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Wednesday, 31 August 2016

UAE bankruptcy law may be finalised by end-2016 | GulfNews.com

UAE bankruptcy law may be finalised by end-2016 | GulfNews.com:

"The United Arab Emirates may finalise a long-pending bankruptcy law by the end of this year, the economy minister said on Wednesday, a move that could help smaller companies in particular as the economy slows because of low oil prices.
“The need for a bankruptcy law is there, as soon as possible,” Sultan Saeed Al Mansouri told reporters. “It is in the process. It should be finalised by the end of the year, that is my estimate.”
Al Mansouri also said the UAE’s new investment law might be finalised by the end of 2016 as a draft would soon be presented to the cabinet."



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Dubai Finance Hub Grows 16% Even as Economy Slows, Job Cuts Loom - Bloomberg

Dubai Finance Hub Grows 16% Even as Economy Slows, Job Cuts Loom - Bloomberg:

"Dubai’s International Financial Centre said the number of companies based in the hub grew 16 percent during the first half even as lower oil prices and slowing economic growth forced some banks in the United Arab Emirates to cut jobs.
More than 1,500 companies, including 425 financial firms, are now based in the business park with over 21,000 employees, the DIFC said in an e-mailed statement on Wednesday. HSBC Holdings Plc said it is moving its Middle East headquarters to the center this year from Jersey, while Bahrain’s Ahli United Bank BSC also set up in the DIFC, it said.
Oil prices that have slumped by more than 50 percent since 2014 have drained billions of dollars from the U.A.E.’s banking system, slowed investment and forced some global and regional banks to fire workers to boost returns. Banks in the country, which also includes Abu Dhabi, may have cut as many as 1,500 jobs, according to financial recruiters and Bloomberg calculations earlier this year."



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Ed Morse: Mideast Can Thrive With Oil Price Below $70 - Bloomberg

Ed Morse: Mideast Can Thrive With Oil Price Below $70 - Bloomberg:

"Ed Morse, global head of commodities research at Citigroup, discusses Abu Dhabi, Saudi Arabia, and the new generation of Middle East leadership, and the oil price needed by Mideast nations to support their economies. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"



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MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters

MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters:

"Gulf shares retreated on Wednesday, with Qatar's main stock index dropping 2.9 percent as investors booked profits across the board, though Egypt's main index climbed as investors welcomed economic reforms by the government.

After Wednesday's market close index compiler FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September.

But Qatari blue chips had already risen over the last few weeks in anticipation, taking them to levels many fund managers see as at or above fair value. Such stocks were sold on Wednesday, with Islamic lender Masraf Al Rayan falling 2.4 percent and Qatar National Bank losing 3.8 percent."



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DIFC office rent rises among the fastest in the world | The National

DIFC office rent rises among the fastest in the world | The National:

"Rents in Dubai International Financial Centre are rising at the fourth-fastest rate in the world.

According to property broker JLL, rents for offices in DIFC rose by a fifth in the year to the end of June as tenants struggled to find space in Dubai’s most prestigious office location.

"Underlying market fundamentals are sound, and corporate demand remains strong, notably in Dubai as office vacancy rates continue to decline in the DIFC," said Jeremy Kelly, a director in global research programmes for JLL. "As a result, we have witnessed a boost in rental values in the DIFC, unlike other locations, where rental values have remained largely unchanged.""



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Emaar said to pick banks including Standard Chartered for Sukuk | GulfNews.com

Emaar said to pick banks including Standard Chartered for Sukuk | GulfNews.com:

"Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, has mandated 10 banks including Standard Chartered Plc for a benchmark-sized sale of Islamic bonds, according to two people with knowledge of the transaction.
Emirates NBD PJSC, National Bank of Abu Dhabi PJSC, First Gulf Bank PJSC, Dubai Islamic Bank PJSC, Union National Bank PJSC, Mashreqbank PSC, Abu Dhabi Islamic Bank PJSC, Noor Bank PJSC and Bahrain’s Bank ABC are also managing the sale of dollar-denominated securities, said the people, asking not to be identified because the information is private. A benchmark-sized issue usually raises at least $500 million (Dh1,84 billion).
Emaar last sold bonds in June 2014, when its Emaar Malls Group LLC unit raised $750 million from a debut sale of Islamic notes, known as sukuk. The developer of the Burj Khalifa in Dubai carries the lowest investment grade rating from both Moody’s Investor Service and S&P Global Ratings, according to data compiled by Bloomberg.
"



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Emirates REIT, the Fee Machine – Baizat.net

Emirates REIT, the Fee Machine – Baizat.net:

"The Emirates REIT (EREIT) IPO took place with fanfare in late spring of 2014, marking the first IPO since the 2009 financial crisis. It was also the first ever UAE REIT, offering investors exposure to Dubai’s commercial property market in a more liquid format.

There are plenty of aspects of EREIT worth covering in due course, such as how it was formed, its liquidity since it started trading and its actual performance. This article however primarily focuses on EREIT’s fee structure.

If you’re familiar with EREIT or wish to jump into the details, you can skip the following sections and begin at Fee Summary."



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MIDEAST STOCKS-Qatar takes a breather, Dubai edges higher | Reuters

MIDEAST STOCKS-Qatar takes a breather, Dubai edges higher | Reuters:

"Gulf stock markets diverged in early trade on Wednesday, with Qatar's edging lower and Dubai's gaining slightly.

Qatar's index slipped 0.3 percent after closing higher in four of the last five sessions.

After the close on Wednesday, FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September."



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A Saudi Consumer Crunch – @Baizatdotnet

A Saudi Consumer Crunch – Baizat.net:

"As a follow on to our Saudi Commercial Banks post we thought to take a look at how consumers are fairing. The Tadawul Retail Index has 17 stocks in it that cover consumer electronics, bookstores, healthcare, supermarkets and clinics."



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Iraq gives backing to Opec output freeze - FT.com

Iraq gives backing to Opec output freeze - FT.com:

"Iraq’s prime minister Haider al-Abadi has thrown his weight behind plans for major oil producers to freeze production next month, verbally backing the attempt to boost prices even as Baghdad expands its own output.
Mr Abadi said Iraq, the second largest oil producer in Opec, was “with” those looking to cap production, giving the strongest indication yet Iraq may consider joining the freeze, though stopping short of committing to participating."



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EU action over Apple tax explained | FT Business - YouTube

EU action over Apple tax explained | FT Business - YouTube: ""



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Non-Muslims must register wills at DIFC Courts to avoid inheritance issues | The National

Non-Muslims must register wills at DIFC Courts to avoid inheritance issues | The National:

"All Dubai-based property is subject to Sharia law upon death. Sharia law is based on a fixed share allocation system for the disbursement of assets and as such it follows that should one of you die, it is not definite that the surviving spouse will automatically gain the share of the deceased. In fact, under Sharia law, a wife is entitled to receive only one eighth of her deceased husband’s estate if there are children. The only way to secure your dying wishes is to organise a will for your Dubai assets via the Dubai International Financial Centre (DIFC) Courts. This will deal with the disbursement of your assets as per your wishes. Please note that if you have made a will in your home country your Dubai-based assets will not be included in this will. For more information, I would advise you to visit www.difcprobate.ae where you will get more information including an excellent FAQ section."



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QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg

QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg:

"For the second time in 15 months, Saudi Arabia is loosening rules on foreigners investing in its almost $400 billion Tadawul Stock Exchange. The goal is to lure funds from overseas as the kingdom overhauls its economy to cut its dependence on oil revenue. Greater access for international investors may boost the chances of Saudi stocks being included in major emerging-markets equity indexes, potentially luring billions of dollars more.
1. How open is the Saudi stock market now?
Saudi Arabia opened its stocks to direct foreign investment in June 2015 but with stringent restrictions. It has awarded only a handful of licenses and barred foreigners from buying into initial public offerings. The result: Overseas investors now own just 1 percent of outstanding shares, according to data compiled by Bloomberg. The door, however, is about to swing open."



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Tuesday, 30 August 2016

Nasdaq Dubai Futures is a bold venture | The National

Nasdaq Dubai Futures is a bold venture | The National:

"September 1 is a red letter day for all who believe in the cult of equities. That is the launch date of Nasdaq Dubai Futures, a new development in UAE markets and a bold attempt to seize an opportunity in securities that has been misunderstood and underexploited in the past.

