Google+ Followers

Thursday, 31 March 2016

Speculation rife of strategic investor in SHUAA as DFM volumes jump | GulfNews.com

Speculation rife of strategic investor in SHUAA as DFM volumes jump | GulfNews.com:

"Shuaa Capital continued to be one of the most active stock in trade on Thursday amid speculation that a strategic investor may be buying the stock from open market.

Shares of Shuaa Capital ended half a per cent higher at Dh0.35, after hitting an upper circuit in the previous session. The total traded volumes continued to surge, and on Thursday shares worth Dh50 million were traded, making it the second most active stock in trade after Emaar Properties.

Shuaa Capital has shed 70 per cent of its value since 2014. It swung into a loss of Dh190.3 million in 2015 after reporting profit of Dh25.8 million in 2014."



'via Blog this'

MIDEAST STOCKS-Markets end mixed after wild quarter | Reuters

MIDEAST STOCKS-Markets end mixed after wild quarter | Reuters:

"Major Middle East stock markets ended mixed on Thursday after a volatile quarter in which Gulf bourses plunged to multi-year lows before recovering along with oil prices, while Egypt swung in response to currency policy.

Saudi Arabia's index closed the day 0.1 percent higher at 6,223 points. It lost as much as 23 percent during the first quarter but ultimately finished only 10 percent lower after oil prices bounced from below $30 a barrel to around $40.

Petrochemical shares were weaker, with the sector's index falling 0.5 percent. Hospital operator Middle East Healthcare fell back 6.5 percent after jumping its 10 percent daily limit for two straight days following its listing on Tuesday."



'via Blog this'

MIDEAST STOCKS-Petchems pull Saudi down, Egypt falls after budget | Reuters

MIDEAST STOCKS-Petchems pull Saudi down, Egypt falls after budget | Reuters:

"Petrochemical shares pulled Saudi Arabia's stock market down early on Thursday after Brent oil fell back below $39 a barrel, while Egypt's bourse dropped after the cabinet announced next fiscal year's draft budget.

The Saudi index lost 0.7 percent as Saudi Basic Industries SE> slid 1.3 percent. Hospital operator Middle East Healthcare, which had jumped its 10 percent daily limit for two straight days since listing on Tuesday, pulled back 0.3 percent.

But Arabian Pipes climbed 6.3 percent after saying it had won a 73 million riyal ($19.5 million) contract to supply pipes to national oil giant Saudi Aramco."



'via Blog this'

Damac looks to lay foundations for London regeneration scheme - FT.com

Damac looks to lay foundations for London regeneration scheme - FT.com:

"Damac Properties, the Dubai private sector property developer, is in talks to develop a significant regeneration site in London as it focuses its future expansion on the UK capital.
The scheme would be Damac’s second in the UK after Aykon London One, a planned 50-storey luxury residential tower due to start construction this year in the Nine Elms area south of the Thames."



'via Blog this'

What will move bank stocks | Short View - YouTube

What will move bank stocks | Short View - YouTube: ""



'via Blog this'

Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National

Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National:

"Abu Dhabi National Energy Company (Taqa) made progress to lighten its heavy debt load last year, though it posted a 29 per cent drop in annual revenue and a pre-tax loss widened by more than 40 per cent to Dh2.4 billion last year.

The company, which is majority owned by Abu Dhabi’s water and electricity utility and other government entities, also has managed to keep from reporting much higher losses by putting a deal in place to sell assets in North America, Europe and the Kurdish region of Iraq, at prices above current market value.

Taqa on Thursday reported that revenues fell to Dh19.3bn last year from Dh27.3bn the year before, with oil and gas revenues nearly halved at Dh6.29bn, while electricity and water was down Dh700,000 at Dh9.68bn."



'via Blog this'

Bidder for Mideast KFC Operator Said to Get $1.5 Billion Funding - Bloomberg

Bidder for Mideast KFC Operator Said to Get $1.5 Billion Funding - Bloomberg:

"Citigroup Inc. and Standard Chartered Plc are among banks that have committed $1.5 billion to Adeptio LLC to fund its purchase of Middle East fast-food operator Kuwait Food Co., according to three bankers with knowledge of the deal.
Credit Suisse Group AG, National Bank of Abu Dhabi PJSC, Emirates NBD PJSC, First Gulf Bank PJSC and Bahrain-based Ahli United Bank BSC have also committed funds for the 18-month bridge loan, said the people, asking not to be identified because the information is private. Some of the loan will be refinanced by another longer-maturity loan or a bond, they said.
Adeptio, the Dubai-based investor group, announced in February it had signed an initial accord to buy a 69 percent stake in Americana, as Kuwait Food is also called, from Al Khair National for Stocks and Real Estate LLC. The stake is valued at about $2 billion. Adeptio would also offer to take over the remaining shares in the company."



'via Blog this'

Mideast funds positive on bonds, lukewarm on stocks-survey | Reuters

Mideast funds positive on bonds, lukewarm on stocks-survey | Reuters:

"Middle East fund managers have
turned bullish towards fixed income and less positive on
equities as they prepare for an economic slowdown in the Gulf
this year, a monthly Reuters survey shows.

The most recent survey of 14 leading fund managers,
conducted over the past 10 days, found 29 percent expecting to
raise their fixed income allocations to the region over the next
three months and 14 percent to reduce them.

At the same time, 7 percent anticipate raising their equity
allocations and 14 percent reducing them. That is the survey's
biggest balance in favour of fixed income relative to equities
since May 2015."



'via Blog this'

MIDEAST STOCKS-Gulf markets edge down after oil pulls back | Reuters

MIDEAST STOCKS-Gulf markets edge down after oil pulls back | Reuters:

"Gulf stock markets edged down early on Thursday in the absence of fresh, positive news, and after oil prices pulled back slightly overnight.

Dubai's index slipped 0.1 percent in the first hour. Shuaa Capital added a further 1.2 percent in active trade after jumping its 15 percent daily limit on Wednesday, but Union Properties fell 0.8 percent.

Abu Dhabi National Energy Co (TAQA) fell 2.2 percent after reporting a narrower fourth-quarter loss of 1.22 billion dirhams ($332.2 million) versus a net loss of 3.63 billion dirhams in the same period of 2014; it declined to pay an annual dividend for the third year in a row. The stock had jumped 12.2 percent on Wednesday ahead of the earnings news."



'via Blog this'

Wednesday, 30 March 2016

Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters

Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters:

"Libya is asking the U.N. Security Council to approve a sanctions exemption for its blacklisted sovereign wealth fund to halt billion-dollar losses caused by ineffective management of frozen assets, according to a letter released on Wednesday.

The letter from Libya's ambassador to the United Nations, Ibrahim Dabbashi, said the losses incurred at the Libyan Investment Authority (LIA) are the result of U.N. sanctions imposed in 2011 to prevent the government of former leader Muammar Gaddafi from spiriting away the country's wealth.

"The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million," Dabbashi said."



'via Blog this'

MIDEAST STOCKS-Markets mixed, money flows to UAE | Reuters

MIDEAST STOCKS-Markets mixed, money flows to UAE | Reuters:

"Middle East stock markets were mixed on Wednesday as money flowed into bourses in the United Arab Emirates but many markets dropped in shrinking volumes, suggesting some investors were pulling out.

Given the UAE's diversified economy, its markets are widely seen as relatively well-placed to ride out a looming economic slowdown in the Gulf this year prompted by low oil prices.

Dubai's index climbed 1.5 percent to 3,325 points, bouncing from near technical support on its mid-March low of 3,253 points."



'via Blog this'

Why Saudi oil market share is falling | FT Business - YouTube

Why Saudi oil market share is falling | FT Business - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Saudi, Egypt mixed in modest volumes | Reuters

MIDEAST STOCKS-Saudi, Egypt mixed in modest volumes | Reuters:

"Stock markets in Saudi Arabia and Egypt were narrowly mixed in early trade on Wednesday as modest trading volumes suggested some investors were withdrawing from the market after a surge of activity in the last few weeks.

The Saudi bourse jumped earlier this month in response to the rebound of oil prices near $40 a barrel, while Egypt was boosted by a currency devaluation which could help to resolve the country's longstanding foreign exchange shortage.

But shrinking trading turnover in the last few days suggests the impact of those events is fading and some investors are returning to the sidelines in the absence of other catalysts."



'via Blog this'

MIDEAST STOCKS-Gulf markets mixed, Dubai bounces from support | Reuters

MIDEAST STOCKS-Gulf markets mixed, Dubai bounces from support | Reuters:

"Gulf stock markets were mixed in quiet, early trade on Wednesday though Dubai's index bounced from technical support.

