The Arab Energy Fund mandates banks on Reg S USD 5-year bond
A benchmark USD-denominated Regulation-S offering with a five-year tenor is expected to follow, subject to market conditions.
TAEF, a multilateral impact investor, was formerly known as Arab Petroleum Investments Corporation. It was set up in 1975 and is funded by 10 governments--Saudi Arabia, Kuwait, the UAE, Libya, Qatar, Iraq, Algeria, Egypt, Bahrain and Syria, and had assets of over $10 billion as of June, 2024.
It is rated Aa2 (stable outlook) by Moody's, AA- (stable outlook) by S&P, and AA+ (stable outlook) by Fitch.
Nomura, BSF Capital, Mashreq and Standard Chartered Bank are the joint lead managers.
The notes will be issued under Arab Petroleum Investments Corporation Global Medium Term Note Programme, with an expected rating of Aa2 by Moody's and AA+ by Fitch.
The proceeds will be used for general corporate purposes. The notes will be listed on Euronext Dublin.
(Writing by Brinda Darasha; editing by Seban Scaria)
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Dubai Eye
8 hours ago
- Dubai Eye
Trump fires lead official on economic data
President Donald Trump on Friday fired a top Labor Department official on the heels of a market-shocking weak scorecard of the US job market, accusing her of manipulating the figures and adding to already growing concerns about the quality of economic data published by the federal government. In a second surprise economic policy development, the door for Trump to make an imprint on a Federal Reserve with which he clashes almost daily for not lowering interest rates opened much earlier than anticipated when Fed Governor Adriana Kugler unexpectedly announced her resignation on Friday afternoon. The two developments further rattled a stock market already reeling from his latest barrage of tariff announcements and the weak jobs data. The benchmark S&P 500 Index .SPX sank 1.6 per cent in its largest daily drop in more than two months. Trump accused Erika McEntarfer, appointed by former President Joe Biden, of faking the jobs numbers. There is no evidence to back Trump's claims of data manipulation by the Bureau of Labor Statistics, the statistical agency that compiles the closely watched employment report as well as consumer and producer price data. A representative for the BLS did not respond to a request for comment. Friday began with BLS reporting the US economy created only 73,000 jobs in July, but more stunning were net downward revisions showing 258,000 fewer jobs had been created in May and June than previously reported. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said in a post on Truth Social. DATA CONCERNS A Trump administration official who requested anonymity said that while all economic data is noisy, the White House has been dissatisfied with how large the revisions have been in the recent data and issues with lower survey responses. The problem started during COVID and has not been addressed in the years since. "There are these underlying problems that have been festering here for years now that have not been rectified," the person said. "The markets and companies and the government need accurate data, and like, we just weren't getting that," the official said. The BLS has already reduced the sample collection for consumer price data as well as the producer price report, citing resource constraints. The government surveys about 121,000 businesses and government agencies, representing approximately 631,000 individual worksites for the employment report. The response rate has declined from 80.3 per cent in October 2020 to about 67.1 per cent in July, BLS data shows. A Reuters poll last month found 89 of 100 top policy experts had at least some worries about the quality of US economic data, with most also concerned that authorities are not addressing the issue urgently enough. In addition to the concerns over job market data, headcount reductions at BLS have resulted in it scaling back the scope of data collection for the Consumer Price Index, one of the most important gauges of US inflation, watched by investors and policymakers worldwide. Trump's move fed into concerns that politics may influence data collection and publication. "Politicizing economic statistics is a self-defeating act," said Michael Madowitz, principal economist at the Roosevelt Institute's Roosevelt Forward. "Credibility is far easier to lose than rebuild, and the credibility of America's economic data is the foundation on which we've built the strongest economy in the world. Blinding the public about the state of the economy has a long track record, and it never ends well." FED CHANGE SOONER THAN EXPECTED Meanwhile, Kugler's surprise decision to leave the Fed at the end of next week presents Trump an earlier-than-expected opportunity to install a potential successor to Fed Chair Jerome Powell on the central bank's Board of Governors. Trump has threatened to fire Powell repeatedly because the Fed chief has overseen a policymaking body that