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Tuesday, 30 June 2015

MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up | Reuters

MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up | Reuters:



"Major Middle Eastern stock markets rose on Tuesday after bargain-hunters came in at the lows, encouraged by rebounds in overseas bourses and oil prices.



The Saudi stock index dropped as much as 1.5 percent in early trade but then edged up for most of the day, closing 0.3 percent higher. Miner Ma'aden was one of the main stocks to recover, ending up 1.6 percent.



The biggest petrochemical producer, Saudi Basic Industries , closed 0.9 percent down but was well off its low as Brent oil rebounded more than 1 percent to nearly $63 a barrel."



'via Blog this'

MIDEAST STOCKS-Saudi slides on weak petrochemicals | Reuters

MIDEAST STOCKS-Saudi slides on weak petrochemicals | Reuters:



"Saudi Arabia's stock market continued falling in early trade on Tuesday, led by petrochemicals, which sagged as the Greek debt crisis weighed on oil prices.



The main Saudi stock index slid 1.3 percent, heading for its third straight daily fall, as the biggest petrochemical producer, Saudi Basic Industries, dropped 1.4 percent.



Miner Ma'aden, another blue chip which has been hit hard in the market's retreat, fell 1.5 percent."



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MIDEAST STOCKS-UAE markets stabilise, Qatar soft in early trade | Reuters

MIDEAST STOCKS-UAE markets stabilise, Qatar soft in early trade | Reuters:



"United Arab Emirates stock markets stabilised in early trade on Tuesday because of light bargain hunting in real estate-related stocks and other shares, despite an uncertain global environment. Qatar's market was slightly lower.



The Greek crisis and soft oil prices deterred any aggressive buying, but Dubai's index edged up 0.1 percent after three days of falls. Mortgage provider Amlak Finance climbed 4.4 percent.



Abu Dhabi's index was up 0.02 percent as Aldar Properties gained 0.8 percent. Qatar's market slipped 0.2 percent as Ezdan Holding, the most heavily traded stock, lost 0.5 percent after a strong run-up earlier in June."



'via Blog this'

Abu Dhabi Global Market publishes long-awaited draft financial services legislation | The National

Abu Dhabi Global Market publishes long-awaited draft financial services legislation | The National:



"Abu Dhabi Global Market (ADGM) has published its long-awaited draft financial services legislation for public consultation, with a view to accepting its first financial services licence applications by the end of the year.



The draft legislation contains regulations touching on topics including the approach to management and/or marketing of funds and investment offerings, mandatory disclosure requirements, market infrastructure system, market conduct rules, and the free zone’s disciplinary actions and enforcement powers.



Interested parties have until August 11 to submit their comments on the draft regulations."



'via Blog this'

Trafigura and Abu Dhabi’s Mubadala create mining joint venture - FT.com

Trafigura and Abu Dhabi’s Mubadala create mining joint venture - FT.com:



"Commodities trading house Trafigura will create a joint venture company with an Abu Dhabi state investment fund to buy into copper, zinc and other mining assets as prices trade near six-year lows.



As part of the agreement Abu Dhabi’s Mubadala Development Company will also acquire a 50 per cent share in Trafigura’s Minas de Aguas Teñidas (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrates. Mubadala paid around $500m for the stake, people familar with the deal said.



The transaction comes as prices for copper and zinc are hovering near their lowest level since the financial crisis amid slowing growth from biggest consumer China. That has driven other funds, such as X2 Resources, run by mining veteran Mick Davis, to raise billions from investors to acquire assets at what is seen by some as the bottom of the commodity price cycle."



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Commodities: how and why? | Investment Toolkit - YouTube

Commodities: how and why? | Investment Toolkit - YouTube: ""



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Contained euro contagion - YouTube

Contained euro contagion - YouTube: ""



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China's stock market in 60 seconds - YouTube

China's stock market in 60 seconds - YouTube: ""



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First Deadly Attacks, Now Greece; Saudi Stocks Can’t Get a Break - Bloomberg Business

First Deadly Attacks, Now Greece; Saudi Stocks Can’t Get a Break - Bloomberg Business:



"With the threat of militant attacks spreading across the Middle East still hanging in the air, a drop in the price of oil after Greek bailout talks collapsed has put more pressure on Saudi Arabian stocks.



Equities in OPEC’s biggest oil producer dropped 1.6 percent at the 3:30 p.m. close in Riyadh to the lowest in more than two months after the price of Brent crude sank as much as 3 percent. The Tadawul All Share Index’s slide brings its two-day decline to 3.3 percent, the most since March 26.



Oil prices fell on concern Greece’s failure to reach a deal with international creditors will prompt its exit from the euro area. The euro depreciated against the dollar as the government in Athens imposed capital controls and shut banks. Meanwhile in the Middle East, the Kuwaiti government yesterday identified the bomber who killed 26 worshipers in an attack on a Shiite mosque on Friday as a Saudi national."



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Oman Oil Trader Seeks U.S., Africa Footholds in Growth Push - Bloomberg Business

Oman Oil Trader Seeks U.S., Africa Footholds in Growth Push - Bloomberg Business:



"Oman, the largest oil producer in the Middle East outside of OPEC, plans to buy, lease or build fuel-storage tanks in East Africa to boost sales on the continent and open a U.S. office to trade refined products and Latin American crude.



Oman Trading International Ltd. intends to invest less than $50 million in facilities to store fuel in Mozambique or Tanzania to help supply markets in Africa’s landlocked interior, Chief Executive Officer Talal Al Awfi said in an interview Sunday at his office in Dubai. He declined to specify the target markets. His company, a joint venture with Vitol Group, the world’s largest independent energy trader, plans to open a U.S. office in the first half of 2016.



Infrastructure investments in Africa and a physical presence in the U.S. are vital for the company to extend its reach beyond traditional markets in Asia, Al Awfi said. Oman sells most of its oil to China, where Middle Eastern crude producers face growing competition from suppliers outside the Organization of Petroleum Exporting Countries. Russia surpassed Saudi Arabia to become China’s top supplier in May, according to data from the Beijing-based General Administration of Customs."



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Monday, 29 June 2015

Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business

Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business:



"Dubai-based developer Limitless LLC will pay banks and trade creditors 2.07 billion dirhams ($564 million) after it sold part of its land bank in Saudi Arabia.



About 90 percent of the funds will be paid to lenders, representing 42 percent of the company’s outstanding bank debt of 4.45 billion dirhams, the company said in a statement on Monday. Limitless sold half its 14 million square meters (151 million square feet) of land in Riyadh to Saudi Real Estate Co., Chairman Ali Rashed Lootah said at a news conference today.



Limitless is negotiating with banks on new terms for the repayment of the remaining amount by December 2018, two years later than the original plan. Almost 90 percent of lenders have agreed to the revised terms, according to the statement. Lootah expects the remaining 10 percent to accept the terms soon. The company owes trade creditors 576 million dirhams, he said."



'via Blog this'

MIDEAST STOCKS-Markets fall again on Greece; no panic in Tunisia | Reuters

MIDEAST STOCKS-Markets fall again on Greece; no panic in Tunisia | Reuters:



"The Greek debt crisis continued to push down Middle Eastern stock markets on Monday after Athens imposed capital controls and shut banks, raising the prospect of Greece leaving the euro zone.



Gulf economies are better insulated from such an event than many areas of the world, because they do not depend on foreign investment and governments can use huge fiscal reserves to continue spending heavily.



But market sentiment in the region was hurt by a broad slide of Asian and European stocks and a near 2 percent drop in Brent oil to just above $62.0 a barrel."



'via Blog this'

MIDEAST STOCKS-Saudi, Egyptian markets sink on Greek crisis | Reuters

MIDEAST STOCKS-Saudi, Egyptian markets sink on Greek crisis | Reuters:



"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday, joining a global market slide triggered by the Greek debt crisis.



Saudi Arabia does not depend on foreign investment and its government has huge fiscal reserves, so it is better insulated from any euro zone crisis than many emerging markets. But a crisis could pull down global oil prices, which might hurt Saudi petrochemical firms in particular.



Both the Saudi stock index and petrochemical giant Saudi Basic Industries dropped 1.2 percent. The mining company Ma'aden tumbled 4.3 percent."



