Saudi’s Leejam Sports to issue IPO next month

The sports and fitness business will offer 30 per cent of its existing shares

Over a third of sovereign wealth funds plan to cut equity holdings on trade war fears

Among the main concerns cited were the possibility of a trade war, geopolitical risks, and the fact that equity valuations are high

gavel

UAE court adjourns bounced cheque case of Abraaj founder until July 11

The Sharjah court case relates to a cheque for Dhs177.1m

Saudi wealth fund PIF takes 15.2% direct stake in ACWA Power

The PIF already owns a 9.8 per cent stake in Riyadh-based ACWA through a subsidiary

Dubai’s financial regulator investigates Abraaj over alleged mismanagement

The DFSA has interviewed the firm’s founder, Arif Naqvi, and other senior executives in the past few months

Six firms in running to manage $1bn Abraaj healthcare fund

Despite a row over alleged misuse of money, investors want to stay invested in the fund

Oman’s Bank Muscat appoints new CEO, plans restructuring

The bank’s current CEO and COO will retire at the end of the year

UAE regulator to launch SME financing platform

The Securities and Commodities Authority said the platform would raise funding in a similar manner to collective project financing

Chairman of UAE’s Abraaj resigns

The private equity group is currently undergoing a court-supervised restructuring

UAE court adjourns criminal case against Abraaj founder

The arrest warrant was handed for issuing a cheque that bounced

Dubai’s Abraaj said to owe $20m to staff

A criminal case has been issued against the company’s founder, according to reports

Bahraini dinar touches 17-year low against dollar

Hedge funds dumped Bahraini bonds because of concern about the country’s rising public debt

Abraaj founder Naqvi faces criminal charges for bounced cheque

A judge in Sharjah is reportedly scheduled to rule on the case on Thursday

Dubai bourse hits its lowest since Jan 2016

The slump was led by losses in contractor Drake & Scull

Abraaj investment management business co-CEOs resign from board

Omar Lodhi and Selcuk Yorgancioglu will no longer serve as directors of the board of AIML

Abu Dhabi finance hub ADGM to regulate crypto assets

The framework aims to aid governance, oversight and transparency over crypto asset activities

JPMorgan subsidiary to sell Saudi Investment Bank stake for $203m

JPMorgan International Finance will divest its holding by selling its shares back to Saudi Investment Bank

UAE regulator asks listed companies to declare exposure to Abraaj

Abraaj filed for provisional liquidation last week

Dubai’s Abraaj sells part of its fund business to US firm Colony Capital

Colony Capital will acquire Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business

Saudi added to MSCI emerging markets index, huge inflows expected

MSCI said 32 major Saudi stocks will gain emerging market status

UAE central bank sets new caps on customer banking fees

The fee caps apply to charges for services such as home loans and late fees for credit cards

Dubai’s financial centre partners with Startupbootcamp to expand fintech offering

The potential incubators will expand upon the financial free zone’s existing FinTech Hive accelerator

Abu Dhabi firm offers to buy Abraaj’s investment management arm

Abu Dhabi Capital Management has reportedly offered $50m for the business

Franklin Templeton funds get Saudi QFI status ahead of MSCI decision

MSCI is expected to announce whether it will include Saudi in its emerging market index later this week

Emirates Islamic appoints new CEO

Salah Amin replaces Jamal Bin Ghalaita, who is retiring.

Different Arab money

UAE, Saudi central banks hike repo rates

The move came after the US Federal Reserve raised its target range for the federal funds interest rate by a quarter point

UAE’s Abraaj sells entire stake in Orascom Construction

The company sold its 5.4 per cent stake for about $52m

Abu Dhabi’s Mubadala to launch $400m European tech fund

Japan’s Softbank Group will participate in the fund as a strategic investor

Dubai cryptocurrency exchange becomes region’s first to get sandbox licence

Palmex received the licence from the Central Bank of Bahrain

Creditor starts legal proceedings for Abraaj restructuring

Auctus is the second creditor, after Kuwait’s Public Institution for Social Security, to start legal action in the Cayman Islands