Mubadala Development Co rejected bids from GDF Suez SA and Veolia Environnement SA (VIE) for its cooling business in favor of talks with National Central Cooling Co. (TABREED), three people with knowledge of the matter said. The Abu Dhabi state-owned fund, which owns a 15 percent stake and convertible bonds in National Central, may complete a sale for about $300 million, the people said, asking not to […]
|By TAP Staff| Gulf-based borrowers, who have been returning to the international debt market in recent days after several months of relatively light issuance, are reporting strong investor interest. Amid geopolitical tensions in Ukraine and economic instability in some emerging markets, Gulf economies have stood out because of their stability, thanks to their trade and state budget surpluses. The contrast appears to created attractive conditions for them […]
An Abu Dhabi state-owned fund is financing a quarter of Etisalat’s 4.2 billion euro purchase of Vivendi’s stake in Maroc Telecom, said three bank sources with knowledge of the deal, adding it should close this week. The identity of the fund is a closely-guarded secret. The banks that will provide the remaining 3.15 billion euros of loan finance have not been told which of the emirate’s state-owned […]
Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the emirate’s economy, said on Thursday its 2013 net profit tripled as soaring stock markets boosted the value of its financial investments. Mubadala, which has stakes in General Electric and private equity firm Carlyle, said it earned 1.45 billion dirhams ($395 million), up from 470 million dirhams in 2012. Financial investments swung from a loss […]
Abu Dhabi investment fund Mubadala Development Co plans to focus more on U.S. and European markets this year as those economies slowly recover, its deputy CEO said on Tuesday. Mubadala, which has stakes in General Electric and private equity firm Carlyle, shifted some of its focus to emerging markets such as Brazil, Russia, China and Indonesia after the global financial crisis hit the United States and Europe. […]
A well-timed launch saw Dubai Investments Park achieve favourable terms on its debut $300 million, 4.296 percent five-year Reg S sukuk issue, a deal that may serve to accelerate the plans of other regional potential issuers. The real estate firm, rated BB by Standard & Poor’s, kicked off the deal in a strong week for emerging markets and to a market starved of Middle East paper: it […]
Bond issuance from the Gulf Arab region is set to surge next year on the back of heavy infrastructure spending and refinancing needs, while the Abu Dhabi sovereign may return to the market after an absence of nearly five years. The region’s issuance of conventional bonds and sukuk fell to $28.97 billion this year from $36.90 billion in 2012, according to IFR, a Thomson Reuters unit. That […]
Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, raised a $500 million loan to pay existing debt, according to three bankers with knowledge of the deal. The five-year facility was obtained from a group of seven banks and pays 1.5 percentage points including fees more than the London Interbank Offered Rate, said the bankers, asking not to be identified because […]
The Gulf’s bond market is set to emerge from five months of near-inactivity after last week’s decision by the U.S. Federal Reserve to maintain its monetary stimulus created a window for banks and corporations to raise cash. A total of $16.6 billion was raised on global bond markets last Thursday, a four-fold rise from the day before. The Gulf market’s reaction to the Fed will not be […]
By Cristiane Lucchesi – Aug 14, 2013 (Bloomberg) Mubadala Development Co., the Abu Dhabi sovereign-wealth fund, is in talks to buy some of the assets of former Brazilian billionaire Eike Batista for about $1 billion, two people with direct knowledge of the matter said. The negotiations are for stakes in oil producer OGX Petroleo (OGXP3) & Gas Participacoes SA, MMX Mineracao & Metalicos SA and LLX Logistica […]
Mubadala Development Co., the Abu Dhabi sovereign wealth fund, is fighting to avoid losses on its $2 billion investment in Eike Batista’s companies as the former billionaire seeks to save his commodity empire from collapse. The fund is owed $1.5 billion after converting a preferred equity investment in Batista’s EBX Group Co. into debt, three people with knowledge of the matter said last month. That amount is […]
