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

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.

UAE telco Du reports 4.8% drop in year-on-year revenues for Q1

Q1 2020 EBITDA and net income were down by 10.8 percent (AED1.266bn) and 21 percent (AED335m) year-on-year respectively

Haithem Al-Farajj, senior vice president at Saudi Telecom Co.

He also served as vice president of the operation sector where he led challenging transformation programs that excelled the technical operational performance of STC communication services.

DubaiFinancial Market launches new ESG Index consisting of 20 companies

The index sample is reconstituted once a year in November

UDC posts QR57mn net profit in Q1

UDC activities cover a multitude of vital investment sectors, including real estate development, property management, infrastructure and utilities, maritime, and hospitality-related businesses.

Kuwait sees 9% higher foreign reserve in February

In February 2019, the foreign reserve in Kuwait recorded $36.81 billion

UAE telco Du reports 4.8% drop in year-on-year revenues for Q1

Q1 2020 EBITDA and net income were down by 10.8 percent (AED1.266bn) and 21 percent (AED335m) year-on-year respectively

Too much oil, nowhere to put it: US crude plunges to 1 cent a barrel

When New York trading ended, WTI was in negative territory for the first time ever — minus $37.63 a barrel

Development bank APICORP increases callable capital to $8.5bln

The increase is the largest in the corporation's history

US Data Residency Platform, InCountry, selects Hub71 for Middle East Headquarters

The fact that InCountry has taken the decision to join Abu Dhabi's Hub71 - is testament of resilient tech ecosystems that are able to weather the storm during major macroeconomic upheaval.

Italian exports to Qatar jump 27% in 2019, says envoy

In addition, Cassa Depositi e Prestiti, Italy’s state lender, and Sace, its export agency, will provide further guarantees to companies until the end of this year for an additional €200bn, he further said.

Qatar’s real GDP growth forecast to bounce back in 2021April

Oil producers are not the only economies in the region strained by virus-related shutdowns and struggling to patch up financing gaps.

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