has not cut interest rates as Trump has demanded. Powell's term expires next May, although he could remain on the Fed board until January 31, 2028, if he chooses. Trump will now get to select a Fed governor to replace Kugler and finish out her term, which expires on January 31, 2026. A governor filling an unexpired term may then be reappointed to a full 14-year term. Some speculation has centered on the idea Trump might pick a potential future chair to fill that slot as a holding place. Leading candidates for the next Fed chair include Trump economic adviser Kevin Hassett, Treasury Secretary Scott Bessent, former Fed Governor Kevin Warsh and Fed Governor Chris Waller, a Trump appointee who this week dissented with the central bank's decision to keep rates on hold, saying he preferred to start lowering them now. Trump, as he was leaving the White House to spend the weekend at his Bedminster, New Jersey, estate, said he was happy to have the open slot to fill. "I would not read any political motivation into what [Kugler is] doing, although the consequence of what she's doing is she's calling Trump's bluff," said Derek Tang, an analyst at LH Meyer, a research firm. "She's putting the ball in his court and saying, look, you're putting so much pressure on the Fed, and you want some control over nominees, well, here's a slot."
ARN News Center
8 hours ago
- ARN News Center
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The problem started during COVID and has not been addressed in the years since. "There are these underlying problems that have been festering here for years now that have not been rectified," the person said. "The markets and companies and the government need accurate data, and like, we just weren't getting that," the official said. The BLS has already reduced the sample collection for consumer price data as well as the producer price report, citing resource constraints. The government surveys about 121,000 businesses and government agencies, representing approximately 631,000 individual worksites for the employment report. The response rate has declined from 80.3 per cent in October 2020 to about 67.1 per cent in July, BLS data shows. A Reuters poll last month found 89 of 100 top policy experts had at least some worries about the quality of US economic data, with most also concerned that authorities are not addressing the issue urgently enough. 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FED CHANGE SOONER THAN EXPECTED Meanwhile, Kugler's surprise decision to leave the Fed at the end of next week presents Trump an earlier-than-expected opportunity to install a potential successor to Fed Chair Jerome Powell on the central bank's Board of Governors. Trump has threatened to fire Powell repeatedly because the Fed chief has overseen a policymaking body that has not cut interest rates as Trump has demanded. Powell's term expires next May, although he could remain on the Fed board until January 31, 2028, if he chooses. Trump will now get to select a Fed governor to replace Kugler and finish out her term, which expires on January 31, 2026. A governor filling an unexpired term may then be reappointed to a full 14-year term. Some speculation has centered on the idea Trump might pick a potential future chair to fill that slot as a holding place. 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The National
a day ago
- The National
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Influencer marketing in the UAE is set for a significant shake-up as new rules will soon require anyone posting promotional content − paid or unpaid − to hold an advertiser permit. The regulation, announced this week by the UAE Media Council, will take effect in three months and aims to bring the fast-growing digital advertising sector under stricter regulatory oversight. While social media influencers have been required to hold licences for paid collaborations since 2018, the new permit expands the rule to cover unpaid or gifted promotions as well. The move is expected to formalise the sector and could reshape how influencers are compensated and recognised by brands, according to experts. The UAE's influencer advertising market is projected to reach nearly $97 million by 2030, from $69.35 million in 2024, according to Statista. Despite this rapid growth, influencers often face payment delays, with major brand partnerships taking up to 120 days, Deloitte reports. The regulation could alter how brands approach influencer compensation, said Ahmad Daabas, regional director of the Mena region at Bold Management, a global talent agency representing influencers and creators. Once influencers are required to hold a licence, even for unpaid content, 'the expectation is that they are running a business', he told The National. This would likely push brands to 'pay more formally: via contracts, official invoicing, and proper accounting', helping reduce delays and adding structure to negotiations. 