Under Hamed Ali, its chief executive, Nasdaq has an opportunity to offer regional and international investors products that they take for granted elsewhere in the world but which have not gained traction in Arabian Gulf markets, with the exception of Kuwait, which has been trading derivatives for the past couple of years.


At least part of the thinking must be that if Kuwait, with limited appeal to global investors and far less liquidity than the UAE, can make a go of derivatives, markets here should not be left behind."



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Qatar Bank CEO says liquidity better after $9b bond sale | GulfNews.com

Qatar Bank CEO says liquidity better after $9b bond sale | GulfNews.com:

"The availability of funds in the Qatari banking system, which earlier this year became a more serious issue than during the 2008 financial crisis, is improving after the country’s $9 billion bond sale in May, Doha Bank QSC Chief Executive Officer Raghavan Seetharaman said.
“The second quarter was an improvement compared to the first quarter, and the third quarter has also been following the right trend,” he said in a TV interview with Bloomberg Markets Middle East on Tuesday. “We’re likely to see similar in the coming quarters.”
Bank liquidity in the six-nation Gulf Cooperation Council has been tightening as a more than 50 per cent slump in crude oil prices since mid-2014 slows deposit growth and pushes governments to boost borrowing. The situation in Qatar became a bigger issue at the start of the year than it was in 2008, Seetharaman said in May, the same month that the government sold $9 billion of Eurobonds in the Middle East’s biggest-ever bond issue."



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Saudi Arabia signs initial deals with China on prince’s visit | GulfNews.com

Saudi Arabia signs initial deals with China on prince’s visit | GulfNews.com:

"Saudi Arabia signed 15 preliminary agreements with China on Tuesday in sectors from energy to housing on a trip headed by Deputy Crown Prince Mohammad Bin Salman aimed at bolstering relations with a top energy customer and trade partner.
The visit is part of a broad reform drive to cut the kingdom’s reliance on oil exports and showcase Saudi Arabia as a dynamic international nation with diverse promising opportunities for global investors.
Prince Mohammad met China’s vice premier Zhang Gaoli on Tuesday, state news agency SPA reported."



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MIDEAST STOCKS-Gulf mostly rises but turnover low; Egypt climbs | Reuters

MIDEAST STOCKS-Gulf mostly rises but turnover low; Egypt climbs | Reuters:

"Most Gulf stock markets rose on Tuesday in response to firmer oil prices and global bourses but trading turnover in Saudi Arabia and Dubai was low, suggesting many investors did not expect an extended rally and were staying away.

Saudi Arabia's index gained 1.0 percent in a broad rise, with rising stocks outnumbering losers by 119 to 22. But the market recorded its second smallest daily volume this year. The smallest was on Aug. 21.

Major lender Al Rajhi Bank, which has dropped sharply in recent weeks because of concern about bad loans due to Saudi Arabia's economic slowdown, rose 2.3 percent."



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Uber and Careem suspend services in Abu Dhabi - FT.com

Uber and Careem suspend services in Abu Dhabi - FT.com:

"US-based Uber and Dubai-based regional rival Careem said they had temporarily stopped their services in the United Arab Emirates capital on Saturday after it emerged that some drivers had been stopped by police.

At least eight Careem drivers have been detained, according to one person familiar with the matter, while local media reported that up to 50 drivers working for the two apps had been arrested.

“Uber made the decision to temporarily suspend services due to some unforeseen circumstances. Our goal is to have operations up and running as soon as possible,” a spokesperson said on Monday."



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Weird world of Japan equities | Short View - YouTube

Weird world of Japan equities | Short View - YouTube: ""



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Saudi Arabia struggling to boost bank liquidity | The National

Saudi Arabia struggling to boost bank liquidity | The National:

"Easier lending rules and direct cash injections are doing little to alleviate a cash shortage at Saudi Arabian banks, now at its worst since the financial crisis.

The government is seeking to plug a hole in its finances by withdrawing deposits and selling local currency bonds to lenders in monthly auctions. The country, grappling with lower oil prices, raised 98 billion riyals (US$26bn) from bond sales to domestic institutions last year, with that figure probably set to rise to about 120bn riyals in 2016, according to Saudi Fransi Capital.


That’s draining funds from the system, reflected in interbank rates in Saudi Arabia that are at their highest since 2009 and which climbed 15 straight days through Monday."



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MIDEAST STOCKS-Gulf shares slightly up in lethargic trade | Reuters

MIDEAST STOCKS-Gulf shares slightly up in lethargic trade | Reuters:

"Stock markets in the Gulf edged up in early trade on Tuesday after oil prices and Asian bourses made modest recoveries but trading volumes were thin.

Dubai's index climbed 0.1 percent with gainers outnumbering losers 13 to five. Trade mainly focused on speculative shares favoured by short-term local traders; builder Arabtec rose 0.7 percent and GFH Financial added 1.7 percent.

But courier Aramex, which had surged 2.3 percent on Monday, retreated 1.7 percent.

"



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Monday, 29 August 2016

A portrait of the UAE, as seen through bank data | The National

A portrait of the UAE, as seen through bank data | The National:

"The news on the economy continues to be grim. I went searching for data to help us understand what is going on. I was surprised at what I found. You’ll have to read the article to find out if the surprise was pleasant or not.

In the absence of a team of research analysts to mine the data that I need (free marketing anyone?) I needed to use what is available. One of the best sources of aggregate economic information is provided by the Central Bank of the UAE, available for free on its website.


As a start I took a look at its monthly statistical bulletin for June this year, which it notes is preliminary. I decided to look at some of the more often repeated mantras and see if the data matched. Looking at what is happening with the banks should give us a good idea at what is happening generally."



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Qatar raises its stake in Dubai Parks and Resorts | The National

Qatar raises its stake in Dubai Parks and Resorts | The National:

"Qatar Holding has lifted its stake in Dubai Parks and Resorts to 11 per cent after a Dh1.68 billion capital increase to fund the construction of a Six Flags amusement park set to open in the fourth quarter of 2019.

The Qatari sovereign wealth fund had not disclosed the size of its stake before the rights issue and is only doing so now because any stake over 5 per cent must be disclosed to the Dubai Financial Market, according to a Dubai Parks spokeswoman.

No one at Qatar Holding was immediately available to comment."



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Qatar introduces airport tax on passengers | The National

Qatar introduces airport tax on passengers | The National:

"Qatar’s government will levy a new airport tax on passengers from Tuesday as the country seeks new revenue streams amid falling oil prices.

Every passenger leaving Qatar from Doha’s Hamad International Airport, including transit passengers, will be charged 35 riyals ($9.61) for using airport facilities, according to a statement by the airport.

The charge will apply to tickets issued after August 30 and for any travel starting on December 1 onwards and would be used to "further increase the airport’s capacity and invest in new infrastructure", the statement said."



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Abu Dhabi Investment Authority names James new operations chief | GulfNews.com

Abu Dhabi Investment Authority names James new operations chief | GulfNews.com:

"The Abu Dhabi Investment Authority (Adia) announced on Monday that it has appointed Garry Beaton as global head of operations in its operations department.
In this newly created role, which is effective immediately, Beaton will be responsible, together with members of the senior management team, for guiding the department’s strategy and overseeing its key activities in the areas of trade support (internal and external funds), corporate actions, performance and development, securities lending and custody.
Beaton joins Adia after three years as global head of operations at the Ashmore Group Plc based in London. Prior to that, he was with Goldman Sachs Asset Management in London and Bengaluru."



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MIDEAST STOCKS-Qatar outperforms, rest of region sluggish | Reuters

MIDEAST STOCKS-Qatar outperforms, rest of region sluggish | Reuters:

"Qatar's stock market outperformed the Gulf on Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Qatar's main index added 0.6 percent, taking its gains over the past month to 5.4 percent. Qatar National Bank rose 1.0 percent and petrochemical producer Industries Qatar climbed 2.5 percent.

Both stocks are on a provisional list of about 20 which index compiler FTSE has said may be included in its secondary emerging markets index. A final list of stocks to be included will be announced after the close on Wednesday."



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Oil Falls on Growing Doubt About Output Deal as Dollar Rallies - Bloomberg

Oil Falls on Growing Doubt About Output Deal as Dollar Rallies - Bloomberg:

"Oil declined amid doubts that producers will agree on a deal to stabilize the market when global suppliers meet next month for informal talks."