'via Blog this'

MIDEAST STOCKS-Gulf markets fall on Greece turmoil; Amlak tumbles | Reuters

MIDEAST STOCKS-Gulf markets fall on Greece turmoil; Amlak tumbles | Reuters:



"Gulf stock markets fell again early on Monday in response to the turmoil in Greece, where the government imposed capital controls and shut banks for a week, raising the prospect of the country leaving the euro zone.



Dubai's stock index, usually the most volatile in the region, slid 1.3 percent to 4,003. It is heading for a second straight daily close below its 200-day average, now at 4,077, which would be technically bearish.



Amlak Finance, which led Dubai up earlier this month in speculative trade, sank 6.9 percent in heavy turnover. Blue chip Emaar Properties, which could see European investors' demand for its real estate hit by any fresh euro zone crisis, lost 1.8 percent."



'via Blog this'

Mobily fiasco highlights need for good governance in the Middle East | The National

Mobily fiasco highlights need for good governance in the Middle East | The National:



"As Etisalat and Saudi Arabia’s stock exchange begin to welcome foreign investors for the first time, the travails of Etihad Etisalat come as a stark reminder of the importance of modern corporate governance standards for listed companies in the kingdom and beyond.



Etisalat’s Saudi subsidiary, known as Mobily, was one of the country’s strongest telecoms stocks, with a market capitalisation of 71.4 billion riyals (Dh69.9bn) at the end of June last year.



One year on and that figure has plummeted by nearly two-thirds after Mobily admitted in November that it would have to restate 18 months’ worth of earnings because of alleged accounting irregularities, sending shares into freefall."



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Saudi foreign reserves drop for fourth month to $672 billion | The National

Saudi foreign reserves drop for fourth month to $672 billion | The National:



"Saudi Arabia’s foreign-reserve assets fell for a fourth month to about US$672 billion as the kingdom grapples with lower oil prices and the cost of the war in Yemen, though the pace of the drop did slow.



Net foreign assets fell about 24.7 billion riyals (Dh24.2bn) last month, bringing their decline since January to more than $50bn, the Saudi Arabian Monetary Agency said. The reserves had plunged by 180bn riyals in the previous three months.



King Salman, who came to the throne in January, started a bombing campaign against rebels in Yemen and moved ahead with domestic spending plans at a time when oil prices had fallen by about 60 per cent from their peak in June last year, prompting the IMF to predict a budget deficit this year of 20 per cent of economic output."



'via Blog this'

Iran nuclear talks to miss deadline as differences remain - FT.com

Iran nuclear talks to miss deadline as differences remain - FT.com:



"Crucial nuclear talks with Iran in Vienna are likely to extend beyond the self-imposed deadline of Tuesday, western officials said on Sunday, as Iranian foreign minister Mohammad Javad Zarif returned to Tehran for consultations with political leaders.



Mr Zarif returned home late on Sunday for a day of talks in the Iranian capital as diplomats indicated that important differences remain over the final details of a long-discussed nuclear accord.



Iran is negotiating over its nuclear programme with six world powers — the US, France, UK, Germany, Russia and China. When the political framework for a nuclear deal was reached in April, diplomats had set Tuesday as a final deadline for concluding the agreement, which would put limits on Iran’s nuclear programme in return for sanctions relief."



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Older workers add value to any organization | Opinion | Saudi Gazette @talmaeena

Older workers add value to any organization | Opinion | Saudi Gazette:



"A UK newspaper published a survey that stated: “workers of over 50 are four times less likely to pull a sickie than younger staff.”



The survey also brought to light a five-year study which indicated that 44 percent of workers aged 20-39 had lied to their boss about being ill to get time off, compared with just 10 percent of those over 50. More mature workers seem to be  healthier and more energetic and less reluctant to take sick leave. Younger workers attributed their time off due to a common cold and at times took more than the required days for treatment.



The survey of 2,000 working adults by an insurance firm found that older workers were keen to make the "best impression" and hold on to their jobs as they approached retirement."



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Airport expansion: It's build, build, build in much of the world - BBC News

Airport expansion: It's build, build, build in much of the world - BBC News:



"A three-year review into the future of air travel around London is due to finish with the recommendation that a new runway be built at one of two existing airports. But while the capital gingerly edges towards airport expansion, other parts of the world are witnessing a massive airport building boom.



Along the Black Sea coast, 21 miles (35km) from Istanbul, an army of trucks and construction workers are labouring round the clock to build one of the world's biggest airports. The project was only announced two years ago by the Turkish government and yet it's due to open in 2018. Once fully complete, it will boast six runways and cater for 150 million passengers a year, travelling to 350 destinations. Or to put it another way, it will have more than twice the capacity of London Heathrow.



Never mind its size, the speed of this project alone is breath-taking. In the UK's South East region, on the other hand, it has taken several decades - and many official reports - to decide where to build a new runway. As the latest independent commission prepares to deliver its proposals, how are other countries managing the rise in air traffic, and is the growth in passengers really set to go on and on?"



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Iran nuclear talks 'to go beyond 30 June deadline' - US - BBC News

Iran nuclear talks 'to go beyond 30 June deadline' - US - BBC News:



"Iranian nuclear talks are set to go on beyond Tuesday's formal deadline for a deal, a senior US official says.



The admission came as Iran's Foreign Minister Mohammed Javad Zarif prepared to fly back to Tehran from Vienna, Austria, where talks are taking place.



Observers said Mr Zarif probably needed to seek guidance over a stumbling block in negotiations - how much access Tehran will grant to nuclear monitors."



'via Blog this'

Mideast Stocks Sink on Fear Attacks May Spread in Gulf Nations - Bloomberg Business

Mideast Stocks Sink on Fear Attacks May Spread in Gulf Nations - Bloomberg Business:



"Stocks in Dubai, the Middle East’s commercial hub, led regional declines on concern militants could target other Arab Gulf nations after Kuwait’s deadliest attack in decades killed 27 people.



The DFM General Index dropped 2.2 percent, the most since June 11, to 4,055.97 at the 2 p.m. close in the emirate. Kuwait’s SE Price Index slipped 0.2 percent to the lowest since December. More than 200 people were wounded when a bomb ripped through a Shiite mosque in the country, which shares borders with Iraq and Saudi Arabia.



The attack was one of four on Friday. A gunman killed at least 38 people in the Tunisian seaside resort of Sousse, a person was decapitated at a gas plant in southeastern France owned by Air Products & Chemicals Inc. and, in Somalia, Al-Shabaab militants said they killed about 30 African Union peace keepers."



'via Blog this'

MIDEAST STOCKS-Gulf share prices fall on attacks, Greece; IPO boosts Egypt | Reuters

MIDEAST STOCKS-Gulf share prices fall on attacks, Greece; IPO boosts Egypt | Reuters:



"Gulf share price indexes fell on Sunday in reaction to the militant attacks in Kuwait and Tunisia and the Greek debt crisis, while Egypt's rose after an initial public share offer by Emaar Misr was greatly oversubscribed.



The attacks, which killed a total of 66 people, did not appear to represent any immediate threat to the oil exporting economies of the Gulf. The region does not rely on foreign investment and has huge resources which it can devote to keeping the oil flowing.



The Kuwaiti dinar and other Gulf currencies barely moved in the spot and forward foreign exchange markets on Sunday, suggesting there were no major fund flows. U.S. dollar/dinar forwards were quoted higher but well within the range of the last few weeks."



'via Blog this'

Sunday, 28 June 2015

Drydocks World creditors anticipate debt restructuring plans | The National

Drydocks World creditors anticipate debt restructuring plans | The National:



"Bank creditors to Drydocks World (DDW), Dubai’s maritime engineering business, are expecting to receive proposals from the government-owned company to restructure some of the US$2.3 billion debt it refinanced in 2012. 




Recent talks with creditors have left them convinced that the company, owned by the Dubai World conglomerate, will seek to change the terms of its agreement to repay some $800 million of bank loans in the summer of 2017.



“We’re fully expecting a second round of restructuring, but there have been no formal proposals yet,” said one banking executive, speaking on condition of anonymity."



