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Wednesday, 7 September 2016

Saudi Arabia to set lower listing requirements for second bourse | GulfNews.com

Saudi Arabia to set lower listing requirements for second bourse | GulfNews.com:

"Saudi Arabia will set relatively low listing requirements for its second stock market in order to draw smaller companies to the bourse, which it aims to launch at the end of February next year, regulators have told securities firms.
Much of the Saudi economy is dominated by family-owned conglomerates, such as the Olayan group, the Juffali group and the Al Muhaidib group, which have operated in the kingdom for decades but have generally chosen not to list their subsidiaries.
Seeking to diversify the economy away from oil exports, the government wants to persuade such firms to list in order to improve their access to capital, reduce the burden on the banks financing them, and encourage better corporate governance."



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Dubai’s Souq.com Said to Plan Stake Sale at $1.2 Billion Value - Bloomberg

Dubai’s Souq.com Said to Plan Stake Sale at $1.2 Billion Value - Bloomberg:

"Dubai-based online retailer Souq.com, known as the Amazon of the Middle East, is planning to sell a stake of about 30 percent that would give the company a value of at least $1.2 billion, people with knowledge of the matter said.
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Souq.com appointed advisers at Goldman Sachs Group Inc. to find buyers for the stake, the people said, asking not to be identified as the information is private. Existing investors Tiger Global Management and South Africa’s Naspers Ltd. are open to selling part of their holdings in the transaction, the people said. The company may attract another business in the industry or a financial investor, and is willing to sell a larger stake at the right price, one of the people said.

Representatives for Goldman Sachs and Tiger Global declined to comment. A representative for Souq.com didn’t have an immediate comment. Naspers didn’t immediately return messages seeking comment."



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Saudi Oger Talks With TAV to Sell Half Medina Airport Stake - Bloomberg

Saudi Oger Talks With TAV to Sell Half Medina Airport Stake - Bloomberg:

"Saudi Oger Ltd., the construction company owned by Lebanon’s Hariri family, is in talks to sell half its stake in the company that operates Saudi Arabia’s Medina airport to Turkish partner TAV.
The two companies have started discussing the transfer of a 16.7 percent stake in Tibah Airports Development, TAV said in an e-mailed statement. The deal would allow TAV, which also operates Turkey’s busiest airport in Istanbul, to raise its holding to 50 percent from 33.3 percent. Saudi Oger holds 33.3 percent of Tibah with Al Rajhi Holding Group and it wasn’t immediately clear if it will sell or retain its other 16.7 percent.
The airport generated 140 million euros ($157 million) of sales and 41.1 million euros of Ebitda in 2015 and is valued at about 338 million euros, Efe Can Kalkandelen, an analyst at Istanbul-based Is Investment, said in an e-mailed report on Wednesday. The three companies have been operating Medina airport, which served 5.8 million passengers last year, since 2012 under a 25-year concession contract that will expire in 2037."



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Column: Saudi Arabia, Russia try to bake an oil magic pudding - Russell | Reuters

Column: Saudi Arabia, Russia try to bake an oil magic pudding - Russell | Reuters:

"It's difficult to be anything other than cynical about Saudi Arabia and Russia saying they will work together in global oil markets through a newly-announced joint taskforce.

While Monday's media release boosted the price of crude oil as once again traders reacted to the latest moves in the ongoing soap opera of will they or won't freeze output, the news was short of any real substance.

There was no commitment to the much-vaunted freeze on output, with Saudi Energy Minister Khalid al-Falih stating they are in no hurry to limit output, although it is a possibility for the future."



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MIDEAST STOCKS-Gulf bourses fall as crude oil rebound slows | Reuters

MIDEAST STOCKS-Gulf bourses fall as crude oil rebound slows | Reuters:

"Stock markets in the Gulf declined on Wednesday as some investors stayed away ahead of market closures next week for Eid al-Adha holidays, and after recent gains in oil prices faded.

Riyadh's main index retreated 0.8 percent in the lowest trading volume this year as investors sold shares indiscriminately, with losers outnumbering gainers 111 to 34.

The petrochemical sub-index fell 0.7 percent with Saudi Basic Industries dropping 1.2 percent. Brent crude oil, which hit a one-week high of $49.40 a barrel on Monday after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market, has dropped back to $47.18."



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Embassy launches campaign for UK expats | GulfNews.com

Embassy launches campaign for UK expats | GulfNews.com:

"To meet the annual rush of new UK expats moving to the UAE at this time of year, the British Embassy in the UAE has launched a social media campaign to offer British nationals some pointers on settling into their new digs,

The new information blitz known as ‘Checking In’, comes on the heels of the ‘Checking Out’ campaign earlier this year which helped lay out steps needed for expats to clear their to-do list to permanently return to the UK,

Philip Parham, UK Ambassador to the UAE, said in a statement on Wednesday that expats can find additional information by subscribing to the consular newsletter found at consular.uae@fco.gov.uk."



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MIDEAST STOCKS-Gulf mixed in early trade, Saudi's Emaar climbs | Reuters

MIDEAST STOCKS-Gulf mixed in early trade, Saudi's Emaar climbs | Reuters:

"Stock markets in the Gulf were mixed in quiet early trade on Wednesday as some investors stayed away from the bourses ahead of market closures next week for Eid al-Adha holidays.

Riyadh's main index was down 0.2 percent in the first hour. Emaar the Economic City rose 2.9 percent after it said on Wednesday that an affiliate had obtained a 2.7 billion riyal ($720 million) Islamic loan from banks to finance the second phase of building King Abdullah Port.

Amana Cooperative Insurance jumped 3.5 percent after the board recommended a 56.3 percent share capital reduction through a reverse stock split of 1.125 shares for every two shares held."



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