HELSINKI: Finnish mobile games and animation studio Rovio Entertainment on Friday set the initial price range for its planned IPO which would value the company at around $1 billion.
The preliminary price range of €10.25-€11.50 per share would give Rovio a market value of between €802 million and €896 million.
Rovio’s main owner, Trema International, which is owned by Kaj Hed, the uncle of company co-founder Niklas Hed, is expected to keep a 36.6 percent stake after the listing.
Trema currently owns 69 percent of Rovio’s shares.
Rovio said it expects to start trading on Helsinki bourse’s pre-list on September 29 and on the main list on October 3.
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Angry Birds maker Rovio sets price range for $1 billion IPO
Angry Birds maker Rovio sets price range for $1 billion IPO
Dubai inflation eases to 2.79% in March as housing, transport costs moderate
RIYADH: Dubai’s annual inflation rate eased in March, hitting its lowest level since October 2024, according to official data released by the Dubai Statistics Center.
The inflation rate in the emirate slowed to 2.79 percent in March, down from 3.15 percent in February. The decline was primarily driven by a deeper deflation in food and beverage prices, which dropped by 3.34 percent year-on-year, compared to a 0.85 percent decline in the previous month.
Dubai continues to report relatively moderate inflation compared to other major cities in the region. Analysts attribute this trend to the government’s proactive measures to maintain price stability while fostering economic growth.
Despite persistent global inflationary pressures, Dubai’s economy remains resilient, supported by a diverse mix of sectors including tourism, real estate, and trade.
Looking ahead, the UAE Central Bank has forecast nationwide inflation at 2 percent for 2025 —well below the global average. Non-tradable components of the consumer basket are expected to be the main contributors to price movements in the coming year.
The March data also pointed to continued deflation in other key categories. Food and beverage prices posted a monthly deflation rate of 0.31 percent, slightly higher than the 0.21 percent recorded in February.
Clothing and footwear prices declined 2.69 percent year on year, mirroring the previous month’s figures. Meanwhile, prices in the information and communication sector saw a 1.96 percent annual drop in March, compared to a 1.95 percent decline in February.
The data also showed a continued rise in prices within several key sectors. The housing, water, electricity, gas, and other fuels category recorded a 7.16 percent increase in March, slightly down from 7.36 percent in February.
The insurance and financial services sector experienced notable inflation as well, with prices rising 5.83 percent, up from 5.20 percent the previous month.
Price increases were also observed across health, education, and personal care, social protection, and miscellaneous goods and services. Health costs climbed 3.1 percent, education rose 2.76 percent, and personal care and related services increased 2.52 percent.
For comparison, September’s figures showed no change in health and education, while personal care had risen by 1.48 percent.
The tobacco sector registered a 2.12 percent year-on-year increase, unchanged from February. Meanwhile, prices in the recreation, sport, and culture category grew 1.66 percent, though at a slower pace compared to 3.93 percent in the previous month.
Additional monthly gains were recorded in insurance and financial services, which edged up 1.47 percent in March versus 1.41 percent in February. Prices for furnishings, household equipment, and routine maintenance rose 0.36 percent, matching the previous month’s rate. The restaurants and accommodation services category saw a 0.25 percent increase, down from 0.72 percent in February.
In a separate report published in December, FOREX.com, a subsidiary of US-based StoneX Group Inc., projected strong economic resilience for the UAE in 2025.
The outlook was supported by solid consumer spending, record-high foreign direct investment, and the nation’s ongoing economic diversification efforts, despite regional challenges.
Saudi Arabia to drive Islamic finance growth in 2025, S&P says
RIYADH: Saudi Arabia is poised to play a key role in propelling the growth of the global Islamic finance industry in 2025, underpinned by non-oil economic expansion and robust sukuk issuance, according to a new analysis.
The Kingdom’s banking system growth, supported by Vision 2030 initiatives, is expected to contribute significantly to the expansion of Islamic banking assets next year, S&P Global Ratings said in its latest outlook report.
Saudi Arabia’s debt market has seen significant growth in recent years, attracting investors’ interest in debt instruments amid rising interest rates.
“We expect economic growth in Saudi Arabia and the UAE will continue supporting Islamic banking asset expansion in 2025, barring any significant disruptions from global trade tensions or a further decline in oil prices,” said S&P Global.
The report also noted that Vision 2030 “will continue to translate into significant banking system growth, provided it attracts sufficient refinancing sources, including sukuk issuances from the international capital market.”