'via Blog this'

Etihad Etisalat to reissue 2014, Q1 2015 results after regulator probe | The National

Etihad Etisalat to reissue 2014, Q1 2015 results after regulator probe | The National:



"Saudi Arabia’s Etihad Etisalat (Mobily) said on Sunday that accounting changes would increase its 2014 loss by about 830 million riyals (Dh813.3m) to 1.745 billion riyals.



The company made the statement after a team appointed by the Capital Market Authority identified concerns over Mobily’s contracts with customers, including those for fibre networks. The team recommended that the company reconsider its accounting approach for the contracts.



Mobily said it would reissue its financial statements for the year 2014 and the first quarter of 2015 before releasing its second-quarter results."



'via Blog this'

Abu Dhabi busts out, while Dubai may not be far behind | GulfNews.com

Abu Dhabi busts out, while Dubai may not be far behind | GulfNews.com:



"The Dubai Financial Market General Index (DFMGI) gained 82.85 or 2.04 per cent last week to end at 4,146.73, its best performance in eight weeks. There were 25 advancing issues and 13 decliners, while volume fell to a four-week low.



For the past eight weeks the DFMGI has stayed within a relatively narrow range between a high of 4,253.28 and a low of 3,912.85. Rough support has been maintained around the 55-week exponential moving average (ema), now at 4,033.51, with the index closing above it for all but one of the past 11 weeks, a relatively bullish sign. In addition, the 200-day ema is being recognised by the index. Last week’s low of 4,039.38 was right at support of the 200-day ema.



Given last week’s price action, the pattern developing in the DFMGI is looking more like a breakout of a bullish flag pattern, that needs further confirmation to show some potential for upside follow-through. A bullish flag pattern forms in a pullback or correction that follows a rally. Symmetry is indicated as a declining parallel channel is formed during the correction. The breakout of this flag pattern occurred three weeks ago, but the breakout was quickly hit by selling pressure, putting the bullish potential of the pattern in doubt."



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Friday, 26 June 2015

Politics could scuttle Emirates tie-up with South Africa Airways | The National

Politics could scuttle Emirates tie-up with South Africa Airways | The National:



"The political climate in South Africa has hindered a deal between its loss-making national carrier and Emirates that could create a partnership similar to the successful tie-up that the Dubai-based airline has with Australia’s Qantas, aviation analysts said.



Earlier this week, news reports in South Africa said a 2 billion rand (Dh607.6 million) deal to save South African Airways (SAA) from possible bankruptcy fell through after a meeting between the two airlines in Paris.



The financially ailing SAA underwent a 90-day action plan this year to turn its operations around after the South African government bailed out the airline twice and injected 10bn rand in the process. The SAA chief executive Nico Bezuidenhout has set a target to increase revenue from Africa by 30 per cent in the next 12 to 18 months."



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Nice v vice - responsible investment | Authers' Note - YouTube #KeepItInTheGround

Nice v vice - responsible investment | Authers' Note - YouTube: ""



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Bullish outlook on RAK Ceramics from EFG-Hermes | The National

Bullish outlook on RAK Ceramics from EFG-Hermes | The National:



"RAK Ceramics, one of world’s biggest makers of ceramic tiles and bathroom fixtures, is expected to grow its profit by 10 per cent a year through 2019.



The profit will be driven by a revenue increase of 7 per cent a year, planned expansion at the Ras Al Khaimah-based firm and improved margins, the Egyptian investment bank EFG-Hermes said.



The bank initiated coverage of RAK Ceramics with a “buy” rating, and a fair value of Dh4.30 per share. The shares closed up 0.9 per cent at Dh3.30 in Abu Dhabi."



'via Blog this'

Taqa seeks $3bn loan to refinance maturing debt | The National

Taqa seeks $3bn loan to refinance maturing debt | The National:



"Abu Dhabi National Energy Company, known as Taqa, is seeking to raise US$3 billion to refinance some of its maturing debt, according to banks involved in the deal.



The company, which primarily focuses on energy investments outside of the UAE, has been struggling under the weight of a heavy debt load at a time when its asset base has been weakened by write-offs related to bad investments and lower oil and gas prices. Moody’s Investors Service, which this week downgraded Taqa’s “baseline credit assessment”, noted that Taqa was “thinly capitalised relative to its reported debt of Dh74.4 billion and relative to its cash flows”.



The Moody’s analyst Julien Haddad said that about Dh2.2bn of Taqa’s outstanding bank loans were maturing in the next 12 months. More than $2bn worth of bonds will also come due before the end of 2017."



'via Blog this'

Obama must hold firm on Iran deal terms - FT.com

Obama must hold firm on Iran deal terms - FT.com:



"Four days from now, Iran and a group of leading world powers will reach the much-awaited deadline for a deal to contain Tehran’s nuclear programme. All the signs are that, after 12 years of often fraught negotiation, the final hours will be the most challenging.



The US and its allies have long feared Iran’s nuclear programme is designed to build an atomic weapon. At their last meeting in the Swiss city of Lausanne in April, they reached a framework deal with Tehran that would avert this. Iran would sharply restrict its programme for the next 10 years, maintaining a limited uranium enrichment capability and curbing atomic research. In return, the west would begin reducing the energy and financial sanctions that have blighted the Iranian economy.



As all sides haggle over the final details ahead of next Tuesday’s deadline, an agreement suddenly looks uncertain. Ayatollah Khamenei, Iran’s supreme leader, appeared to pull back this week, demanding that most international sanctions be lifted before Tehran dismantles parts of its nuclear infrastructure. He has also repeated his refusal to allow international inspections of Iranian military sites. In response, a group of former close security advisers to President Barack Obama has warned him that he must not make further concessions."



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Thursday, 25 June 2015

MIDEAST STOCKS-UAE drops as high-fliers pull back; Saudi edges up | Reuters

MIDEAST STOCKS-UAE drops as high-fliers pull back; Saudi edges up | Reuters:



"United Arab Emirates stock markets pulled back on Thursday as Etisalat and Amanat, which had galvanised the bourses in recent days, lost steam. Saudi Arabia edged up on retail investors' buying of second-tier stocks.



Etisalat had surged 5.1 percent on Wednesday and rocketed to its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell 3.5 percent on Thursday, suggesting investors now believed it was fully valued.



Abu Dhabi's main index dropped 1.3 percent. Banks saw selling, with Abu Dhabi Commercial Bank off 2.4 percent."



'via Blog this'

Qatar eyes fast track to soft power with Formula One stake | World news | The Guardian

Qatar eyes fast track to soft power with Formula One stake | World news | The Guardian:



"Next month, well-heeled punters will flock to the Qatar Goodwood Festival for one of the highlights of the British horse racing calendar. Meanwhile in Paris, a once down-at-heel football club that became home to David Beckham and Zlatan Ibrahimovic is undergoing a metamorphosis into one of the top 10 sporting brands in the world.



In Doha, construction work is well under way on stadiums built to host an endlessly controversial World Cup in November 2022, including the showpiece Lusail Iconic stadium that nestles in a city built from scratch on the outskirts of the Qatari capital. Now, though, the tiny gulf state could be about to add another prime target to its global trolley dash: a major stake in Formula One.



A controlling stake in the sport, built over four decades by Bernie Ecclestone into a global money-spinning machine, has been the subject of rumoured ­interest over the years from a variety of suitors, including Rupert Murdoch."



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The financial system in Oman is in stable condition | GulfNews.com

The financial system in Oman is in stable condition | GulfNews.com:



"Oman is studying to develop its tax system; including strengthening the efficiency and amending to some current income tax and applicable tax incentives policies to keep pace with the world’s best tax practices.



The latest report on financial stability in 2015 by the Central Bank of Oman (CBO) explained that the overall financial situation of the Sultanate was comfortable in 2014.



The report stressed that there is no imminent problem in the banking sector in Oman."



'via Blog this'

Government move on Etisalat aimed at increasing capital flows | GulfNews.com

Government move on Etisalat aimed at increasing capital flows | GulfNews.com:



"The move by etisalat, UAE’s biggest telecom company, to open for foreign investors comes close to the milestone event in Saudi Arabia, which opened its equity markets for foreigners, is meant to increase capital flows in the background of lower crude oil prices, analysts said on Wednesday.



On Wednesday, the telecom operator extended gains to hit an upper circuit for a second day in a row, helping sentiment across the board in Abu Dhabi Securities Exchange.



