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Tuesday, 17 May 2016

Moody’s confirms ratings of five Abu Dhabi banks with negative outlook | GulfNews.com

Moody’s confirms ratings of five Abu Dhabi banks with negative outlook | GulfNews.com:

"Credit rating agency Moody’s yesterday confirmed the deposits ratings of five UAE banks National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), Union National Bank PJSC (UNB), Al Hilal Bank (AHB) and Abu Dhabi Islamic Bank (ADIB).

These rating actions follows recent confirmation of the UAE Government rating. The current ratings of these banks are NBAD: Aa3, ADCB: A1, UNB: A1, Al Hilal Bank: A1 and ADIB: A2.

All five banks’ ratings have been placed on negative outlook. The action concludes Moody’s review for downgrade of five UAE banks’ ratings that was initiated in March this year."



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Saudi Arabia’s Dabbagh Said to Work With JPMorgan on Stake Sale - Bloomberg

Saudi Arabia’s Dabbagh Said to Work With JPMorgan on Stake Sale - Bloomberg:

"Saudi Arabia’s Dabbagh Group is reviving plans to sell a minority stake in its lubricants and automotive services unit Petromin Corp, people with knowledge of the matter said.
Dabbagh is working with JPMorgan Chase & Co. on the sale of about 20 percent of the business, the people said, asking not to be identified as the information is private. The company could be valued at about $1.5 billion, the people said, though no final agreements have been reached and talks may still falter.
Dabbagh Group, a family-owned group with interests from automobiles to real estate and food, bought a 49 percent stake held by India’s Hinduja Group to take full control of Petromin in 2013. The family-owned firm canceled plans to sell a 20 percent stake in 2014 and was also weighing an initial public offering."



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Iran Must Fix Own Banks to Win Overseas Business, IMF Says - Bloomberg

Iran Must Fix Own Banks to Win Overseas Business, IMF Says - Bloomberg:

"Iran must tackle problems in its banking system and bolster anti-money laundering and terrorism-financing laws if it wants to reconnect to the global economy, the second-ranked official at the International Monetary Fund said in an interview in Tehran.
“The best thing the government can do, and the banks can do, is to bring those standards up to international levels and try to reassure foreign partners, banks and otherwise that Iran’s banks are safe to deal with,” David Lipton, Managing Director Christine Lagarde’s deputy at the Washington-based lender, said on Tuesday.
Though most sanctions were lifted following Iran’s nuclear deal with world powers, European lenders have said doing business is risky while other U.S. trade restrictions remain in place. Shortly after Lipton gave a speech at Iran’s central bank, Foreign Minister Mohammad Javad Zarif again called on the U.S. to give adequate assurances to foreign banks wanting to do business with his country, the state-run Islamic Republic News Agency reported."



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Full Show: Bloomberg Markets Middle East (05/17) - Bloomberg

Full Show: Bloomberg Markets Middle East (05/17) - Bloomberg:

"Bloomberg Markets Middle East hosted by Manus Cranny. Guests include Ashraf Laidi, chief executive officer and founder at Intermarket Strategy, and Gary Chapman, Dnata president at Emirates Group Services. (Source: Bloomberg)"



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Senate passes bill allowing 9/11 victims to sue Saudi Arabia | Reuters

Senate passes bill allowing 9/11 victims to sue Saudi Arabia | Reuters:

"The U.S. Senate passed legislation on Tuesday that would allow families of Sept. 11 victims to sue Saudi Arabia's government for damages, setting up a potential showdown with the White House, which has threatened a veto.

The Saudis, who deny responsibility for the 2001 attacks, strongly object to the bill. They had said they might sell up to $750 billion in U.S. securities and other American assets in retaliation if it became law.

The "Justice Against Sponsors of Terrorism Act," or JASTA, passed the Senate by unanimous voice vote. It must next be taken up by the U.S. House of Representatives, where the Judiciary Committee intends to hold a hearing on the measure in the near future, a committee aide said."