Dubai climbed 0.8 percent to 3,302 points in the first 45 minutes. The index reached a mid-March low of 3,253 points.

GFH Financial, the most heavily traded stock, rose 2.9 percent after saying it had signed a 100 million pound ($144 million) deal to become an anchor partner in a central London property development. It said this would reflect positively on its financial results in the first or second quarters of this year, but did not elaborate."



'via Blog this'

Tuesday, 29 March 2016

Saudi Arabia and UAE government bank deposits fall | The National

Saudi Arabia and UAE government bank deposits fall | The National:

"Government bank deposits continued to fall in Saudi Arabia and the UAE last month, as the low oil price hits the balance sheets of lenders in both countries.

In Saudi Arabia, government deposits fell 6.6 per cent in February, from 291bn riyals (Dh284.93bn) in January to 271.8bn riyals in February, according to data from the Saudi Arabian Monetary Authority (Sama), the kingdom’s central bank.

M3, a measure of the money supply, fell for the first time in more than a decade, Sama data also showed."



'via Blog this'

Dubai non-oil foreign trade down 3.6% | GulfNews.com

Dubai non-oil foreign trade down 3.6% | GulfNews.com:

"Dubai’s non-oil foreign trade dipped 3.6 per cent to Dh1.283 trillion in 2015, down from Dh1.331 trillion in 2014.

Announcing the 2015 figure on Tuesday, His Highness Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said imports accounted for Dh796 billion of the total, exports Dh132 billion and re-exports Dh355 million.

Shaikh Hamdan said Dubai’s trade sector continues to demonstrate strong performance and significantly contributes to the country’s economic growth."



'via Blog this'

MIDEAST STOCKS-Saudi falls after weak data, most bourses rise | Reuters

MIDEAST STOCKS-Saudi falls after weak data, most bourses rise | Reuters:

"Saudi Arabia's stock market fell sharply on Tuesday as petrochemical stocks sagged and the central bank reported weak economic data, but most major markets in the region gained.

The Saudi index fell 1.5 percent to 6,177 points, closing below its mid-March low of 6,202 points, which suggested an uptrend since mid-February may have ended. Trading turnover shrank, a sign that investors were pulling out of the market.

Petrochemical heavyweight Saudi Basic Industries tumbled 3.0 percent after the price of Brent crude oil fell back below $40 a barrel."



'via Blog this'

MIDEAST STOCKS-Egypt shares rise, Saudi edges down on petrochemicals | Reuters

MIDEAST STOCKS-Egypt shares rise, Saudi edges down on petrochemicals | Reuters:

"Egypt's stock market rose broadly in early trade on Tuesday while Saudi Arabia was pulled down by petrochemical shares after Brent crude oil fell back below $40 a barrel.

The Egyptian index climbed 0.9 percent in the first half-hour with nine of the 10 most heavily traded stocks rising. There was no significant reaction to the hijacking of an EgyptAir plane to Cyprus.

The most heavily traded stock, Egyptian billionaire Naguib Sawiris's Orascom Telecom Media, added 2.6 percent."



'via Blog this'

EM dollar recession eclipses 1998-99 in depth | beyondbrics

EM dollar recession eclipses 1998-99 in depth | beyondbrics:

"The strength of the US dollar is the single most important issue of the many facing emerging market (EM) economies. At the same time – and in some cases as a corollary of the dollar’s strength – they are struggling with lower commodity prices, increasing rates of inflation, heightened political and geopolitical risks, greater financial market volatility, large capital outflows and an extended period of weakness in global trade.

It is critical to consider nominal dollar incomes in assessing countries’ relative economic performance and prospects because the dollar continues to dominate the pricing of global commodities, the settlement of international trade, the extension of cross-border credit and the foreign reserve assets held by EM central banks. Although the international roles of several other currencies, including the Chinese renminbi, are expanding, there is no convincing evidence that the dollar’s supremacy is under any immediate threat.

Early 2016 macroeconomic performance does not at first appear to have started as badly, or with as much volatility, as global financial markets – although there are some important exceptions. Time will tell whether markets under pressure are reliably indicating an economic turning ahead, but a closer look at many of the larger EMs reveals that downturns in dollar terms are already well entrenched."



'via Blog this'

Saudi Arabia loses oil market share to rivals in key nations - FT.com

Saudi Arabia loses oil market share to rivals in key nations - FT.com:

"Saudi Arabia lost market share in more than half of the most important countries it sold crude to in the past three years, even as the kingdom increased output to record levels.

The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.

Saudi Arabia set itself a goal in late 2014 of maintaining its crude market share amid a glut that prompted a collapse in oil prices, but the imports data compiled by FGE, an energy consultancy, suggest the country’s strategy suffered setbacks in some of its key customer countries last year."



'via Blog this'

Saudi Arabia economy shows deepening signs of strain | The National

Saudi Arabia economy shows deepening signs of strain | The National:

"The Saudi economy is showing deepening signs of strain under the weight of cheap oil.

Saudi consumers withdrew and spent less money in February, according to central bank data released on Monday. M3, one of the broadest measures of money supply, shrank for the first time since at least 2000, when Bloomberg started tracking the data.

While the kingdom still has one of the world’s largest foreign-currency reserves, cuts in government spending to shore up public finances are taking a toll on the economy. Growth may slow to 1.5 per cent this year, according to the median estimate of a Bloomberg survey, the slowest pace since at least 2009. Saudi officials have repeatedly said that the nation can weather the slump in oil prices.

"



'via Blog this'

MIDEAST STOCKS-Gulf mixed in early trade; Dubai Parks stabilises | Reuters

MIDEAST STOCKS-Gulf mixed in early trade; Dubai Parks stabilises | Reuters:

"Gulf stock markets were mixed in early trade on Tuesday as Dubai Parks & Resorts stabilised after plunging in the previous two days, but soft oil prices and global bourses deterred major buying in the region.

The Dubai stock index edged up 0.1 percent to 3,268 points in the first hour, holding technical support on its mid-March low of 3,253 points.

Dubai Parks, the most heavily traded stock, climbed 1.7 percent. It had tumbled more than 10 percent in the past two days after proposing to boost its capital by 1.68 billion dirhams ($458 million) through a rights issue to finance development of a Six Flags theme park."



'via Blog this'

Monday, 28 March 2016

GCC deficit spending will not continue forever, bank warns | The National

GCC deficit spending will not continue forever, bank warns | The National:

"Government spending has helped to keep the wheels of the Arabian Gulf’s non-oil economies greased in the past two years as oil prices crashed, but that resilience may wane if the price of crude does not rebound soon, according to the investment bank Alkhabeer Capital.

Deficits in countries in the region including the UAE and Saudi Arabia have widened over the past year as the more than 60 per cent drop in oil prices empties coffers and forces governments to dip into sovereign wealth funds and borrow more money to keep spending on infrastructure and social services.

“Growth in the non-oil sector continues to outpace the rate of expansion seen in the region’s hydrocarbon sector. It cannot continue to remain largely resilient to low oil prices for a prolonged period, especially if we consider the high reliance of the Gulf economies on government expenditure," the investment bank wrote."



'via Blog this'

Majid Al Futtaim profit up on higher property valuations | The National

Majid Al Futtaim profit up on higher property valuations | The National:

"The Dubai-based conglomerate Majid Al Futtaim (MAF) posted a 28.7 per cent increase in net profit last year thanks in large part to higher valuations for its investment properties.

MAF’s net profit attributable to equity holders rose last year to Dh3.28 billion from Dh2.5bn a year earlier, the company said yesterday.

Earnings before interest, tax, depreciation and amortization (Ebitda) increased 7 per cent to Dh3.8bn last year from Dh3.6bn in 2014. Revenue grew 8 per cent to Dh27.3bn, from Dh25bn a year earlier."



'via Blog this'

UAE Banks federation offers 90-day moratorium prior to legal action against defaulting firms, calls it a ‘mini insolvency law’ | GulfNews.com

Banks federation offers 90-day moratorium prior to legal action against defaulting firms, calls it a ‘mini insolvency law’ | GulfNews.com:

"The UAE Banks Federation said on Monday it will stop legal action against small and medium-sized businesses for 90 days and work with them to restructure their outstanding debt.

Due to a slowdown in the economy, many SMEs that belong mainly to the food and beverage and oil and gas industry, have been registering losses, resulting in bad debts for banks. This has moved the banking body, which includes 49 member banks, to announce a moratorium of 90 days before any legal action is initiated. During this time, the banks will also be looking at ways to restructure the bad debt so that troubled business will be able to begin repaying loans.

“This solution is a better solution than the immediate legal solution if the customer is genuine, because if he runs away to his home country, his business comes to standstill. It’s better for the bank to protect its interest by allowing the customer to restructure his business,” Abdul Aziz Al Ghurair, Chairman of UBF, told journalists."