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MIDEAST STOCKS-Gulf moves little in thin trade | Reuters

MIDEAST STOCKS-Gulf moves little in thin trade | Reuters:

"Gulf stocks moved little in early, thin trade on Monday as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Dubai's index was flat as stocks mainly traded by local investors were the top movers. Insurer Takaful Emarat Insurance gained 3.4 percent but Ajman Bank fell 1.3 percent.

In Abu Dhabi, the index edged up 0.3 percent with gainers outnumbering losers 12 to three. Union National Bank added 1.4 percent and First Gulf Bank rose 0.4 percent."



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Sunday, 28 August 2016

Region quenches oil demand with end to subsidies | The National

Region quenches oil demand with end to subsidies | The National:

"Which region has contributed the most to growth in oil demand so far this century? China, of course, which gained 7.3 million barrels per day of consumption between 2000 and last year. Which is second? Maybe India, or Latin America? No, it was the heart of global oil exports, the Middle East, whose demand for its own crude swelled by 4.4 million barrels per day.

Swelling economies under the stimulus of high prices drove the Middle East’s oil thirst, as new gas guzzlers cruised freshly built highways. Lavish consumption was encouraged by subsidies, which kept Middle Eastern fuel prices the lowest in the world. Those same subsidies discouraged gas development, so some countries turned to burning oil for electricity. So 240 million people in the Middle East managed to increase their demand by more than did 3 billion Asians outside China.


Now all those factors have gone into reverse. The slowing of the region’s oil demand is a further factor prolonging the current oil price slump."



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Saudi’s MMG says Protiviti loses DIFC Courts appeal | GulfNews.com

Saudi’s MMG says Protiviti loses DIFC Courts appeal | GulfNews.com:

"Auditing firm Protiviti has lost an appeal against a case brought against it by Saudi Arabia-based contractor Mohammad Al Mojil Group (MMG) from being heard in the DIFC Courts, the family behind the contractor said on Sunday.
The case centres around an investigation into MMG by Protiviti and the Committee for the Resolution of Securities Disputes (CRSD) — part of Saudi Arabia’s Capital Market Authority (CMA). The investigation reportedly led to jail sentences in Saudi Arabia for three MMG executives, including its founder Mohammad Al Mojil and his son Adel Al Mojil. The executives, who are said to be appealing the sentences, were charged in relation to the misrepresentation of MMG’s value, according to reports.
MMG has since taken a case against Protiviti to the DIFC Courts, claiming that the international risk and auditing firm “acted negligently and libellously as a matter of Saudi law in their investigation of MMG and its management,” according to a statement issued by the Mohammad Al Mojil family on Sunday."



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UAE construction sector in fast-track consolidation | GulfNews.com

UAE construction sector in fast-track consolidation | GulfNews.com:

"The UAE’s construction sector is becoming an extremely localised affair, with another international firm — Murray & Roberts — contractor deciding to call it quits on this market. As long as the pace of new project activity remains subdued, the industry can manage such exits, industry sources say.
But the situation can easily tighten up all too suddenly if activity picks up — and it certainly will — during the home stretch of Dubai’s Expo 2020 preparations as well as the newer mega developments in the books of Nakheel (at Deira Islands and elsewhere), Meraas (the launch of Six Flags) and Emaar (Dubai Creek Harbour) as well as those mounted by other developers. On top of this, each of the emirates is continuing with fairly high spending patterns on infrastructure related investments.
“In the current circumstances when industry-wide margins have more than halved, no contractor can keep maintaining the same overheads,” said a source at a leading construction firm. “The focus on curbing costs has to be constant — more so when there are delays on the payment side.”
"



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Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond - Bloomberg

Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond - Bloomberg:

"Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said.
The company, which has about $344 million in cash, is in discussions with lenders about its future debt mix, Patrick Allman-Ward said in an interview on Bloomberg Television Sunday.
“We are looking at different ways in which we can go forward and structure our debt,” Allman-Ward said. “Clearly part of that is going to involve buying back a lot of the sukuk and part of that is going to have to be a discussion around rolling over the remaining amount in future.”"



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MIDEAST STOCKS-Saudi and Qatar rebound, rest of region weak | Reuters

MIDEAST STOCKS-Saudi and Qatar rebound, rest of region weak | Reuters:

"Stock markets in Saudi Arabia and Qatar partially recovered on Sunday from last week's losses, while other Gulf markets dropped in quiet trade and Egypt sank as the government was hit by a corruption scandal in the wheat industry.

Saudi Arabia's index, which had dropped 4.0 percent last week because of concern about the country's economic slowdown, rose 1.6 percent as many stocks reliant on domestic demand rebounded.

Nevertheless, trading volume remained thin - among its lowest levels this year - which suggested many investors remained wary of the market and that it might not be starting an extended rally.

"



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OPEC's market share at a good level, says UAE energy minister | Reuters

OPEC's market share at a good level, says UAE energy minister | Reuters:

"OPEC's share of the oil market is at a good level, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said as the producer group continues to contend with low crude prices.

"Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level," Mazroui said on his official Twitter account on Saturday.

Mazroui also said he believed that any future decision on oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries plus other major producers."



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MIDEAST STOCKS-Saudi and Qatar rebound, rest of Gulf mixed | Reuters

MIDEAST STOCKS-Saudi and Qatar rebound, rest of Gulf mixed | Reuters:

"Stock markets in Saudi Arabia and Qatar made a partial recovery on Sunday from last week's losses, with other Gulf markets mixed in quiet trade.

Saudi Arabia's index added 0.5 percent in the first hour of trading. Petrochemicals group Saudi Basic Industries SE> dropped 1.5 percent as it went ex-dividend, but many stocks reliant on domestic demand gained ground after sliding last week on concern over the kingdom's economic slowdown.

Builder Abdullah Abdul Mohsin al-Khodari and Sons climbed by 8.6 percent after it renewed a 132 million riyal ($35.2 million) Islamic credit facility, allowing it to obtain working capital for projects, and won a 69 million riyal contract from the water ministry."



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SNP independence case hit by oil price | FT World - YouTube

SNP independence case hit by oil price | FT World - YouTube: ""



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MIDEAST STOCKS-Gulf may consolidate, few positives | Reuters

MIDEAST STOCKS-Gulf may consolidate, few positives | Reuters:

"Gulf stock markets may consolidate in quiet trade on Sunday with few positive factors to push them up.

Brent crude oil futures ended last week on a firm note, trading just below $50 a barrel, but U.S. stock indexes fell slightly because of renewed speculation about a possible U.S. interest rate hike this year.

In Saudi Arabia, the index turned technically medium-term bearish early this month, with thin turnover leaving stocks vulnerable to sell orders. Last at 5,977 points, the index faces immediate resistance on the April low of 6,066 points."



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DGCX eyes 100 stock futures by next year | GulfNews.com

DGCX eyes 100 stock futures by next year | GulfNews.com:

"DGCX has made a move that could provide interested investors with more options in its stock futures.
In the first phase, the exchange launched 15 single stock futures on 5 US and 10 Indian companies. The US companies include Apple, Facebook, Microsoft, Google & JP Morgan. The Indian companies include blue chip stocks such as TCS, Reliance, HDFC Bank, Infosys, Tata Motors, among others. The bourse plans to add another 50 to 100 by next year, including some names from the Middle East.
“It will contribute towards deepening the market and enhancing liquidity. It will definitely generate more trading opportunities and encourage more participants to trade on stock futures,” Gaurang Desai, chief executive officer at DGCX said."



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Women CEOs From Europe to Dominate Trade Delegation to U.A.E. - Bloomberg

Women CEOs From Europe to Dominate Trade Delegation to U.A.E. - Bloomberg:

"Companies headed by women will account for more than half of the 50 European businesses joining a delegation the London Chamber of Commerce and Industry is taking to the United Arab Emirates, a nation seeking to increase the role of women in its society.
The trip next month aims to encourage business from Middle East industries including engineering, architecture and solar energy for small to medium-sized enterprises, according to a statement. Those on the trip are slated to meet with the Dubai Business Women Council, the Sharjah Chamber of Commerce and Industry and the Abu Dhabi Chamber of Commerce and Industry.
“The quality of the companies on the mission and the support they are given will result in increased export orders,” said Peter Bishop, deputy chief executive of the London chamber."