Earlier this month, Kuwait Financial Center, also known as Markaz, reported that the Kingdom led the Gulf Cooperation Council in primary bond and sukuk issuances during the first quarter, raising $31.01 billion from 41 offerings. That accounted for 60.2 percent of total GCC issuances during the period.
S&P Global said the strong performance of the UAE’s non-oil economy, along with capital expenditure needs across various sectors, will continue to support financing requirements and sukuk issuances in 2025.
The US-based agency added that the growth of the global Islamic finance market will also be supported by countries in the GCC, including Qatar, Bahrain and Oman, as well as by nations in the Asia-Pacific region such as Pakistan, Bangladesh and Indonesia.
“The financing growth of Islamic banks will continue to outshine conventional banks’ credit growth, facilitating market share gains. However, this growth might be somewhat tempered by local currency volatility,” the report said.
Resilient growth
The global Islamic finance industry is expected to maintain its steady growth momentum in 2025, supported by financing needs linked to economic diversification efforts, according to S&P Global.
The agency said strong performance in both banking and sukuk segments helped the industry grow 10.6 percent year-on-year in 2024, with total sukuk outstanding surpassing $1 trillion for the first time in November.
Banking assets accounted for about 60 percent of the Islamic finance industry’s growth in 2024, up from 54 percent in the previous year. The GCC region was the primary driver, contributing 81 percent of that growth — two-thirds of which came from Saudi Arabia, the report showed.
Islamic banking, also known as Islamic finance, refers to financial activities that comply with Shariah law. Sukuk, or Islamic bonds, are Shariah-compliant debt instruments through which investors gain partial ownership of an issuer’s assets until maturity.
Commenting on the outlook, Mohamed Damak, head of Islamic Finance at S&P Global Ratings, said: “Financing needs driven by economic transformation programs will remain high, and the inherent preference for Islamic finance will persist. As a result, despite growing uncertainty, we expect the Islamic finance industry to grow in 2025.”
According to S&P Global, oil prices are expected to average $65 per barrel for the remainder of 2025 and $70 per barrel in 2026, which could support growth in most core Islamic economies.
The agency projected that global sukuk issuance is likely to reach between $190 billion and $200 billion in 2025, assuming current market volatility does not have a significant impact. Foreign currency-denominated issuance is expected to contribute $70 billion to $80 billion.
The report also noted that global sukuk issuances declined slightly in 2024, totaling $193.4 billion compared to $197.8 billion in 2023.
In a separate forecast made in January, Fitch Ratings said global sukuk issuances could reach $190 billion to $200 billion this year, driven by increased offerings in countries such as Saudi Arabia and Indonesia.
S&P Global’s findings align with a separate analysis released by Moody’s in September, which projected that the profitability of Islamic banks in the GCC will remain strong over the next 12 to 18 months. Moody’s attributed this to stable oil prices, government-led economic diversification initiatives, and high levels of business confidence.
In December, a report by Kamco Invest projected that Saudi Arabia will see the largest share of bond maturities in the GCC region between 2025 and 2029, totaling $168 billion.
The latest report from S&P Global said sustainable sukuk issuance is expected to range between $10 billion and $12 billion in 2025, compared to $11.9 billion in 2024 and $11.4 billion in 2023.
The issuance of sustainable sukuk will be supported by the Islamic finance guidelines introduced by the International Capital Market Association in April 2024, along with other regulatory initiatives.
The guidelines allow a broader range of assets to be used as underlying assets for sukuk, provided the proceeds are invested in green or social assets and projects. This added flexibility is aimed at addressing the shortage of sustainable assets in the Islamic finance space.
In 2024, Saudi Arabia accounted for 38 percent of total sukuk issuances.
However, the volume of sustainable sukuk issuance in the UAE declined by 60 percent in 2024 compared to the previous year.
“We anticipate an increase in sustainable sukuk issuance when GCC issuers implement climate transition plans more quickly and make progress toward renewable energy targets, particularly if regulators offer incentives for sustainable issuances,” said the report.
Potential challenges
In the report, S&P Global also highlighted several challenges that could affect the global Islamic finance industry, including a potential decline in crude oil prices and the adoption of the draft Shariah Standard 62.
In late 2023, the Accounting and Auditing Organization for Islamic Financial Institutions released an exposure draft of Shariah Standard 62 on sukuk.
The proposed guidelines address a range of market elements, including Shariah requirements for issuances, asset backing and ownership transfer, investment and financing structures, as well as trading and settlement procedures.
