Google+ Followers

Monday, 26 December 2016

Year in review: NBAD-FGB merger to set tone for UAE banking sector in 2017 | The National

Year in review: NBAD-FGB merger to set tone for UAE banking sector in 2017 | The National:
"UAE banks didn’t have the best of years in 2016 amid an oil-inspired economic slowdown but a successful completion of the merger of National Bank of Abu Dhabi and First Gulf Bank, the country’s biggest lenders, in the first quarter of next year will be a watershed moment.

For years high oil prices made the crowded sector, with more than 50 banks, viable as the country was flush with cash but a reversal in the direction of the price of oil in summer 2014 has put a dent in the status quo. The merger of the two institutions, one which is strong in corporate lending and the other in servicing individuals, is expected to come with a host of cost benefits and may set a trend for other lenders to follow.


Investors have by and large hailed the combination, especially as NBAD is considered one of the safest banks in the world, and its high credit ratings will allow it to borrow money cheaply on behalf of the new entity, which will have assets of US$178 billion, making it one of the largest in the Middle East and North Africa."

'via Blog this'

Year in review: Abu Dhabi Global Market spreads wings with the right international partners | The National

Year in review: Abu Dhabi Global Market spreads wings with the right international partners | The National:
"Three years after its founding by federal decree, Abu Dhabi Global Market really started to find its feet in 2016.

The free zone’s first full year of operations – having officially ­declared itself open for business in October 2015 – led to ADGM spreading its wings internationally, with a series of agreements with key international regulators.

The centre launched a major push to attract fintech entrepreneurs and also unveiled new regulations to bring in aircraft financing companies.


"

'via Blog this'

Abu Dhabi bourse to introduce short-selling in first quarter 2017 -CEO | Reuters

Abu Dhabi bourse to introduce short-selling in first quarter 2017 -CEO | Reuters:
"Abu Dhabi's stock market plans to introduce covered short-selling in the first quarter of 2017, its chief executive said on Monday, as it seeks to boost liquidity and attract more foreign investors.

In covered short-selling, investors borrow shares and sell them in the expectation of repurchasing them later at a lower price.

Regulators in the Gulf have until now shied away from allowing the practice because of concern that it could destabilise markets, though some countries including Saudi Arabia and Qatar have said they plan to introduce it."

'via Blog this'

MIDEAST STOCKS-Saudi post-budget rally stalls, UAE bourses firm | Reuters

MIDEAST STOCKS-Saudi post-budget rally stalls, UAE bourses firm | Reuters:
"The Saudi Arabian stock market's post-budget rally ran out of steam on Monday as the index neared technical resistance, while United Arab Emirates bourses outperformed the region.

The Saudi index added 1.5 percent on Sunday in reaction to Riyadh's modestly expansionary state budget for 2017. But it closed 0.3 percent lower at 7,166 points on Monday in lower trading volume. Technical resistance lies at this year's peak of 7,235 points, hit earlier this month.

Utility Saudi Electricity, which jumped 8.7 percent on Sunday after the government said in the budget that it would raise domestic fuel and electricity prices by unspecified margins later this year, fell back 2.6 percent.

"

'via Blog this'

Hindsight Capital 2016: Part Two

Hindsight Capital 2016: Part One

Gulf bourses gain ground in early trade | The National

Gulf bourses gain ground in early trade | The National:
"The Saudi Arabian stock market’s post-budget rally lost steam early on Monday as the index neared a technical resistance, while other major Gulf bourses were firm in quiet trade.

The Saudi index added 1.5 per cent to 7,191 points on Sunday in reaction to Riyadh’s modestly expansionary state budget for 2017.

But it faces technical resistance on this year’s peak of 7,235 points, hit earlier this month, and edged down 0.1 per cent to 7,181 in the first 20 minutes of trading on Monday."

'via Blog this'