Investcorp appoints former JPMorgan official Mashaal AlJomaih to top Saudi role

Investcorp appoints former JPMorgan official Mashaal AlJomaih to top Saudi role
AlJomaih will also support the expansion of the company’s client base in Saudi Arabia (File)
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Updated 20 June 2022

Investcorp appoints former JPMorgan official Mashaal AlJomaih to top Saudi role

Investcorp appoints former JPMorgan official Mashaal AlJomaih to top Saudi role

RIYADH: Private equity company Investcorp has appointed former BNP Paribas and JPMorgan executive Mashaal AlJomaih as new managing director for private wealth in Saudi Arabia.

The appointment of AlJomaih comes just a few months after the company launched a dedicated $500 million pre-initial public offering vehicle to primarily partner with Saudi family businesses that wish to go public.

Those firms are mainly across consumer, health care, transport and logistics, and business services.

Commenting on the appointment, Yasser Bajsair, CEO of Investcorp KSA said: “We are delighted to welcome Mashaal, who brings with him over 20 years of experience in investment banking. 

“His deep knowledge and understanding of Saudi Arabia’s market, which is a key market for Investcorp, as well as his experience in wealth management, make him ideal for this role.” 

As the managing director, AlJomaih will also support the expansion of the company’s client base in Saudi Arabia. 

“I am excited to be joining Investcorp at this time in its growth journey and I look forward to helping lead the expansion of the firm’s footprint in Saudi Arabia. The Kingdom is an incredibly exciting and dynamic market with a wealth of opportunities emerging as its economy diversifies,” said AlJomaih. 

 

 


Oil Updates — Crude gains; OPEC’s revenue surged in 2021; Petrofac sees modest free cash outflow

Oil Updates — Crude gains; OPEC’s revenue surged in 2021; Petrofac sees modest free cash outflow
Updated 15 sec ago

Oil Updates — Crude gains; OPEC’s revenue surged in 2021; Petrofac sees modest free cash outflow

Oil Updates — Crude gains; OPEC’s revenue surged in 2021; Petrofac sees modest free cash outflow

RIYADH: Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the UAE looked unlikely to be able to boost output significantly, while political unrest in Libya and Ecuador added to supply concerns.

US West Texas Intermediate crude futures rose $1.8, or 1.6 percent, to $111.36 a barrel by 0644 GMT, extending a 1.8 percent gain in the previous session.

Brent crude futures climbed $1.9, or 1.7 percent, to $116.99, adding to a 1.7 percent rise in the previous session.

OPEC boosts oil income in 2021, well completions drop

Oil revenue for the Organization of the Petroleum Exporting Countries surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed.

The value of petroleum exports by the 13-member group reached $561 billion in 2021, up 77 percent from 2020, OPEC’s Annual Statistical Bulletin published on Tuesday showed.

As output was raised in 2021, the number of active oil rigs in OPEC members rose by 11 percent to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added six rigs to 65 in 2021, although the total was below the 2019 level.

OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022.

Petrofac sees modest free cash outflow

Oilfield services provider Petrofac Ltd., said on Tuesday it expects modest free cash outflow during 2022 due to delays in cash collections from clients, although it projects net debt to be reduced in the second half of 2022.

Shares of the company jumped nearly 5 percent in early trading.

Petrofac also said its net debt had doubled to $345 million, as of June 23, following the payment of a penalty to Britain’s Serious Fraud Office and slower payments from clients.

The company was fined $104 million last year after pleading guilty to bribes related to contracts in Iraq, Saudi Arabia and the UAE between 2011 and 2017. 

In the second half of the year, Petrofac expects revenue for its Asset Solutions unit to be higher, supported by strong order intake in the year to date.

“We have a healthy 18-month Group bidding pipeline and we expect to secure significant new orders in 2023, underpinned by opportunities in the UAE and offshore wind,” CEO Sami Iskander said in a statement.

The company said its half-year trading was in line with expectations, as an upswing in oil prices raised demand.