“We welcome the move and we expect more investors to buy the stock. It follows Saudi Arabia, where capital markets are also being liberalised. The UAE and the GCC as a whole will no longer be a significant capital exporter, given lower oil prices, and these moves help to increase capital inflows,” Jaap Meijer, managing director at Arqaam Capital told Gulf News."



'via Blog this'

This Time It’s Different: Dubai Seen Ready for Housing Drop - Bloomberg Business

This Time It’s Different: Dubai Seen Ready for Housing Drop - Bloomberg Business:



"Faced with predictions that Dubai home prices may drop as much as 20 percent this year, analysts say the emirate’s real estate developers and lenders are better prepared than when a crash in 2008 brought the city to the brink of bankruptcy.



Standard & Poor’s this week estimated that values may fall by as much as a fifth this year, while brokers CBRE Group and JLL Inc. see a 10 percent decline. Still, builders and banks face less risk than they did six years ago, thanks to lending restrictions, a clampdown on speculation and greater dependence on rental income.



“The sort of swings in house prices we expect in the short-term are lower than what we’ve seen in Dubai’s recent history,” said Franck Delage, director of corporate ratings for Europe, the Middle East and Africa. “We are not saying the market has matured yet, but we expect the current correction to be less excessive than in 2008-09.”"



'via Blog this'

European oil majors hold Tehran talks - FT.com

European oil majors hold Tehran talks - FT.com:



"Executives from Royal Dutch Shell and Eni have met Iranian officials in Tehran to discuss investing in the country’s energy industry, the first time international oil groups have publicly confirmed such talks ahead of a possible nuclear deal with the west.



The meetings, which took place in May and June, are evidence of the growing interest among big oil companies in Iran, which boasts the world’s third-largest oil and gas reserves but which will need tens of billions of dollars of foreign investment to realise its ambitions to nearly double production by the end of the decade.



A Shell spokesman told the Financial Times that its officials met counterparts in Tehran this month to discuss outstanding debt owed to the National Iranian Oil Company for crude that had been lifted but not paid for. He added: “They also discussed potential areas for business co-operation should sanctions be lifted.”"



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Bill Gates on tax, climate and Microsoft | FT Business - YouTube

Bill Gates on tax, climate and Microsoft | FT Business - YouTube: ""



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Bill Gates on tax, climate and Microsoft | FT Business - YouTube

Bill Gates on tax, climate and Microsoft | FT Business - YouTube: ""



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EU is not a secular faith | FT Comment - YouTube

EU is not a secular faith | FT Comment - YouTube: ""



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Summer of disruption for bonds? | FT Markets - YouTube

Summer of disruption for bonds? | FT Markets - YouTube: ""



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MIDEAST STOCKS-Markets quiet as Etisalat loses steam, Amanat off high | Reuters

MIDEAST STOCKS-Markets quiet as Etisalat loses steam, Amanat off high | Reuters:



"Gulf stock markets moved little in quiet early trade on Thursday as the United Arab Emirates' Etisalat and Amanat, which had galvanised UAE bourses in recent days, lost steam.



Etisalat had surged 5.1 percent on Wednesday and rocketed up by its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell back 2.8 percent on Thursday morning, suggesting investors now believed it was fully valued.



Education and healthcare investor Amanat soared 15 percent on Wednesday amid market talk that a local financial firm was aggressively building a stake in the company. It rose a further 3.5 percent to 0.97 dirham in heavy trade on Thursday morning but came off an early high of 0.99 dirham."



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Wednesday, 24 June 2015

MIDEAST STOCKS-Egypt rebounds on positive corporate news; Saudi flat | Reuters

MIDEAST STOCKS-Egypt rebounds on positive corporate news; Saudi flat | Reuters:



"Positive corporate news helped Egypt's stock market rebound in early trade on Wednesday after three days of falls, while Saudi Arabia's market barely moved. 




The main Cairo stock index climbed 0.8 percent as Qalaa Holdings gained 1.0 percent after saying it had signed agreements with Financial Holdings International to sell its stakes in several non-core units. Qalaa aims to close the deal in December 2015, reducing its consolidated debt by about 800 million Egyptian pounds ($105 million). 




Orascom Telecom rose 1.2 percent after reporting a first-quarter net profit of 373.86 million pounds, up from 324.34 million Egyptian pounds a year earlier."



'via Blog this'

World’s lowest debt-to-GDP ratio seen aiding Saudi debt sales | The National

World’s lowest debt-to-GDP ratio seen aiding Saudi debt sales | The National:



"Saudi Arabia has the world’s lowest debt to economic output ratio - for now. 




With oil prices tumbling and the kingdom burning through currency reserves at a record pace, economists from Bank of America Merrill Lynch to Abu Dhabi Commercial Bank expect authorities to start raising money through the local bond market to cover a widening budget deficit.



The potential sales will help create a benchmark for corporate borrowers. They may also be a boon for investment bankers after bond issuances in the six-nation GCC dropped by 34 per cent this year to $15.2 billion, data compiled by Bloomberg show."



'via Blog this'

Dubai International Financial Centre to build fast by sticking to plan | The National

Dubai International Financial Centre to build fast by sticking to plan | The National:



"By any standard, the Dubai International Financial Centre has had an impressive first decade of business. Chirag Shah, head of strategy and business development for the DIFC for most of those 10 years, has been at the centre of it.



“It’s been an incredible journey. Back then Dubai had no name as a financial centre. Now it has the infrastructure, credibility and governance to be one of the top financial hubs of the world. Some people might say that’s ambitious, but look at how far we’ve come. All we have to do is to continue on the growth trajectory we’ve already got,” he says.



It certainly is ambitious. By 2024, DIFC aims to roughly triple in size, looking to lure 1,000 of the world’s top financial firms to Dubai, with a members’ combined balance sheet of $400 billion and a total workforce of 50,000."



'via Blog this'

Etisalat inclusion in MSCI index possible this year after opening up to foreign ownership | The National

Etisalat inclusion in MSCI index possible this year after opening up to foreign ownership | The National:



"Etisalat could be included in the influential MSCI Emerging Markets Index as early as August after the UAE’s biggest listed company was opened up to foreign investment.



The Federal Government’s decision to allow foreign investors to own its shares sent the stock soaring 15 per cent yesterday – the maximum allowed in a single trading session and the biggest one-day gain for the telecoms company in a decade. 




Etisalat said on Monday that the Federal Government would allow non-Emirati shareholders to own up to 20 per cent of its share capital."



'via Blog this'

Mobily’s Telecom Tower Sale Said to Attract American Tower, IHS - Bloomberg Business

Mobily’s Telecom Tower Sale Said to Attract American Tower, IHS - Bloomberg Business:



"Saudi Arabian mobile operator Etihad Etisalat Co. is attracting interest from companies including American Tower Corp. and IHS Nigeria Plc for its cellular-tower network, according to two people with knowledge of the matter.



The sale could be worth about $2 billion, the people said, asking not to be identified as the information is private. Mobily, as the Saudi Arabia company is known, is being advised by TAP Advisors, the people said. Talks are at an early stage and formal bids haven’t yet been submitted, the people said.



Carriers are selling towers in emerging markets such as the Middle East and Africa to reduce exposure to costly infrastructure. Kuwait’s largest mobile-phone operator is working with Citigroup Inc. on the possible sale of its tower network in two Gulf countries, which may fetch as much as $2 billion, people familiar with the matter said in January, while MTN Group Ltd. sold towers to IHS Holdings Ltd last year."



'via Blog this'

MIDEAST STOCKS-Abu Dhabi surges on Etisalat, rest of Gulf flat | Reuters

MIDEAST STOCKS-Abu Dhabi surges on Etisalat, rest of Gulf flat | Reuters:



"Abu Dhabi's stock market rose sharply in early trade on Wednesday, boosted by further gains in Etisalat after the telecom operator said it would open its equity up to foreign investors, while other Gulf markets were flat.



Etisalat jumped 13.8 percent to 15.70 dirhams, its highest level since July 2005, two days after it said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of the company. Currently, only UAE individual investors can buy.



The share had risen its 15 percent daily limit on Tuesday, and trading volume in the stock during the first 45 minutes on Wednesday soared to 8 million shares, already the highest daily total since early 2014."



