GulfNews Business

HSBC sharpens focus of Saudi Arabia investment banking unit

Banking|: Dubai: HSBC Saudi Arabia is sharpening its focus on the investment banking, institutional brokerage and custody needs of its clients with an agreement to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (SABB). “This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s Chief Executive for the Middle East, North Africa and Turkey (MENAT) region. The HSBC Group owns 51 per cent of HSBC Saudi Arabia, with 49 per cent owned by SABB. The HSBC Group is the single largest investor in SABB with a 31 per cent shareholding. The transaction is expected to complete during the 2022 Gregorian calendar year (1443H), subject to necessary approvals. HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors, including public companies; private companies and establishments; funds; government agencies; and family businesses and offices. “As the Kingdom of Saudi Arabia marks the five-year anniversary of its Vision 2030 programme, we want to ensure HSBC Saudi Arabia is focused on connecting our corporate and institutional clients to the vast opportunities that arise from one of the world’s most ambitious economic transformation programmes, while ensuring that our current retail and asset management clients will benefit from a transfer into one of the Kingdom’s leading domestic banking platforms,” said Rajiv Shukla, Chief Executive Officer of HSBC Saudi Arabia.

GulfNews Business

Sharjah sees new luxury waterfront residential project on Dh4.5b Maryam Island

Property|: Dubai: Sharjah’s property market is getting its steady flow of new projects – the latest one is a waterfront building in the Al Khan and Al Mamzar districts. The ‘Shams Residences’ on Maryam Island is from Eagle Hills Sharjah, a joint venture between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills. It will feature a 59-unit building and form the second phase of the Dh4.5 billion Maryam Island master-development. Low Ping, CEO of Eagle Hills said: “The launch of Shams Residences marks an important step for us as Maryam Island begins to take shape. The new building is within walking distance of pristine beaches, and is complete with unparalleled views and stunning design, promising residents intimate community living like no other.” A penthous too The eight-storey building features 59 units ranging from studios to three-bedroom apartments. A four-bedroom penthouse has been assigned to the top floor. It was in 2019 that the Shurooq-Eagle Hills alliance was finalized, with the developer taking on major hospitality and residential projects in the emirate. The focus was on creating destinations by transforming some of the older neighbourhoods there. Shams Residences will cover around 6,637 square metres of gross floor area, and will be close to the retail offerings on Maryam Island and the beaches of Mamzar and Al Khan. Sharjah has since the start of the year seen major launches from Arada, which came up with a green-heavy Dh8 billion Masaar community, and also from Majid Al Futtaim.

GulfNews Business

Elon Musk's tweets are costing Tesla CEO's status as 'world's second richest man'

Markets|: New York: Elon Musk's Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction. On Monday, Tesla Inc.'s CEO lost his spot as the world's second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker's shares fell 2.2 per cent. That was on top of last week's slump amid a global rout in technology stocks and fresh signs of trouble in its China business. Musk, who held the top spot in the Bloomberg Billionaires Index as recently as March, now has a fortune of $160.6 billion, down 24 per cent from its January high. The drop follows a turbulent period for Musk, who sent Bitcoin tumbling as much as 15 per cent last week after posting a statement on Twitter that Tesla was no longer accepting the digital currency as payment. He also helped to whipsaw Dogecoin prices after tweeting he's working with developers of the Shiba Inu-themed token to improve transaction efficiencies. Tweet havoc Over the weekend, Musk wreaked havoc again when he seemed to imply that Tesla may sell or has sold its Bitcoin holdings before later clarifying in a tweet Monday that the company had done no such thing. Musk became the world's richest person in January after Tesla's shares surged almost 750 per cent last year amid a boom in technology-driven stocks. Despite reporting record first-quarter profit, the company's shares have since fallen by about a fifth amid a global semiconductor shortage and increasing competition from traditional automakers. Musk's fortune has dropped about $9.1 billion this year, the most among US-based billionaires tracked by Bloomberg's wealth index. Meanwhile, Arnault, 72, has added the most, with his networth climbing by almost $47 billion to $161.2 billion as sales of his firm's luxury goods surge in China and other parts of Asia.