'via Blog this'

MIDEAST STOCKS-Markets narrowly mixed, Dubai holds chart support | Reuters

MIDEAST STOCKS-Markets narrowly mixed, Dubai holds chart support | Reuters:

"Middle East stock markets were mostly mixed in narrow ranges and moderate trading volumes on Monday, as Dubai tested and held technical support and petrochemical shares supported Saudi Arabia.

The Dubai index closed 0.4 percent lower at 3,266 points, off a low of 3,248 points. It has chart support on its mid-March low of 3,253 points and any break would trigger a minor double top formed by the March peaks and indicating a fresh leg down.

Dubai Parks & Resorts tumbled 6.9 percent in heavy trade. On Sunday it had pulled back 5.1 percent after proposing to boost its capital by 1.68 billion dirhams ($458 million) through a rights issue to finance development of a Six Flags theme park."



'via Blog this'

Saudi Arabian regulator approves Yamamah Steel IPO | Reuters

Saudi Arabian regulator approves Yamamah Steel IPO | Reuters:

"Saudi Arabia's Capital Market Authority has approved an initial public offer of shares in Al Yamamah Steel Industries Co, the regulator said on Monday, after severe volatility in the stock market earlier this year disrupted listing plans.

The maker of steel tubes, pipes and other products with plants in Jeddah, Dammam and Yanbu will offer 15.25 million shares representing 30 percent of its capital between April 27 and May 3. Some of the shares will be allocated to institutional investors, the CMA said without giving details.

The Saudi stock index has swung wildly this year in response to low oil prices, but in the last few weeks has regained some strength, permitting IPO activity to resume."



'via Blog this'

Revealed: Top economic crimes in Middle East companies | GulfNews.com

Revealed: Top economic crimes in Middle East companies | GulfNews.com:

"Unlike murder, rape, robbery or any other acts of street violence, financial crime is something most people simply don’t care about, yet it continues to affect a growing number of companies in the UAE and other parts of the Middle East, according to a new report.

These illegal activities, also known as white collar crimes, cost companies billions of dollars a year and they include money laundering, bribery, corruption and cybercrime. Not only are these crimes putting company finances at risk, they’re also endangering hundreds of jobs. Doesn’t the Lehman Brothers collapse, which rendered 26,000 employees jobless in 2008, ring a bell?

A recent study by PwC showed that economic crimes were reported in 26 per cent of companies in the Middle East in the past 24 months. Although the number is lower than the global average, it went up by 5 per cent from 2014, suggesting that more incidents have been reported recently.

"



'via Blog this'

Central Bank of Oman approves Bank Muscat request to open Tehran branch | GulfNews.com

Central Bank of Oman approves Bank Muscat request to open Tehran branch | GulfNews.com:

"The Central Bank of Oman (CBO) has approved the request from Bank Muscat, Oman’s largest lender by market value, to open a representative office in Iran. The move comes after a meeting held by the CBO board members on Sunday.

The approval makes Bank Muscat one of the first foreign financial firms to establish a presence in Iran since the international sanctions, imposed over Tehran’s disputed nuclear programme, were removed in January.

Bank Muscat did not say when the process of opening the office would be completed or give any further details."



'via Blog this'

MIDEAST STOCKS-Dubai bounces from chart support, rest of Gulf mixed | Reuters

MIDEAST STOCKS-Dubai bounces from chart support, rest of Gulf mixed | Reuters:

"Dubai's stock market bounced from technical support early on Monday after a week of declines, while other Gulf stock markets were mixed in quiet trade.

The Dubai index edged down to a low of 3,267 points in the opening minutes, near chart support on its mid-March low of 3,253 points, but after an hour of trade was 0.4 percent higher at 3,294 points.

Builder Arabtec added 2.5 percent after it scheduled a board meeting for Wednesday to discuss its business. Islamic Arab Insurance was the most heavily traded stock, rising 2.7 percent."



'via Blog this'

Oil Recovery Hits Saudi Devaluation Bet - Bloomberg Business

Oil Recovery Hits Saudi Devaluation Bet - Bloomberg Business:

"Oil’s rebound to about $40 a barrel means some investors are nursing losses after betting that Saudi Arabia would abandon its three-decade-old currency peg.
Contracts used to speculate on the kingdom’s exchange rate in the next 12 months have fallen to about the lowest since November. A $1 million wager on the contracts at their peak in January would have lost 68,900 riyals ($18,370), or about 1.8 percent, according to Bloomberg calculations. Several U.S.-based hedge funds were said in February to be among investors that have bet Saudi Arabia would devalue the riyal."



'via Blog this'

Sunday, 27 March 2016

MIDEAST STOCKS-Egypt pulls back from near technical barrier, Gulf slips | Reuters

MIDEAST STOCKS-Egypt pulls back from near technical barrier, Gulf slips | Reuters:

"Egypt's stock market fell back from near technical resistance on Sunday while Gulf markets also slipped in the absence of fresh, positive news.

The Egyptian index, which is up 22 percent since the end of last month in response to a devaluation of the currency, has stalled in the past few days below last October's peak of 7,671 points.

It spent much of Sunday trading higher but ultimately closed 0.9 percent lower at 7,480 points. Trading volume was active but shrunk from recent days' levels."



'via Blog this'

Qatar broadcaster Al Jazeera to cut 500 jobs | The National

Qatar broadcaster Al Jazeera to cut 500 jobs | The National:

"The Qatar-based news broadcaster Al Jazeera says it is slashing around 500 jobs as part of a worldwide workforce reduction.

The network announced the cuts Sunday, saying they are part of a “workforce optimisation initiative" linked to changes in the media landscape. It says most of the cuts will be in its home base of Qatar.

Acting director general Mostefa Souag says the cuts will allow the Al Jazeera Media Network to evolve, to “maintain a leading position and continue our recognised commitment to high quality, independent and hard-hitting journalism around the world.""



'via Blog this'

MIDEAST STOCKS-Egypt edges up after c.bank dollar injection; Saudi slips | Reuters

MIDEAST STOCKS-Egypt edges up after c.bank dollar injection; Saudi slips | Reuters:

"Egypt's stock market edged up in early trade on Sunday after central bank Governor Tarek Amer said he had pumped $22 billion into the banking system to clear goods piled at ports, while Saudi Arabia's bourse fell on weak cement and telecommunications shares.

Amer's remarks on Saturday were taken as a positive sign that authorities were taking aggressive action to ease Egypt's hard currency shortage, though he did not give details of where he was obtaining the money or how he would resolve the shortage in the long term.

The Egyptian index climbed 0.4 percent in the opening 50 minutes of trade, buoyed by property developers such as Emaar Misr, which added 2.6 percent."



'via Blog this'

Dubai Holding moves theme parks and media into new unit | The National

Dubai Holding moves theme parks and media into new unit | The National:

"Dubai Holding, one of the emirate’s three big conglomerates, has reorganised its theme parks and media holdings into a new unit that will manage projects worth Dh10 billion.

Global Village and the Arab Media Group, two Dubai Holding assets, will be placed under the company’s new Family Entertainment and New Media division, which will be headed by the current AMG chief executive, Mohamed Almulla.

AMG operates Done Events, an event management company, and the Arabian Radio Network. It will also manage a number of new family destinations, Dubai Holding said in a statement."



'via Blog this'

Iraq’s oil industry must stop its self destruction | GulfNews.com

Iraq’s oil industry must stop its self destruction | GulfNews.com:

"Thirteen years after the invasion and occupation of Iraq by the US, UK and their allies and clients, the country is no more liberated, democratic, free of corruption, peaceful or united, And certainly worried about its future and the fragmentation that may come as a result of failing governments to safeguard the well-being of Iraqis.

These are stories you hear about daily on television channels and read in newspapers. In all modesty, I am not eloquent enough to add all the details and paint this tragic picture, but I will stick to the development of my area of expertise and readers can judge the rest for themselves.

The oil industry — the pride of the country, its engine of growth and one of the best in the region since the mid-1950s — is now leaving a lot to be desired. The wars and sanctions prior to 2003 did a lot to put the industry back from its peak production of 3.5 million barrels a day (mbd) in 1979."



'via Blog this'

Doha meeting to look at best recipe to raise prices | GulfNews.com

Doha meeting to look at best recipe to raise prices | GulfNews.com:

"When oil ministers from both Opec and non-OPEC countries meet on April 17 in Doha, they will face a challenge; they need to find a way to cut oil production — not just freeze crude production to support prices, oil experts said.

Freezing oil production levels alone at January’s peak levels, a move that will likely not have the support of smaller oil producers, will not be sufficient to raise prices, the experts say.

