Go to FOMO for business 21 Dec 2021 Lifestyle reasons mean bosses have long preferred Dubai to the Saudi capital as a Gulf HQ. A mix of the kingdom’s financial promise and government strong-arming means that could start to change. The city’s social scene is already slowly making it less of a punishment posting.
Longer weekends are the next economic battleground 10 Dec 2021 The United Arab Emirates is slicing half a day off the working week while companies experiment with shorter hours. A lasting shift requires a majority to follow, even as tech makes it harder to log off. But post-pandemic workers may be more willing to trade labour for leisure.
UAE oil IPO looks safer than Saudi for foreigners 6 Sep 2021 Two years after largely spurning Aramco’s listing, international investors have another chance to buy into a Gulf national oil group. At a potential $11 bln, ADNOC’s drilling arm is smaller and in a less tricky locale. A successful sale would confirm the UAE’s overseas appeal.
OPEC spats are less important than its sweet spot 6 Jul 2021 The UAE stymied a deal to unwind oil output cuts. That will further strain relations with Saudi Arabia, but Riyadh will probably find a compromise. Meanwhile, the cartel and its allies have unusual scope to keep crude prices high without losing market share to U.S. producers.
UAE takes relaxed view of Deripaska sanctions risk 24 Jun 2021 Mubadala has bought 2.6% of En+ from the Russian oligarch’s ex-wife. The $243 bln Abu Dhabi fund is banking on the green strategy of the aluminium and energy group, which has taken steps to curb Oleg Deripaska’s influence. Still, the UAE is taking a punt that these controls work.
Saudi gets a partial brand detox with Qatar thaw 6 Jan 2021 Ending Riyadh’s three-year embargo with Doha gives both states a minor economic boost. It also removes one of U.S. President-elect Joe Biden’s Saudi-related headaches. But its main benefit could be to reduce the extent to which foreign investors see the kingdom as kryptonite.
Louis Dreyfus’ Gulf deal makes future less fraught 11 Nov 2020 The commodities trader has sold a 45% stake to Abu Dhabi. An $800 mln-plus inflow will ease the group’s debt burden and fund a shift into more lucrative areas. The broader shareholder base should also end a phase of owner Margarita Louis-Dreyfus paying herself bumper dividends.
Apollo and Abu Dhabi scratch each other’s backs 2 Sep 2020 A consortium led by the private equity titan has struck a $2.7 billion deal for a 49% stake in a real estate company held by the emirate’s energy group ADNOC. Apollo-linked insurers snap up long-term secure assets. Abu Dhabi gets a cash injection from selling the family silver.
Virus inflates allure of Abu Dhabi gas pipelines 23 Jun 2020 The emirate’s oil giant ADNOC has sold 49% of its infrastructure arm to investors including GIC and Brookfield. A $21 bln valuation is higher than mooted before Covid-19. That’s probably because the virus has made a combination of secure assets and leverage even more appealing.
Sovereign funds are having their rainy-day moment 23 Jun 2020 Temasek is stepping in to support Singapore Airlines and a marine group. It makes sense to shore up strategic assets at home when global valuations are high and cash is on hand. Peers from Abu Dhabi’s Mubadala to Malaysia’s Khazanah are likely to follow.