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Tuesday, 3 January 2012

Emirates Islamic Eyes Benchmark Sukuk, Parent To Back Bond – Kippreport.com

Emirates Islamic Bank, a unit of Emirates NBD (ENBD), has picked six banks for a potential benchmark-sized dollar sukuk, or Islamic bond, a source familiar with the matter said on Tuesday.

The lender selected National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital.

Any eventual bond issue will be fully guaranteed by Emirates NBD, lead arrangers said in a mandate announcement seen by Reuters.

MENA stock markets close - January 3, 2012

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6413.880.24%
DFM (Dubai Financial Market)
1350.450.66%
ADX (Abudhabi Securities Exchange)
2409.380.52%
KSE (Kuwait Stock Exchange)
5780.9-0.19%
BSE (Bahrain Stock Exchange)
1134.61-0.34%
MSM (Muscat Securities Market)
5721.810.20%
QE (Qatar Exchange)
8880.431.07%
LSE (Beirut Stock Exchange)
1176.56-0.01%
EGX 30 (Egypt Exchange)
3655.58-0.66%
ASE (Amman Stock Exchange)
1989.75-0.64%
TUNINDEX (Tunisia Stock Exchange)
4743.87-0.07%
CB (Casablanca Stock Exchange)
10985.30.15%
PSE (Palestine Securities Exchange)
485.31.34%

Forecasts differ on the Dubai real estate market - Xinhua


Forecasts differ on the Dubai real estate market
Xinhua
DUBAI, Jan. 3 (Xinhua) -- The Dubai Land Department, the real estate sales authority in the Gulf Arab sheikhdom, said sales of land and properties in 2011 was 20 percent up year-on-year, Gulf News reported. The news triggered hopes in the industry that ...

and more »


Qatar climbs to 11-month high; UAE, Saudi markets up - Stocks - ArabianBusiness.com

Petrochemicals and banking, the two heavyweight sectors in Saudi Arabia, helped lift the index to a higher close, gaining strength in late trade as European shares open higher on the year's first trading day.
Bellwether Saudi Basic Industries Corp (SABIC) gained 0.5 percent, Advanced Petrochemical climbed 2.1 percent and National Industrialization rose 0.6 percent.
Signs of some improvement in the manufacturing sector and a surprise drop in German unemployment lifted global stocks and the euro on Tuesday, but rising tension in the Middle East Gulf pushed crude above $110 a barrel.

Qatar’s United Development Snaps Losing Streak After 2-Day Drop - Bloomberg

United Development Co. (UDCD), a Qatari company that invests in energy and infrastructure, advanced the most in a week amid investor speculation that a 16 percent plunge in the previous two days was exaggerated.
The shares climbed 1.3 percent, the biggest intraday gain since Dec. 27, to 23.10 at 1:18 p.m. in Doha. The benchmark QE Index (DSM) rose 1.1 percent.
United Development tumbled after Qatar’s pension fund said Dec. 28 it seeks to buy 80 million shares at 20 riyals each, or less than the stock’s traded value.

Dana Gas Bond Yield Jumps Most in Two Weeks Ahead of Meeting - Bloomberg

The yield on Dana Gas (DANA) PJSC’s Islamic bonds maturing in October climbed the most in two weeks ahead of a planned company board meeting tomorrow.
The rate on the $1 billion of 7.5 percent bonds advanced 165 basis points, the most since Dec. 19, to 38.6 percent at 2:37 p.m. in Dubai, according to data compiled by Bloomberg. The yield is the highest since March 2009.
“Investors are anxious ahead of this meeting,” Dubai- based Hans Zayed, head of research and strategist at Rasmala Investment Bank Ltd., said in a telephone interview today. “Dana Gas needs to do something for this refinancing sooner rather than later, because if they leave it to later it becomes a time issue.”

Iran tensions boost crude oil prices - FT.com

Heightening tensions between Iran and the US boosted oil prices on Tuesday, pushing up Brent crude by more than $2.
ICE February Brent, the global benchmark, jumped $2.31 a barrel to $109.69 in European morning trading while the Nymex February West Texas Intermediate, the US benchmark, climbed $2.06 a barrel to $100.90, rising above the $100 mark hurdle.

Sudan launches sukuk sale, offers 20 pct return | Reuters

Sudan, which is fighting a severe economic crisis, has launched a sale of Islamic bonds offering an annual return of 20 percent to raise funds for the government, according to its debt agency.

