Planet Finance: Aldar lends fresh USD 1.4 bn investment + Aramco muddies Saudi wealth fund’s green credentials
Apollo to invest USD 1.4 bn in UAE’s Aldar: Asset manager Apollo Global Management will invest USD 1.4 bn in Aldar Properties in a transaction that will see Apollo acquire a direct minority stake in the real estate firm, Apollo said in a statement. The transaction likely marks one of the biggest FDI agreements ever made in Abu Dhabi’s private sector, and comes just a few weeks after Alpha Dhabi bought an additional 17% stake in Aldar in a USD 1.5 bn transaction.
A consortium of Aldar and Abu Dhabi sovereign wealth fund ADQ are the co-owners of Egypt’s SODIC, having last year acquired 85.5% of the firm in an EGP 6.1 bn transaction.
Aramco’s USD 80 bn share transfer to Saudi Arabia’s sovereign wealth fund could tarnish its green credentials ahead of plans to issue green bonds for the first time, Bloomberg reports. Aramco shares now make up about 14% of the Public Investment Fund (PIF) after yesterday’s transfer. Ratings agency Moody’s only days ago commended the fund’s low exposure to the energy sector and environmental and social risks.
The UAE’s answer to Trella raises USD 96 mn series B: UAE-based trucking network startup Trukker has raised USD 96 mn in funding in a series B round led by Abu Dhabi sovereign wealth fund ADQ and Saudi Technology Ventures, the firm said in a statement. Trukker raised USD 50 mn in venture debt from Mars Growth and Partners for Growth as part of the round. The company has operations in Egypt, the UAE and Saudi Arabia, among other countries.
|
|
EGX30 |
11,403 |
-0.3% (YTD: -4.6%) |
|
|
USD (CBE) |
Buy 15.66 |
Sell 15.76 |
|
|
USD at CIB |
Buy 15.66 |
Sell 15.76 |
|
|
Interest rates CBE |
8.25% deposit |
9.25% lending |
|
|
Tadawul |
12,205 |
+1.5% (YTD: +8.2%) |
|
|
ADX |
9,106 |
+1.2% (YTD: +7.3%) |
|
|
DFM |
3,246 |
-0.3% (YTD: +1.6%) |
|
|
S&P 500 |
4,402 |
-0.4% (YTD: -7.7%) |
|
|
FTSE 100 |
7,532 |
-1.7% (YTD: +2%) |
|
|
Brent crude |
USD 96.48 |
+2.2% |
|
|
Natural gas (Nymex) |
USD 4.18 |
-0.5% |
|
|
Gold |
USD 1874 |
+0.2% |
|
|
BTC |
USD 42,670 |
+0.8% (as of midnight) |
THE CLOSING BELL-
The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 663 mn (36.5% below the 90-day average). Regional investors were net buyers. The index is down 4.6% YTD.Ftra
In the green: Fawry (+2.8%), EFG Hermes (+2.5%) and Qalaa Holdings (+2.2%).
In the red: Madinet Nasr Housing (-4.3%), Orascom Development Egypt (-4.1%) and MM Group (-2.9%).
Asian markets are largely (if lightly) in the red this morning, with Shanghai being the only leading benchmark to buck the trend. CNBC says the red reflects “investors being cautious” amid “Russia-Ukraine tensions.” Futures suggest a mixed open is in story for major European indexes, while Wall Street will likely open in the green later today.