'via Blog this'

Russia Pips Saudi Arabia in Race to Grab China Oil Market Share - Bloomberg Business

Russia Pips Saudi Arabia in Race to Grab China Oil Market Share - Bloomberg Business:



"Russia surpassed Saudi Arabia to become China’s top crude supplier as the fight for market share in the world’s second-largest oil consumer intensifies.



China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. That’s equivalent to 927,000 barrels a day, a 20 percent increase from the previous month. Saudi sales slumped 42 percent from April to 3.05 million tons.



China is becoming a key market for global oil exporters as surging output from shale fields from Texas to North Dakota allows the U.S., the biggest crude consumer, to rely less on overseas supplies. The Asian nation will account for more than 11 percent of world demand this year, the Paris-based International Energy Agency predicted this month."



'via Blog this'

Formula 1: US-Qatari investors 'to bid' for sport - BBC News

Formula 1: US-Qatari investors 'to bid' for sport - BBC News:



"The Miami Dolphins American football team owner Stephen Ross is reportedly working with investors from Qatar to buy a stake in Formula 1 racing.



RSE Ventures and Qatar Sports Investments plan a bid for CVC Capital Partners' 35.5% stake in the holding company that owns F1.



The Financial Times and Reuters said the deal could be worth up to $8bn, and help build F1's presence in the US."



'via Blog this'

MIDEAST STOCKS-Etisalat boosts Abu Dhabi as Saudi stabilises | Reuters

MIDEAST STOCKS-Etisalat boosts Abu Dhabi as Saudi stabilises | Reuters:



"A leap by the shares of United Arab Emirates telecommunications operator Etisalat boosted Abu Dhabi's stock market sharply on Tuesday, while Saudi Arabia stabilised after six straight trading days of declines.



Etisalat said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of its shares, though it did not say when the change would take effect. Currently, only UAE individual investors can buy from the market.



This sent the stock rocketing its 15 percent daily limit to 13.80 dirhams, its highest level since July 2008. The rise left the stock with a forward price/earnings ratio of about 12.5 times, more expensive than Saudi Telecom at around 11 but still cheaper than Qatar's Ooredoo at nearly 16."



'via Blog this'

Tuesday, 23 June 2015

MIDEAST STOCKS-Saudi rebounds slightly, Egypt stays weak | Reuters

MIDEAST STOCKS-Saudi rebounds slightly, Egypt stays weak | Reuters:



"Saudi Arabia's stock market rebounded slightly in early trade on Tuesday after having fallen for the past six trading days on disappointment at the slow pace of foreign fund inflows into the market.



The Saudi index rose 0.4 percent to 9,308 points. It had dropped on Sunday below its 200-day average, now at 9,415 points - a bearish technical signal. The average now acts as immediate resistance.



The market opened to direct foreign investment on June 15 but inflows since then have been minimal and the latest exchange data showed there was no change to this pattern on Monday."



'via Blog this'

A Greek gift - YouTube

A Greek gift - YouTube: ""



'via Blog this'

UAE telecoms operator Etisalat to allow foreign share ownership | GulfNews.com

UAE telecoms operator Etisalat to allow foreign share ownership | GulfNews.com:



"Etisalat, the UAE’ former telecoms monopoly, is lifting a ban on foreign ownership of its shares, with a new cap set at 20 per cent of its stock, the company said on Monday.



The telecoms operator did not state in its bourse filing when the new limits would take effect.



Etisalat added that Emirates Investment Authority, a UAE government fund that owns 60 per cent of the business, had no intention of reducing its etisalat stake for the time being."



'via Blog this'

Dubai’s property market will not dip to 2009 levels: S & P | GulfNews.com

Dubai’s property market will not dip to 2009 levels: S & P | GulfNews.com:



"The current decline in Dubai’s property values could extend to an up to 20 per cent drop from their 2014 peaks, but still far removed from the rock-bottom it touched during the 2009-11 crisis years. In 2009-11, values were off by more than 50 per cent of their mid-2008 peak.



Two macro factors would be at work to counter a sharper correction, S & P reckons. “Dubai’s economy, especially, is more diversified and less reliant on oil,’ it states.



“Non-oil companies are contributing to a large share of GDP and employment, and their expansion may partly offset weaker demand from oil-related companies."



'via Blog this'

Monday, 22 June 2015

MIDEAST STOCKS-Greece hopes lift most of Gulf; Saudi, Egypt slide | News by Country | Reuters

MIDEAST STOCKS-Greece hopes lift most of Gulf; Saudi, Egypt slide | News by Country | Reuters:



"Most Gulf stock markets rose on Monday on hopes that Greece would avoid defaulting on its debt, but Saudi Arabia continued dropping after breaking technical support. Egypt fell after a major brokerage issued a bearish technical report.



The chief of staff to European Commission President Jean-Claude Juncker tweeted that the latest proposal from Greece was a "good basis for progress". This helped to boost global stock prices and lift oil off its lows.



Dubai's main index climbed 1.0 percent to 4,135 points as trading volume tripled from Sunday's very low level. The index rose above technical resistance on its 200-day average, now at 4,099 points."



'via Blog this'

Greek crisis in 90 seconds | FT Markets - YouTube

Greek crisis in 90 seconds | FT Markets - YouTube: ""



'via Blog this'

Fresh bid for UK’s Severn Trent in the works | The National

Fresh bid for UK’s Severn Trent in the works | The National:



"The Canadian investment company Borealis Infrastructure is reportedly considering a £5 billion (Dh29.16bn) bid for Severn Trent, the UK’s second-largest publicly traded water company.



Britain’s The Sunday Times newspaper reported that the two sides opened talks last month and discussions were still at an early stage.



In 2013, Severn Trent rejected a series of takeover offers by LongRiver Partners, an investment fund consortium including Borealis Infrastructure and the Kuwait Investment Office, saying they did not reflect the utility’s long-term value. The bid topped out at about £5.2bn or £22 a share."



'via Blog this'

Iran and Iraq are Opec’s biggest wild cards | The National

Iran and Iraq are Opec’s biggest wild cards | The National:



"Iran and Iraq have taken over from North American shale oil as the biggest wild card facing Opec and the world oil market in the year ahead, according to a number of leading market analysts.



New research by the Edinburgh oil consultancy Wood Mackenzie, for example, reckons that the combined additional production from the two countries could be running as much as 500,000 to 600,000 barrels per day (bpd) higher in the coming months.



On the other hand, the volatile conditions the two countries face mean output from the two could end up little changed, the consultancy adds."



'via Blog this'

Saudi Arabia seen opting for debt to fill fiscal gap | GulfNews.com

Saudi Arabia seen opting for debt to fill fiscal gap | GulfNews.com:



"Saudi Arabia is likely to bridge its widening fiscal gap by resorting to domestic borrowing in the near future, according to economists and the International Monetary Fund (IMF).



The country is expected to face a larger than estimated budget deficit this year due to the sharp decline in oil prices combined with rising government expenditure on account of increased welfare spending, government handouts to its employees and a jump in defence expenditure on account of the conflict in Yemen.



While Bank of America Merrill Lynch economists estimate Saudi budget deficit to exceed 17 per cent of GDP in 2015, the IMF puts the deficit figure at a slightly higher rate of 20 per cent of GDP."



'via Blog this'

Dubai’s realty decline not as steep as in 2009 | GulfNews.com

Dubai’s realty decline not as steep as in 2009 | GulfNews.com:



"The current decline in Dubai’s property values could extend to an up to 20 per cent drop from their 2014 peaks, but still far removed from the bottom reached during the 2009-11 crisis years.



The projection, by the credit rating agency, S&P should give some cheer to investors and developers who have seen steady erosion in values – and demand - since the beginning of the year.  Their concern has been that with more launches expected in the second-half of the year, it could create a glut in the marketplace of unsold properties if demand does not rise proportionately.



But the S&P report suggests that developers are much better placed than they were in 2009, when the enormity of the decline in demand took them completely off-guard. Also, both developers and buyers were over-leveraged, which is not the case today."



'via Blog this'

Saudi Stocks Drop on Oil as Ramadan Weighs on Mideast Markets - Bloomberg Business

Saudi Stocks Drop on Oil as Ramadan Weighs on Mideast Markets - Bloomberg Business:



"Saudi Arabian stocks, opened last week to foreign investors for the first time, sank the most in 12 weeks following a decline in the price of crude oil.



