UAE Stock markets Suffer Significant Decline in Third Week of Ramadan
The financial markets in the United Arab Emirates experienced a substantial downturn during the third week of Ramadan, wiht a reported loss of 13.3 billion dirhams in market capitalization.
In contrast, a seperate report indicates a positive trend for the Emirati financial markets, with indicators closing in the green following transactions in January 2025.
A U.S. Representative has referred Federal Reserve Chair Jerome Powell to teh Justice Department, a move occurring amidst pressure from former President Donald trump concerning interest rate policies.
The referral, initiated by Representative Marjorie Taylor Greene, targets Powell for alleged “crimes and misdemeanors.” While the specific details of the allegations are not fully elaborated in the initial report, the action is directly linked to TrumpS ongoing public criticism of the Federal Reserve’s interest rate decisions. Trump has repeatedly advocated for lower interest rates, arguing that they would stimulate the U.S. economy and benefit his political agenda.
This growth highlights the contentious relationship between the executive branch, particularly under Trump’s influence, and the self-reliant Federal reserve. The Fed’s mandate includes maintaining price stability and maximizing employment, objectives that can sometimes lead to interest rate adjustments that are unpopular with political figures seeking immediate economic growth.
The referral to the justice Department, if pursued, would place Powell under scrutiny for his actions as head of the central bank. However, the practical implications and likelihood of any formal charges or investigations stemming from this referral remain uncertain. The Federal Reserve operates with a degree of autonomy designed to shield monetary policy decisions from short-term political pressures.
Global oil markets saw a downturn today, with key benchmarks like Brent crude and WTI futures experiencing modest drops. This movement occurs as U.S. President Donald Trump voiced his satisfaction with current oil prices while advocating for even lower rates.
Brent crude futures registered a decline of 0.3%, settling at $68.52 per barrel after a 19-cent decrease. Concurrently, American “NIMX” crude futures slipped by 0.2%, translating to a 14-cent reduction, with prices reaching $66.52 a barrel.
President Trump shared his perspective on the energy market, stating that a price of $64 per barrel represents a “great price.” He further expressed optimism regarding potential future price reductions, indicating a desire for continued downward momentum in oil costs.
The fluctuations in oil prices are closely watched indicators of global economic health. For instance, the U.S. Energy Information Administration reported that gasoline prices at the pump averaged $3.58 per gallon in the week of October 23, 2023, demonstrating the impact of crude oil costs on consumer prices.
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Further insights into economic leadership are available, with one report highlighting Kevin Haysit as a potential successor to the Federal Reserve chairmanship, reportedly with President Trump’s endorsement. This suggests broader considerations within the U.S. administration regarding economic policy and key appointments.
Dubai – Mubasher: The Investment Corporation of Dubai and Brookfield signed an agreement today, Monday, with Olayan Financial and Lunit to sell 49 percent of their stake in the ICD Brookfield Place tower located in the Dubai Financial Center. Global.
Upon completion of the agreement, Lunit, through one of its funds, and Olayan Financial Company will each own 24.5 percent of the equity shares in ICD Brookfield Place, according to a press release issued today.
The Investment Corporation of Dubai and Brookfield will each retain a total share of 51 percent of the company’s ownership, distributed equally between the two parties.
The statement did not mention financial details, while Bloomberg previously reported that the value of the tower was $1.5 billion.
Although the details of the value of the deal were not disclosed, it is the largest institutional real estate deal for individual assets for a third party in the UAE, and it is also one of the largest commercial building sale deals in the world since 2020.
Sources revealed to “Bloomberg” last January that the sovereign fund “ADQ”, in Abu Dhabi, is considering joining the competition for a minority stake in the “ICD Brookfield Place” tower, seeking to seize a slice in one of the highest commercial real estate markets. active in the world.
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Nominations:
6 Arab businessmen on the list of the 500 richest billionaires in the world
2024-04-08 09:59:49
#Olayan #Lunit #acquire #tower #Dubai #International #Financial #Centre
Dubai – Mubasher: The subscription period for “Parkin” shares on the Dubai Financial Market ends tomorrow, Tuesday, for individual investors in the UAE.
According to company data, the subscription period for “Parkin” shares on the Dubai Financial Market for qualified investors continues until March 13.
Each subscriber in the first tranche is guaranteed a minimum allocation of up to 2,000 shares, taking into account the total number of shares allocated in accordance with the guaranteed minimum allocation in the first tranche, which does not exceed the total number of shares available in the first tranche, and therefore it could be less than 2,000 shares.
The final guaranteed minimum allocation for each subscriber in the first tranche is determined at the end of the subscription period based on the total number of subscribers in the first tranche and the offering price.
The Emirati company Parkin had previously announced that it had set the price range for the offering between 2 and 2.1 dirhams per share, which means that the market value when the value of those shares is included will range between 6 billion dirhams to 6.30 billion dirhams.
The final offering price will be determined through the book-building process, and investors participating in the retail offering in the UAE will subscribe to the shares at the offering price.
The offering and listing acceptance processes are currently expected to be completed on March 21, 2024.
The Dubai Investment Fund expects to sell 749.7 million ordinary shares, which represents 24.9 percent of the company’s total issued capital, with the fund reserving the right to modify the size of the offering at any time before the end of the subscription period.
The size of the offering will be approximately 1.49 billion dirhams to 1.57 billion dirhams. The final offer price is expected to be announced on March 14, 2024.
It is noteworthy that Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Prime Minister, in his capacity as Ruler of the Emirate of Dubai, issued, last January, Law No. (30) of 2023 establishing the “Parkin” company.
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Nominations:
The Ruler of Dubai issues a law establishing the “Parkin” parking management company
“Parkin” intends to offer 24.99% of its capital on the Dubai Stock Exchange… and list next March
2024-03-11 11:07:37
#Tomorrow. #individual #subscription #Emirati #Parkin
Noha Makram – Live – Gold prices stabilized on Tuesday near their highest levels in three months with weak US manufacturing sector data and construction spending as investors awaited testimony by Federal Reserve Chairman Jerome Powell to Congress on key jobs data.
The spot price of gold settled at $2,114.99 per ounce, approaching its highest levels since December 4, recorded on Monday at 2,119.69. While US gold futures fell by 0.1% to 2,123.90.
Johnny Tevez, a strategist at UBS, said that the gold jump is due to the US data, which was weaker than expected and the decline in real interest rates, but there is a general tendency to buy when prices decline, as well as a positive appetite for gold, which pushed the market in… Uptrend.
Fed member Rafael Bostic said the central bank was not under pressure to cut interest rates urgently, citing a thriving economy and a strong labor market.
Markets’ focus will shift to Fed Chairman Jerome Powell’s testimony before Congress on Wednesday and Thursday, as investors seek more signs about the strength of the US economy and the potential timing of the Fed starting to cut interest rates.
It is worth noting that low interest rates enhance the attractiveness of the precious yellow metal, which does not earn interest.
The holdings of the SPDR fund, the largest exchange-traded market backed by bullion, fell by 10% compared to the previous year until March 4.
As for other precious metals, the spot price of platinum fell by 0.6% to $891.95 per ounce, palladium by 1.3% to $947.80, and silver by 0.3% to $23.83.
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Nominations:
Gold rises globally to a new record high
“Goldman”: Gold and copper are the biggest beneficiaries of the US interest rate cut
Which Asian currencies benefit most from the US interest rate cut?
2024-03-05 09:47:52
#Gold #stability #globally #anticipation #Powells #testimony #Congress
