Saudi Arabia stock market rebounds, rest of region sluggish

The Saudi Arabia stock market index climbed 0.8 percent in the first 25 minutes. (Reuters)
Updated 12 February 2018
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Saudi Arabia stock market rebounds, rest of region sluggish

DUBAI: Saudi Arabia’s stock market rebounded on Monday as global equities and oil prices regained some strength after last week’s tumble, but other Gulf bourses moved little, with Qatar’s index restrained by its biggest bank going ex-dividend.
The Saudi index climbed 0.8 percent in the first 25 minutes as petrochemical blue chip Saudi Basic Industries added 1.1 percent and Al-Rajhi bank gained 1.6 percent.
Trade Union Cooperative Insurance surged 4.6 percent after reporting an 87 percent leap in fourth-quarter net profit, as gross written premiums increased 35 percent. But Salama Cooperative Insurance fell 2.3 percent after quarterly profit shrank 6 percent.
In Dubai, the index edged down 0.1 percent as amusement park operator DXB Entertainments, the most heavily traded stock, fell 1.6 percent after reporting its net loss widened to Dh1.12 billion last year from Dh485 million in 2016.
But Air Arabia rose 1.5 percent after swinging to a fourth-quarter profit of Dh26 million from a year-ago loss of Dh33 million. However, SICO Bahrain had forecast a much higher profit of Dh68 million.
In Qatar, the index was almost flat as Qatar National Bank went ex-dividend.
Telecommunications firm Ooredoo dropped 2.0 percent after reporting a 13 percent rise in fourth-quarter net profit, though annual profit fell 10 percent as currency depreciations in some markets dented revenue.
But overall, gaining stocks far outnumbered losers by 30 to five, with Qatar Insurance Co. rising 3.1 percent.


Actis takes on management of two Abraaj funds

Updated 15 July 2019
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Actis takes on management of two Abraaj funds

  • US prosecutors have in recent months charged several executives of Abraaj with criminal charges, accusing them of taking part in a massive scheme to defraud investors

DUBAI:Actis said on Monday it had acquired the rights to manage two private equity funds previously managed by collapsed buyout firm Abraaj, in a deal aimed at strengthening its position in the Middle East and Africa.

Actis will take over the management rights to Abraaj Private Equity Fund IV and Abraaj Africa fund III, it said in a statement.
Abraaj, which filed for provisional liquidation in June 2018, was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors over the use of money in a $1 billion health care fund.
The transaction includes investments in 14 portfolio companies across the two funds, Actis said.
“This Abraaj transaction further bolsters Actis’ footprint in the growth markets and follows the addition and integration of Standard Chartered’s Principal Finance Real Estate business in Asia in 2018,” it said.

BACKGROUND

Abraaj, which filed for provisional liquidation in June 2018, was the largest buyout fund in the Middle East and North Africa.

Actis now has $12 billion under management and more than 250 people across 16 offices.
The Actis transaction comes after the finalization of two other Abraaj deals — the transfer of management of the $1 billion health care fund to US buyout fund TPG and the sale of Abraaj’s Latin America fund to Colony Capital.
NBK Capital Partners, owned by Kuwait’s biggest lender, walked away from advanced talks to buy a global credit fund previously managed by Abraaj, Reuters reported last month.
US prosecutors have in recent months charged several executives of Abraaj with criminal charges, accusing them of taking part in a massive scheme to defraud investors.