Latest news with #Mashreqbank
Arabian Post
17-05-2025
- Business
- Arabian Post
Qualcomm Unveils Abu Dhabi Hub for AI and IoT Innovation
Qualcomm Technologies has revealed plans to establish a global engineering centre in Abu Dhabi, marking a significant expansion of its research and development footprint. The new facility will concentrate on cutting-edge technologies such as artificial intelligence, the industrial internet of things, and advanced data centre solutions, positioning Abu Dhabi as a pivotal node within Qualcomm's worldwide network of engineering operations. This engineering centre is set to bolster Qualcomm's commitment to high-performance connectivity and energy-efficient computing technologies. By addressing escalating demand for intelligent and scalable technological solutions, the facility aims to support both local and international markets with innovations tailored to rapidly evolving industries. The Abu Dhabi centre will engage closely with regional and international partners, fostering collaborations that align with broader strategic initiatives within the United Arab Emirates. Its primary focus will span sectors critical to the nation's economic diversification goals, including energy, manufacturing, logistics, retail, and smart mobility. These areas reflect ongoing efforts to leverage technology for sustainable growth and competitive advantage in a transforming global landscape. Qualcomm's decision to base a major engineering hub in Abu Dhabi underscores the emirate's rising stature as a technology and innovation ecosystem. The move aligns with UAE government priorities to attract advanced technology companies, stimulate research and development, and nurture a knowledge-based economy. It also reflects an increasing global trend where leading tech firms establish centres outside traditional hubs, seeking proximity to emerging markets and diverse talent pools. The facility will support Qualcomm's portfolio development, including innovations in AI algorithms, machine learning applications for industrial automation, and connectivity frameworks essential for the future of smart infrastructure. With the industrial internet of things gaining momentum, Qualcomm's expertise in wireless communication standards is expected to drive transformative solutions across complex supply chains and manufacturing processes. See also Mashreqbank's $500m Bond Offering Signals Market Confidence Energy sector applications will be a significant part of the centre's remit. By integrating AI and IoT capabilities, the centre aims to enhance operational efficiency and sustainability, supporting smart grid technologies, predictive maintenance, and energy optimisation. Such advancements are particularly pertinent to the UAE's ambition to diversify its energy mix and improve resource management. Collaboration with local universities and research institutions will form an integral part of the centre's activities, facilitating knowledge transfer and skills development. Qualcomm's presence is expected to create opportunities for Emirati engineers and scientists, reinforcing workforce localisation policies and contributing to the country's broader human capital development agenda. The engineering centre complements Qualcomm's existing global hubs located in North America, Europe, and Asia, creating a more geographically distributed innovation network. This diversification helps mitigate supply chain risks and accelerates product development cycles by leveraging time zone differences and regional expertise. Industry experts highlight that Qualcomm's move signals increasing confidence in the Middle East as a viable destination for high-tech investment and innovation. The UAE's infrastructure, strategic location, and government support mechanisms provide a conducive environment for advanced technology companies seeking to expand their global footprint. The centre's establishment also resonates with ongoing trends in the technology sector where AI and IoT solutions are driving digital transformation across multiple industries. As demand for connected devices and intelligent automation grows, Qualcomm's enhanced engineering capabilities are expected to play a crucial role in shaping the future landscape of industrial and consumer technologies. The data centre solutions component of the hub will focus on developing technologies that address the growing need for efficient, scalable, and secure data management. These solutions are vital for handling the exponential increase in data generated by smart devices and connected systems, ensuring performance while minimising environmental impact. See also Saudi Energy Firm Expands US Ties with $500 Million Agreements Qualcomm's announcement reflects a strategic investment designed to harness regional strengths and global innovation trends simultaneously. By situating an engineering centre in Abu Dhabi, the company leverages the UAE's position as a regional business and technology hub, while advancing its leadership in wireless technologies and AI-driven applications. The move also illustrates a broader industry pattern of multinational corporations enhancing regional capabilities to better serve diverse markets and respond swiftly to technological shifts. As global competition intensifies, proximity to emerging markets and local innovation ecosystems is becoming increasingly important for sustained growth.
Zawya
14-05-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks inch lower as surplus oil worries weigh
Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index was down 0.19%. Saudi Telecom and Saudi Electricity Company were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company. The refiner is on track to log its third straight session of gains. Dubai's main share index was flat, trading down 0.09% as a 2.5% gain in Mashreqbank was offset by a 2.7% fall in Amlak Finance. Abu Dhabi's benchmark index was unchanged while Qatar's benchmark stock index was down 0.01%.
Reuters
14-05-2025
- Business
- Reuters
Gulf stocks inch lower as surplus oil worries weigh
May 14 (Reuters) - Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.19%. Saudi Telecom ( opens new tab and Saudi Electricity Company ( opens new tab were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company ( opens new tab. The refiner is on track to log its third straight session of gains. Dubai's main share index (.DFMGI), opens new tab was flat, trading down 0.09% as a 2.5% gain in Mashreqbank ( opens new tab was offset by a 2.7% fall in Amlak Finance ( opens new tab. Abu Dhabi's benchmark index (.FTFADGI), opens new tab was unchanged while Qatar's benchmark stock index (.QSI), opens new tab was down 0.01%.
