Tadawul launches equity index
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on The Saudi Exchange, also known as Tadawul, has launched an index that tracks the top 50 companies according to market capitalisation. The TASI50 Index will also be calculated in real-time, according to a statement from the exchange. The constituents of this index represent 90% of the free float market cap and maintain a minimum annual traded value ratio of 5%. Tadawul to launch index futures The exchange also stated that the index is intended to enable both institutional and individual investors to have a real-time overview of market performance and use this information to inf ..read more
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GCC equity markets suffer 2023 slump
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on The equity markets of the GCC underperformed in 2023 when compared to counterparts around the world, according to a report from Kuwait-based fund manager Kamco Invest. The report found that the GCC equity market index registered one of the smallest annual gains among major global equity markets. A gain of 714.69 points amounted to 3.7%, significantly lower than the double-digit gains elsewhere. GCC sees decline in IPOs Within the GCC, there was a mixed picture for 2023. Dubai and Saudi Arabia were the only two stock markets with double-digit gains – 21.7% and 14.2 %, respectiv ..read more
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Qatar postpones T+2 settlement change
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on The Qatar Stock Exchange’s plan to shorten its settlement cycle has been delayed. The move from T+2 to T+3 was announced in October and scheduled for January 2. The idea is to improve the trading speed in Qatar and align the country’s securities market with other international exchanges. However, Edaa, Qatar’s central securities depository, has announced that the project has been postponed to March. Qatar introduces sec lending and short selling According to Edaa, the delay was at the request of custodians, and the decision was made in coordination with the Qatar Financial Mar ..read more
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TCI Management opens Abu Dhabi office
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on One of the world’s biggest hedge funds has set up shop in Abu Dhabi. London-based TCI Fund Management has officially inaugurated the office in the Abu Dhabi Global Market (ADGM). According to the firm, known as an aggressive activist investor, the move is designed to expand its presence in the Mena region and the broader Emea market. The office will be led by TCI director and global head of investor relations, Bronwyn Owen, who is relocating from New York to take up the role. US hedge fund owner mulls Abu Dhabi move "We look forward to establishing our team there to reach a br ..read more
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ADQ launches joint venture in Azerbaijan
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on Abu Dhabi-based sovereign wealth fund ADQ has collaborated with the Azerbaijan Investment Holding (AIH) to launch a joint investment platform. The joint venture between the two sovereign wealth funds has been valued at US$1 billion. ADQ and AIH will both hold a 50% stake in the JV and contribute $500 million in seed money. ADQ signs investment deal in Kazakhstan According to a statement, it will invest in sectors of “mutual priority and interest” such as technology, pharmaceuticals, agriculture and energy infrastructure. The launch of the platform in Azerbaijan comes just week ..read more
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Emirates NBD recruits R3 for Digital Assets Lab
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on Blockchain firm R3 has signed up to the Digital Assets Lab run by Dubai-based bank Emirates NBD. The bank launched the lab in May 2023 to accelerate its digital assets plans. R3 joined PwC and Fireblocks as members. Whereas Fireblocks is primarily used as the underlying infrastructure for digital asset custody services, R3 has focused on tokenisation via its Corda platform. Emirates NBD unveils digital assets platform “Our efforts will contribute to vital initiatives centred around asset tokenisation, distributed ledger technology, and digital transformation in regulated finan ..read more
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Crestbridge to rebrand Bahrain business
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on Specialist fund administrator Crestbridge has announced a rebranding of its operations in Bahrain. What was once known as Crestbridge Bahrain will now be known as Yasira. It will continue to be led by Paul Perris, chief executive. According to Perris, the rebranding reflects the firm’s commitment to Bahrain and the Gulf Cooperation Council (GCC) region. Crestbridge awarded fund admin licence in Bahrain It will also usher in a “new era of bespoke administrative solutions” for the firm’s clients in Bahrain, Saudi Arabia and across the broader GCC. Yasira currently administe ..read more
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Saudi funds reach record high
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on The number of investment funds domiciled in Saudi Arabia is the highest ever recorded, according to statistics published by the Saudi Capital Market Authority (CMA). The regulator’s quarterly bulletin for Q3 showed that the number of funds grew from 890 to 1,209 in the last year, an increase of 35.8%. The majority of the growth came in the private funds sector which grew from 637 to 926, while public funds increased from 253 to 283. Fitch upgrades Saudi sovereign rating There was also a record-high in the number of subscribers to both private and public funds which exceeded on ..read more
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Dubai to launch new state investment fund
Funds Global MENA Magazine
by Nik Pratt
2M ago
Submitted by on The Dubai government has announced plans to launch an investment fund with a mandate to invest government assets overseas. This will result in Dubai having two sovereign wealth funds, as the newly announced Dubai Investment Fund is set to operate alongside the Investment Corporation of Dubai. According to a statement, the fund will hold shares in several state-owned businesses, including the Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi. The fund will also have access to government surpluses and general reserves and will invest in stocks and bo ..read more
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Northern Trust selects Saudi Arabia for Mena HQ
Funds Global MENA Magazine
by Nik Pratt
3M ago
Submitted by on Global custodian Northern Trust is to set up a new office in Riyadh which will serve as its headquarters for the Mena region. The decision will be welcomed by the Saudi authorities that have looked to become more aggressive in their strategy to attract asset servicers to the Kingdom. Saudi regulators have brought in a requirement for asset servicers to have a physical presence in the country if they are to service Saudi-domiciled funds, which is due to take effect in January. Northern Trust joins Saudi CSD Northern Trust also recently received a licence from the Ministry of In ..read more
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