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The police chief battling cybercriminals from Russia and Ukraine | Technology | The Guardian

The police chief battling cybercriminals from Russia and Ukraine | Technology | The Guardian:

"Last Christmas Ian Dyson got a call from his bank. Was he really in a Travelodge, ordering takeaway pizzas? No, was his answer, he was at home with his family. Like millions of others, Dyson had fallen victim to card fraudsters stealing from his account. But Dyson is not like everyone else – he is the commissioner of the City of London police, with the job of protecting not just London but the whole country from fraud. And the depressing reality is, like so many other frauds, the criminals got away with it.

Dyson is disarmingly honest about the explosion in online fraud and cybercrime, and what realistically the police can do about it. “Every month Action Fraud [the national fraud reporting service] receives 40,000 reports, half a million a year, and we know from the ONS stats that’s only a small percentage of what is going on. There were 3.8 million frauds and two million cyber offences. You cannot enforce your way out of this. It’s physically impossible.”

It’s partly because the perpetrators are abroad, with around half of all cybercrimes reported to Action Fraud originating overseas, says Dyson, citing Indian call centres and Russian and Ukrainian websites. The City of London police have a specialist officer permanently stationed in Wall Street, and worked with the Spanish police to swoop on 110 conmen operating a “boiler room” fraud targeting elderly investors."



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Friday, 26 August 2016

Banks cannot invest in Iran without US guarantees - FT.com

Banks cannot invest in Iran without US guarantees - FT.com:

"John Kerry, US secretary of state, unveiled a historic deal with Iran in July 2015. This was supposed to be a key part of the Obama legacy: in exchange for Tehran freezing its nuclear programme, Washington pledged to lift many sanctions — a move that was supposed to enable money to flow into Iran again to kick-start economic growth.
The concept sounded momentous — for Iran and the US. A year later, however, this vision is not quite playing out as planned. Never mind the fact that the deal is loathed by many Republicans; so much so that Donald Trump, the party’s presidential candidate, has promised to rip it up if he gets into power. And leave aside the resentment that parts of the Iranian government still feel."



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Brexit: apocalypse, no | Lex - YouTube

Brexit: apocalypse, no | Lex - YouTube: ""



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Thursday, 25 August 2016

Preserving the UAE’s wealth requires the right balance | The National

Preserving the UAE’s wealth requires the right balance | The National:

"Every once in a while I decide to torture myself and rummage through the IMF’s databases looking for interesting research and analysis. When I found a Selected Issues UAE Country Report by the IMF, I thought I’d try my luck.

The report, published this month, begins by looking at government-related entities (GREs), which is anything that the government owns shares in. It is important to note that the IMF repeatedly warns that it does not have all information on all GREs. It looks at about 60 companies, although one should bear in mind that the government holdings in some are too small to have any influence.


One of the early IMF comparisons that is striking is the return on assets (ROA) of the non-financial corporate sector across GCC countries over the period from 2007 to 2014. The UAE at 8.1 per cent a year is higher only than Kuwait. Saudi Arabia at 9.6 per cent is about a fifth higher and Oman’s 13.3 per cent is more than three-fifths higher. How then are we the commercial hub of the GCC?"



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Cost cuts at UAE oil services firm Topaz Energy help to trim losses | The National

Cost cuts at UAE oil services firm Topaz Energy help to trim losses | The National:

"Topaz Energy and Marine drastically narrowed its losses in the second quarter of the year, mainly as a result of cost cuts, the UAE oil services company said.

Net losses in the three months to June 30 fell to US$700,000 compared with $4.1 million in the year-earlier period.

Direct costs shrank 19 per cent to $44.3m from $54.6m."



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Iran’s oil minister will join Opec talks on market in Algeria | GulfNews.com

Iran’s oil minister will join Opec talks on market in Algeria | GulfNews.com:

"Iran’s Oil Minister Bijan Namdar Zanganeh will participate in an informal meeting of Opec members next month in Algiers, a state news service reported.
Producers from the Organisation of Petroleum Exporting Countries will meet on the sidelines of an energy policy group in the Algerian capital next month to consider oil market conditions, Opec’s president, Qatar’s minister Mohammed Al Sada, said on Aug. 8. Saudi Arabia, the world’s largest exporter, is working “to restore balance between supply and demand to support oil prices,” and Opec and non-members will discuss potential steps in Algiers to stabilise markets, Saudi Energy Minister Khalid Al-Falih said on Aug. 13.
“I will participate in this meeting,” Iran’s Zanganeh was cited as saying by the oil ministry’s news service Shana. Zanganeh had not previously committed to attending the meeting, and he didn’t comment on the position Iran will take at the talks. Zanganeh also said he will meet with Opec Secretary General Mohammed Barkindo “in the near future.”"



'via Blog this'

Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com

Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com:

"Saudi Arabia is planning to sell its first international bond in early October as the country seeks to plug a budget deficit estimated at about $80 billion this year, according to people with knowledge of the matter.
The government may hold a roadshow for potential investors in the last week of September and sell at least $10 billion of bonds early the following month, the people said, asking not to be identified as the information is private. The timing and size of the deal may change depending on market conditions, they said, with one person saying the kingdom wouldn’t be concerned by a potential US interest rate increase next month.
Citigroup Inc., HSBC Holdings Plc, and JPMorgan Chase & Co. were hired as global coordinators for the sale, people familiar told Bloomberg in June. Proceeds would be used to help fund an economic transformation plan and plug a budget shortfall caused by the slump in oil prices, they said. The gap is estimated at 13 per cent of economic output this year, according to the International Monetary Fund.
"



'via Blog this'

MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters

MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters:

"Most Gulf stock markets fell on Thursday with Saudi Arabia sliding for a fifth straight day, led by banks, but United Arab Emirates bourses were firm. Egypt sank as blue chip Orascom Telecom Media and Technology Holding reported a loss.

The Saudi index, which on Wednesday fell below minor technical support on the April low of 6,066 points, sank 0.9 percent on Thursday to a six-month closing low of 5,977 points. Turnover was thin; this week's volume was the lowest in 2016.

That is partly because summer holidays have kept retail investors away. Investors are also worried about the impact on corporate earnings of Saudi Arabia's economic slowdown due to low oil prices.

"



'via Blog this'

Putin's plans put in perspective | Analysis Review - YouTube

Putin's plans put in perspective | Analysis Review - YouTube: ""



'via Blog this'

MIDEAST STOCKS-Gulf markets extend losses in early trade | Reuters

MIDEAST STOCKS-Gulf markets extend losses in early trade | Reuters:

"Gulf stock markets extended losses in early trade on Thursday with banks leading Saudi Arabia down, as investors continued to pull out of equities over concerns about the region's economic slowdown and policies of austerity.

The Saudi index, which on Wednesday fell below minor technical support on the April low of 6,066 points, sank a further 1.4 percent on Thursday morning to 5,946 points.

The banking index dropped 1.7 percent with Al Rajhi Bank SE> sliding 2.3 percent. Investors are worried about the impact of a severe slump in the Saudi construction sector on the quality of bank loans."



'via Blog this'

Wednesday, 24 August 2016

Iran says it hasn’t decided on attending Opec talks in Algiers | GulfNews.com

Iran says it hasn’t decided on attending Opec talks in Algiers | GulfNews.com:

"Iran says it still hasn’t decided whether it will attend informal Opec (Organisation of Petroleum Exporting Countries) talks in Algiers next month, two weeks after the group announced plans to meet.
Iran might delay making a decision until the day before the gathering, a spokesman for the country’s Oil Ministry said, asking not to be identified. Two Opec delegates, who also asked not to be identified discussing a private matter, said Iran has written to fellow members confirming it will participate.
The talks, due to take place during an industry conference on September 26 to 28, have fanned speculation the Opec could revive an accord to freeze production with non-members such as Russia. A similar initiative collapsed in April after Saudi Arabia insisted on the participation of Iran, which refused as it was restoring output previously curbed by sanctions."



'via Blog this'

Emirates NBD's Islamic arm cuts over 100 jobs - sources | Reuters

Emirates NBD's Islamic arm cuts over 100 jobs - sources | Reuters:

"Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD) , has laid off more than 100 people as part of cost cutting to adjust to a cooler economy, sources familiar with the matter said on Wednesday.

Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this year, Emirates Islamic cut around 200 jobs.

Emirates Islamic employs around 2,000 people, an ENBD spokesman said in April after the previous cuts."



'via Blog this'

MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters

MIDEAST STOCKS-Gulf drops, Saudi and Dubai hardest hit | Reuters:

"Most major Gulf stock markets fell on Wednesday with few positive factors to spur buying and after Brent crude oil dropped back to just above $49.0 a barrel.

Gulf bourses surged earlier this month as funds returned to emerging markets globally. But that inflow largely seems to have halted, at least for now, and investors are focusing on other factors such as economic slowdowns in the Gulf and the prospect of more austerity steps by governments running deficits.

The Saudi Arabian index closed 1.1 percent lower at 6,028 points after heavy selling in the final half-hour, falling below minor technical support on the April low of 6,066 points. Earlier this week the index broke major support on its early August low of 6,226 points, turning it medium-term bearish."



'via Blog this'

Energy Pioneers | Iran's Oil & Gas Consulting August 2016 Issue

Reports and Analysis — Energy Pioneers | Iran's Oil & Gas Consulting:

"The principle purpose of our monthly Iran Energy Insight is to update our readers on recent developments in various parts of Iran’s energy sector.

With sanctions being lifting and the country aiming at reestablishing itself as an important recipient of international investment and technology, Iran’s energy sector is poised to evolve rapidly, marking major shifts in the global energy markets.  Today Iran’s upstream and downstream energy sectors face exciting new horizons: domestic energy market reform, intense competitive pressures for increasing efficiency and productivity and regaining its position in international oil and gas markets.Our aim is to reflect on opportunities and challenges resulting from this changing energy landscape in order to assist domestic and international energy players to have a better and realistic understanding of Iran’s energy market.  

Energy Pioneers’ Iran Energy Insight covers the trends in Iran’s energy sector and provides analytical briefs addressing economic and commercial issues faced by various segments of the energy market."



'via Blog this'

Oil prices fall on US crude stocks build; fears over China demand | GulfNews.com

Oil prices fall on US crude stocks build; fears over China demand | GulfNews.com:

"Oil prices fell on Wednesday as an unexpected build in U.S. crude inventories weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry.
International Brent crude oil futures LCOc1 were trading at $49.32 a barrel at 0614 GMT, down 64 cents, or 1.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was down 72 cents, or 1.5 percent, at $47.38 a barrel.
"



'via Blog this'

MIDEAST STOCKS-Gulf moves little, Saudi flat | Reuters

MIDEAST STOCKS-Gulf moves little, Saudi flat | Reuters:

"Gulf stock markets moved little in early trade on Wednesday with few positive factors to spur buying, although Saudi Arabian petrochemical shares were firm.

The Saudi Arabian index was flat. Petrochemical heavyweight Saudi Basic Industries added 0.6 percent and Al Sagr Cooperative Insurance rose 2.2 percent in unusually heavy trade.

Dubai's index edged down 0.2 percent. Construction firm Drake & Scull climbed 1.2 percent in active trade; on Monday a top executive told Reuters that the company had asked advisers for proposals to review its business and find strategic investors."



'via Blog this'

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National:

"Bank lending growth will remain subdued this year with business confidence yet to fully recover, according to the chief executive of RAKBank.

But the worst of the bad debt crisis that plagued small and medium-sized enterprises (SMEs) over the past year is over, said Peter England, the chief executive of RAKBank, the biggest SME lender in the UAE.

Mr England said that loan growth for the bank this year is likely to drop sharply to low single digits from the 10 per cent gain last year as not just small businesses but individuals shy away from tapping debt until the outlook for the economy, hurt lower oil prices in recent years, becomes clearer."



'via Blog this'

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com:

"Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint Opec action to prop up the market.
Iran, the third-largest oil producer in the Organisation of the Petroleum Exporting Countries, has been boosting output since the lifting of Western sanctions in January and refused in April to join an Opec production freeze plan.
Though it has not officially announced whether it will join a new effort to curb production at a meeting of Opec and other producers in September, Tehran appears to be more willing to reach an understanding on the matter, sources in Opec and the oil industry told Reuters."



'via Blog this'

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg

Egypt Readies for Tough Reforms as Gulf Seen Tightening Aid - Bloomberg:



"President Abdel-Fattah El-Sisi said Egypt would end its dollar exchange rate problem within months because it can’t put off tough measures to revive the economy, amid signs Gulf states’ aid won’t flow as freely as before.

In an interview with three state-run newspapers published Tuesday, El-Sisi said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. With the country bracing to meet International Monetary Fund requirements for a $12 billion loan, El-Sisi’s comments offered some of the strongest indications yet that Egypt was moving to free its exchange rate or devalue its pound.

“The size of the challenges is beyond imagination, and the responsibility for coping with them doesn’t fall solely on my shoulders but is a responsibility shared by Egyptians as a whole,” El-Sisi was quoted as saying in state-run Al-Ahram. “The future of the nation is at stake.”
"



'via Blog this'

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters

MIDEAST STOCKS-Gulf slides with oil but closes off lows | Reuters:

"Most major Gulf stock markets fell on Tuesday after Brent crude oil dropped back below $49 a barrel, but most closed well off their lows as investors bought blue chips in late trade.

The Saudi index closed 0.2 percent lower at 6,096 points, extending Monday's 1.7 percent slide. But gainers slightly outnumbered losers 77 to 74 and the index bounced from an intra-day low of 6,063 points, holding minor technical support on the April low of 6,066 points.

Petrochemical blue chip Saudi Basic Industries rose 0.3 percent and Al Rajhi Bank added 0.5 percent. Insurer Alinma Tokio rose 1.5 percent after the central bank approved one of its new products."



'via Blog this'

Tuesday, 23 August 2016

Deutsche Bank’s $10-Billion Scandal - The New Yorker

Deutsche Bank’s $10-Billion Scandal - The New Yorker:

"Almost every weekday between the fall of 2011 and early 2015, a Russian broker named Igor Volkov called the equities desk of Deutsche Bank’s Moscow headquarters. Volkov would speak to a sales trader—often, a young woman named Dina Maksutova—and ask her to place two trades simultaneously. In one, he would use Russian rubles to buy a blue-chip Russian stock, such as Lukoil, for a Russian company that he represented. Usually, the order was for about ten million dollars’ worth of the stock. In the second trade, Volkov—acting on behalf of a different company, which typically was registered in an offshore territory, such as the British Virgin Islands—would sell the same Russian stock, in the same quantity, in London, in exchange for dollars, pounds, or euros. Both the Russian company and the offshore company had the same owner. Deutsche Bank was helping the client to buy and sell to himself.

At first glance, the trades appeared banal, even pointless. Deutsche Bank earned a small commission for executing the buy and sell orders, but in financial terms the clients finished roughly where they began. To inspect the trades individually, however, was like standing too close to an Impressionist painting—you saw the brushstrokes and missed the lilies. These transactions had nothing to do with pursuing profit. They were a way to expatriate money. Because the Russian company and the offshore company both belonged to the same owner, these ordinary-seeming trades had an alchemical purpose: to turn rubles that were stuck in Russia into dollars stashed outside Russia. On the Moscow markets, this sleight of hand had a nickname: konvert, which means “envelope” and echoes the English verb “convert.” In the English-language media, the scheme has become known as “mirror trading.”

Mirror trades are not inherently illegal. The purpose of an equities desk at an investment bank is to help approved clients buy and sell stock, and there could be legitimate reasons for making a simultaneous trade. A client might want to benefit, say, from the difference between the local and the foreign price of a stock. Indeed, because the individual transactions involved in mirror trades did not directly contravene any regulations, some employees who worked at Deutsche Bank’s Russian headquarters at the time deny that such activity was improper. (Fourteen former and current employees of Deutsche Bank in Moscow spoke to me about the mirror trades, as did several people involved with the clients. Most of them asked not to be named, either because they had signed nondisclosure agreements or because they still work in banking.)"