“An agreement to freeze production at the January 2016 levels is meaningless and will not lead to a rise in oil prices. Only a cut of production exceeding 2 million barrels a day (bpd) will do the trick,” Mamdouh G Salameh, international oil economist and visiting professor of Energy Economies at ESCP Europe business School in London told Gulf News."



'via Blog this'

Gulf migrant workers will be biggest victims of oil shock: Kemp | Reuters

Gulf migrant workers will be biggest victims of oil shock: Kemp | Reuters:

"Saudi Arabia's army of migrant workers will be among the biggest losers from the slump in oil prices and the impact will reverberate to poor countries across the Middle East and South Asia where many of them originate.

Saudi Arabia relies more heavily on migrant labor than any other large country except neighboring United Arab Emirates, according to the United Nations Department of Economic and Social Affairs.

The oil boom brought an unprecedented influx of migrants mostly from poorer countries in the Middle East and South and Southeast Asia."



'via Blog this'

MIDEAST STOCKS-Gulf markets mixed, Dubai's Shuaa loses steam | Reuters

MIDEAST STOCKS-Gulf markets mixed, Dubai's Shuaa loses steam | Reuters:

"Stock markets in the Gulf were mixed in early trade on Sunday with most shares moving little, as Dubai's Shuaa Capital lost steam after soaring last week.

Shuaa rose more than 7 percent in the opening minutes of trade on Sunday but after 75 minutes was flat. On Thursday the stock, which has rebounded from a record low hit earlier this year, soared the 15 percent daily limit in its heaviest trading volume since at least 2002.

In a statement to the exchange on Sunday, Shuaa said it had held a routine board meeting on Thursday but "did not resolve any material matter" at the meeting. It did not elaborate."



'via Blog this'

Thursday, 24 March 2016

Egyptian Banks to Seek New Chiefs as Regulator Forces Term Limit - Bloomberg Business

Egyptian Banks to Seek New Chiefs as Regulator Forces Term Limit - Bloomberg Business:

"More than a fifth of Egyptian banks will be forced to change their top executive over the next 12 months after the central bank issued a nine-year term limit described as an effort to revitalize the industry.
The lenders include Commercial International Bank Egypt and Qatar National Bank Alahly, the country’s biggest private banks, said Hisham Ezz Al Arab, CIB’s chairman since 2002 and the head of the Federation of Egyptian Banks. Lenders required to make the change may wait until their shareholders meet to review 2016 results to comply and are required to obtain central bank approval for the delay, according to the regulations issued on Thursday.
The decision comes less than two weeks after the nation undertook the biggest currency devaluation in 13 years, seeking to attract foreign investment to alleviate a shortage of dollars and revive economic growth. Central Bank Governor Tarek Amer said he wants to push industry reform by giving leadership opportunities to younger bankers, according to comments published by Egypt’s official Middle East News Agency."



'via Blog this'

MIDEAST STOCKS-Egypt continues rises after cabinet reshuffle, Gulf slips | Reuters

MIDEAST STOCKS-Egypt continues rises after cabinet reshuffle, Gulf slips | Reuters:

"Egypt's stock market rose again on Thursday on hopes a new cabinet could give the economy a boost, while a pull-back by Brent oil below $40 a barrel and a cut in telecoms roaming fees pushed down Gulf bourses.

The Egyptian index gained 0.7 percent in active trade, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance.

Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, was made investment minister."



'via Blog this'

MIDEAST STOCKS-Egypt index rises after cabinet reshuffle, Saudi slips | Reuters

MIDEAST STOCKS-Egypt index rises after cabinet reshuffle, Saudi slips | Reuters:

"Egypt's stock market extended gains early on Thursday on hopes that a new cabinet could give the economy a boost, while Saudi Arabia's bourse slipped in line with soft oil prices.

The Egyptian index gained 0.6 percent in the opening minutes of Thursday, adding to its 0.9 percent rise on Wednesday in response to a cabinet reshuffle that appeared to focus on improving economic performance.

Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, was made investment minister."



'via Blog this'

MIDEAST STOCKS-Gulf edges down; stocks going ex-dividend weigh | Reuters

MIDEAST STOCKS-Gulf edges down; stocks going ex-dividend weigh | Reuters:

"Gulf stock markets edged down in early trade on Thursday in line with soft oil prices and global bourses, with some individual shares leading the way down as they went ex-dividend.

The Dubai index dropped 0.8 percent in the opening 45 minutes. Air Arabia, which plunged on Tuesday as it went ex-dividend and has been weak since then in response to the Brussels airport attacks, fell a further 1.6 percent.

Abu Dhabi's index lost 1.1 percent as Aldar Properties, which went ex-dividend on Thursday, slid 4.0 percent."



'via Blog this'

Animal spirits, the FOMC, and overvalued stocks I Authers Note - YouTube

Animal spirits, the FOMC, and overvalued stocks I Authers Note - YouTube: ""



'via Blog this'

Amid the oil price crash, Rosneft is running to stand still - FT.com

Amid the oil price crash, Rosneft is running to stand still - FT.com:

"Across the global oil patch, from Texas to the North Sea, drilling rigs are standing idle as energy companies respond to the slump in crude prices by cutting investments.
Not so in the swampy Siberian marshes that are Rosneft’s heartland. At Yuganskneftegaz, the production subsidiary that accounts for more than one-tenth of the country’s oil output, the state-controlled Russian oil company doubled its drilling rate during 2015."



'via Blog this'

US not discouraging foreign companies from doing business with Iran: negotiator | GulfNews.com

US not discouraging foreign companies from doing business with Iran: negotiator | GulfNews.com:

"The United States has not discouraged foreign companies from doing business with Iran following the lifting of nuclear sanctions in January, a US negotiator who worked on the deal said on Wednesday.

Two months on after the deal, companies have been slow to enter Iran, with many believed to be shying away out of fear of falling afoul over other sanctions that have not been removed. There is also perceived ambiguity over what transactions are now allowed.

But Chris Backemeyer, the negotiator, said it comes as no surprise that companies are taking their time, citing the need for risk evaluation and due diligence. He said the US has been clear on its position and has made it known what sanctions have been lifted."



'via Blog this'

Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored - Bloomberg Business

Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored - Bloomberg Business:

"Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades.
“The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in sub-Saharan Africa countries. “The misfortune of some makes for the happiness of others.”
For as long as petrostates like Algeria were able to stash away oil and gas revenue with only half an eye on when reserves run dry or prices fall, voices like Brahiti’s hardly registered. Yet as $40 oil brings slumping revenues, austerity, rising discontent and expanding debt, officials are stepping up efforts to diversify the economy."



'via Blog this'

MIDEAST STOCKS-Egypt rises after cabinet reshuffle; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt rises after cabinet reshuffle; Gulf mixed | Reuters:

"Egypt's stock market rose on Wednesday after President Abdel Fattah al-Sisi reshuffled his cabinet, while Gulf bourses were mixed in the absence of fresh incentives to trade.

The sweeping Egyptian reshuffle appeared to focus on improving economic performance - banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly an executive of Orascom Construction, as investment minister.

Egypt's index edged down in early trade before the announcement, but closed 0.9 percent higher in active volume. Two Orascom group affiliates, controlled by members of the Sawiris business family, surged: Orascom Construction jumped 4.8 percent and Orascom Telecom Media rose 6.8 percent."



'via Blog this'

Wednesday, 23 March 2016

Caution about return of the carry trade | Short View - YouTube

Caution about return of the carry trade | Short View - YouTube: ""



'via Blog this'

IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National

IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National:

"A deal among some Opec producers and Russia to freeze production is perhaps “meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.

Brent crude futures are up more than 50 per cent from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and Opec’s Saudi Arabia, Venezuela and Qatar struck an agreement last month to keep output at January levels.

Qatar has invited all 13 members of Opec and major non-Opec producers to Doha on April 17 for another round of talks to widen the production freeze deal."



'via Blog this'

MIDEAST STOCKS-Saudi edges up, Egypt soft in early trade | Reuters

MIDEAST STOCKS-Saudi edges up, Egypt soft in early trade | Reuters:

"Saudi Arabia's stock market edged up in early trade on Wednesday on the back of second-tier stocks favoured by local retail speculators, while Egypt's market was soft in narrow trade.

The Saudi index climbed 0.4 percent to 6,508 points in the first 45 minutes. Earlier this week it broke above its 100-day average, now at 6,460 points, a positive medium-term technical sign.

Among major gainers, Wafa Insurance jumped 7.6 percent in unusually heavy trade."



'via Blog this'

Dubai real estate slowly wins back investors | GulfNews.com

Dubai real estate slowly wins back investors | GulfNews.com:

"Real estate in Dubai is making a comeback of sorts — on the stock markets as well as on the property side.

