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Sunday, 15 May 2016

Masdar secures backing for UK offshore wind plant | The National

Masdar secures backing for UK offshore wind plant | The National:

"The developers of the Dh6.86 billion, 402-megawatt Dudgeon offshore wind plant in the UK, Masdar and two state-backed Norwegian energy companies, have secured financing for the project.

The project will be funded by £1.3bn in limited-recourse bonds, which were arranged by a consortium of banks including Credit Agricole, Société Générale and BNP Paribas.

Masdar owns a 35 per cent stake in the offshore wind plant. Statoil, a Norwegian government-backed oil and gas company, owns a 35 per cent stake in Dudgeon, while Statkraft, Norway’s state-owned electricity company, owns a 30 per cent stake."



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Revenue per room down at Dubai hotels | The National

Revenue per room down at Dubai hotels | The National:

"Dubai’s hotels felt the squeeze once again last month.

Revenue in Dubai per available room (RevPar), a key industry measure, fell by 16.1 per cent in April compared with a year earlier, according to preliminary data from London-based STR, a company that tracks supply and demand data for the hotel industry.

In its preliminary data for April, STR indicated that RevPar fell to Dh615.12 during the month. Meanwhile, the average daily rate dropped by 15.4 per cent to Dh771.74, as occupancy decreased by nearly 1 per cent to 79.7 per cent."



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Arabtec looks to shore up balance sheet as Dubai contractor’s losses narrow | The National

Arabtec looks to shore up balance sheet as Dubai contractor’s losses narrow | The National:

"The contractor Arabtec has said that it is “looking at ways to enhance its capital structure" after posting its sixth successive quarterly loss yesterday.

The company said it “is currently engaged in discussions with Aabar, its largest shareholder, in respect of potential options for cooperation and continues to remain in dialogue with its major lending banks" about its capital position.

It announced a Dh46.4 million loss for the first three months of this year – an 83 per cent reduction on the Dh279.8m loss the company declared in the same period a year ago. Revenue increased by 8 per cent year-on-year to Dh1.94 billion. Last month, Arabtec reportedly appointed the US restructuring adviser Alix Partners."



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Abu Dhabi DED chair expects improved sovereign ratings | GulfNews.com

Abu Dhabi DED chair expects improved sovereign ratings | GulfNews.com:

"The head of Abu Dhabi’s Department of Economic Development (DED) said he expected to see improved credit ratings for the emirate as oil prices pick up, after Moody’s Investors Service confirmed on Saturday Abu Dhabi’s ratings at Aa2, assigning a negative outlook.

Ali Majed Al Mansouri, chairman of the Abu Dhabi DED, described the Aa2 rating as excellent.

On the negative outlook assigned, he said, “I think this is a short cycle, and we’re coming out of the bottom of low oil prices. Today, Brent recorded a $48 (Dh176) level, so we’re coming out of the bottleneck."



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Moody's cuts Saudi, Oman, Bahrain debt ratings | Reuters

Moody's cuts Saudi, Oman, Bahrain debt ratings | Reuters:

"Moody's Investors Service cut its debt ratings for Saudi Arabia, Oman and Bahrain on Saturday while assigning negative outlooks to three neighboring states, as low oil prices continue to undermine government finances in the region.

The rating agency downgraded Saudi Arabia's long-term issuer rating by one notch to A1 but gave the kingdom a stable outlook, saying sweeping economic reforms announced by the government last month might stabilize the state budget.

In late April, Deputy Crown Prince Mohammed bin Salman revealed Saudi Arabia's biggest policy shake-up in decades, including tax rises, an efficiency drive and plans to give a bigger role to the private sector."



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MIDEAST STOCKS-Region falls after debt downgrades; Dubai builders slide | Reuters

MIDEAST STOCKS-Region falls after debt downgrades; Dubai builders slide | Reuters:

"Major Middle Eastern stock markets fell on Sunday after Moody's cut the debt ratings or outlooks of many countries, while Dubai construction firms dropped steeply after reporting first-quarter earnings.

Moody's lowered its ratings for Saudi Arabia, Oman and Bahrain while assigning negative outlooks to the United Arab Emirates, Oman and Bahrain.

Its rating of Saudi Arabia is still two notches above Standard & Poor's, but the action underlined continued pressure from low oil prices; negative outlooks were assigned to the United Arab Emirates, Kuwait and Qatar.

"



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MIDEAST STOCKS-Gulf mixed; Dubai builders down after earnings | Reuters

MIDEAST STOCKS-Gulf mixed; Dubai builders down after earnings | Reuters:

"Gulf stock markets were mixed in early trade on Sunday with two Dubai construction firms dropping after reporting first-quarter earnings.

Dubai's index fell 0.5 percent as Arabtec sank 2.0 percent after its first-quarter net loss narrowed to 46.4 million dirhams ($12.6 million) from 279.8 million dirhams a year earlier. Analysts polled by Reuters had on average forecast a loss of 123.6 million dirhams.

Drake & Scull slid 2.7 percent after reporting a 61 percent fall in profit to 9.8 million dirhams. EFG Hermes had forecast 20.1 million dirhams."



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