“Adopting Sharia Standard 62 could disrupt the sukuk market from 2026 by potentially reclassifying the instruments from debt-like to equity-like. But the extent of this will depend on whether the standard is approved, its content, and when it will be implemented,” said S&P Global.
It added: “If Standard 62 is adopted as proposed, we anticipate the industry could become more fragmented and less attractive to investors and issuers due to higher sukuk pricing for issuers and fewer fixed-income investors.”
In January, Fitch Ratings echoed similar views, noting that the adoption of AAOIFI guidelines could alter the structure of the sukuk market and potentially lead to increased fragmentation.
Aramco, China’s BYD collaborate on new energy vehicle technologies
RIYADH: Saudi energy major Aramco and Chinese electric vehicle manufacturer BYD have signed a joint development agreement to explore advancements in new energy vehicle technologies.
The partnership, formalized between Saudi Aramco Technologies Co. and BYD, aims to develop solutions that enhance efficiency and reduce environmental impact, according to a joint statement.
Bringing together the research capabilities of both companies, the collaboration is focused on innovation in low-carbon mobility. Aramco has been active in energy-related research, while BYD is a recognized player in EV and battery technologies.
Saudi Arabia is continuing to develop its electric vehicle infrastructure under Vision 2030, which targets greater sustainability and economic diversification.
Ali Al-Meshari, Aramco’s senior vice president of Technology Oversight and Coordination, said: “The collaboration between SATC and BYD aims to support energy efficiency improvements, and it builds on Aramco’s extensive research and development of new energy solutions.”
He added: “Aramco is exploring a number of ways to potentially optimize transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts.”
Al-Meshari emphasized the need for a multifaceted approach to support a practical energy transition and welcomed BYD’s role in the initiative.
Luo Hongbin, senior vice president at BYD, highlighted the importance of collaboration in driving innovation.
“At the crossroads of technological innovation and environmental protection, BYD always believes that true breakthroughs come from openness and collaboration,” he said.
Hongbin added: “We expect that SATC and our cutting-edge R&D capabilities in new energy vehicles will break the boundaries of geography and mindset to incubate solutions that combine highly-efficient performance with a lower carbon footprint.”
Hongbin expressed confidence that the partnership would contribute to broader climate action goals.
BYD, a long-standing player in electric mobility, has expanded its presence in the automotive, energy storage, and rail transit sectors, contributing to green technology development.
Aramco, one of the world’s largest integrated energy and chemicals companies, has been investing in technologies aimed at improving resource efficiency and supporting energy transition efforts.
In January, the Electric Vehicle Infrastructure Co. — a joint venture between the Public Investment Fund and Saudi Electricity Co. — signed a deal with Al-Futtaim Electric Mobility, BYD’s local partner, to install high-speed EV chargers across the Kingdom.
EVIQ plans to deploy more than 5,000 charging stations by 2030, reinforcing Saudi Arabia’s goal to become a regional hub for electric mobility.
Global forecasts suggest electric and eco-friendly vehicles could account for half of all car sales by 2035, making the Kingdom’s investments in EV infrastructure a key step toward future mobility.
Oil Updates — crude falls as concerns about demand amid US tariff upheaval return
SINGAPORE: Oil prices fell 1.5 percent on Monday as investors once again focused on concerns US tariffs on its trading partners will create economic headwinds that will reduce fuel demand growth, according to Reuters.
Brent crude futures slipped 97 cents, or 1.4 percent, to $66.99 a barrel at 09:40 a.m. Saudi time after closing up 3.2 percent on Thursday. US West Texas Intermediate crude was at $63.72 a barrel, down 96 cents, or 1.5 percent, after settling up 3.54 percent in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday.
“The broader trend remains tilted to the downside, as investors may struggle to find conviction in an improving supply-demand outlook, especially amid the drag from tariffs on global growth and rising supplies from OPEC+,” said IG market strategist Yeap Jun Rong.
OPEC+, the group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to hike output by 411,000 barrels per day starting in May, though some of that increase may be offset by cuts from countries that have been exceeding their quotas.
Prices also declined as some supply worries eased following signs of progress in nuclear talks between the US and Iran progressed on Saturday.
In the talks, the US and Iran agreed to begin drawing up a framework for a potential nuclear deal, Iran’s foreign minister said, after talks that a US official described as yielding “very good progress.”
The progress follows further sanctions by the US last week against a Chinese independent oil refinery that it alleges processed Iranian crude, ramping up pressure on Tehran amid the talks.