The share prices of real estate companies have been outperforming the wider DFM (Dubai Financial Market) index, since it touched a low on December 20. Stocks of Emaar and Union Properties are up 43 and 46 per cent respectively, while that of the construction giant Arabtec propelled to an 82 per cent increase (before trimming some of those gains in recent days).

The activity smacks of investors rushing in to pick up bargains or driven a sense of nascent optimism starting to take hold. “There appears to be much greater optimism on the visibility of earnings as investors have realised that the pessimism had been overdone.” said Sameer Lakhani, Managing Director at Global Capital Partners, the investment firm. “It is difficult to ascertain whether the recent spurt in volumes has been concentrated among a small number of investors."



'via Blog this'

MIDEAST STOCKS-Gulf edges down in narrow trade | Reuters

MIDEAST STOCKS-Gulf edges down in narrow trade | Reuters:

"Gulf stock markets edged down in narrow trade early on Wednesday with few new incentives to buy shares, although buying interest on dips suggested an extended pull-back was not beginning.

Dubai's benchmark index fell 1.0 percent in the first 75 minutes amid profit-taking in real estate stocks, with Emaar Properties down 1.5 percent.

But Drake & Scull was flat after saying it had won a 340 million Qatari rial ($93.4 million) contract for work on the Doha Metro."



'via Blog this'

Tuesday, 22 March 2016

Lower oil tests sovereign wealth funds - FT.com

Lower oil tests sovereign wealth funds - FT.com:

"Bader Al Sa’ad, the head of the Kuwait Investment Authority, isn’t spending much time these days assessing new investments. Instead he is advising his government as it moves to establish a debt management office.
Circumstances have changed in the Gulf, bringing in their wake a host of ripple effects. A while ago, the biggest headache for the sovereign wealth funds of the Middle East was finding safe but profitable homes for their portion of swelling oil revenues."



'via Blog this'

Iran’s private sector aims for growth | FT World - YouTube

Iran’s private sector aims for growth | FT World - YouTube: ""



'via Blog this'

Saudi Arabia will freeze oil output without Iran: Opec delegate - FT.com

Saudi Arabia will freeze oil output without Iran: Opec delegate - FT.com:

"Saudi Arabia is prepared to join an oil output freeze next month without Iran taking part, a senior Opec delegate said, making a deal among big producers more likely.
Some of the world’s largest oil nations will meet in Doha on April 17 to discuss restraining output. It follows a provisional agreement reached in February by Saudi Arabia, Russia, Qatar and Venezuela to keep production at January levels."



'via Blog this'

MIDEAST STOCKS-Markets mixed as Saudi, Egypt make late dip | Reuters

MIDEAST STOCKS-Markets mixed as Saudi, Egypt make late dip | Reuters:

"Middle East markets were mixed on Tuesday as the later-closing Saudi Arabia and Egypt bourses gave back initial gains following a renewed drop in oil prices.

Brent crude, which had risen more than 50 percent from 12-year lows in January, was down 0.8 percent at $41.23 a barrel at 1240 GMT.

The prolonged oil slump sparked panic selling on Gulf markets in January, but confidence has steadily returned as traders' worst fears of a repeat of the 2008-09 bourse collapse proved unfounded."



'via Blog this'

Iranians exasperated as U.S. sanctions frustrate deal making | Reuters

Iranians exasperated as U.S. sanctions frustrate deal making | Reuters:

"More than two months after international nuclear sanctions on Iran were supposed to have ended, frustration is deepening that few trade deals are going through as foreign banks shy away from processing transactions with the country.

Iranian hopes of rapidly ending the country's economic isolation are fading as particularly European banks - some of which have already been hit by hit huge U.S. fines for sanctions busting - fear falling foul of the many other restrictions imposed by Washington that remain in force.

Supreme Leader Ayatollah Ali Khamenei has accused the United States of foot-dragging following the official implementation in January of a nuclear deal with major powers."



'via Blog this'

MIDEAST STOCKS-Egypt's Domty jumps on bourse debut, buoys other stocks | Reuters

MIDEAST STOCKS-Egypt's Domty jumps on bourse debut, buoys other stocks | Reuters:

"Egypt's Arabian Food Industries (Domty) surged on its bourse debut on Tuesday, helping to spur buying in other Cairo stocks.

Domty rose 11 percent to 10.21 Egyptian pounds ($1.15). It had sold 12.25 million shares in a public offering this month at 9.2 pounds per share, with the sale hugely over-subscribed.

"Domty is up on decent volumes and this is affecting the rest of the market - investors are keen to buy Domty at a premium to the IPO price, which is giving confidence that the prices of other stocks are also at attractive levels," said Mohamed Radwan, Head of Equity Sales at Pharos Securities in Cairo."



'via Blog this'

Brussels explosions, sterling falls | FT Market Minute - YouTube

Brussels explosions, sterling falls | FT Market Minute - YouTube: ""



'via Blog this'

Iraq starts long-delayed gas exports | The National

Iraq starts long-delayed gas exports | The National:

"Iraq’s first-ever export of gas from its southern oilfields will add a new source of export revenue to the struggling government’s coffers.

The Basra Gas Company (BGC), a partnership between Iraq’s South Gas Company and Royal Dutch Shell, confirmed yesterday that it had exported the first cargo of associated gas condensate from its much-delayed project near the southern port city of Basra on Sunday.

“This first condensate cargo leaving BGC’s marine terminal ... opens up a new revenue stream for the country at a time of real need," said the deputy minister of oil for gas affairs, Hamid Younis."



'via Blog this'

Oil fuels debt fears | FT World - YouTube

Oil fuels debt fears | FT World - YouTube: ""



'via Blog this'

Russia Deals Deepen India Hold in China Oil-Buying Backyard - Bloomberg Business

Russia Deals Deepen India Hold in China Oil-Buying Backyard - Bloomberg Business:

"India is expanding its footprint in China’s backyard by forging deals with Russia for stakes in Siberian fields that supply Asia’s biggest economy and crude consumer.
Deals last week between Rosneft and Indian state-run companies beefed up the South Asian nation’s share in two assets that are linked to the East Siberia-Pacific Ocean pipeline. That conduit has a direct link to China, which also lifts a majority of ESPO supplies shipped from the Pacific port of Kozmino and is the biggest buyer of Russian crude.
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements. If it chooses to ship its share from the fields to run at domestic refineries, that would change the flow of Siberian supply, which is typically sent to closer regions. It could also sell cargoes in the open market."



'via Blog this'

MIDEAST STOCKS-GFH Financial rises on stake sale; Dubai lacklustre | Reuters

MIDEAST STOCKS-GFH Financial rises on stake sale; Dubai lacklustre | Reuters:

"Shares in GFH Financial Group rose on Tuesday after the Islamic investment bank said it had agreed to sell a 10 percent stake in Bahraini cement producer Falcon Cement Co.

GFH's Dubai-listed shares rose 2.3 percent. It has yet to trade in Bahrain, which opens for trading at 0700 GMT.

GFH will sell the Falcon Cement stake to Integrated Capital, the capital markets arm of Abu Dhabi Financial Group. Integrated Capital also expressed interest in underwriting a proposed initial public offer of shares by Falcon on the Bahrain bourse later this year, according to a GFH statement on Tuesday."



'via Blog this'

Monday, 21 March 2016

GCC sovereign borrowing to reach $250b over 2 years | GulfNews.com

GCC sovereign borrowing to reach $250b over 2 years | GulfNews.com:

"The sovereign borrowing of GCC (Gulf Co-operation Council) countries is expected to reach $250 billion (Dh917.5 billion) in 2016/17, Moody’s Investor Services said on Monday as tumbling oil prices slash revenues for the commodity dependent economies.

For 2016, the fiscal deficit will likely reach around 12.5 per cent of regional GDP, compared to 9 per cent in 2015, according to the ratings agency, with governments tapping all possible sources to trim the deficit.

“We expect at least 50 per cent [of the deficit] to be financed through drawdowns and reserves and the other half through debt issuances,” Mathias Angonin, analyst with Moody’s told journalists at a news conference."



'via Blog this'

MIDEAST STOCKS-Egypt resumes post-devaluation uptrend, Gulf moves little | Reuters

MIDEAST STOCKS-Egypt resumes post-devaluation uptrend, Gulf moves little | Reuters:

"Egypt's stock market resumed rising on Monday after soaring last week in response to a currency devaluation, while most Gulf markets moved little as oil prices pulled back slightly.

The Cairo index jumped 14 percent last week on hopes that the devaluation would attract foreign fund inflows, helping to resolve the country's longstanding foreign exchange shortage.

