Saudi Arabia’s Public Pension Agency reports 9.5% return on investments in 2020

 Saudi Arabia’s Public Pension Agency on Sunday reported 9.5 percent returns on its investments in 2020. (Supplied)
Saudi Arabia’s Public Pension Agency on Sunday reported 9.5 percent returns on its investments in 2020. (Supplied)
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Updated 01 August 2021

Saudi Arabia’s Public Pension Agency reports 9.5% return on investments in 2020

 Saudi Arabia’s Public Pension Agency on Sunday reported 9.5 percent returns on its investments in 2020. (Supplied)

RIYADH: Saudi Arabia’s Public Pension Agency on Sunday reported 9.5 percent returns on its investments in 2020.
A report carried by Argaam said the agency’s annual investment report showed PPA’s investments in 77 listed firms.
Al-Rai’dah Investment Co. (RIC), the agency’s investment arm, manages its investments.
The PPA’s investments are distributed in most countries, both in developed and emerging markets. The agency is also a strong investor in the Saudi market, which constitutes more than 50 percent of its portfolio.
The agency also invests in privatization programs, as they are considered attractive due to the diversity of its sectors.
Last year, PPA invested in 77 Tadawul-listed firms, four real estate funds, and 18 unlisted companies.
In 2020, the PPA invested in 18 new listed companies across 12 sectors, and two unlisted firms, according to the report.
During the coronavirus disease (COVID-19) pandemic, the agency invested in the technical sector, realizing gains of about 19 percent.
On June 15, the Saudi Cabinet approved the merger of PPA with the General Organization for Social Insurance (GOSI). The merger will result in the creation of one of the Kingdom’s largest investment funds estimated at billions of riyals.
The merger is aimed at unifying the public and private sectors’ insurance protection umbrella.
Nader bin Abdallah Al-Wahaibi, GOSI’s assistant governor for insurance affairs, was quoted by Argaam as saying that the merger will not affect the investment strategy, nor the stock exchange.
He said the merger will comprise transferring some of the ownerships from the PPA to GOSI, indicating that both institutions have a long-term investment strategy with investments in the same companies as well as business activities.


Citi launches Bahrain tech hub to develop its digital platforms

Citi launches Bahrain tech hub to develop its digital platforms
Image: Shutterstock
Updated 11 sec ago

Citi launches Bahrain tech hub to develop its digital platforms

Citi launches Bahrain tech hub to develop its digital platforms
  • Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years
  • Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad

Citi launched a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.


The hub, based at Citi's Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain's Economic Development Board (EDB), which are also investing, a Citi executive said.


Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years.


The new hires will initially work on two of the bank's main platforms, Citi Velocity and Citi FX Policy, said Ala'a Saeed, Citi FX's global head of electronic platforms and distribution.


"Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we've found here," he said.


Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures. Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre.


The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.


EU gas output to jump by 25% on Turkish discovery

EU gas output to jump by 25% on Turkish discovery
Image: Shutterstock
Updated 11 min 39 sec ago

EU gas output to jump by 25% on Turkish discovery

EU gas output to jump by 25% on Turkish discovery
  • The natural gas field will provide nearly a third of Turkey’s domestic needs by 2027

The European Union will see its gas production capacity increase by 25 percent with a new Turkish discovery in the Black Sea, Bloomberg reported.

The natural gas field will provide nearly a third of Turkey’s domestic needs by 2027, Bloomberg added, citing Energy Minister Fatih Donmez.

The initial production from the new field will be 3.5 billion cubic meters of gas annually starting from 2023, Donmez told Bloomberg. 


ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO
Image: Shutterstock
Updated 9 min 51 sec ago

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bn as it completes book-building for drilling unit IPO
  • The offering was oversubscribed, with total gross demand amounting to more than $34 billion
  • ADNOC will continue to own an 84 percent majority stake in the unit

State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.


The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.


"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.


A tranche for United Arab Emirates retail investors was set at 10 percent and a tranche for local, regional, and international institutional investors at 86 percent, with the remaining 4 percent to be allocated to ADNOC employees and UAE retirees.


Listing is expected on Oct. 3, ADNOC said.


ADNOC will continue to own an 84 percent majority stake in the unit, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment.


ADNOC increased to 11 percent of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5 percent.


The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE.


ADNOC and Saudi Aramco, in neighbouring Saudi Arabia, are seeking to raise cash from outside investors as part of plans to diversify sources of income in their oil-reliant economies.


ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO
Image: Shutterstock
Updated 19 min 48 sec ago

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO

ADNOC raises over $1.1 bln as it completes book-building for drilling unit IPO
  • The offering was oversubscribed, with total gross demand amounting to more than $34 billion
  • ADNOC will continue to own an 84 percent majority stake in the unit

State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.


The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.


"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.


A tranche for United Arab Emirates retail investors was set at 10 percent and a tranche for local, regional, and international institutional investors at 86 percent, with the remaining 4 percent to be allocated to ADNOC employees and UAE retirees.


Listing is expected on Oct. 3, ADNOC said.


ADNOC will continue to own an 84 percent majority stake in the unit, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment.


ADNOC increased to 11 percent of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5 percent.


The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE.


ADNOC and Saudi Aramco, in neighbouring Saudi Arabia, are seeking to raise cash from outside investors as part of plans to diversify sources of income in their oil-reliant economies.


Dubai’s SHUAA to complete $2.7bn London property deals ahead of prices uptick

Dubai’s SHUAA to complete $2.7bn London property deals ahead of prices uptick
Updated 46 min 8 sec ago

Dubai’s SHUAA to complete $2.7bn London property deals ahead of prices uptick

Dubai’s SHUAA to complete $2.7bn London property deals ahead of prices uptick
  • The company is making the investment as property prices in the centre of the UK’s capital are predicted to increase by seven percent in 2022

DUBAI: Asset management and investment platform SHUAA Capital is planning to complete and deliver 2 billion pounds ($2.7 billion) worth of property developments in London within the next eight months as the UK capital braces itself for post-pandemic growth.

It plans to do so through its subsidiary Northacre, which is currently building two mix-used properties in the British capital - No. 1 Palace Street and The Broadway, SHUAA said in a statement. Both projects are located in prime locations in Central London, offering views of Buckingham Palace, as well as other iconic landmarks such as the Big Ben. 

“The significant growth of SHUAA’s real estate portfolio in the UK reflects its effective strategic vision to create opportunities that deliver long term value with high returns,” its chief executive officer of real estate, Walid El-Hindi, said. 

The company is making the investment as property prices in the centre of the UK’s capital are predicted to increase by seven percent in 2022, according to analysis by property market insight company Knight Frank.

The firm has also revealed that August saw the number of international buyers and tenants searching for UK property reaching its highest level since before the pandemic.

Northacre will unveil the first show apartment in The Broadway in October, and it will also launch a 116,000 square foot commercial space, as well as a 27,000 square foot retail space that will house wellness activities. 

Group CEO of SHUAA said: “As major investors in the prime London property market, we are delighted that the fruits of our long-term vision are now becoming a reality.”