Canada’s CDPQ invests $5bn in DP World’s UAE assets

Canada’s CDPQ invests $5bn in DP World’s UAE assets
The Quebec pension fund company will invest $2.5 billion in three assets of DP World. (Supplied)
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Updated 06 June 2022

Canada’s CDPQ invests $5bn in DP World’s UAE assets

Canada’s CDPQ invests $5bn in DP World’s UAE assets

RIYADH: Global investment group CDPQ has entered into an agreement to invest $5 billion in three of DP World’s flagship UAE assets, including Jebel Ali Port, the Jebel Ali Free Zone, and the National Industries Park.

The Quebec pension fund company will invest $2.5 billion in these three assets through a new joint venture in which it will hold 22 percent stake, while the remaining fund will be financed by debt, the company said in a press release. 

Other long-term investors will have the opportunity to acquire an additional stake of up to $3 billion, it added. 

“We believe this new partnership will enhance our assets and allow us to capture the significant growth potential of the wider region,” Chairman and CEO at DP World, Sultan Ahmed Bin Sulayem, said in a statement. 

The first tranche of the transaction — $5 billion — is expected to close in the second or third quarter of 2022, while the second tranche -up to $3 billion- is estimated to close during the fourth quarter. 

"The transaction also achieves our objective of reducing DP World’s net leverage to below 4x Net Debt to EBITDA. This has been achieved despite the challenges of the pandemic and recent global economic conditions,” he added. 


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 12 sec ago

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.


IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation
Updated 19 August 2022

IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation

JEDDAH: Islamic Development Bank President Mohammed Al-Jasser met with Uzbekistan President Shavkat Mirziyoyev on August 18 to discuss strengthening cooperation between both parties, Saudi Press Agency reported.

A letter of intent was signed during the meeting to provide a framework for facilitating cooperation, promoting rapid processing and approval of projects and operations that are part of the work program of the IsDB Group for Uzbekistan in 2022.

The meeting comes on the second day of the Uzbek President's visit to the Kingdom.

Mirziyoyev stressed that his government has implemented comprehensive reforms with the aim of improving the business and investment environment, enhancing regional cooperation, improving the agricultural sector, and promoting innovation and entrepreneurship to reach the goal of achieving dignity for all people by 2026.

Both parties reviewed views on the National Development Strategy of Uzbekistan 2026, and agreed on the need to align the bank's country strategy with the national document, a task that will be worked on as a priority, according to Al-Jasser.

The two sides also emphasized the need to facilitate the joining of more co-financiers to participate in financing larger projects.


Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 
Updated 19 August 2022

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

RIYADH: Standard Chartered Bank appointed on Friday Ayesha Abbas as Head of Consumer, Private and Business Banking in the UAE. 

Abbas will be responsible for executing the bank’s strategy and building the business in the retail banking business across the UAE, a statement showed.

She will also focus on growing the Bank’s digital offering, wealth management and affluent proposition in addition to strengthening client relationships. 

Abbas has over two decades of experience spanning wealth management, priority and consumer banking. 

She joined Standard Chartered in February 2019 serving as General Manager, Head of Priority and Premium Banking and Branch Network in the UAE, also covering Pakistan, Oman and key African markets. 

Prior to joining Standard Chartered, Abbas spent 18 years at HSBC, the statement said.


Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
(Shutterstock)
Updated 19 August 2022

Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
  • US crude stocks fall by 7.1 mln bbl, far more than expected
  • US oil refiners aim to run full-bore, spurning recession fears
  • OPEC chief says blame policymakers, lawmakers for price rises (Recasts, updates prices)

SINGAPORE: Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown — that could dampen fuel demand — against expectations of tighter supplies toward year-end.

Brent crude futures fell 36 cents, or 0.4 percent, to $96.23 a barrel by 0309 GMT after settling 3.1 percent higher on Thursday. US West Texas Intermediate crude was at $90.29 a barrel, down 21 cents, or 0.2 percent, following a 2.7 percent increase in the previous session.

Still, the benchmark contracts were headed for weekly losses of about 1.5 percent.

While bullish US weekly data bolstered optimism for improved fuel demand for the near-term, lingering recession fears and a possible increase in output by OPEC+ will likely limit oil price’s upside, said Satoru Yoshida, a commodity analyst with Rakuten Securities.

US crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia.

Keeping crude supplies snug, US oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel.

The rise in US fuel production could partly offset lower oil products exports from China this year as Beijing prioritizes the local market to curb domestic fuel inflation.

On supplies, Haitham Al Ghais, new secretary general of the Organization of the Petroleum Exporting Countries, told Reuters that policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not his group.

The group together with allies such as Russia, known as OPEC+, are due to meet on Sept. 5 to adjust production. OPEC is keen to ensure Russia remains part of the OPEC+ oil production deal after 2022, Al Ghais said.

In a sign of improving supplies, the price gap between prompt and second-month Brent futures narrowed about $5 a barrel from the end of July.

Record US crude exports, the resumption of Libya’s production and sustained exports from Russia and Iran have eased global supply tightness ahead of peak refinery maintenance.

Russia forecasts rising output and exports until the end of 2025, an economy ministry document seen by Reuters showed, saying revenue from energy exports will rise 38 percent this year, partly due to higher oil export volumes.

Iran, meanwhile, increased its oil exports in June and July and could raise them further this month by offering a deeper discount to Russian crude for its main buyer China, firms tracking the flows said.