On Sunday, the index fell back 0.3 percent, and it dropped further early on Monday. But it rallied in late trade to close 0.4 percent higher at 7,494 points, the highest finish since early November."



'via Blog this'

Is Cuba open to foreign investment? | FT World - YouTube

Is Cuba open to foreign investment? | FT World - YouTube: ""



'via Blog this'

Outlook for US natural gas | Short View - YouTube

Outlook for US natural gas | Short View - YouTube: ""



'via Blog this'

ADIA at 40: A story of vision, sophistication and success | The National

ADIA at 40: A story of vision, sophistication and success | The National:

"The Abu Dhabi Investment Authority (Adia) today marks the 40th anniversary of its creation, with Hamed bin Zayed Al Nahyan, Adia’s Managing Director, releasing an open letter charting the fund’s growth and reflecting on its role as Abu Dhabi’s store of wealth for future generations.

“Over the course of the past four decades, Adia has evolved from a small operation using shared office space to become one of the world’s largest and most sophisticated investment institutions. It has achieved this while always remaining true to its mission and by forging its own path – one that was right for Adia – and not simply following the route taken by others," said Mr Al Nahyan

In a wide-ranging letter, Mr Al Nahyan noted the vision of Adia’s founders, in particular the late Sheikh Zayed, Founding Father of the UAE, and Sheikh Khalifa, President of the UAE and the current Adia Chairman."



'via Blog this'

Etihad backs $321m loan to Virgin Australia | GulfNews.com

Etihad backs $321m loan to Virgin Australia | GulfNews.com:

"Abu Dhabi’s Etihad Airways is backing a 425 million Australian dollar ($321 million) loan to Virgin Australia to help fix the Australian carrier's balance sheet.

Virgin Australia has taken out a 12 month A$425 million unsecured loan from its major shareholders Etihad Airways, Air New Zealand, Singapore Airlines and Virgin Group. The four major shareholders own 83.8 per cent of the Australian carriers, according to Gulf News’ calculations.

Details of the loan were posted by Virgin Australia on the Australian Stock Exchange (ASX) on Tuesday.  Virgin Australia said the shareholders would contribute to the facility in proportion to their shareholdings.

"



'via Blog this'

MIDEAST STOCKS-Egypt pulls back on profit-taking, Saudi edges up | Reuters

MIDEAST STOCKS-Egypt pulls back on profit-taking, Saudi edges up | Reuters:

"Egypt's stock market pulled back early on Monday because of profit-taking from last week's 14 percent leap, while the Saudi Arabian stock market edged up.

The Cairo index soared last week on hopes that the devaluation of the currency would attract foreign fund inflows, helping to resolve the country's longstanding foreign exchange shortage.

On Sunday, however, the index fell back 0.3 percent, and it dropped a further 1.0 percent to 7,395 points in the first half-hour of trade on Monday. It has technical support at the January peak of 7,114 points."



'via Blog this'

86% of active equity funds underperform - FT.com

86% of active equity funds underperform - FT.com:

"Almost every actively managed equity fund in Europe investing in global, emerging and US markets has failed to beat its benchmark over the past decade, raising more questions about the value stockpicking managers add.
The findings pile further pressure on active fund managers, who have come under repeated attack from academics and consumer groups for charging high fees for poor performance."



'via Blog this'

MIDEAST STOCKS-Gulf edges down in early trade, Qatar's GISS falls after fire | News by Country | Reuters

MIDEAST STOCKS-Gulf edges down in early trade, Qatar's GISS falls after fire | News by Country | Reuters:

"Gulf stock markets edged down in early trade on Monday because of softer oil and global equities prices, while Gulf International Services (GISS) led Qatar down after a fire at one of its onshore drilling rigs.

Dubai's index fell 0.5 percent in the first 45 minutes of trade as builder Arabtec pulled back 1.7 percent. The stock had surged 6.8 percent on Sunday, ahead of the announcement that it had won a 1.7 billion dirham ($463 million) contract from the United Arab Emirates government.

Abu Dhabi's index slid 0.3 percent as telecommunications company Etisalat fell by the same amount."



'via Blog this'

Sunday, 20 March 2016

Emaar considers stock listings for hotels unit along with Turkish and Indian businesses | The National

Emaar considers stock listings for hotels unit along with Turkish and Indian businesses | The National:

"Emaar Properties is considering the flotation of overseas units and its hotels arm to generate more growth capital and to return cash to shareholders.

The company has told investors that it is looking to “monetise core assets" through further initial public offerings of business divisions, such as its Turkish and Indian units, or through the creation of real estate investment trusts (Reits).

A spokesman for the company told The National that creating independent listed companies for individual segments or international arms of its group would “provide the businesses with appropriate financial and operational means to grow faster and become among the most successful companies in their industries"."



'via Blog this'

Saudi Arabia to issue 20b riyals worth of bonds | GulfNews.com

Saudi Arabia to issue 20b riyals worth of bonds | GulfNews.com:

"The Saudi Arabian government has told local banks that it will sell them 20 billion riyals ($5.3 billion; Dh19.56 million) of three-, five- and seven-year bonds, with floating as well as fixed rates, the Maaal financial website quoted sources as saying on Sunday. Allocations of the bonds will be made on Monday, Maaal said.

The government has been selling 20 billion riyals of bonds every month since last August to cover a budget deficit created by low oil prices.

Among the new fixed-rate bonds, the three-year tranche will be priced at 55-60 basis points (BPS) over US Treasuries, the five-year tranche at 61-66 bps over and the seven-year tranche at 72-77 bps over, Maaal said."



'via Blog this'

Dubai’s Al Masah mulls London or New York IPO for education unit | GulfNews.com

Dubai’s Al Masah mulls London or New York IPO for education unit | GulfNews.com:

"Al Masah Capital Management Ltd, a Dubai-based investment firm, is considering an initial public offering of its Al Najah Education Ltd business in New York or London.

Al Masah plans to start working on the share sale in 2018 and list on the Nasdaq or in the UK capital depending on market conditions, Chief Executive Officer Shailesh Dash said in an interview. Al Najah, set up by Al Masah in 2012, operates schools and nurseries in the UAE, Singapore and Oman. He declined to give a potential value.

The investment firm is also planning an IPO of health care service provider Avivo Group and plans to list its shares on the London Stock Exchange next year, Dash said. The company expects to raise about $300 million (Dh1.1 billion) from the sale, he said. MEED reported earlier this month that Al Masah had hired banks for the Avivo offering."



'via Blog this'

UAE's NMC Health expects acquisitions to drive 2016 earnings jump | Reuters

UAE's NMC Health expects acquisitions to drive 2016 earnings jump | Reuters:

"NMC Health, the United Arab Emirates-based healthcare provider, expects earnings to increase by 45 percent this year on the back of recent and future acquisitions as well as organic growth, its deputy chief executive said on Sunday.

The company could also tap loan and convertible bond markets to supplement the near-$300 million it has available for acquisitions, Prasanth Manghat told Reuters.

NMC, like a number of other healthcare companies, is benefiting from substantial growth in the UAE healthcare sector as an increasingly wealthy population becomes more susceptible to lifestyle diseases such as diabetes."



'via Blog this'

UAE's Arabtec says wins 1.7 bln dhs gov't contract | Reuters

UAE's Arabtec says wins 1.7 bln dhs gov't contract | Reuters:

"Dubai-listed Arabtec has won a 1.7 billion dirhams ($462.85 million) contract from the UAE federal government to build 1,100 houses in the eastern emirate of Fujairah, the company said on Sunday.

Arabtec, 36-percent owned by Abu Dhabi state fund Aabar Investments, said construction would begin immediately and is expected to take about 2-1/2 years, according to a bourse statement.

The houses will be for Emirati nationals."



'via Blog this'

MIDEAST STOCKS-Zain leads Saudi up, Egypt stalls after jump on devaluation | Reuters

MIDEAST STOCKS-Zain leads Saudi up, Egypt stalls after jump on devaluation | Reuters:

"Telecommunications firm Zain Saudi led Riyadh's stock market up on Sunday, while Egypt's bourse stalled after soaring last week in response to a currency devaluation. Most Gulf markets moved little, digesting strong rallies since mid-February.

The Saudi stock index climbed 1.4 percent in active trade to 6,482 points, testing technical resistance on its 100 day average, now at 6,470 points. Sunday saw the index close above that average for the first time since June last year, when the slide in oil prices was pushing the bourse into a downtrend.

Zain Saudi jumped 9.4 percent in its heaviest trade since last September, bringing its gains to 23 percent since Reuters reported on Wednesday that its Kuwaiti parent Zain was narrowing the field of potential bidders for its mobile transmitter towers in Saudi Arabia and Kuwait."