'via Blog this'

Chinese investors look to Liverpool | Lex - YouTube

Chinese investors look to Liverpool | Lex - YouTube: ""



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Nepal Airlines says it is in stake sale talks with Mideast carrier | GulfNews.com

Nepal Airlines says it is in stake sale talks with Mideast carrier | GulfNews.com:

"Nepal Airlines has held informal stake sale talks with a Middle East airline after the Nepalese government mandated it to find a “strategic partner,” its managing director said Monday.
The state-owned carrier is in the midst of a turnaround, having recently brought in two Airbus A320 narrow body jets and with plans to bring in two A330 wide-bodies as it phases out out-of-production Boeing 757s.
It resumed flights to Dubai from Kathmandu on August 18 after a four-year hiatus and is considering more than doubling its network to 19 destinations. Nepal's government wants the airline to bring in an outside investor to fast track the expansion plan that also includes adding at least one new aircraft a year from 2017.
"



'via Blog this'

UPDATE 2-Oil prices fall as analysts say market still oversupplied | Reuters

UPDATE 2-Oil prices fall as analysts say market still oversupplied | Reuters:

"Oil prices fell on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.

International Brent crude oil futures were trading at $48.86 per barrel at 0644 GMT, down 30 cents, or 0.61 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 0.84 percent, at $47.01 per barrel."



'via Blog this'

Fitch: Index Move Boosts Sukuk; Frameworks & Standards Still Key | Reuters

Fitch: Index Move Boosts Sukuk; Frameworks & Standards Still Key | Reuters:

"The inclusion of sukuk in major bond indexes would be a significant boost for the product, but initiatives to harmonise standards, structures and legal frameworks and improve transparency remain key to its long-term development, Fitch Ratings says. Reuters reported on Friday that JP Morgan would include eight sovereign and corporate sukuk in various bond indexes from 31 October this year, citing a research report that the bank had sent to its clients. If confirmed, index inclusion should raise the profile of sukuk and support inflows from international institutional investors, including index tracking funds. This in turn may encourage issuers to supply index-eligible sukuk (criteria for inclusion include a credit rating and a liquidity assessment, according to Reuters) and support secondary market liquidity. Nevertheless, we believe the sukuk market's growth rate will be determined by two factors: firstly, product-specific initiatives around regulation and standardisation of sukuk issuance, which have been noteable in some jurisdictions, but have not always been harmonised across jurisdictions; and secondly, the broader attempts to deepen the investor base and improve transparency in the relevant national and regional debt capital markets. "



'via Blog this'

MIDEAST STOCKS-Gulf continues sliding as oil sags | Reuters

MIDEAST STOCKS-Gulf continues sliding as oil sags | Reuters:

"Gulf stock markets continued dropping early on Tuesday after Brent crude oil fell back below $49 a barrel and short-term technicals for several indexes in the region turned negative over the past few days.

The Saudi index fell 0.6 percent to 6,074 points in the first 45 minutes of trade. On Monday it confirmed a break of support on its early August low of 6,226 points, triggering a right triangle formed by the highs and lows since April and pointing down to the 5,600-point area in the medium term.

The drop was broad-based on Tuesday with losers outnumbering gainers by 123 to 12. Saudi Basic Industries, the biggest petrochemical producer, fell 0.3 percent."



'via Blog this'

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal - Bloomberg

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal - Bloomberg:

"The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund.
Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor, the U.A.E.’s state-run WAM news agency reported, without saying whether the money has arrived in Cairo.
Egyptian central bank officials didn’t immediately answer calls and messages seeking comment."



'via Blog this'

Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment | The National

Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment | The National:

"Nakheel has repaid a Dh4.4 billion Islamic bond as the developer emerges from a five-year financial restructuring.

The company behind Dubai’s palm-shaped islands said the final trade creditor sukuk payment this week marked the end of a process that began in August 2011.

It represents a major milestone for a developer often associated with both the highs and lows of the emirate’s turbulent property market."



'via Blog this'

A UAE merger play that can set precedents | GulfNews.com

A UAE merger play that can set precedents | GulfNews.com:

"A UAE merger play that can set precedents
As a statutory coming together, the NBAD-FGB deal sets the bar high
Image Credit: ©Gulf News
Published: 06:39 August 22, 2016
By Fraser Dawson, Special to Gulf News
 
In July, the boards of First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) approved the merger of FGB and NBAD, forming what will be considered the biggest bank in the Middle East and North Africa, with Dh642 billion in assets and a combined market capitalisation of approximately Dh106.9 billion. The merger remains subject to certain conditions, including approval by the Securities and Commodities Authority and approval of shareholders, and will be effected by way of statutory merger. So what exactly is a statutory merger and why is it important?"



'via Blog this'

Iran to start using new oil and gas contract | GulfNews.com

Iran to start using new oil and gas contract | GulfNews.com:

"Iran’s Vice-President Eshaq Jahangiri has told the oil and finance ministries to start using the approved new draft for the Iran Petroleum Contract (IPC) for oil and gas deals, the Oil Ministry’s news agency Shana reported on Monday.
The launch of the IPC has been postponed several times as hardline rivals of President Hassan Rouhani resisted any deal that could end the so-called buy-back system under which foreign firms were banned from owning stakes in Iranian companies.
Oil Minister Bijan Zanganeh attended a parliamentary session on Sunday to answer criticisms of the IPC. He said last week the IPC would need minor amendments but that implementation of its final draft would not need the approval of parliament."



'via Blog this'

Monday, 22 August 2016

Nakheel now debt-free, completes all sukuk payments | GulfNews.com

Nakheel now debt-free, completes all sukuk payments | GulfNews.com:

"The Dubai government-owned developer Nakheel on Monday said it became debt-free as of Sunday, August 21.
The company said it had cleared all of the Sukuk-related payments it had on its books. With this, it draws a line under the restructuring programme that was launched in 2010.
The Sukuk payments, which totalled Dh4.4 billion and carried an interest rate of 10 per cent, and were routed through Deutsche Bank"



'via Blog this'

GCC governments issue $88b bonds in H1 of 2016 | GulfNews.com

GCC governments issue $88b bonds in H1 of 2016 | GulfNews.com:

"GCC sovereigns have been the biggest issuer of bonds so far in the year. About $88 billion (Dh322.96 billion) of the issuances have come in from sovereigns or government-related enterprises to plug the budget deficits left by falling oil prices, which contributes to 60 to 85 per cent of the government revenues. The second biggest issuers have been banks with $59 billion issues in the first half followed by power and telecom firms, among others, according to Emirates NBD.
Companies like Abu Dhabi National Energy Company issued $1 billion bonds to repay a maturing bond. Noor Bank among other banks recently listed a $500 million sukuk. On the sovereign side, Abu Dhabi issued $5 billion in early May, while Qatar issued a $9 billion euro bond issue in late May.
The one area not seeing a surge in bonds is the oil and gas sectors. They contributed only $6 billion in the first half and contributed to only 3 per cent of the total bond issuances in the GCC."



'via Blog this'

MIDEAST STOCKS-Region hit by lower oil, Fed worries; Dubai's DSI sinks | Reuters

MIDEAST STOCKS-Region hit by lower oil, Fed worries; Dubai's DSI sinks | Reuters:

"Gulf stock markets sank on Monday as oil prices and global equities dropped because of the possibility of a U.S. interest rate hike, while Dubai builder Drake & Scull dropped amid concern over its financial situation.

Brent crude dropped below $50 a barrel on talk the U.S. Federal Reserve might signal at a conference this week in Jackson Hole, Wyoming, that it is gearing up to raise interest rates.

The Saudi stock index dropped 1.7 percent to 6,110 points, confirming a break of technical support on its early August low of 6,226 points. That triggered a bearish right triangle formed by the highs and lows since April and pointing down to the 5,600-point area in the medium term."



'via Blog this'

Economic Outlook: What's Ahead for the GCC? - Bloomberg

Economic Outlook: What's Ahead for the GCC? - Bloomberg:

"Tarek Fadlallah, chief executive officer at Nomura Asset Management Middle East, discusses Saudi Arabia's economy, capital markets and his outlook for oil. He speaks to Yousef Gamal El-Din on "Bloomberg Markets Middle East." (Source: Bloomberg)"



'via Blog this'

Sunday, 21 August 2016

Limited price upside expected in Brent crude | GulfNews.com

Limited price upside expected in Brent crude | GulfNews.com:

"Oil prices may be hitting their peak. Benchmark oil prices have moved from a bearish to a bullish territory in just a span of 11 days, following Saudi Arabia’s energy minister that the country was “ready to take action” to stabilise the market.
Opec and non-Opec producers are slated to meet informally in Algeria late next month. The assurances from Saudi Arabia is a big turnaround from the Doha meeting in April, when Opec’s biggest oil producer said a deal was not possible without Iran, which has been boosting output to defend market share.
“The fear of freeze action will potentially be enough to dissuade traders from going aggressively short into September, a month that has been host to oil price declines,” Ole Hansen, head of commodity strategy at Saxo Bank said. Oil prices have been on a declining trend for the past five years in September."



