Google+ Followers

Wednesday, 1 March 2017

Gulf Craft plans IPO by end of 2017 | The National

Gulf Craft plans IPO by end of 2017 | The National:

"Gulf Craft, the UAE’s biggest yacht manufacturer, is looking to float on the Dubai Financial Market before the end of the year.

The likelihood of an initial public offering is being evaluated currently, the chief executive Erwin Bamps said at the Dubai Boat Show today.

The boat builder’s stable of nautical craft ranges from a 27-foot cruiser to a 155ft mega yacht launched in 2015.

"



'via Blog this'

Putin's Russia Seen Dominating European Gas for Two Decades - Bloomberg

Putin's Russia Seen Dominating European Gas for Two Decades - Bloomberg:

"Europe has wanted to wean itself from Russian natural gas ever since supplies from its eastern neighbor dropped during freezing weather in 2009. Almost a decade later, the region has never been more dependent. Gazprom PJSC, Russia’s state-run export monopoly, shipped a record amount of gas to the European Union last year and accounts for about 34 percent of the trading bloc’s use of the fuel. Russia will remain the biggest source of supply through 2035, Royal Dutch Shell Plc said last week, echoing comments by BP Plc in January. EU lawmakers have had their hearts set on diversifying supplies with liquefied natural gas delivered by tanker from the U.S., where production of the fuel skyrocketed last year. So far, those shipments have failed to materialize amid a lack of firm contracts and higher prices outside Europe. Overall, LNG shipments to the region, led by Qatar, were stagnant last year."



'via Blog this'

Iran at the Dawn of Foreign Investment Opportunity - Bloomberg

Iran at the Dawn of Foreign Investment Opportunity - Bloomberg:

"A bustling population of 80 million people and an estimated GDP of about US$400 billion dollars, Iran is an emerging market ripe for investment. Enter Toronto-based Delta-Arjan Advisory, which advises Iranian firms to be "investor ready." Senior Partner Dragica Grbavac explains what industries and sectors are ready for foreign capital. (Source: Bloomberg)"



'via Blog this'

MIDEAST STOCKS-Markets diverge in low volumes; Qatar rebounds | Reuters

MIDEAST STOCKS-Markets diverge in low volumes; Qatar rebounds | Reuters:

"Trading volumes in Middle Eastern stocks were light on Wednesday, with relatively modest moves and regional markets taking different directions.

Qatar's index rebounded 0.5 percent after dropping 2.2 percent in the previous session. All but one of the six banks rose with Commercial Bank, the top gainer, jumping 2.3 percent.

Abu Dhabi's index added 0.4 percent to 4,570 points but closed 38 points below its intra-day high. Two banks which are set to merge on April 1 closed substantially higher, with First Gulf Bank up 1.8 percent and National Bank of Abu Dhabi 1.4 percent higher."



'via Blog this'

Are emerging markets entering a new virtuous cycle?

Are emerging markets entering a new virtuous cycle?:

"Barely a year ago, Vale, the Brazilian mining company, was reeling. Prices of iron ore, its principal export, were at an all-time low, investors were ditching its shares and China — the market on which it most depends — looked as if it was heading for a rapid and uncontrolled slowdown. Fast forward 13 months and iron ore is back in fashion. Vale is producing record amounts and, on the back of a more than doubling in price to nearly $90 a tonne, last week revealed a 2016 profit of $4bn after a loss of $12bn in 2015. Its share price in São Paulo hit a four-year high of more than R$35 ($11) last week, from a low of less than R$7 in January 2016. Much of that recovery has come since the turn of the year. And while the key factor for Vale has been a recovery in China it is not the only reason driving a revival of fortunes for companies in developing economies."



'via Blog this'

Qatar’s slowing economy puts World Cup spending in spotlight

Qatar’s slowing economy puts World Cup spending in spotlight:

"In Doha’s hotels, men in hard hats and steel-capped boots outnumber the suited bankers who used to swoop into the Qatari capital to pitch deals to the Gulf state’s sovereign wealth fund. It is a sign of the changing fortunes in Qatar, which garnered a reputation as one of the oil-rich Gulf’s most lavish spenders and aggressive dealmakers, as it seeks to manage the fall in oil prices. At a time when the economy slowed on other fronts, construction work — and the economic activity that comes with it — is now focused on preparations for the 2022 World Cup. The Gulf state is building nine sports stadiums, “cooled” fan zones, hotels, sewage works and roads ahead of the football tournament. But the question is how far and at what cost the construction work can compensate for the downturn elsewhere in the economy."