'via Blog this'

Egyptian Stocks Poised to Extend Record Rally; Abu Dhabi Slides - Bloomberg Business

Egyptian Stocks Poised to Extend Record Rally; Abu Dhabi Slides - Bloomberg Business:

"Egyptian stocks were set to extend their record winning streak as investors bet last week’s currency devaluation will boost the economy of the most populous Arab nation. Abu Dhabi shares fell as traders cashed in following the biggest jump since January.
The EGX 30 Index rose 0.5 percent as of 12:51 p.m. in Cairo, extending its advance for a 12th day, the longest rally since Bloomberg started tracking the measure in 1998. About 261 million shares traded, compared with a one-year full daily average of 198 million. Abu Dhabi’s ADX General Index retreated the most in two months.
Undeterred by the biggest interest rate increase in at least 10 years, investors piled into Egyptian stocks after the central bank weakened the currency 13 percent last week, the most since 2003. The devaluation was part of policy makers’ plan to lure foreign investment and alleviate a dollar shortage that has crippled North Africa’s biggest economy. The EGX 30 entered a bull market this month and is now up 32 percent from a two year-low in January."



'via Blog this'

MIDEAST STOCKS-Saudi stocks firm in early trade, Egypt steady | Reuters

MIDEAST STOCKS-Saudi stocks firm in early trade, Egypt steady | Reuters:

"Saudi Arabia's stock market rose in early trade on Sunday after oil prices closed last week on a strong note, with Brent oil above $41 a barrel. Egypt consolidated after soaring 14 percent last week in response to the devaluation of the currency.

The Saudi index climbed 0.8 percent in the first 20 minutes on broad-based buying; nine of the 10 most heavily traded stocks gained.

Telecommunications firm Zain Saudi, which had jumped 8.9 percent on Thursday after sources told Reuters that its Kuwaiti parent Zain was narrowing the field of potential bidders for 7,000 towers owned by the Saudi firm, added a further 3.1 percent."



'via Blog this'

MIDEAST STOCKS-GISS supports Qatar, UAE soft as Etisalat sags | Reuters

MIDEAST STOCKS-GISS supports Qatar, UAE soft as Etisalat sags | Reuters:

"Strength in drilling rig provider Gulf International Services (GISS) supported Qatar's stock market in early trade on Sunday, while United Arab Emirates markets fell as telecommunications giant Etisalat sagged.

GISS, Qatar's most heavily traded stock, gained 0.9 percent after it said it had taken steps boost its asset utilisation rates; operating charges would now be indexed to crude oil prices, enabling positive changes when oil prices increased, it said.

Qatar's index was roughly flat in the opening minutes as six of the 10 most active stocks rose."



'via Blog this'

Abu Dhabi Stocks Lead Drop in Gulf Equities as Traders Cash In - Bloomberg Business

Abu Dhabi Stocks Lead Drop in Gulf Equities as Traders Cash In - Bloomberg Business:

"Abu Dhabi stocks headed for the steepest drop in two months, leading declines across most Gulf Arab equity markets, as traders locked in gains following the biggest jump since January.
The ADX General Index fell 2.5 percent to 4,366.80 at 11:52 a.m. local time, the biggest slide since Jan. 20 on a closing basis. The gauge climbed the most in seven weeks on Thursday. First Gulf Bank PJSC and Emirates Telecommunications Group Co., which together account for more than half of the gauge, led the emirate’s stocks lower. Dubai’s DFM General Index slipped 0.4 percent and Qatar’s QE Index was little changed.
The declines pare a rebound in most markets across the six-nation Gulf Cooperation Council, which in January slumped as oil traded at the lowest in more than a decade. Stocks in Dubai, Abu Dhabi and Qatar have since entered bull markets as oil recovered to above $40 per barrel and the cheapest stocks in at least five years lured investors back. The Bloomberg GCC 200 Index, which tracks the region’s biggest companies, climbed for five straight weeks ending March 17, the longest rising streak in almost a year."



'via Blog this'

Saturday, 19 March 2016

Dubai World and MGM Mirage sells joint Las Vegas retail project | The National

Dubai World and MGM Mirage sells joint Las Vegas retail project | The National:

"Dubai World and MGM Mirage sold their joint retail project in Las Vegas for US$1.1 billion, as the UAE entity continues on its road to recovery from the 2009 financial crisis.

Invesco Real Estate and Simon Property Group will take control of CityCenter’s The Shops at Crystals, a 324,000 square feet luxury shopping centre, with the deal expected to close in the second quarter.

“We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success," said Jim Murren, the chairman and chief executive of MGM Resorts International."



'via Blog this'

Mubadala opens Brazilian office after inheriting assets | The National

Mubadala opens Brazilian office after inheriting assets | The National:

"Mubadala, the Abu Dhabi government investment company, has opened an office in Brazil after successfully securing assets from the crumbling empire of the country’s former billionaire Eike Batista.

The Abu Dhabi Fund had invested $2 billion in Mr Batista’s EBX Group in 2012, but the deal took a turn for the worse when the flamboyant businessman’s newly minted commodities interests failed to meet production targets amid collapsing commodity prices that quickly plunged Brazil into a recession.

The deal, however, came with guarantees that allowed Mubadala to recoup or buy salvage­able assets if the agreement fell to pieces, as it did."



'via Blog this'

Emaar Properties proposes 15% dividend | GulfNews.com

Emaar Properties proposes 15% dividend | GulfNews.com:

"Emaar Properties said on Saturday it plans to submit a proposal to give 15 per cent of the share capital or 15 fills per share — the same as the previous year — to its shareholders.

The proposal will be sent for approval at its annual general meeting, the owner of Dubai Mall said in a statement posted on Dubai Financial Market’s website.

The board also approved its financial statements for 2015 and also plans to set April 18 as the date to hold its annual general meeting."



'via Blog this'

Mixed near-term outlook for UAE markets | GulfNews.com

Mixed near-term outlook for UAE markets | GulfNews.com:

"Last week the Dubai Financial Market General Index (DFMGI) advanced by 29.39 or 0.88 per cent to close at 3,384.63, the fourth consecutive week of positive performance. For the first week in four there were more stocks that fell than rose, with 20 declining against 18 advancing. Volume fell well below the prior two weeks, reaching a three-week low.

For the past couple of weeks the index has made several attemps to break above the 200-day exponential moving average (ema), now at 3,405.44. It has represented trend resistance along with the two-week high at 3,420.71. If the high is exceeded the DFMGI next heads towards a resistance zone from 3,498 to 3,542. Thereafter, there is a resistance zone up to the October highs, around 3,740 to 3,763.

So far, given last week’s performance, we can anticipate that the two-week high will be exceeded. The DFMGI fell into Wednesday before finding support at the 21-day ema and rallying, ending with a bullish one-day candle, followed by a four-day closing high on Thursday. This type of price action identifies the 21-day ema as an important trend support indicator for the near-term uptrend, and therefore it should continue to be watched. In addition, by Wednesday the DFMGI was down 3 per cent for the week before recovering into Thursday to close positive. Support was found at 3,253.1, just above the prior week’s low of 3,251.05, thereby maintaining a consistent eight week’s of higher lows."



'via Blog this'

Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries - sources | Reuters

Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries - sources | Reuters:

"Saudi Arabia's national oil company wants to buy more U.S. refining and chemical plants to expand its footprint in the world's largest energy market once the break-up of its joint venture with Royal Dutch Shell Plc is complete, sources said.

Ending an often rocky nearly 20-year relationship, Shell (RDSa.L) and Saudi Aramco [SDABO.UL] announced on Wednesday plans to break up Motiva Enterprises LLC [MOTIV.UL] after almost two decades, dividing its assets and leaving Aramco with one plant, the nation's largest crude oil refinery, in Port Arthur, Texas.

Officials from Saudi Refining, the downstream arm of Aramco, told employees following the announcement that the state-owned firm was intent on buying more assets once the Motiva break-up is finished, according to five people who attended the briefing and asked not to be identified due to the sensitivity of the issue."



'via Blog this'

Marc Faber: Emerging Markets Are in Recession - Bloomberg Business

Marc Faber: Emerging Markets Are in Recession - Bloomberg Business: "The Gloom, Boom & Doom Report Publisher Marc Faber weighs in on the economy and emerging markets. He speaks on "Bloomberg Markets." (Source: Bloomberg)"



'via Blog this'

Friday, 18 March 2016

Billionaire arms deal fixer Wafic Saïd weighs up Barclays lawsuit | Business | The Guardian

Billionaire arms deal fixer Wafic Saïd weighs up Barclays lawsuit | Business | The Guardian:

"Wafic Saïd, the billionaire philanthropist and arms deal fixer, is considering legal action against Barclays after the bank forced him to close his personal accounts and those associated with his charities and business ventures.

