Google+ Followers

Thursday, 8 September 2016

Saudi Arabia Poised to Choose Aramco IPO Advisor - Bloomberg

Saudi Arabia Poised to Choose Aramco IPO Advisor - Bloomberg:

"Saudi Arabian Oil Co. is poised to choose an adviser from a list of boutiques for what could be the biggest initial public offering ever, a major coup for one of the smaller banks in an otherwise sluggish year for listings. Bloomberg's Ruth David reports on "Bloomberg Markets." (Source: Bloomberg)"



'via Blog this'

Abu Dhabi’s Masdar Seeks Partners for Clean-Energy Desalination - Bloomberg

Abu Dhabi’s Masdar Seeks Partners for Clean-Energy Desalination - Bloomberg:

"Abu Dhabi Future Energy Co., known as Masdar, is seeking to form international ventures to build water-desalination plants powered by renewables across the globe as early as 2018, a company official said.
Potential partners include Suez, Veolia Environnement SA, Abengoa SA and Trevi Finanziaria Industriale SpA, Mohammad El Ramahi, Masdar’s director of asset management and technical services, said in an interview in Abu Dhabi. Suez, Veolia and Trevi had no immediate response to e-mailed requests for comment on Masdar’s plans, while Abengoa declined to comment.
Masdar, which the oil-rich emirate set up to realize its ambition of becoming an international hub for clean energy, plans to team up with companies specializing in using solar power to make seawater fit to drink, El Ramahi said. The four companies have each built a pilot project for solar-powered desalination in Abu Dhabi, and a fifth plant is under construction, he said. Each pilot facility uses a different technology."



'via Blog this'

MIDEAST STOCKS-Saudi up but volume dwindles, profit-taking hits Qatar | Reuters

MIDEAST STOCKS-Saudi up but volume dwindles, profit-taking hits Qatar | Reuters:

"Petrochemical shares supported Saudi Arabia's stock index on Thursday, benefiting from a bounce-back in crude oil prices, while Qatar underperformed as investors sold shares which had risen over the past month.

Trade in some markets was thinned by the fact that Middle Eastern bourses will close for Eid al-Adha holidays during all or much of next week, raising risks for investors maintaining large positions.

Riyadh's index gained 0.6 percent in the lowest daily volume recorded this year with gainers outnumbering losers 114 to 33."



'via Blog this'

Falcon’s new CEO to resolve Singapore issues first | Free Malaysia Today

Falcon’s new CEO to resolve Singapore issues first | Free Malaysia Today:

"The first priority of Walter Berchtold, the new chief executive officer of Falcon Private Bank, is to resolve issues faced by its Singapore unit in connection with the 1Malaysia Development Berhad (1MDB) scandal.
Berchtold, who officially takes office as CEO next month, plans to travel to Singapore upon assuming office, Swiss business paper Handelszeitung reported.
Berchtold, 54, has been a member of Falcon’s board since March 2015. He was previously CEO of private banking at Credit Suisse."



'via Blog this'

Mubadala swings to near Dh5bn loss in first half of the year despite higher revenue | The National

Mubadala swings to near Dh5bn loss in first half of the year despite higher revenue | The National:

"Mubadala Development Company said it made a loss of nearly Dh5 billion in the first six months of the year, compared to a profit of about Dh500 million in the first half last year.

The Abu Dhabi government-owned strategic investment company said its revenue was about 5 per cent higher during the period at Dh14.3bn, compared with Dh13.6bn the previous year. But profit for the group – which has investments in semiconductors, aluminium manufacturing, health care and energy, as well as other business segments – were hit by a combination of higher operating costs, lower commodity prices and an impairment charge of about Dh1.5bn for unspecified currency losses across the group.


The total comprehensive loss of Dh5bn includes tax and fair value adjustments. Mubadala said the loss attributable to the owner was Dh4.4bn compared to a profit for last year’s first half of Dh625m.

"



'via Blog this'

Egypt eyes $2-3 bln deposit from Saudi Arabia to help seal IMF deal -fin min | Reuters

Egypt eyes $2-3 bln deposit from Saudi Arabia to help seal IMF deal -fin min | Reuters:

"Egypt is in advanced talks with Saudi Arabia to secure a new deposit worth $2-3 billion as part of about $6 billion in bilateral financing required to seal an IMF loan, the finance minister said in comments published by Al Borsa newspaper.

Borsa quoted Amr El-Garhy as saying that negotiations with Saudi Arabia were due to be completed in the next few weeks.

It was not clear if Garhy was expecting Egypt to agree on the disbursement of a $2 billion deposit agreed with Saudi Arabia in April or if the country was seeking new funding."



'via Blog this'

UAE set to enact bankruptcy law as companies grapple with downturn - FT.com

UAE set to enact bankruptcy law as companies grapple with downturn - FT.com:

"The United Arab Emirates is set to enact a long-awaited bankruptcy law that could protect executives at failing businesses from criminal prosecution if they enter insolvency.
Under existing regulations it is difficult to liquidate companies, while individuals can face criminal action if they default on debt, causing expatriates to flee the Middle East’s business hub rather than face prison."



'via Blog this'

MIDEAST STOCKS-Bounce in oil supports Saudi in otherwise weak Gulf | Reuters

MIDEAST STOCKS-Bounce in oil supports Saudi in otherwise weak Gulf | Reuters:

"Petrochemical shares supported Saudi Arabia's stock index in early trade on Thursday after crude oil prices bounced back, although other Gulf markets lost ground.

Riyadh's index rose 0.3 percent in the first 30 minutes with Saudi Basic Industries, the largest petrochemical producer, gaining 0.9 percent and Yanbu National Petrochemicals (Yansab) adding 1.1 percent.

Brent crude climbed 1.5 percent to above $48.70 a barrel after U.S. crude inventories surprisingly plunged last week in their largest weekly drawdown for over three decades."



'via Blog this'

Surreal conditions in the bond market | Short View - YouTube

Surreal conditions in the bond market | Short View - YouTube: ""



'via Blog this'