Sri Lanka to let firms from oil-producing nations import, sell fuel

Sri Lanka will allow companies from oil-producing nations to import and sell fuel in the country, the power and energy minister said on Tuesday, as the country tries to overcome a massive shortage of petrol and diesel.

“Cabinet approval was granted to open up the fuel import and retail sales market to companies from oil-producing nations,” Kanchana Wijesekera said on Twitter. 

“They will be selected on the ability to import fuel and operate without forex requirements from the central bank and banks for the first few months of operations.”

(With input from Reuters)


TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell
Updated 28 June 2022

TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell

RIYADH: Saudi stocks opened almost flat on Tuesday as investors worried about oil prices’ instability.

The main index, TASI, fell 0.02 percent to 11,425, while the parallel market, NOMU, dropped 0.11 percent to 20,225.87 as of 10:07 a.m. Saudi time.

In energy trading, Brent crude settled at $117.02 a barrel and US West Texas Intermediate reached $111.43 a barrel, as of 10:18 a.m. Saudi time.

Bawan Co. gained 4.61 percent to lead the gainers, following its announcement that it intends to buy back up to 3 million shares as treasury stock.

Ataa Educational Co. fell 1.94 percent to lead the fallers, followed by National Co. for Learning and Education, which fell 2.70 percent.

Retal Urban Development Co. shed 0.17 percent, after its first-quarter profit increased by 62 percent to SR63.4 million ($17 million).

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.27 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.12 percent, while Arab National Bank fell 1.94 percent.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 28 June 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi stocks dropped on Monday amid a continued fluctuation in oil prices and inflation fears that weighed on investor sentiment.

TASI fell 0.8 percent to end the day at 11,427 following the debut of Saudi developer Retal Urban Development, while the parallel Nomu market lost 2.1 percent to 20,248.

Unlike Saudi Arabia, most stock markets of gulf peers rebounded on Monday, except for the Omani index which closed flat.

Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all added between 0.1 and 0.5 percent.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 slipped 2 percent.

Oil prices edged up on Tuesday, with Brent crude rising to $116.97 a barrel and US West Texas Intermediate reaching $111.2 a barrel by 9:15 a.m. Saudi time.

Stock news

Retal Urban Development posted a 62 percent increase in profit to SR63.4 million ($17 million) for the first quarter of 2022

Saudi Cable Co. submitted a filing to the Capital Market Authority to decrease its capital by SR196 million

Saudi Real Estate Co. made early repayment to settle the remaining balance of its SR535 million loan with Riyad Bank

Petro Rabigh’s rights issue was 96 percent subscribed, generating SR7.65 billion in proceeds

solutions by stc secured banking facilities worth SR1 billion to finance its acquisition of Egypt’s Giza Systems

Alinma Investment Co. will distribute SR10 million in cash dividends to unitholders of Alinma Saudi Government Sukuk ETF Fund

Bawan Co. intends to buy back up to 3 million shares to keep them as treasury shares

National Gas and Industrialization Co. received shareholders’ approval for cash dividends of SR1.5 per share for 2021

Calendar

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering


Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI
Updated 28 June 2022

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

RIYADH: Retal Urban Development Co. has posted a 62 percent profit surge for the first quarter of 2022, a day after it was listed on Saudi Arabia’s main stock market.

Profits of the Saudi developer rose to SR63.4 million ($17 million) in the first quarter, from SR39.3 million in the same period a year earlier, according to a bourse filing.

The company attributed the profit growth, along with a 27 percent jump in revenue, to “the increase in development contracts revenues and sales of developed lands.”

Retal Urban, which offered 12 million shares, representing 30 percent of its capital, raised SR1.44 billion in an initial public offering.

The offer price was set at SR120 per share and rose 0.83 percent to SR121 as the firm made its market debut on Monday, amid trading of more than four million shares.


Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank
Updated 28 June 2022

Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank

RIYADH: Saudi Real Estate Co., also known as Al Akaria, said that it made an early payment to settle the remaining balance of its SR535 million ($142 million) loan with Riyad Bank.

This came as part of the developer's plan to reduce lending and financing costs, the company reported in a bourse filing. 

This will boost the financial solvency of the company and enhance its financial position, it added.