Zawya
25-04-2025
- Business
- Zawya
Debut issuers push into sukuk market: IFR
The US dollar sukuk market was treated to a new issuer on Wednesday, while another debut name announced its intention to print in the coming days. Ajman Bank, the first Islamic bank incorporated in the Emirate of Ajman, was the issuer to do a deal. Omniyat, a real estate developer in UAE focusing on the ultra-luxury real estate segment, is the one still to come. The sukuk market has outperformed throughout the past month's volatility thanks to regional liquidity. And a sukuk offering from Mashreqbank, for example, was the only new public deal from the CEEMEA region last week. Ajman is the smallest bank, by total assets, from the Gulf region to enter the international bond market, with just over US$6.2bn as of last December. The bank, which is rated BBB+ by Fitch, is 28% owned by the emirate, though it is also listed. After a short roadshow, leads opened books at 165bp area over Treasuries for a US$500m five-year offering. With books climbing to US$2.6bn, they revised pricing to a final spread of plus 130bp. That didn't put off more orders from coming in, with the final books at US$2.7bn. Even at the final spread, the deal offered value over recent transactions from the Gulf bank sector. "There's a pickup in spread terms versus the rest of the pack, which are around 100bp," said a lead banker. Mashreqbank, for example, printed its US$500m five-year sukuk at plus 105bp. Last month, Emirates Islamic Bank sold US$750m five-year sukuk at plus 95bp. In mid-February, Sharjah Islamic Bank, probably the best reference point, albeit it's slightly better rated at A– by S&P and BBB+ by Fitch, printed a US$500m five-year sukuk at plus 89.8bp. That note is now quoted at a G-spread of 105bp, according to LSEG. Even conventional bank deals have printed at relatively tight levels. Ahli Bank, which is 47.71% owned by Qatar Investment Authority and its wholly owned subsidiaries, sold a US$500m five-year bond issue last month at 105bp. In late February, Doha Bank issued a US$500m five-year note at plus 120bp. That bond, which priced inside fair value, is now trading at a G-spread of 111bp, according to LSEG. While the deal was anchored by regional investors, the lead banker said there was "decent participation from international investors". The allocation statistics show that 65% went to accounts in the MENA region, 13% to Asia and 22% to the UK, Europe and others. Banks and private banks took 52%, fund managers 30% and insurers, pension funds and agencies 18%. Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan and Standard Chartered were the global coordinators. They were also bookrunners and lead managers alongside Abu Dhabi Islamic Bank, Bank ABC, Citigroup, Dubai Islamic Bank, KFH Capital, Mashreq, QNB Capital, Sharjah Islamic Bank, The Islamic Corporation for the Development of the Private Sector and Warba Bank. Omniyat (BB–/BB–) started a roadshow on Thursday ahead of a US dollar benchmark three-year green sukuk. There are various high-yield-rated regional real estate companies that will act as comparables, including Arada, Damac, Five and Sobha Realty. Yields range from the high 6s to low 8s, with Sobha's US$500m 8.75% July 2028 sukuk the highest yielding of the bunch, at 8.27%, according to the leads. Sobha is rated Ba2 by Moody's and BB by S&P. Arada (B1/BB–) has US$500m 8.125% June 2026 sukuk at a yield-to-maturity of 7.28% and US$550m 8% June 2029 sukuk at 7.625%. Damac (Ba1/BB) is tightest of the bunch, with 2027 and 2028 sukuk in the high 6s. Five (B+/BB) has a US$350m 9.375% October 2028 conventional bond at 8.05%. Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered are the global coordinators. They are also bookrunners and lead managers alongside Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank, Kamco Invest, RAKBANK and Warba Bank.
Zawya
18-04-2025
- Business
- Zawya
Mashreqbank ticks the boxes: IFR
Mashreqbank accelerated its US$500m no-grow five-year sukuk, printing the deal on Tuesday a day ahead of when it was originally pencilled in. It was the first issuance from the CEEMEA region since US president Donald Trump's tariffs announcement on April 2. Mashreqbank (A3/A/A) was a good candidate to reopen the market given its strong ratings and its standing in the UAE financial sector. "We have a positive view on the credit profile of Mashreqbank, which is continuing to report very strong results," said Faisal Ali, senior portfolio manager at Azimut. The mandate was announced on Monday, with the deal expected to launch on Wednesday following a series of calls and meetings in London. But with credit markets in good shape on Tuesday and strong interest in the transaction, the leads decided there was no point in hanging around. Books opened at the 140bp area over Treasuries, with leads then going straight to a final spread of 105bp as books peaked at US$2.8bn. Even with the big tightening, books stayed largely intact, finishing at US$2.65bn. A lead banker said the deal priced in line with fair value, with some international participation in the books as well as regional. "What this says is that GCC liquidity is healthy and investors in the region are willing to buy in the primary at minimal or without any new issue premium," said the banker. Despite the lack of premium, investors said the deal did offer some relative value. "We think the bond was attractively priced compared to five-year senior sukuk issued by other GCC banks," said Ali. "We also think the deal was well supported given this was a debut sukuk issue by Mashreqbank." The Middle East, like certain markets in Asia, such as China, benefits from a natural bid from local accounts – the sukuk sector in particular. Indeed, by opting for the sukuk market, Mashreq played it safe. Throughout the uncertainty of the past two weeks, the asset class has outperformed. "No GCC account passed on this from a liquidity point of view. There's been a continued bid. That's why sukuk have outperformed broader EM," said the banker. Mashreqbank last issued in June, when it priced a US$500m perpetual non-call 5.5-year AT1. Before that, it issued twice in 2022, again in capital format, selling AT1 and Tier 2 debt. It last issued in senior format in 2019, selling a February 2024 conventional bond, which it also tapped. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, Sharjah Islamic Bank, Standard Chartered and The Islamic Corporation for the Development of the Private Sector were the lead managers and bookrunners. The question now is who will follow Mashreq in the primary market, and in particular whether other UAE financial institutions will do so. The outlook for the sector is generally good. "We remain constructive on the UAE banking sector although we think the UAE economy will face a negative, but manageable, impact from the fallout from the ongoing trade war," said Ali. "In the longer term, the UAE will benefit from manufacturing relocating from countries subjected to a much higher tariff."