Sudan will offer the Islamic bonds, locally known as shahamas, until January 25, the state-owned Sudan Financial Services Co, which sells sukuk on behalf of the central bank, said in an advertisement published in the local press.

It gave no volume or details of the issue, saying only that the expected annual return would be 20 percent - higher than around 15 percent offered on a similar issue in May.

Oman's Bank Muscat signs $170 mln loan deal with IFC | Reuters

Bank Muscat has signed a $170 million subordinated loan agreement with the International Finance Corporation, a unit of the World Bank, the Omani lender said in a statement posted on its website.

In November, Bank Muscat, Oman's largest lender by market value, said it was in talks with IFC to raise the agreed amount in subordinated debt.

The loan agreement was signed on Dec. 29, the statement said. The IFC has invested in Bank Muscat through the IFC Capitalisation Fund, set up to support emerging market banks.

Banque Saudi Fransi proposes 25-percent capital increase

Banque Saudi Fransi, part-owned by France’s Credit Agricole, has proposed a capital increase through a bonus share issue to help fund the bank’s expansion, it said in a stock exchange announcement.

The 25-percent increase will see the bank’s capital raised to 9.04 billion riyals ($2.41 billion) from 7.23 billion riyals through the issue of one bonus share for every four currently held by shareholders, the statement said.

The capital increase, which will be funded by the bank’s general reserve, still requires the approval of the kingdom’s regulator, the Saudi Arabian Monetary Agency, and shareholders who will meet during in the first quarter to vote on the proposal, the filing added.

Qatar calls for unified job contract format in the Gulf - The Economic Times

Qatar has proposed preparing a unified format of employment contract for foreign domestic helps across the six Gulf nations, that heavily import workers from foreign countries like India.

The proposal was among the six major recommendations Qatar made at a recent meeting in Manama of the undersecretaries from the ministries of labour of the Gulf Cooperation Council (GCC) states, a local media report said.

According to various estimates, the total number of Indians in Gulf countries is over 7.5 million. Indian population in the UAE stands at 1.7 million and the largest Indian population in the Gulf is in Saudi Arabia, which has 1.79 million resident Indians, making up just under seven per cent of the population there.

Chalk up another landmark year for the region's oil - The National

Four years stand out as landmarks in Middle East oil: 1951; 1973; 1979; and 1991.

In those years, the old certainties burned in revolutions and wars, oil prices soared, and the world's energy affairs were set on an entirely different course. To those memorable dates, we can now add 2011.

The regimes that crumbled in the face of popular protests were those in which the failure of the rentier state model became impossible to ignore. The money from modest oil and gas production, in Egypt's case supplemented by foreign aid and Suez Canal tolls, was disbursed on low-paid but undemanding government jobs, and subsidised food and fuel.

Little to build on for property market - The National

Matthew Green, the head of research at CB Richard Ellis, has inadvertently coined a new phrase that may turn out to be the slogan for the global property industry this year.

After struggling last year, the best the housing industry can anticipate is "pockets of positiveness", he says.

Mr Green is referring to Dubai, but he might as well be talking about the global picture.

Gulf looks east, will invest billions in India - Hindustan Times

The West Asian gold pot is tilting towards India. The oil rich kingdoms of Saudi Arabia, Qatar and Kuwait — wary of the economic crisis in Europe and the slowing growth rate in America — have conveyed their desire to invest in Indian infrastructure projects.

Despite the weakening rupee and falling Indian stock markets, Saudi Arabia and Qatar told New Delhi last month that they want to move some part of their investments from the West.

What’s more, the Kuwait Investment Authority is planning to invest about $10 billion in the Indian economy and has already invested about $1.5 billion in India in the past two years.

AFP: Oman announces $26-bn budget for 2012

The sultanate of Oman announced Monday a $26-billion budget for 2012 with a deficit expected to reach $3.12 billion, or five percent of its gross domestic product.
Expenditure was projected to hit 10 billion rials ($26 billion), up 9.0 percent from 2011, and revenues estimated at 8.8 billion rials ($22.85 billion), said financial affairs minister Darwish al-Balushi.
Balushi told a news conference that oil and gas should account for 81 percent of the revenues, at a slightly conservative average price of $75 per barrel, and daily production of 915,000 barrels.