The Tadawul All Share Index retreated 1.7 percent to the lowest level in more than two months. Al Rajhi Bank, the lender with the biggest weighting on the gauge, led the decline with a 2.9 percent drop, followed by National Commercial Bank’s 3.1 percent slide. Saudi Basic Industries Corp., the world’s top petrochemicals manufacturer by sales, dropped 2.2 percent.



“It’s a reaction to the weakness of oil prices on Friday,” Sebastien Henin, the head of asset management at The National Investor in Abu Dhabi, said by telephone on Sunday. “Investors are selling as there wasn’t the spike they were expecting after the market opened up for direct foreign investment.”"



'via Blog this'

Kicking the can around the world - YouTube

Kicking the can around the world - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Saudi slides below chart support on oil; UAE and Qatar firm - Yahoo Maktoob News

MIDEAST STOCKS-Saudi slides below chart support on oil; UAE and Qatar firm - Yahoo Maktoob News:



"Saudi Arabia's main stock index fell below technical support on Sunday because of weak oil prices and disappointment that inflows of foreign funds had been slow. Markets in the United Arab Emirates and Qatar rose.



The Saudi index fell 1.7 percent to 9,344 points in thin trade, dropping below its 200-day average, now at 9,433.



Two straight daily closes below that support would be technically negative, implying a fresh wave of profit-taking after the index rose in anticipation of the market being opened to direct foreign investment on June 15."



'via Blog this'

Sunday, 21 June 2015

MIDEAST STOCKS-Saudi tests technical support, Egypt mixed | Reuters

MIDEAST STOCKS-Saudi tests technical support, Egypt mixed | Reuters:



"Saudi Arabia's main stock index tested technical support in early trade on Sunday, depressed by lower oil prices, while Egypt's market moved little.



After about an hour of trade the Saudi index was down 0.6 percent to 9,447 points, fluctuating close to support on its 200-day average, now at 9,441 points. 




Any clean break below that support - two straight daily closes - would be technically negative, implying a fresh wave of profit-taking after the index rose in anticipation of the market being opened to direct foreign investment on June 15."



'via Blog this'

MIDEAST STOCKS-Gulf stocks mixed within narrow range as trade stays thin | Reuters

MIDEAST STOCKS-Gulf stocks mixed within narrow range as trade stays thin | Reuters:



"Gulf stock markets were trading within a narrow range early on Sunday with activity depressed because of the Muslim holy month of Ramadan.



Dubai's main index edged down 0.5 percent. Amlak , which has swung wildly since it resumed trading this month after a multi-year suspension due to debt restructuring, fell 2.0 percent and was Dubai's most heavily traded stock by a large margin.



Dubai Parks and Resorts slipped 1.6 percent, though it remained up 76 percent from early February levels."



'via Blog this'

Controlled growth can help Dubai make the most of airport expansion | The National

Controlled growth can help Dubai make the most of airport expansion | The National:



"In September 2014, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, approved plans to launch a US$32 billion expansion of Al Maktoum International Airport at Dubai World Central, paving the way for what had been announced as the biggest airport project in the world.



It opened for passenger operations in October 2013 and can accommodate 5 million travellers per year. The first phase of the expansion will involve the construction of two satellite buildings which will increase capacity to about 120 million passengers per year.



In the second phase, two new runways and storage hangars will be added. The plan is to complete phase two to coincide with the start of Expo 2020 in Dubai."



'via Blog this'

Saudi Arabia buys 38 per cent of Korean contractor Posco E&C for $1bn | The National

Saudi Arabia buys 38 per cent of Korean contractor Posco E&C for $1bn | The National:



"The South Korean steel maker Posco has agreed to sell a 38 per cent stake in its engineering and construction division to Saudi Arabia’s Public Investment Fund (PIF) for $1.08 billion.



The Posco chairman Kwon Oh-Joon announced that it would also collaborate with PIF with a view to setting up a Saudi government-run construction firm. The joint venture would target major railroads, hotels and other government-commissioned building programmes in the kingdom.



Saudi Arabia needs more capacity in its contracting market as there are only a handful of companies capable of delivering the country’s mega projects. As a result, several of its flagship infrastructure projects have suffered from long delays."



'via Blog this'

A note on the State of the UAE’s economy by Mohammad Bin Rashid Al Maktoum | GulfNews.com

A note on the State of the UAE’s economy by Mohammad Bin Rashid Al Maktoum | GulfNews.com:



"I wanted in this brief note to highlight the current status of the United Arab Emirates’ economy and to outline the course we are steering in the period to come. It is my aim that this note, released ahead of the annual statistical reports, will increase transparency and accessibility for those interested in our national economy and will also give guidance regarding the most important economic indicators and trends in the UAE.



Before reviewing the most important economic indicators and variables I wish to refer to several key points:



Firstly, the UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players."



'via Blog this'

UAE markets continue to be range bound | GulfNews.com

UAE markets continue to be range bound | GulfNews.com:



"The Dubai Financial Market General Index (DFMGI) ended essentially sideways last week, closing down 8.95 or 0.22 per cent at 4,063.88. There were 17 advancing issues and 18 declining, while volume dropped from the prior week. The activity for the week occurred within a narrow range, the narrowest since February, and the index ended near the low of the week, which was at 4,056.96.



Over the past eight weeks the DFMGI has defined a consolidation range, with resistance at 4,253.28 (April peak), and support at 3,912.85 (May swing low). Until there is a decisive move through one of those price levels, signalling the next direction, the index will be within consolidation. Investors should be prepared for either scenario to unfold as a technical argument can be made for a move in either direction.



To date the correction off the April swing high (to May low) has been 8 per cent, essentially completing a 38.2 per cent Fibonacci retracement of the prior uptrend (close enough), measured from the March low of 3,232.79. The 38.2 per cent retracement completes at 3,863.45. This is a minimal retracement of the prior uptrend that can be expected, reflecting underlying strength. At the same time, there is no confirmation that the pullback is complete until we see a daily close above the April peak of 4,253.28."



'via Blog this'

Blackstone to Buy Mubadala-GE Venture Real Estate Debt Assets - Bloomberg Business

Blackstone to Buy Mubadala-GE Venture Real Estate Debt Assets - Bloomberg Business:



"Blackstone Group LP will acquire commercial real estate debt assets from Mubadala GE Capital Ltd. as Abu Dhabi investor Mubadala Development Co. weighs the future of its joint venture with General Electric Co.



Blackstone, the biggest real estate private equity firm, will pay cash for the debt, which accounts for 8 percent of Mubadala GE Capital’s total assets at the end of May, the joint venture said in an e-mailed statement Friday. It gave no valuation for the assets.



General Electric set up the $8 billion venture with Mubadala in 2008 to profit from commercial investments in the Middle East and Africa. Each company planned to contribute $4 billion in equity over three years to the fund, aiming to reach $40 billion in assets, they said at the time."



'via Blog this'

Friday, 19 June 2015

France and Belgium freeze Russian state assets over Yukos case - FT.com

France and Belgium freeze Russian state assets over Yukos case - FT.com:



"Russia said its lawyers were studying French and Belgian moves to freeze state assets in an attempt to enforce a $50bn damages award to controlling shareholders of the bankrupt Yukos oil company.



News of the freezes on Thursday caused a stir as political and business leaders gathered for the annual St Petersburg economic forum. Russian authorities are seeking to woo foreign investment at the economic showcase event despite international sanctions against the country over Ukraine.



Four main shareholders of Yukos were awarded $50bn damages against Russia in July by an arbitration panel in The Hague — by far the biggest compensation award in an arbitration case."



'via Blog this'

Qatar’s sovereign wealth fund looks to diversify in Asia and US - FT.com

Qatar’s sovereign wealth fund looks to diversify in Asia and US - FT.com:



"Qatar’s $256bn sovereign wealth fund has unveiled a new investment strategy which will see it make investments in Asia and the US as it looks to diversify its asset base, according to people familiar with the matter.



The Qatar Investment Authority new strategy follows a review carried out by chief executive, Sheikh Abdullah bin Mohamed bin Saud Al Thani, who was appointed last December.



