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Hadeel Al Sayegh

Exclusive: Two groups, one backed by China's Fosun, bid for NMC Health stake - sources

Aug 21 2019

DUBAI/ABU DHABI Two groups, including one backed by China's Fosun , have made competing offers to buy a 40% stake in London-listed NMC Health worth up to $1.9 billion, four sources familiar with the deal said.

Dubai's Averda Intl in talks with banks about potential IPO-sources

Aug 21 2019

DUBAI, Aug 21 Dubai-based Averda International, one of the largest waste management firms in the Middle East and North Africa, is in early discussions with banks about a potential IPO which could value it at up to $700 million, sources familiar with the matter said.

Saudi Aramco asks banks to pitch for roles in IPO: sources

Aug 19 2019

DUBAI Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources said, in what could be the world's biggest IPO.

Dubai developer DAMAC Properties, contractor Arabtec Q2 profits drop

Aug 14 2019

DUBAI, Aug 14 Property developer DAMAC Properties Dubai Co PJSC reported a nearly 87% drop in second-quarter net profit on Wednesday, hurt by the emirate's slumping property market.

Exclusive: Saudi's PIF eyes investment in date producer Bateel - sources

Aug 08 2019

DUBAI Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is in talks with the owners of gourmet date producer Bateel over a potential investment in the firm, sources told Reuters.

MIDEAST STOCKS-Weighed down by bank stocks, Saudi market dips after U.S. rate cut

Aug 04 2019

* Most Saudi banks fall, weighing on the Tadawul index * Banks also fall as Binladin Group seeks adviser for financial restructuring * Dubai's Emaar Properties declines amid correction after MOU with Chinese firm By Hadeel Al Sayegh Aug 4 Saudi Arabian equities declined on Sunday, weighed down by banking shares, in line with major markets on Friday after the U.S. Federal Reserve cut interest rates, which was followed by rate cuts by most Gulf central banks. "Global factors such as Fed's rate cut and trade concerns post Trump's tweets on possible 10% tariff on additional goods are likely the reasons [behind the weakness]," said Pritish K. Devassy, head of equity research at Al Rajhi Capital. "The Fed’s cut affects Saudi banks as net interest margins decline while more tariffs imply global demand weakness which is negative for petrochemical prices. Given these two sectors constitute a large chunk of the Saudi Index, the indices have declined," Devassy said. The Saudi market was also taking cues from a fall in U.S. markets on Friday, "as well as a net decline in international oil prices over the last two trading sessions," said Muhammad Faisal Potrik, head of research at Riyad Capital. Saudi banking stocks were also hit by news that Saudi Binladin Group (SBG) was seeking a financial adviser for restructuring of its debt which could range between $20-$30 billion. Goldman Sachs said in a report to clients it was "getting questions on the exposure of Saudi banks to Saudi Binladin Group". "Given SBG's dominant position in the Saudi contracting space for many years, the exposure could be material in our view," the report dated Aug. 2 said. The Tadawul All-Share index closed down 1.3% on Sunday. National Commercial Bank, the country's largest lender, was down 2.9%. Al Rajhi Bank, the country's biggest Islamic lender, was down 1%. Riyad Bank, Samba Financial Group, and Saudi British Bank were down 2.5%, 3.7% and 3.2% respectively. The U.S. Federal Reserve cut interest rates on Wednesday night by 25 basis points but, significantly, signalled the move may not mark the beginning of a long easing cycle. Central banks in Saudi Arabia, the United Arab Emirates and Qatar followed the move, cutting their rates by the same margin. Their currencies are pegged to the U.S. dollar and they follow the Fed on interest rate moves. In Abu Dhabi, the index declined 1%, dragged lower by the market heavyweight lender First Abu Dhabi Bank, which was down 1.4%. Qatar's index fell 0.4% with the Gulf's biggest lender Qatar National Bank shedding 0.8% and Qatar Navigation losing 3.8%. Dubai's index was also down 1.5% with the emirate's biggest developer Emaar Properties down 4%. Emaar Development, a unit of Emaar Properties, was down 3.6 percent. It's a "typical correction," said Issam Kassabeih, senior financial analyst at Menacorp. Shares of Emaar Properties initially rose, Kassabeih said, after the developer said it signed an agreement with Beijing New Aeropolis Holdings to jointly develop a project around China's Beijing Daxing International Airport. "But the clarifications provided thereafter emphasized the MOU is not an obligation and does not guarantee any revenue," Kassabeih said. After the market close, Emaar reported a 3.7% decline in net profit for the first half of the year. Profit was 3.11 billion dirhams, versus 3.23 billion dirhams in the year earlier period. Outside the Gulf, Egypt's blue-chip index defied the downward trend and closed 0.8% higher. Its largest lender Commercial International Bank acted as the biggest boost for the index, rising 1.6%. SAUDI The index was down 1.3% to 8,558 points ARABIA ABU DHABI The index lost 1% to 5,179 points DUBAI The index fell 1.5% to 2,857 points QATAR The index dropped 0.4% to 10,356 points EGYPT The index rose 0.8% to 13,632 points BAHRAIN The index was flat at 1,549 points OMAN The index was flat at 3,780 points KUWAIT The index lost 0.4% to 6,726 points (Reporting by Hadeel Al Sayegh; editing by David Evans)

Saudi Binladin group seeks adviser for jumbo debt restructuring: sources

Jul 31 2019

LONDON/DUBAI The Saudi Binladin Group is seeking a financial adviser for a restructuring of the group's debt, which could range between $20 and $30 billion, sources familiar with the matter said.

Saudi Sulaiman Al-Habib Medical in IPO talks with banks: sources

Jul 30 2019

DUBAI/RIYADH Saudi Arabia's Sulaiman Al Habib Medical Group, one of the biggest hospital operators in the Middle East, is talking to banks about a potential listing in Riyadh that could value the company at $2.5 billion, three sources familiar with the matter said.

Banks scramble to re-pitch for Aramco IPO roles: sources

Jul 02 2019

LONDON/DUBAI Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy minister confirming plans for the listing to proceed in 2020 or 2021.

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