'via Blog this'

The UK has slammed the door, so let’s start divorce proceedings | Opinion | The Guardian

The UK has slammed the door, so let’s start divorce proceedings | Opinion | The Guardian:

"There is still virtually nobody in Brussels who thinks that Brexit is a good idea, for the UK or for the rest of the EU. But decision-makers are now accepting this unpalatable reality and there is a growing impatience for the process to begin in earnest.

There was some understanding for the UK’s desire for a delay in the immediate aftermath of the referendum, recognising that it had carried out no contingency planning for a Leave vote. But now, with a new British government in place, many in Brussels believe it is time for the UK to formulate its goals and formally start divorce proceedings by triggering article 50.

This would require reaching an exit agreement within two years, dealing with the practicalities of leaving and providing an outline of the future UK-EU relationship. It would also need to include transition provisions to bridge the period until such a long-term arrangement is reached, given that those negotiations would take a few years beyond the divorce treaty."



'via Blog this'

MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters

MIDEAST STOCKS-Gulf edges down despite petchems; Telecom Egypt climbs | Reuters:

"Most Gulf stock markets edged down on Sunday despite strength in some Saudi Arabian petrochemical shares, while Telecom Egypt boosted Egypt's bourse slightly.

Brent crude oil closed above $50 a barrel on Thursday and Friday for the first time since July 4. This encouraged buying of petrochemical stocks on Sunday, with Saudi Basic Industries adding 0.9 percent to 84.25 riyals, nearing technical resistance at 86-87 riyals, the top of the range in which it has traded since April.

Most other stocks were sluggish in the absence of fresh, positive news, and the main Saudi equities index fell 0.2 percent.

"



'via Blog this'

The #UAE’s First p2p Default? – Baizat.net @baizatdotnet

The UAE’s First p2p Default? – Baizat.net:

"Beehive, the UAE’s p2p online lending platform, appears to be facing its first loan default.

Launched in late 2014 by Craig Moore and former EmiratesNBD CEO Rick Pudner, the group in its first year issued around AED 25mn in loans to 48 SMEs in the UAE. By 2016 the platform had signed up around 2,000 investors and provided AED 30mn in loans to about 60 SMEs.

Trouble first appeared on the 18th July 2016, when investors received the following message from Beehive."



'via Blog this'

Dubai can work Brexit to its own advantage | GulfNews.com

Dubai can work Brexit to its own advantage | GulfNews.com:

"All games have winners and losers — and historic events usually involve unforeseen, unintended benefits as well as consequences. Brexit is no exception; one may deplore, on principle, the outcome of the June 23 vote but this crisis in international relations does offer multifaceted opportunities for those who stand to gain from what the UK will predictably lose.
Dubai is one such player on the global stage that should, right now, identify those opportunities and take decisive steps to seize them. In turn, the rest of the world should observe carefully how Dubai fares in this post-Brexit competition, as it could have significant ramifications for both world markets and for regional stability in the Middle East. In the short term, Brexit may be costly to Dubai since Brits comprise a fair percentage of its tourism industry. As the pound sterling plummets, they’ll no doubt find less expensive destinations or simply stay home. Yet that fall-off seems a reasonable price to pay if Dubai can attract businesses, especially financial institutions, in search of freer, greener pastures.
No one port-of-call will overnight replace London as a comparably dominant international capital market; instead, we’re looking at more of a dismemberment as the City’s pieces get flung in the general directions of Dublin, Liechtenstein, Frankfurt, Paris — not to mention Hong Kong and Singapore that already enjoy enough critical mass to readily attract financial institutions in search of reliable harbours."



'via Blog this'

Gulf tourism frenzy in Bosnia delights business, polarizes locals | Reuters

Gulf tourism frenzy in Bosnia delights business, polarizes locals | Reuters:

"Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Gulf buyers whose investment has polarized local opinion.

They discovered mountainous Bosnia, where half the population is Muslim, after the Arab Spring which destabilized many traditional holiday destinations such as Libya, Tunisia and Egypt. The trend has picked up with more direct flights, new resorts and the end of visa restrictions.

Estate agents and local businesses have welcomed the economic boost. But in a secular country where many Muslims drink alcohol and wear European-style clothing, the arrival of a Saudi-built mall where no alcohol is sold and the sight of burqas and traditional Arab robes is worrying for some."



'via Blog this'

MIDEAST STOCKS-Petchems boost Saudi but markets mostly sluggish | Reuters

MIDEAST STOCKS-Petchems boost Saudi but markets mostly sluggish | Reuters:

"Petrochemical shares boosted Saudi Arabia's stock market early on Sunday on the back of strong oil prices but most share markets in the Gulf were barely changed.

The main Saudi equities index edged up 0.2 percent in the first half-hour as petrochemical blue chip Saudi Basic Industries climbed 1.2 percent to 84.50 riyals. It faces technical resistance at 86-87 riyals, the top of the range in which it has been trading since April.

Dubai's stock index also bucked the general flat trend, gaining 0.3 percent to 3,583 points, rising again to near technical resistance at its April peak of 3,605 points. Real estate blue chip Emaar Properties added 0.6 percent."



'via Blog this'

Egypt Expects Arab Aid in IMF Deal - Bloomberg

Egypt Expects Arab Aid in IMF Deal - Bloomberg:

"Egypt's prime minister has said that he expects oil-rich allies such as Saudi Arabia and the U.A.E. to provide funding as part of the $12B IMF loan deal. Bloomberg's Alaa Shahine reports on "Bloomberg Markets Middle East.""



'via Blog this'

Saturday, 20 August 2016

Oil price rise explained | FT Markets - YouTube

Oil price rise explained | FT Markets - YouTube: ""



'via Blog this'

UK inheritance tax move to hit non-doms - FT.com

UK inheritance tax move to hit non-doms - FT.com:

"Residential property will be liable to inheritance tax even if it is owned by an offshore trust under new guidelines from the Treasury. The decision adds to pressure on wealthy families and individuals living in the UK, but domiciled elsewhere, to reconsider the benefits of remaining in the UK.
As part of last year’s summer Budget, the government announced it would amend the rules for non-dom residents, particularly in terms of inheritance tax. However, many advisers had expected the long-awaited guidelines to be pushed back a year — or even dismissed after the UK’s decision to leave the EU. Now questions have been raised over whether this will be a further factor driving wealthy non-dom residents away from the UK.
“The government have taken everyone by surprise,” said Matthew Braithwaite, private wealth partner at Bircham Dyson Bell, the law firm. “There’s lots of talk about people leaving, but it depends on everyone’s situation.”"



'via Blog this'

Abu Dhabi arrests former top finance official over 1MDB scandal - FT.com

Abu Dhabi arrests former top finance official over 1MDB scandal - FT.com:

"A well-connected former Abu Dhabi finance official has been arrested over his suspected role in a plot to steal more than $1bn from Malaysia’s 1MDB state wealth fund, people briefed on the matter say.
Khadem al-Qubaisi was detained in the emirate after US authorities alleged he received hundreds of millions of dollars looted from business dealings between 1MDB and Abu Dhabi’s International Petroleum Investment Company, which he headed until his sudden departure last year. "



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Why funds are pouring into EM equities - YouTube

Why funds are pouring into EM equities - YouTube: ""



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Friday, 19 August 2016

The Soft Pinch of Austerity in Saudi Arabia Could Backfire - Bloomberg

The Soft Pinch of Austerity in Saudi Arabia Could Backfire - Bloomberg:

"Fahad bin Raja sells cars for a living in Saudi Arabia’s capital. Abdullah Saeed drives them. In the kingdom’s new age of austerity, both men are finding it harder to make ends meet.
Saeed, 63, says his monthly rent of about 2,000 riyals ($560) is covered by social insurance payments, but that leaves the cost of supporting his wife and five of his nine children who live at home. He drives a taxi and his wife sells home-made perfumes. As higher fuel and utility bills eat into his income, he says “it’s getting very hard to earn money in Riyadh.”"