In a presentation to staff made in the past few weeks, the fund said it would focus on Asia and the US to complement its strong base in European real estate and blue-chips, the people said."



'via Blog this'

How El niño affects commodity prices - YouTube

How El niño affects commodity prices - YouTube: ""



'via Blog this'

Fair bid for Dragon Oil - YouTube

Fair bid for Dragon Oil - YouTube: ""



'via Blog this'

Russia turns to Arab states for financing | The National

Russia turns to Arab states for financing | The National:



"Russia is looking to its Middle Eastern neighbours to help it recover from sanctions – and is finding Arab states eager to scale up economic ties.



A host of Arab ministers showed up to the St Petersburg International Economic Forum on Thursday, indicating that even as sanctions bite the Russian president Vladimir Putin is still able to draw friendly Arab governments to visit.



While Russia’s deputy industry and trade minister Viktor Evtukhov said no significant governmental representatives from the European Union attended the event, he emphasised that Middle East states had sent “everyone”, including “top-level representatives and mid-level representatives”. Arab ministers were keen to pitch for Russian business and to stress their political support for the country. Mounir Abdel Nour, the Egyptian minister of industry, trade and investment, who attended the conference, said: “Russia is a reliable partner – unlike many other countries.”"



'via Blog this'

Dragon Oil’s largest minority shareholder rejects Enoc offer | The National

Dragon Oil’s largest minority shareholder rejects Enoc offer | The National:



"The largest minority shareholder in Dragon Oil rejected the latest offer from Emirates National Oil Company, which is attempting for the second time in six years to buy the Dublin-listed company outright.



Baillie Gifford, a fund manager based in Edinburgh, Scotland which owns just over 7 per cent of Dragon Oil, said that Enoc’s latest offer “materially undervalues” Dragon Oil, which it argues has the potential to double production at its main asset – the Cheleken oilfield in Turkmenistan – over the next 10 years.



If it were to achieve that rate, Baillie Gifford argued, “this would represent one of the fastest production growth rates of any listed oil company in the world”. Enoc on Monday raised its offer for the third time in three months, offering 750 pence a share to buy the 46 per cent of Dragon Oil that it does not already own. That would value the entire company at about £3.7 billion (Dh21.62bn) and was up from an offer of 735 pence in May and an initial offer of 650 pence in early March, when the shares were trading at 509 pence.In trading yesterday, Dragon shares were at 723.50 pence, not far off their 52-week high of 728 pence apiece. Baillie Gifford successfully rallied investors in 2009 to block an earlier bid by Enoc to buy out Dragon Oil."



'via Blog this'

CFAs Dominant in Abu Dhabi as Wealth Funds Trump Banks - Bloomberg Business

CFAs Dominant in Abu Dhabi as Wealth Funds Trump Banks - Bloomberg Business:



"Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirate’s wealth is managed.



The Abu Dhabi Investment Authority employs about 130 CFAs, a person with knowledge of the matter said, asking not to be identified as the information is private. Abu Dhabi Investment Company has at least 51. That makes them the two largest employers of CFAs in the region, according to rankings provided by the Charlottesville, Virginia-based CFA Institute.



The concentration of CFAs in Abu Dhabi speaks to the power of an array of sovereign funds in the city charged with investing hundreds of billions of the nation’s oil-generated riches. ADIA trails only Norway as the world’s largest sovereign wealth fund and still relies on outside managers for most of its investments. Other funds, such as Aabar Investments PJSC and Mubadala Development Co., are better known for taking direct stakes in companies such as Glencore Plc."



'via Blog this'

Despite obstacles, chances grow for final Iran nuclear deal | Reuters

Despite obstacles, chances grow for final Iran nuclear deal | Reuters:



"Iran is trying to avoid detailed commitments. The French are sticking to their tough line. And U.S. President Barack Obama faces a battle to sell any deal to a skeptical Congress.

   



Despite those and other obstacles, negotiators appear increasingly likely to clinch an historic deal to restrict Iran's nuclear program for at least a decade in exchange for relief from sanctions, Western and Iranian officials said.



U.S. officials, including Obama, have long said they see at best a 50-50 chance of getting a deal with Iran."



'via Blog this'

Thursday, 18 June 2015

MIDEAST STOCKS-Gulf markets slip as Ramadan saps liquidity | Reuters

MIDEAST STOCKS-Gulf markets slip as Ramadan saps liquidity | Reuters:



"Most Gulf bourses slipped on Thursday, despite higher oil prices, as some local retail investors stepped back from the markets with the beginning of the Muslim holy month of Ramadan.



Saudi Arabia's main index edged down 0.4 percent and Al Rajhi Bank, down 1.0 percent, was the main drag on the benchmark.



Al Rajhi, a leading retail lender which accounts for a large share of Saudi Arabia's interest-free deposits, had risen 3.0 percent this week as investors bet on a hawkish statement by the U.S. Federal Reserve after its policy meeting."



'via Blog this'

Emaar Misr sets IPO price at 3.8 Egyptian pounds per share | The National

Emaar Misr sets IPO price at 3.8 Egyptian pounds per share | The National:



"Egypt’s Emaar Misr has priced its initial public offering at 3.8 Egyptian pounds (Dh1.82) per share, its parent firm Emaar Properties said on Thursday.



Emaar said earlier this month the offer would be priced at between 3.5 pounds and 4.25 pounds per share.



Emaar Misr is floating 12.99 per cent of the company, amounting to 600 million shares. Of these, 510 million have been allocated to institutional investors. This tranche was 11 times oversubscribed, Dubai-listed Emaar said in a statement to Dubai Financial Market."



'via Blog this'

Big five European carriers team up in bid for new strategy amid Gulf competition | The National

Big five European carriers team up in bid for new strategy amid Gulf competition | The National:



"Europe’s big five carriers have joined forces to lobby for a new EU aviation policy to cut passenger taxes and limit strike disruption amid mounting competition from Arabian Gulf rivals.



The chief executives of Europe’s five largest airline groups – Air France KLM, easyJet, the British Airways parent company International Airlines Group, Lufthansa and Ryanair – met on Wednesday in Brussels to agree on four key recommendations.



But unlike their US peers, they have taken aim at taxation, regulation and industrial action by air traffic controllers."



'via Blog this'

Italy's economic renaissance? - YouTube

Italy's economic renaissance? - YouTube: ""



'via Blog this'

Wednesday, 17 June 2015

MIDEAST STOCKS-Most Gulf markets edge up, tracking oil; Saudi flat | Reuters

MIDEAST STOCKS-Most Gulf markets edge up, tracking oil; Saudi flat | Reuters:



"Most Gulf stock markets edged up on Wednesday after oil prices jumped, but the approach of the Muslim holy month of Ramadan limited gains because trading activity usually drops sharply during this period.



Saudi Arabia's main index closed nearly flat as stocks were mixed. Alinma Bank and Saudi Basic Industries, the two most heavily traded stocks, both fell 0.3 percent.



However, leading retail bank Al Rajhi, which could benefit from an anticipated U.S. interest rate hike later this year, rose 1.2 percent as investors awaited a statement from the U.S. Federal Reserve later in the day after its policy meeting."



'via Blog this'

Champions of Qatar: Stock exchange chief’s bid for more Doha companies to go public | The National

Champions of Qatar: Stock exchange chief’s bid for more Doha companies to go public | The National:



"Rashid Al Mansoori became chief executive of the Qatar Stock Exchange (QSE) in 2011 after a four-year stint with Qatar Investment Authority.



Under his leadership, and in partnership with the international exchange operator NYSE Euronext, the QSE has become one of the leading exchanges in the region, with a current total market capitalisation of US$175 billion.



Last year, along with the UAE exchanges, the QSE was upgraded to emerging market status by the index provider MSCI and by the ratings agency Standard & Poor’s. He answered questions from The National via email."



'via Blog this'

Oil prices edge up as US stocks, production seen falling | GulfNews.com

Oil prices edge up as US stocks, production seen falling | GulfNews.com:



"Crude prices were virtually unchanged in early Asian trade on Wednesday as firm demand met strong output, with the market waiting for U.S. storage figures later in the day.



Front month U.S. crude was trading at $60.12 per barrel at 0642 GMT, up 15 cents from its last settlement.



