Senior Bankers Depart Biggest Abu Dhabi Lender During Deals Boom – Bloomberg — www.bloomberg.com
Highlights:
– First Abu Dhabi Bank PJSC faces a series of departures even as it’s increasingly involved in some of the region’s biggest initial public offerings of companies such as satellite operator Yahsat and ACWA Power in Saudi Arabia.
– Earlier this year the bank promoted Hana Al Rostamani to group CEO from her previous role as head of personal banking and deputy group chief.
– The bank’s staff turnover comes as its new CEO puts her stamp on the bank and other firms in the region look to hire in an effort to seize on a record deal boom.
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Biggest Saudi IPO Since Aramco Has Investors Jostling for More – BNN Bloomberg — www.bnnbloomberg.ca
Highlights:
– The $1.2 billion IPO by ACWA Power International, set to price later this month, is drawing high interest from investors looking for exposure to businesses seen as key to the kingdom’s plans to diversify its economy away from oil.
– ACWA, half-owned by Saudi wealth fund PIF, is expected to deliver at least 70% of the kingdom’s renewable projects by 2030 and expects to meet its own net-zero emissions goal before an existing target of 2050.
– The kingdom also plans to rule the $700 billion hydrogen market. It’s building a $5 billion plant powered entirely by sun and wind.
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Saudi Conglomerate’s $7.5 Billion Default Is Finally Settled — finance.yahoo.com
Highlights:
– In the first major test for the kingdom’s new bankruptcy law, Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court, Simon Charlton, Algosaibi’s chief restructuring officer said.
– AHAB’s default rippled through some of the largest global banks and exposed poor lending practices among some of them, with loans often being made to wealthy families and large Middle East conglomerates often based on their name and reputation alone.
– The bankruptcy law, which came into force in 2018, has been instrumental in allowing AHAB to push through the agreement.
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Living at AlJurf
Find Out More About Living at AlJurf
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm.
Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
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Letter Requesting Donation for School
Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com
Its ultimate goal is our children’s spiritual and educational lives.
From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations.
Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school.
Learn more.
Global Housing Markets Are Hurting, and It’s Getting Political – Bloomberg — www.bloomberg.com
Highlights:
– Politicians are throwing all sorts of ideas at the problem, from rent caps to special taxes on landlords, nationalizing private property, or turning vacant offices into housing. Nowhere is there evidence of an easy or sustainable fix.
– Niraj Shah of Bloomberg Economics compiled a dashboard of countries most at threat of a real-estate bubble and says risk gauges are “flashing warnings” at an intensity not seen since the run-up to the 2008 financial crisis.
– Anthony Breach at the Centre for Cities think tank has even made the case for a link between housing and Britain’s 2016 vote to quit the European Union. Housing inequality, he concluded, is “scrambling our politics.”
Argentina
– Rather than landlords setting prices, the central bank created an index that determines how much rent goes up in the second and third years.
– My generation will be the first one in Australia that will be renting for the rest of their lives.” Fagarasan, a 28-year-old junior doctor at a major metropolitan hospital, would prefer to stay in Melbourne.
Canada
– The prime minister thought he was going to fight the Sept. 20 vote on the back of his handling of the pandemic, but instead, housing costs are a dominant theme for all parties.
Singapore
– 80% of Singapore’s citizens live in public housing, which the government has long promoted as an asset they can sell to move up in life.
– Most Singaporeans aspire to own their own property, and the housing scarcity and surge in prices present another hurdle to them realizing their goal, says Nydia Ngiow, Singapore-based senior director at BowerGroupAsia.
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What the Semiconductor Shortage Has to Do With Corporate Bonds – Bloomberg — www.bloomberg.com
Highlights:
– At first glance, the business of selling chips doesn’t have much in common with the business of selling the debt of blue-chip companies.
– While it may sometimes seem like the world is swimming in debt, there often aren’t enough new bonds to go around for big investors.
– That brings us to one of the notable things about corporate bonds, which is the way in which new ones are allocated.
– Larger customers of the firm or those who are more likely to buy bonds in the future (such as the Pimcos and BlackRock’s of the world) often get the first pick, while smaller firms may be overlooked entirely.
– The worry now is that there’s a similar dynamic now at play in the semiconductor market and that customers who fear they can’t get as many chips as they need might now be now padding their orders.
– If you were going to see double-ordering, you would also see cancellations coming through the backlog. We’re just not seeing that,” Michael Dell, CEO and Chairman of the company, said in June.
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There’s a Fortune to Be Made in the Obscure Metals Behind Clean Power — www.bloomberg.com
Highlights:
– As electric vehicles supplant gas guzzlers, and solar panels and wind turbines replace coal and oil as the world’s most important energy sources, metals like lithium, cobalt and rare earth are on the brink of rapidly accelerating demand, along with more familiar industrial materials like steel and copper.
– The energy transition is driving the next commodity supercycle,” said Jessica Fung, head strategist at Zug, Switzerland-based Pala Investments Ltd., which funds mining projects tied to decarbonization
– Efforts to lift supplies of key raw materials—which can require years of exploration and construction—must begin now to keep pace with future requirements.
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