Concerns about tightening Iranian oil supply and hopes for a trade deal between the US and the EU, pushed Brent and WTI up about 5 percent last week, their first weekly gain in three weeks.
Still, markets remain worried about the effects of the aggressive US tariff policy and its trade war with China, with the dollar and Asian equity markets dropping on Monday.
A Reuters poll on April 17 showed investors believe the tariff policy will trigger a significant slowdown in the US economy this year and next, with the median probability of recession in the next 12 months approaching 50 percent. The US is the world’s biggest oil consumer.
Investors are watching for several US data releases this week, including April flash manufacturing and services PMI, for direction on the economy.
“This week’s series of PMI releases could further underscore the economic impact of tariffs, with both manufacturing and services conditions across major economies expected to soften,” IG’s Yeap said, adding oil prices face resistance at the $70 level.
China warns countries against striking trade deals with US at its expense
BEIJING: China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the US at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
Beijing will firmly oppose any party striking a deal at China’s expense and “will take countermeasures in a resolute and reciprocal manner,” its Commerce Ministry said.
The ministry was responding to a Bloomberg report, citing sources familiar with the matter, that the Trump administration is preparing to pressure nations seeking tariff reductions or exemptions from the US to curb trade with China, including imposing monetary sanctions.
President Donald Trump paused the sweeping tariffs he announced on dozens of countries on April 2, except those on China, singling out the world’s second-largest economy for the biggest levies.
In a series of moves, Washington has raised tariffs on Chinese imports to 145 percent, prompting Beijing to slap retaliatory duties of 125 percent on US goods, effectively erecting trade embargoes against each other. Last week, China signalled that its own across-the-board rates would not rise further.
“The United States has abused tariffs on all trading partners under the banner of so-called ‘equivalence’, while also forcing all parties to start so-called ‘reciprocal tariffs’ negotiations with them,” the ministry spokesperson said.
China is determined and capable of safeguarding its own rights and interests, and is willing to strengthen solidarity with all parties, the ministry said.
“The fact is, nobody wants to pick a side,” said Bo Zhengyuan, partner at China-based policy consultancy Plenum.
“If countries have high reliance on China in terms of investment, industrial infrastructure, technology know-how and consumption, I don’t think they’ll be buying into US demands. Many Southeast Asian countries belong to this category.”
Pursuing a hardline stance, Beijing will this week convene an informal UN Security Council meeting to accuse Washington of bullying and “casting a shadow over the global efforts for peace and development” by weaponizing tariffs.
Earlier this month, US Trade Representative Jamieson Greer said nearly 50 countries have approached him to discuss the steep additional tariffs imposed by Trump.
Several bilateral talks on tariffs have taken place since, with Japan considering raising soybean and rice imports as part of its talks with the US while Indonesia is planning to increase US food and commodities imports and reduce orders from other nations.
CAUGHT IN CROSSFIRE
Trump’s tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession.
On Monday, Chinese stocks inched higher, showing little reaction to the commerce ministry comments, though investors have generally remained cautious on Chinese assets due to the rising growth risks.
The Trump administration also has been trying to curb Beijing’s progress in developing advanced semiconductor chips which it says could be used for military purposes, and last week imposed port fees on China-built vessels to limit China’s dominance in shipbuilding.
AI chip giant Nvidia said last week it would take $5.5 billion in charges due to the administration’s curbs on AI chip exports.
China’s President Xi Jinping visited three Southeast Asian countries last week in a move to bolster regional ties, calling on trade partners to oppose unilateral bullying.
Beijing has said it is “tearing down walls” and expanding its circle of trading partners amid the trade row.
The stakes are high for Southeast Asian nations caught in the crossfire of the Sino-US tariff war, particularly given the regional ASEAN bloc’s huge two-way trade with both China and the US.
Economic ministers from Thailand and Indonesia are currently in the US, with Malaysia set to join later this week, all seeking trade negotiations.
Six countries in Southeast Asia were hit with tariffs ranging from 32 percent to 49 percent, threatening trade-reliant economies that have benefited from investment from levies imposed on Beijing by Trump in his first term.
ASEAN is China’s largest trading partner, with total trade value reaching $234 billion in the first quarter of 2025, China’s customs agency said last week.
Trade between ASEAN and the US totalled around $476.8 billion in 2024, according to US figures, making Washington the regional bloc’s fourth-largest trading partner.
“There are no winners in trade wars and tariff wars,” Xi said in an article published in Vietnamese media, without mentioning the US.
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