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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"



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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."



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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."



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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)"



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