'Influencers will also be in a stronger position to request fair compensation now that they're officially recognised as 'advertisers' under the law,' Mr Daabas said. He added that agencies may need to take on more financial responsibility. 'Agencies may need to act as intermediaries, covering influencer payments upfront … something we have been providing and executing as Bold Management since we started in the region. This will increase risk and require stronger financial planning,' said Mr Daabas. Still, it could also open opportunities for agencies to evolve into 'end-to-end solutions providers … more like production houses or talent-led media agencies', he said. PR industry response Rani Ilmi, founder of Dubai-based Frame Publicity, said the permit could streamline relationships between agencies and influencers. 'Hopefully, this new permit means relationships will be more streamlined and formalised, no more chasing posts and deliverables after contracts are signed,' she told The National. The move will narrow the pool of available talent as brands and agencies will have to work only with licensed influencers, according to Ms Ilmi. 'Planning will be massively affected … our pool of talents to select from will be narrowed down considerably if everyone isn't licensed STAT,' she said, adding that the law could help fix long-standing issues with influencer payments. Part of the timely payments issue is the illegitimacy of how their contracts and payments are currently constructed, Ms Ilmi said. "With a more legally recognised framework for influencer revenue, their payment terms should be able to be formalised too." She also expects the new rules to favour full-time professionals over casual influencers. 'It will bring transparency into the influencer economy and focus on higher quality content, so full-time, truly 'influential' talents are able to shine for their professionalism,' Ms Ilmi said. More professional market Calling the regulation 'a major shift" toward formalising the industry, Mr Daabas said the move will 'increase the legitimacy of influencer-led campaigns, raise accountability, and strengthen trust with both brands and regulators'. However, it could also 'add friction in campaign execution if not implemented carefully', particularly for short-term or spontaneous content deals. Agencies must now verify influencers' permits before campaigns. 'This means integrating compliance cheques … operationally, this adds time … but … short-term, there will be adjustments and added overhead,' Mr Daabas said. Influencer reactions Ali Hennaoui, a UAE-based content creator, described the new permit as 'a step forward in regard to regulation in the creator space'. It would 'set forth a fundamental pillar in trust between not just creator and brand but also creator and audience' and 'set clear and transparent guidelines that will facilitate the work between creators and brands', he told The National. 'As content creation is a business, its logistics should be formal and follow a proper set of guidelines and procedures.' Widad Taleb, another Dubai-based influencer, said that having a licence gives her "a stronger footing" with brands. "It shows that influencers are recognised as legitimate advertisers, which makes it easier to justify rates and have transparent pricing conversations,' said Ms Taleb. She told The National that the rules will encourage influencers to invest more in business structures, but 'could feel overwhelming for smaller creators … it might make it harder for part-time or micro-influencers to enter the market'. On displaying licence numbers publicly, she said it 'signals to brands and agencies that I'm a licenced advertiser, which builds trust and gives me more confidence going into negotiations'. Mr Daabas added that a visible licence number serves as 'a verification stamp … assuring brands that the influencer is compliant and professional … and adds a layer of protection and accountability'. It could become 'a filter for brand briefs: only licenced influencers will be eligible to receive work', he noted. Regional ripple effect Saudi Arabia already requires influencers to obtain a licence to operate commercially, costing about $4,000 for three years, as part of efforts to professionalise the sector. Mr Daabas expects other Gulf markets to follow. 'The UAE often leads … we're monitoring Qatar and Kuwait, who … will follow with similar structures,' he said. He added that Bold Management is already preparing by creating standardised compliance procedures … and is in early discussions about regional compliance hubs and shared tools that can streamline this process for cross-border campaigns. Future of influencer marketing Experts say the regulation could transform digital advertising, enhancing transparency and attracting global brands to the Gulf. With a huge rise in market spend projections, agencies and creators alike expect a more structured, professional environment, one that could establish the UAE as a model for influencer regulation across the Middle East.
