Ahead of the Eid al-Adha solemnity marked over the weekend, last week’s highlight was Egypt’s stock exchange launching its first Shariah Index.
Bank Islam Brunei Darussalam launched the Southeast Asian nation’s first domestically-managed mutual fund, Saudi Arabia approved the public offering of Al Suqia Associations Endowment Fund by Al Rajhi Capital, and Saudi Aramco completed its secondary public offering of around 1.55 billion shares, representing 0.64% of Aramco’s issued shares, to raise SAR42.1 billion (US$11.21 billion).
Developments in the Saudi Arabia REITS arena saw MEFIC REIT sign an annex to the management and operation contract with development operator Sustainable Properties Company, to reduce the operational costs for the fund’s Plaza 1 property located in Riyadh while Mulkia Investment terminated a deal to establish a real estate fund to acquire a plot of land in Buraidah City without incurring any legal or financial claims.
Significant people movements occurred with BlackRock appointing Mohammad Al Fahim as the managing director and head of the UAE while Dr Awang Adek Hussin left his executive chairman role at the Securities Commission Malaysia and was succeeded by Mohammad Faiz Azmi for a term of three years beginning the 16th June 2024.
Elsewhere, UAE investment firm Ithmaar Holding appointed Maysan Faisal Almaskati as CEO of Ithmaar Holding and the company’s two subsidiaries, Ithmaar Bank and IB Capital; Pak-Qatar Family Takaful appointed Waqas Ahmad as its new CEO; Ahmad Mohd Fawzi Abu Eideh resigned as CEO of UAE’s Invest Bank; Gerald Ambrose exited as CEO of Islamic fund management company abrdn Malaysia; and Abdulaziz Saud Alshbeebi resigned as a board member of Saudi Arabia’s Walaa Cooperative Insurance Company. From a regulatory standpoint, the Capital Market Authority of Saudi Arabia is inviting public feedback until the 12th July 2024 on proposed amendments to the Investment Funds Regulations. The changes aim to allow public funds to invest in privately offered debt instruments issued domestically. The draft would limit investments from any single issuer to 10%.