Saïd, who fled Syria in 1963 to escape a military coup, accused Barclays of using him as a scapegoat to improve its own reputation after being told in December that he was no longer wanted as a customer.

PR company Bell Pottinger, run by Margaret Thatcher’s former adviser Lord Bell, issued a statement on his behalf on Friday: “Mr Saïd has been advised by leading counsel to issue proceedings against Barclays.”

"



'via Blog this'

Emerging market debt: A trawl for yield - FT.com

Emerging market debt: A trawl for yield - FT.com:

"The eight sleek, military grey patrol boats sitting on the concrete of Maputo port would not look out of place in a James Bond movie. Their mission? To protect Mozambique’s new fleet of tuna fishing boats from Indian Ocean pirates.
But the vessels, which have been largely idle, are now the focus of a multimillion-dollar international controversy. It is a dispute that has severely strained the coffers of the cash-strapped government, rattled donors that fund one quarter of the state’s budget and forced Mozambique to seek a restructuring of the debt used to buy the boats."



'via Blog this'

Thursday, 17 March 2016

Gmail - Iran Weekly Market Report - 17 March 2016

Gmail - Iran Weekly Market Report - 17 March 2016:

"The Tehran Stock Exchange witnessed positive performances in its shares in the last week of the Iranian Calendar Year, 1394. The TSE All-Share Index rose by 2.4%, closing at 80,219. The index had gone up to 80,236 on Monday but then slipped down from the highest point of the year on Tuesday. The All-Share Index experienced a minor recovery on Wednesday to close at 80,219. The All-Share Index or TEDPIX started the year at 62,531 and recorded a 28.2% yearly growth, closing at 80,219. However, the index had even fallen to 61,163 during the year, recording only a 2.2% draw down. The current Ira­nian Calendar Year ends on Saturday, March 19th 2016. During the year, the average daily return of the index has been 0.11%, while the highest daily gain has been +3.59% and the greatest drop has been -1.8%. The daily changes in the TSE’s benchmark, All-Share Index, puts its risk to reward ratio at 7:1 in the year 1394 (2015/16).

 

This week the Automotive (+24.8%), Metallic Ore (+11.3%) and Machinery & Electric Equipment (+9.6%) sectors recorded the highest gains among the major sectors. Metallic Products (-3.5%), Sugar (-3.7%) and IT (-3.2%) were the weakest sectors. On a yearly basis, the Automotive, IT and Transportation & Logistics sectors have experienced the highest growth of the major sectors. They have gained 115%, 83% and 72% respectively. The weakest annual performances were recorded by the Rubber & Plastics, Ceramic & Tiles and Cement sectors which dropped by 22%, 4.1% and 3.8% respectively.

 

From a technical analysis perspective, the All-Share Index has a smooth outlook going forward, having surpassed the 80,000 level. The pace of growth increased slightly during the last week of the year, after a month of slight changes up and down. TEDPIX’s mis­sion for the new year will be reaching the next resistance at 89,500. At the moment, some indicators are showing the index’s potential to start a new round of growth, includ­ing in the Money Flow index, MACD and also Bollinger Bands."



'via Blog this'

Markets' reversal of fortune | Authers' Note - YouTube

Markets' reversal of fortune | Authers' Note - YouTube: ""



'via Blog this'

Qatar Airways seeks a cut of discount carrier IndiGo | The National

Qatar Airways seeks a cut of discount carrier IndiGo | The National:

"Qatar Airways remains on the hunt for a stake in the discount carrier IndiGo to add to its portfolio of holdings after failing to buy shares of one of India’s largest airlines at the time of last year’s initial public offering.

“I cannot force the owners to sell a stake to me," said Akbar Al Baker, the chief executive, on Wednesday. “But if they are interested, Qatar Airways will be very interested."

IndiGo is controlled by InterGlobe Aviation."



'via Blog this'

DP World profit gain exceeds forecasts after Dubai free zone acquisition | The National

DP World profit gain exceeds forecasts after Dubai free zone acquisition | The National:

"DP World’s net profit rose by 30.7 per cent last year, beating analyst expectations, thanks to the port operator’s acquisition of a free zone in Dubai in 2014 and growth in throughput, the company said.

The company expects growth this year despite uncertain market conditions. The shares rose 8.8 per cent to US$19 on the Nasdaq Dubai.

“While 2016 is expected to be another challenging year for global trade, we have made an encouraging start to the year and current trading is in line with group expectations," said Sultan bin Sulayem, the chairman and chief executive."



'via Blog this'

Airbus in Talks With Iran Over Deal to Produce Plane Components - Bloomberg Business

Airbus in Talks With Iran Over Deal to Produce Plane Components - Bloomberg Business:

"Iran could begin making parts for Airbus Group SE aircraft under plans being discussed following January’s historic agreement to purchase 118 jetliners from the European manufacturer.
Airbus’s Middle East office said the company is evaluating areas of industrial cooperation with Iran that may include component production and maintenance and overhaul work.
Iran developed an ability to make plane parts in order to keep its aircraft flying during years of economic sanctions. Iranian Aviation and Space Industries Association President Amin Salari said in an interview in Tehran that it can offer both “a level of know-how” and very competitive labor costs."



'via Blog this'

MIDEAST STOCKS-Egypt surges for fourth day, oil boosts Gulf | Reuters

MIDEAST STOCKS-Egypt surges for fourth day, oil boosts Gulf | Reuters:

"Egypt's stock market rose sharply for a fourth straight day on Thursday as investors welcomed this week's currency devaluation, while higher oil prices boosted Gulf markets.

The Cairo index jumped 3.6 percent to 7,486 points in the second heaviest trading volume for the past seven years; the heaviest day of trade was on Monday, when the devaluation raised hopes that Egypt could attract more funds from abroad and begin resolving its endemic foreign exchange shortage.

The index soared 14 percent this week, rising above its 200-day average for the first time since March 2015 - a technical indicator which suggests the market could be entering a long-term uptrend."



'via Blog this'

Currencies react to Fed’s dovish tone | FT Markets - YouTube

Currencies react to Fed’s dovish tone | FT Markets - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Saudis up on petrochemicals, EFG Hermes soars in bullish Egypt | Reuters

MIDEAST STOCKS-Saudis up on petrochemicals, EFG Hermes soars in bullish Egypt | Reuters:

"Saudi Arabia's stock market rose in early trade on Thursday after oil prices jumped overnight, while Egypt headed for a fourth straight day of gains following its currency devaluation.

The Saudi stock index added 1.0 percent, led by the oil-sensitive petrochemical sector, which rose 1.7 percent after outperforming on Wednesday.

Egypt, which had climbed 10 percent in the previous three days, added a further 1.2 percent. This week's devaluation has raised hopes for foreign capital flows into the market, though most of the stock purchases in the last few days have been by local investors."



'via Blog this'

Yellen dials down rate expectations - YouTube

Yellen dials down rate expectations - YouTube: ""



'via Blog this'

Legal reports — Energy Pioneers | #Iran's Oil & Gas Consulting

Legal reports — Energy Pioneers | Iran's Oil & Gas Consulting:

"The first legislative steps to create a more investor-friendly environment in post-revolutionary Iran were taken almost two decades ago when the government introduced investment incentives such as tax, customs and visa exemptions, guarantees, and transportation facilities, as well as efficient labour, banking, insurance and corporate-related services. The aim was to expedite economic growth, create more jobs and attract foreign investment. To this end, the regulators adopted the Law on Investment in Free Trade-Industrial Zones in 1993 and the Law on the Establishment and Management of Special Economic Zones in 2005 governing commercial activities in Free Trade Industrial Zones (FTIZs) and Special Economic Zones (SEZs).

There are currently over 45 different legal and regulatory frameworks, bylaws and state decrees governing commercial activities in FTIZs and SEZs. This “regulatory inflation” has turned into a source of confusion for foreign investors while undermining their ability to maximise benefits from the investment incentives offered by these Zones.

This short guide aims to offer a comparative review of the key legal and regulatory similarities of these Zones. "



'via Blog this'

Royal Dutch Shell and Saudi Aramco unwind US joint venture - FT.com

Royal Dutch Shell and Saudi Aramco unwind US joint venture - FT.com:

"Royal Dutch Shell and Saudi Aramco are unwinding their US refining and marketing joint venture as they pursue separate strategies for their operations. The deal will give the state-owned Saudi group full ownership of the largest refinery in North America.
The Motiva joint venture, which is owned 50/50 by the two companies and operates three refineries and a distribution and marketing business in the US, will be broken up and the assets distributed between them."



'via Blog this'