'via Blog this'

India v China – two growth stories

Dubai International posts record passenger traffic for January | The National

Dubai International posts record passenger traffic for January | The National:

"Dubai International Airport (DXB) began the new year flying high as monthly traffic in January reached an all-time record of 8 million passengers, according to the operator Dubai Airports on Wednesday. Passenger traffic rose 9.7 per cent to 8,037,008 in January 2017, up from 7,327,637 in the same month last year. For the whole of lastyear, DXB welcomed 83.6 million passengers, also an all-time high. "It’s an auspicious start to what is sure to be another record-breaking year for DXB," said Paul Griffiths, the chief executive of Dubai Airports. "It provides further impetus to our DXB Plus Programme, which will enhance service and boost capacity at DXB by applying technology to improved processes. It also fuels our ongoing efforts to improve the customer experience with world-leading Wi-Fi, retail, F&B and a wide array of offers ranging from spas to VIP service to live music.""



'via Blog this'

FGB, NBAD merger will lead to a stronger financial institution, FGB CEO says | GulfNews.com

FGB, NBAD merger will lead to a stronger financial institution, FGB CEO says | GulfNews.com:

"The merger of First Gulf Bank (FGB) with National Bank of Abu Dhabi (NBAD) will lead to a stronger financial institution that can compete at the international level and capture trade that is coming to the UAE, the chief executive officer of First Gulf Bank said in Abu Dhabi.
Speaking to the media after the annual general meeting during which the bank got shareholder approval for the merger, Andre Sayegh said the purpose of the merger is to add value and create a stronger financial institution.
“The purpose of the merger is to add value for the country, for the banking sector as a whole and for shareholders as well. We are going to see a stronger financial institution that can compete at the global scale and bring more revenue,” he said."



'via Blog this'

Dubai Shipowner Weighs Share Sale, Islamic Bonds in Expansion - Bloomberg

Dubai Shipowner Weighs Share Sale, Islamic Bonds in Expansion - Bloomberg:

"Gulf Navigation Holding PJSC may sell shares or Islamic bonds as the Dubai-based shipowner plans to seek funds to double or triple its fleet of oil and chemical ships, Chief Executive Officer Khamis Juma Buamim said. The company wants to acquire chemical and product tankers as well as offshore support vessels, after it agreed last month to settle historical liabilities, Buamim said in a Bloomberg TV interview. Gulf Navigation currently owns eight chemical tankers and four crew boats, according to its website. “We need to double our fleet or triple our fleet by 2020,” Buamim said. The company could sell shares or issue short-term Islamic bonds, or sukuk, to fund the growth, he said. “Most of the legacy issues are sorted out or about to be finalized.”"



'via Blog this'

Why Qatar Stocks Declined Most in the World - Bloomberg

Why Qatar Stocks Declined Most in the World - Bloomberg:

"NBAD Securities Managing Director Mohammed Ali Yasin weighs in on President Donald Trump's speech to congress and discusses the decline in Qatar stocks. Yasin speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



'via Blog this'

IMF Sees 6.6 Percent Growth for Iran - Bloomberg

IMF Sees 6.6 Percent Growth for Iran - Bloomberg:

"The Iranian economy has had an "impressive recovery" following sanctions relief last year, though uncertainty regarding the fate of the nuclear deal and relations with the U.S. threaten to undermine it, the IMF said. Bloomberg's Ladane Nasseri reports on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



'via Blog this'

Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO - Bloomberg

Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO - Bloomberg:

"Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market. The Middle Eastern oil giant, known as Saudi Aramco, signed a deal with state-owned Petroliam Nasional Bhd. to develop an oil refinery and naphtha cracker in Malaysia’s southern state of Johor and provide up to 70 percent of the crude requirements, the companies said at a briefing Tuesday. Saudi Aramco will invest $7 billion for its stake in the integrated oil and petrochemicals complex and plans to finalize a similar deal in Indonesia on Wednesday. “This will strengthen the equity story for Saudi Aramco,” Khalid Al Falih, the kingdom’s energy minister, said in Kuala Lumpur. “Investors will be looking for a company that has breadth in its portfolio.”"



'via Blog this'

MIDEAST STOCKS-Gulf bourses mixed in early trade | Reuters

MIDEAST STOCKS-Gulf bourses mixed in early trade | Reuters:

"Stock markets in the Gulf were mixed in thin early trade on Wednesday, Qatar and Abu Dhabi recovering after being the previous session's worst-performing markets. Qatar's index rose 0.5 percent after dropping 2.2 percent in the previous session. All banking shares gained ground, with Qatar National Bank adding 0.9 percent.

Abu Dhabi's index, which lost 1.7 percent on Tuesday, rebounded with a 1 percent gain. The largest listed stock, telecoms operator Etisalat, rose by 1.7 percent.

In Dubai, meanwhile, the main index edged down by 0.2 percent as shares in the only listed Gulf exchange, Dubai Financial Market, fell 1.4 percent. Builder Arabtec dropped 1 percent, heading for a third straight session of losses."



'via Blog this'