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Thursday, 2 June 2016

Iran could buy Boeing aircraft in euros | GulfNews.com

Iran could buy Boeing aircraft in euros | GulfNews.com:

"Iranian airlines could purchase Boeing passenger jets in euros rather than the industry-preferred dollar if the United States’ financial system does not open up to Iran, a Boeing executive suggested on Thursday.

Boeing has been talking with “more than” two Iranian carriers, including flag airline Iran Air but not the Revolutionary Guard-owned Mahan Air, since February after the US government granted limited approval.

Boeing has spoken with Iranian airlines about all of its models currently in production, Marty Bentrott, Boeing’s vice-president for Middle East sales, told reporters in Dublin on Thursday at the International Air Transport Association (IATA) annual meeting."



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Future crude sales said to back $3.4b Oman loan | GulfNews.com

Future crude sales said to back $3.4b Oman loan | GulfNews.com:

"The Omani government is seeking to raise a loan of about $3.4 billion via state-owned Petroleum Development Oman.

The company, which is acting on behalf of the government, plans a five-year pre-export finance facility to “fund its operations in response to the current low oil price environment,” it said in a response to Bloomberg questions. The loan will be backed by crude revenue and raised through an orphan special purpose vehicle that will funnel the funds to the government, two people familiar with the matter said earlier today.

The announcement comes in the same week Oman meets fixed-income investors for a possible international bond sale. The Gulf Cooperation Council member, which has less than 1 per cent of the world’s proven oil reserves, is preparing to follow dollar-denominated offerings from Qatar and Abu Dhabi as it grapples with the decline in crude. Gulf bond sales jumped to $28.5 billion so far this year, a record for the period, according to data compiled by Bloomberg."



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MIDEAST STOCKS-Gulf mixed before OPEC meeting; Egypt's Cleopatra lists | Reuters

MIDEAST STOCKS-Gulf mixed before OPEC meeting; Egypt's Cleopatra lists | Reuters:

"Gulf stock markets were mixed before an OPEC meeting later on Thursday to discuss coordinated action among oil producers to support prices. Egypt's market rose as a newly listed healthcare stock performed strongly.

Riyadh's stock index added 0.5 percent with support from some petrochemical shares as Brent oil held near $50 a barrel. Saudi Basic Industries climbed 1.5 percent.

Low-cost supermarket operator Abdullah Al Othaim jumped 2.1 percent to 99.00 riyals, its highest close since August 2015, in heavy trade. The stock is approaching its mean fair value of 108.27 riyals, according to a Reuters survey of analysts. Of 12 analysts, seven have a "buy" rating on Othaim and the rest a "hold"."



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Saudi Fund Said to Consider Loan of $3 Billion for Uber Deal - Bloomberg

Saudi Fund Said to Consider Loan of $3 Billion for Uber Deal - Bloomberg:

"Saudi Arabia’s sovereign wealth fund is weighing a loan of as much as $3 billion for its investment in Uber Technologies Inc., people with knowledge of the matter said.
The Public Investment Fund has held preliminary talks with local and international banks about borrowing between $2 billion and $3 billion, the people said, asking not to be identified as the plans are private. Talks are at an early stage and the PIF, as the Saudi fund is known, hasn’t yet decided whether to proceed with the loan, the people said.
The PIF is investing $3.5 billion in the ride-sharing service in its highest-profile overseas investment yet. The deal, announced on Wednesday, gives Managing Director Yasir Alrumayyan a board seat at the San Francisco-based company and also marks the biggest investment ever in Uber. The fund aims to boost its share of holdings abroad to about half by 2020, from five percent now. JPMorgan Chase & Co. advised the PIF on the Uber investment."



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Saudi Arabia debt sale faces pricing pressure - FT.com

Saudi Arabia debt sale faces pricing pressure - FT.com:

"Saudi Arabia is being warned to expect higher borrowing rates than neighbouring Gulf governments as it plans one of the largest sales of emerging market debt.
The kingdom’s long-anticipated debut on international debt markets will begin in earnest next week as banks undertake the delicate job of pitching to sell a possible $15bn issue of dollar-denominated debt late this year.
Although the sale is still months away, early soundings from investors and bankers suggest Saudi Arabia’s 10-year borrowing rate could be around 4 per cent — a higher rate than Qatar and Abu Dhabi paid in recent bond sales."



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Saudis pledge not to shock oil markets as OPEC clash looms | Reuters

Saudis pledge not to shock oil markets as OPEC clash looms | Reuters:

"Saudi Arabia promised on Thursday not to shock the oil markets as OPEC headed into a heated debate about production policy, with Iran insisting on the right to raise output steeply.

Tensions between the Sunni-led kingdom and the Shia Islamic Republic have been the highlights of several previous OPEC meetings, including in December 2015 when the group failed to agree on a formal output target for the first time in years.

Several OPEC sources said Saudi Arabia and its Gulf allies would propose to set a new collective ceiling in an attempt to repair OPEC's waning importance and end a market-share battle that has sapped prices and cut investment."



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Are Bond Sales Hurting Sukuk Market? - Bloomberg

Are Bond Sales Hurting Sukuk Market? - Bloomberg:




"Bashar Al-Natoor, global head of Islamic finance at Fitch Ratings, discusses the governments in the Gulf region rushing to sell billions of dollars of debt to the international market and its impact on the Islamic market. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Gulf markets mixed ahead of OPEC meeting | Reuters

MIDEAST STOCKS-Gulf markets mixed ahead of OPEC meeting | Reuters:

"Stock markets in the Gulf were mixed in early trade on Thursday ahead of an OPEC meeting later in the day that will discuss the possibility of coordinated action among oil producers to support prices.

Riyadh's stock index added 0.4 percent after 45 minutes of trade, with support from some petrochemical shares after Brent oil hit $50 a barrel. Saudi Basic Industries climbed 0.9 percent.

Low-cost supermarket operator Abdullah Al Othaim jumped 7.0 percent to 103.75 riyals in heavy trade, heading for its highest close since August 2015."



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Majid Al Futtaim's Investment Plans - Bloomberg

Majid Al Futtaim's Investment Plans - Bloomberg:




"Alain Bejjani, chief executive officer at Majid Al Futtaim Holidngs, discusses the company's plans to invest $8B in the UAE over the next 10 years. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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