Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

Saudi Arabia’s Monshaat holds online sessions to support SMEs during pandemic

The fourth session held on Sunday discussed ways to emerge from the ongoing health crisis with minimum damage.

Abu Dhabi said to shelve sale of $2bn private equity book due to coronavirus

ADIA plans to restart the sales process in the second half of the year

EFG Hermes maintains buy rating for Emaar Malls on long-term business prospects and solid business model

The company has access to an undrawn Dh6.6bn credit facility that offers comfort in its liquidity position, especially in view of current market conditions

Dubai-based insurance aggregator Yallacompare raises $4.25 million in new funding

The deal has been in the making for some time and we are delighted to be able to announce this extremely positive news in a time of such uncertainty.

Saudi Arabia wealth fund builds team to hunt for global bargains

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis

TISE listing is a first for ADGM funds industry

Two classes of the fund have been listed on TISE.

Saudi foreign reserves fall to lowest record in 20 years

Non-oil revenues decreased in the first quarter of this year by 17 per cent compared to the same period last year while revenues from taxes on goods and services have also fallen, indicating a total economic slowdown in the kingdom.

Saudi Arabia gets a new oil customer in Belarus

The move reflects a competition in physical oil markets between Russia and Saudi Arabia as both fight for market share amid falling global oil demand.

Dubai to Avoid Glare of Public Markets and Raise Bonds Privately

Emirate said to be in talks about loans and private placements

Global reinsurance capital growth seen to decline after 15% gain in 2019

The report says the industry’s capital base grew 4% on average over the past five years.

Qatar Petroleum places big LNG carrier order with Chinese shipyards

Total value of the contract could reach US$3 billion, depending on requirements

Saudi Arabia’s first-quarter budget slips into deficit at $9.1 billion as oil revenue slides

First quarter surplus of around $7.4 billion in 2019 reversed

Saudi-based APICORP hires Citi, Goldman, StanChart for dollar bonds -sources

APICORP has hired Citi, Goldman Sachs and Standard Chartered for the potential issue

Saudi Aramco hybrid engine to cut car pollutants

Aramco has for years invested in research and development in engine technology and fuel efficiency as part of its sustainability strategy, with centers studying the issue of pollutant emissions in Paris, Detroit and Shanghai.

Saudi Arabia’s Public Investment Fund Acquires $500 Million Stake in Live Nation

Live Nation’s share price is down about 45% for the year to date amid the pandemic-related lockdown that shuttered most of the promotion giant’s business.

Gulf bonds prove resilience amid virus-induced adversity

New bond issuances to top record $101 billion raised in 2019: analysts

UAE, Gulf states can raise billions via asset sales

Such sales, especially of non-core assets, could generate significant overseas interest

COVID-19 exacerbates challenges for GCC insurers' profitability and capitalisation

Virus and oil price slump to weaken profitability and capitalisation of regional insurers

Real estate, insurance equities drag QSE

Qatar individuals’ net selling grew considerably to QR37.6mn compared to QR29.75mn on April 22.

Sculptor, Farallon among hedge funds readying for NMC debt talks

Distressed investors typically buy the debt of troubled companies at a discount, with the aim of making a return from its turnaround.

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