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MIDEAST STOCKS-Oil aids most Gulf bourses, Egypt lifted by foreign funds | Reuters

MIDEAST STOCKS-Oil aids most Gulf bourses, Egypt lifted by foreign funds | Reuters:

"Shares in most Gulf bourses were firm on Tuesday as oil prices held near this year's highs, while Egypt's stock index climbed as international funds flowed back into the market.

Saudi petrochemical shares were strong with the sub-index rising 1.3 percent, its fifth straight session of gains. The main stock index rose 0.6 percent.

Etihad Etisalat (Mobily) jumped 4.6 percent after it said lenders who had not already agreed in December to waive breaches in loan terms had now done so."



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Saudi Arabia's attempt to reduce reliance on oil has the world rapt | Business | The Guardian

Saudi Arabia's attempt to reduce reliance on oil has the world rapt | Business | The Guardian:

"Saudi Arabia has captured the world’s attention with the announcement of an ambitious agenda, called Vision 2030, aimed at overhauling the structure of its economy. The plan would reduce historical high dependence on oil by transforming how the kingdom generates income, as well as how it spends and manages its vast resources. It is supported by detailed action plans, the initial implementation of which has already involved headline-grabbing institutional changes in a country long known for caution and gradualism.

While the immediate catalyst for economic restructuring is the impact of the sharp fall in international oil prices, the rationale for these reforms has been evident for much longer. With oil sales generating the bulk of government revenues, and with the public sector being the predominant employer, Saudi officials have long worried that the kingdom’s lack of economic diversity could place at risk its long-term financial security.

The more than halving of oil prices in the last 18 months has been accompanied by a major change in how the oil market functions. With growth in non-traditional sources of energy – particularly the “shale revolution”, which drove a near-doubling in US production, to almost 10m barrels per day, in just four years – the Saudi-led OPEC oil cartel has less influence on market prices. In addition, certain members of OPEC, again led by Saudi Arabia, are now less willing to try to moderate fluctuations in the price of oil, as they correctly recognize that “swing producers” risk durable losses in market share."



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MIDEAST STOCKS-Saudi, Dubai rise; Mobily up on waiver of loan breaches | Reuters

MIDEAST STOCKS-Saudi, Dubai rise; Mobily up on waiver of loan breaches | Reuters:

"Saudi shares rose early on Tuesday, lifted by firmer oil prices and news that Saudi Arabia's second-largest telecommunications operator Mobily had secured waivers from all its lenders on breaches of loan agreements.

Real estate stocks lifted the Dubai index.

Etihad Etisalat (Mobily) jumped 6.7 percent after it said lenders who had not already agreed in December to waive breaches in loan terms had now done so."



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Gulf Bond Sales Return, And This Time It’s None of Your Business - Bloomberg

Gulf Bond Sales Return, And This Time It’s None of Your Business - Bloomberg:

"Gulf borrowers are back in the bond market, and a new pattern is emerging.
As debt sales from issuers in the six-nation Gulf Cooperation Council surge by a third, Bahrain and Oman have opted to privately place sovereign issues. Bloomberg data show a jump in transactions done out of the public eye, and Abu Dhabi’s biggest bank says the number of such deals it has helped manage this year is 10 times the same period in 2015.
“We have seen a significant uptick in the volume of private placement issuance,” said Andy Cairns, the global head of debt origination and distribution at National Bank of Abu Dhabi PJSC. They are “a discrete means of accessing under-the-radar liquidity, albeit at higher cost, without contaminating their public curves,” he said."



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Qatar Overhauls Wealth Fund Creating $100B Unit - Bloomberg

Qatar Overhauls Wealth Fund Creating $100B Unit - Bloomberg:

"Qatar's sovereign wealth fund is undergoing a major shakeup, grouping $100B of investments in local companies into a new unit. Bloomberg's Matthew Martin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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