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Saudi Arabia to Let Foreign Investors Participate in IPOs - Bloomberg

Saudi Arabia to Let Foreign Investors Participate in IPOs - Bloomberg:

"Saudi Arabia, home to the Gulf’s biggest stock market, will allow foreign investors to subscribe to initial public offerings in the kingdom from January.
The Capital Market Authority has approved regulations on book-building in IPOs that include qualified foreign investors, which will be implemented Jan. 1, according to a statement posted on the regulator’s website on Thursday. Financial advisers “may apply these instructions on any offering before that date” with approval from the issuer, according to the statement."



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Abu Dhabi’s Union National Bank Said to Cut as Many as 50 Jobs - Bloomberg

Abu Dhabi’s Union National Bank Said to Cut as Many as 50 Jobs - Bloomberg:

"Union National Bank PJSC, a lender owned by both the governments of Abu Dhabi and Dubai, cut about 50 positions as economic growth slows in the United Arab Emirates, two people familiar with the matter said.
The Abu Dhabi-based bank eliminated jobs mostly in retail sales, although there were some in wholesale banking and middle management as well, said the people, asking not to be identified because the information is not yet public. The bank employs about 2,000 people in the U.A.E. A spokesman for the lender declined to comment."



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Thursday, 18 August 2016

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters:

"Gulf stock markets were narrowly mixed in quiet trade on Thursday as petrochemical shares supported Saudi Arabia's index but Qatar pulled back after a surge this week due to hopes for inflows of foreign funds.

The Saudi stock index closed 0.1 percent higher as the petrochemical sector's sub-index gained 1.1 percent after Brent crude oil futures hit a five-week high of $49.93 a barrel overnight. Saudi Arabia Fertilizers closed 4.8 percent higher in volatile trade.

But Qatar's index dropped 0.8 percent after gaining this week on expectations for fund inflows in mid-September, when index compiler FTSE will upgrade the bourse to emerging market status."



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DP World to slow down expansion of Jebel Ali port due to ‘softer conditions’ | The National

DP World to slow down expansion of Jebel Ali port due to ‘softer conditions’ | The National:

"DP World plans to slow down expansion of its Jebel Ali port due to "softer market conditions" amid a grim global trade outlook.

The Nasdaq Dubai-listed port operator last year had planned to spend US$1.6 billion on a fourth terminal in Jebel Ali to boost capacity by 16 per cent to 22.1 million twenty-foot equivalent units (TEU) by 2018.

DP World is now delaying the 1.5 million TEU expansion of Terminal 3 at Jebel Ali into 2017 and will slow down construction of Terminal 4, without giving a new date of completion, chairman Sultan bin Sulayem said in a statement."



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Habtoor Leighton Group chief arrested in Dubai | GulfNews.com

Habtoor Leighton Group chief arrested in Dubai | GulfNews.com:

"The head of Habtoor Leighton Group (HLG), one of the leading diversified international contractors in the Middle East, has been arrested in Dubai.
HLG’s parent company, Australia-based Cimic Group (formerly known as Leighton Holdings), said in a statement to the Australian bourse on Thursday that “as a result of a complaint filed with police in Dubai, the CEO and MD of HLG, Jose Antonio Lopez-Monis, was arrested after market close on Wednesday.”
The group offered no information about the nature of the arrest, saying it would update the market when further information was available."



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Saudi Arabia has oil traders hanging on every word - FT.com

Saudi Arabia has oil traders hanging on every word - FT.com:

"Central bankers have long understood that a few well-placed words can wield nearly as much power as pulling the actual levers of monetary policy. It is a lesson that Opec and Saudi Arabia have started to heed.
Just a few short sentences from Saudi Arabia’s energy minister Khalid al-Falih last week sent hedge funds scrambling to cover large bets against the oil price, subsequently propelling Brent crude 10 per cent higher and largely silencing fears the market was on the cusp of another rout."



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MIDEAST STOCKS-Gulf moves narrowly, Saudi petchems firm with oil | Reuters

MIDEAST STOCKS-Gulf moves narrowly, Saudi petchems firm with oil | Reuters:

"Gulf stock markets moved little in early trade on Thursday as Saudi petrochemical shares firmed moderately in response to higher oil prices, but Qatar pulled back after a surge in past days due to hopes for inflows of foreign funds.

The Saudi stock index was flat after 45 minutes as petrochemical giant Saudi Basic Industries climbed 0.9 percent but the banking sector edged down.

Dubai's stock index edged down 0.1 percent as GFH Financial, a stock that attracts speculators and was the most heavily traded share, rose 1.0 percent but Emaar Properties slipped 0.3 percent."



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Why Has Demand for Gold Slumped in the Middle East? - Bloomberg

Why Has Demand for Gold Slumped in the Middle East? - Bloomberg:

"Jeff Rhodes, chief executive officer at Zee Gold, discusses the demand for gold in the Middle East, if the rally has more room to run and central banks getting back into the gold market. He speaks to Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets Middle East.""



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Norway's sovereign fund cuts value of UK property portfolio after Brexit | World news | The Guardian

Norway's sovereign fund cuts value of UK property portfolio after Brexit | World news | The Guardian:

"Norway’s $893bn (£687bn) sovereign wealth fund has cut the value of its UK property portfolio by 5% after Britain’s vote to leave the EU.

The world’s largest sovereign fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and $11bn in government bonds. It co-owns Regent Street, one of London’s premier shopping streets.

Britain is its largest investment location after the US, representing more than 10% of the fund’s value, with property accounting for just over 3%."



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Wednesday, 17 August 2016

MIDEAST STOCKS-Saudi falls to four-month low, FTSE hopes support Qatar | Reuters

MIDEAST STOCKS-Saudi falls to four-month low, FTSE hopes support Qatar | Reuters:

"Most Middle Eastern stock markets fell on Wednesday with Saudi Arabia hit by a broad sell-off, but support for Qatar persisted on expectations of fund inflows when index compiler FTSE includes it in its emerging market index next month.

Doha's index rose 0.3 percent to a new nine-month closing high of 11,409 points, extending Tuesday's 2.2 percent rise.

Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the stock will among those included in the FTSE's emerging market index. Qatar National Bank (QNB) added 0.4 percent to 169.10 riyals, taking its gains over the last two days to 7.0 percent."



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Swiss probe ex-Abu Dhabi official over alleged Malaysia fund scam - FT.com

Swiss probe ex-Abu Dhabi official over alleged Malaysia fund scam - FT.com:

"Swiss criminal authorities are probing a well-connected former top Abu Dhabi finance official over an alleged international conspiracy to embezzle money from Malaysia’s 1MDB wealth fund.
Investigators suspect Khadem al-Qubaisi, ex-head of the Emirati government’s International Petroleum Investment Company, of fraud, money laundering and corruption, according to a letter seen by the Financial Times. "



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MIDEAST STOCKS-Qatar flat, Gulf weak as oil, global markets retreat | Reuters

MIDEAST STOCKS-Qatar flat, Gulf weak as oil, global markets retreat | Reuters:

"Qatar's main stock index moved little in early trade on Wednesday but other bourses in the Gulf edged lower as oil and global equities retreated.

Doha's index was flat after it rose 2.2 percent on Tuesday on expectations of fund inflows when index compiler FTSE promotes it to emerging market status next month. Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes it will be included in FTSE's emerging market index.

Qatar National Bank, which had surged 6.7 percent on Tuesday, pulled back 0.3 percent to 168.00 riyals. Shares in the most valuable lender in the Gulf by market value are now at a 5.9 percent premium to the mean fair value of 10 analysts polled by Reuters."



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Tuesday, 16 August 2016

Iraq appoints new oil minister after months of wrangling - FT.com

Iraq appoints new oil minister after months of wrangling - FT.com:

"Iraq’s parliament approved the appointment of a new oil minister in a cabinet reshuffle delayed by months of political disputes and street protests against the government’s inaction on promised reforms.
Jabar Ali al-Luaibi, a former head of the state-owned South Oil Company, Iraq’s biggest crude producer, takes over the oil post, while parliament also approved four other cabinet nominees, including for education, transport, water and housing."



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