Brent futures were up 13 cents to $63.83 a barrel."



'via Blog this'

UAE to witness the strongest growth in private wealth in the GCC | GulfNews.com

UAE to witness the strongest growth in private wealth in the GCC | GulfNews.com:



"Over the next five years, private wealth in the UAE is projected to post a compound annual growth rate of 10.7 per cent to reach an estimated $1 trillion (Dh3.67 trillion) in 2019, according to the BCG Global Wealth Report 2015.



The study which measures the growth dynamics of global financial wealth of households showed that private wealth in UAE showed solid growth or 8.4 per cent in 2014. In the UAE, the growth of private wealth was driven mainly by equities. Between 2013 and 2014, the amount of wealth held in equities rose by 13.8 per cent across the nation, compared with 1.6 per cent for bonds, and 6.9 per cent for cash and deposits.



Based on BCG’s comprehensive study, the UAE is poised for further growth in the next five years, with the wealth breakdown anticipated to be 43 per cent in cash and deposits, 9 per cent in bonds, and 47 per cent in equities."



'via Blog this'

MIDEAST STOCKS-Saudi Arabia, Egypt inch down ahead of Ramadan | News by Country | Reuters

MIDEAST STOCKS-Saudi Arabia, Egypt inch down ahead of Ramadan | News by Country | Reuters:



"Stock markets in Saudi Arabia and Egypt slipped in early trade on Wednesday, the last day before the beginning of the Muslim holy month of Ramadan, during which trading activity usually slows considerably.



The main Saudi index inched down 0.1 percent as most blue chips declined. Alinma Bank, the most traded stock, slipped 0.1 percent while runner-up Saudi Basic Industries was unchanged.



Some market players had expected this Ramadan to be different in Saudi Arabia, which this week opened its market to direct foreign investment."



'via Blog this'

Recession risk in Switzerland - YouTube

Recession risk in Switzerland - YouTube: ""



'via Blog this'

Tuesday, 16 June 2015

MIDEAST STOCKS-Gulf markets slip in line with oil; Egypt up after China deal | Reuters

MIDEAST STOCKS-Gulf markets slip in line with oil; Egypt up after China deal | Reuters:



"Most stock markets in the Gulf fell on Tuesday after a rebound in the Brent oil price proved short-lived and foreign fund inflows into Saudi Arabia remained tiny following the market's opening to international institutions this week.



The main Saudi index slipped 0.2 percent as heavyweights Saudi Basic Industries and National Commercial Bank lost 0.4 and 0.8 percent respectively.



Most other components of the provisional MSCI Saudi Arabia index also fell, having rallied in previous weeks in anticipation of increased demand when the market opened to direct foreign investment on June 15."



'via Blog this'

MIDEAST STOCKS-Saudi blue chips slip further; Egypt edges up after China deal | Reuters

MIDEAST STOCKS-Saudi blue chips slip further; Egypt edges up after China deal | Reuters:



"Most Saudi Arabian blue chip stocks fell in early trade on Tuesday on disappointment over the slow entry of foreign investors into the market, while Egypt's bourse turned positive after Cairo struck a $10 billion deal with China.



The main Saudi index slipped 0.2 percent as heavyweights Saudi Basic Industries and National Commercial Bank lost 0.9 and 0.4 percent respectively.



Most other components of the provisional MSCI Saudi Arabia index also fell, having rallied in previous weeks in anticipation of demand when the market opened to direct foreign investment on June 15."



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Recruitment in UAE oil and gas down by a fifth, new study shows | The National

Recruitment in UAE oil and gas down by a fifth, new study shows | The National:



"Online recruitment in the UAE grew last month compared to the same period last year even as the price of Brent crude oil has nearly halved since then.



The pace of online demand grew 5 per cent on the year, according to the Monster Employment Index UAE compiled by online job portal Monster.com.



Reflecting a slowdown in the construction sector, the activity fell by 23 per cent in engineering, construction and real estate sectors followed by a 19 per cent drop in the oil and gas sectors. This is in line with the rest of the Middle East region where online hiring demand in manufacturing, automotive and oil and gas sectors have dipped."



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Oil slump to cost GCC $240 billion in assets | GulfNews.com

Oil slump to cost GCC $240 billion in assets | GulfNews.com:



"Countries in the Gulf Cooperation Council (GCC) region, including the UAE and Saudi Arabia, stand to lose $240 billion in hard-earned assets in 2015 if oil prices will remain at low levels, or average at $55 per barrel, for the rest of the year, an economist at a local bank said.



GCC governments have been urged to find other sources of revenue amid low oil prices, cut subsidies and budgets, and curtail excessive government spending, to avoid job losses, project cancellations, low bank liquidity and other economic challenges.



Alp Eke, director and senior economist at the National Bank of Abu Dhabi’s (NBAD) economic department, said the biggest loss will be incurred by Saudi Arabia, estimated to be around $160 billion, while the UAE will lose around $55 billion."



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Dragon Oil shares soar to record high on improved Enoc offer - FT.com

Dragon Oil shares soar to record high on improved Enoc offer - FT.com:



"Shares in Dragon Oil jumped more than 8 per cent to a record high in early trade on Monday after the Emirates National Oil Company (Enoc) sweetened its offer to buy out minority shareholders at the crude producer by just over 2 per cent, valuing the company at £3.7bn.



Enoc, which owns 54 per cent of Dragon, improved its offer to 750 pence a share compared with the initial proposal of 735 pence a share put forward in March.



The improved offer represents a 47.2 per cent premium to Dragon’s closing stock price of 509.5p on March 13, the last trading day before Enoc approached the crude producer about its intention to make an offer. The initial premium was 44 per cent."



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Dubai Cable Building First Aluminum Plant as Copper Losing - Bloomberg Business

Dubai Cable Building First Aluminum Plant as Copper Losing - Bloomberg Business:



"Dubai Cable Co., the second-largest cable manufacturer in the Middle East, is building its first aluminum plant as customers in Saudi Arabia to the U.S. seek cheaper alternatives to copper for power transmission.



The $60 million factory in Abu Dhabi in the United Arab Emirates will have capacity to produce 50,000 metric tons of aluminum rod and overhead conductors annually, Andrew Shaw, managing director of Dubai Cable, said in an interview Monday at the company’s copper rod plant in Dubai. The project, called Ducab Aluminium Co., will create 120 to 140 jobs with its opening planned for the first quarter of 2016, he said.



Copper is losing about 2 percent a year of demand to less costly materials such as aluminum, or about 500,000 tons, London-based researcher CRU estimates. Aluminum is a third the cost of copper and supplies of aluminum in warehouses monitored by the London Metal Exchange are almost 12 times higher."



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Dubai Used-Car Startup Turns to U.S. Seeking $1 Billion Value - Bloomberg Business

Dubai Used-Car Startup Turns to U.S. Seeking $1 Billion Value - Bloomberg Business:



"SellAnyCar.com has shown that used-car sales in the Middle East can be turned into a point and click exercise. Now its founder is hoping that U.S. venture capital investors will give his company a $1 billion valuation.



Saygin Yalcin met with investors in New York and California this month, seeking to raise as much as $100 million to help fund an expansion into Europe. The fundraising could value his company at about $1 billion he said in an interview in New York.



Yalcin, 31, is coming to the U.S. to capitalize on soaring private valuations and record fundraising by venture capital firms. American venture funds had an estimated $76 billion in uninvested capital at the end of 2014, compared with just $1.5 billion for those in the Middle East, according to PitchBook Data Inc."



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Monday, 15 June 2015

MIDEAST STOCKS-Saudi falls as foreigners slow to enter newly opened market | News by Country | Reuters

MIDEAST STOCKS-Saudi falls as foreigners slow to enter newly opened market | News by Country | Reuters:



"Saudi Arabia's bourse fell on Monday as modest trading volumes indicated there were no big fund inflows from abroad on the first day that the market opened to direct foreign investment.



After rising as much as 0.5 percent in the opening minutes, the main Saudi stock index closed 0.9 percent lower as most blue chips in MSCI's provisional Saudi benchmark tumbled.



Saudi Basic Industries, the biggest petrochemicals firm in the kingdom, lost 1.5 percent and top lender National Commercial Bank retreated by 1.1 percent."



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