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Sunday, 8 January 2017

Saudi Aramco gets ready for ‘no ordinary IPO’

Saudi Aramco gets ready for ‘no ordinary IPO’:

"A year ago Mohammed bin Salman, Saudi Arabia’s deputy crown prince and the power behind the throne, electrified the global energy industry by revealing plans to float the world’s largest oil producer.

The ambitious proposal for an initial public offering in state-owned Saudi Aramco is the centrepiece of the hard-charging 31-year-old’s vision to overhaul an economy seen as too heavily dependent on natural resources.

One year on from Prince Mohammed’s statement of intent, many key issues are still to be resolved: notably those pertaining to the precise shape of Saudi Aramco as a public company, its tax rate and dividend policy, and where it will take a stock market listing."



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MIDEAST STOCKS-Gulf mostly rises but Saudi slides; foreigners sell in Egypt | Daily Mail Online

MIDEAST STOCKS-Gulf mostly rises but Saudi slides; foreigners sell in Egypt | Daily Mail Online:
"Most Gulf stock markets rose on Sunday on the back of firm oil prices and global equities, but profit-taking in sectors including petrochemicals pulled down Saudi Arabia.

Dubai's index rose 1.8 percent to 3,692 points in the heaviest trading volume in nearly a month, which more than doubled from Thursday's level.

The index climbed above technical resistance at the mid-December peak of 3,659 points; a second straight close above that level would confirm a break, leaving the next chart barrier at the October 2015 peak of 3,740 points.

"

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Dubai Stocks Lead Middle East Gains as Traders Seek Dividends - Bloomberg

Dubai Stocks Lead Middle East Gains as Traders Seek Dividends - Bloomberg:
"Dubai stocks gained the most in the Gulf, led by Emaar Properties PJSC, as investors hunt for dividends ahead of earnings season. Insurers in the emirate rose on merger speculation.

Emaar Properties, which accounts for about 22 percent of the DFM General Index, climbed 1.6 percent as analysts see the stock handing investors a dividend of 18 fils per share for 2016, according to data compiled by Bloomberg. Dubai’s gauge advanced for a sixth day, the longest streak since July, adding 1.8 percent on Sunday."

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Dubai's DAMAC Properties expects to maintain 25 pct dividend - CFO | Reuters

Dubai's DAMAC Properties expects to maintain 25 pct dividend - CFO | Reuters:
"Dubai's DAMAC Properties expects to maintain its 25 percent cash dividend policy for 2016 despite profit declines in the first three quarters, its group chief financial officer said on Sunday.

The developer's board set a minimum 25 percent cash dividend target in 2014 for the following two years. The board followed the recommendation in 2015, however, is yet to announce a dividend for 2016.

"There is no reason to speculate we will not adhere to this," Adil Taqi told Reuters at DAMAC's headquarters in Dubai, adding that it would be unlikely to be more than the target and would require regulatory approval.

"

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Iran takes ownership of first passenger jet under sanctions deal | Reuters

Iran takes ownership of first passenger jet under sanctions deal | Reuters:
"Airbus said on Sunday Iran's state airline IranAir had accepted its first new jet, marking a key step in opening up trade under a nuclear sanctions deal between Iran and major powers.

The Airbus A321 jetliner has been painted in IranAir livery and is expected to be delivered later this week.

"The technical acceptance has been done with formal delivery still to be done," an Airbus spokesman said.

A spokesman for Iran's civil aviation authority said the aircraft had been placed on the country's aircraft register, indicating IranAir had taken ownership of the aircraft, the first of around 200 Western aircraft ordered since sanctions were lifted. (Reporting by Tim Hepher and Dubai newsroom; Editing by GV De Clercq and Mark Potter)"

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Saudi embrace of ride-hailing apps drives economic, social change | Reuters

Saudi embrace of ride-hailing apps drives economic, social change | Reuters:
"Saudi Arabia hopes its plan to bring a further 1.3 million women into the workforce by 2030 will be given a lift from ride-hailing apps Uber and Dubai-based rival Careem.

The cars, which the government says should only be driven by Saudi men, offer women, who are banned from driving in the conservative Muslim country, an alternative to being driven to work by chauffeurs, male relatives or the shabby taxi system.

Ride-hailing apps have come under intense scrutiny from governments and regulators across the globe as they disrupt traditional taxi businesses."

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MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed | Reuters

MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed | Reuters:
"United Arab Emirates stock markets rose in early trade on Sunday, boosted by local retail investors' buying stocks priced below 1 dirham, while most other Gulf bourses moved little.

Dubai's index climbed 1.3 percent to 3,675 points in the first 90 minutes, testing technical resistance at the mid-December peak of 3,659 points. Nine of the 10 most heavily traded stocks rose and six of them were priced below 1 dirham.

Two of them were insurance firms, with Dubai Islamic Insurance jumping 8.3 percent and Islamic Arab Insurance adding 6.5 percent. For the past couple of weeks, some traders have been speculating there may be mergers in the insurance industry following last year's news of a big Abu Dhabi banking merger."

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Times Of Oman :: Expat exodus from Oman to continue as 2017 expected to stay hard

Times Of Oman :: Expat exodus from Oman to continue as 2017 expected to stay hard:
"“I have finally decided to leave Oman. They are cutting our salaries, citing tough economic conditions. Besides, wages often get delayed. With a number of people leaving the company, workload is piling up. It has become quite difficult to meet my family expenses with my reduced salary. It is true that my children are studying here, but I don’t want to continue like this.”

This was Gopal Kumar N, an administration official working with a construction company. His story is no different from that of many others like him.

Trade union officials and experts predict that the ‘expat exodus’ that began in 2016 will continue this year."

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