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Thursday, 30 March 2017

Auditor warns on Drake & Scull’s future as contractor breaches terms of bank loans | The National

Auditor warns on Drake & Scull’s future as contractor breaches terms of bank loans | The National:

"Drake & Scull International’s chairman Majed Al Ghurair has said the company will focus on "strengthening our capital structure and reducing our leverage level" after the contractor reported a loss of Dh732.9 million and confirmed it was in breach of banking covenants. It finished the year with a negative cash balance of Dh329m, according to newly filed accounts. The company’s auditor, PwC, warned that a "material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern"."



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Impairments drag Taqa’s losses down to Dh19b in 2016 | GulfNews.com

Impairments drag Taqa’s losses down to Dh19b in 2016 | GulfNews.com:

"Abu Dhabi National Energy Company (Taqa) reported on Thursday a net loss of Dh19 billion for 2016, primarily on the back of Dh16.9 billion in post-tax impairment charges related to the company’s oil and gas assets.
In a statement to the Abu Dhabi bourse, Taqa said the impairment to assets was in response to the lower commodity price environment. It added that the impairment “is a one-time non-cash charge, and has no impact on Taqa’s ability to meet its obligations.”
The loss in 2016 compares to Dh1.8 billion in losses in 2015."



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Dubai holding CEO and vice chairman departed -sources | Reuters

Dubai holding CEO and vice chairman departed -sources | Reuters:

"The chief executive and vice chairman of Dubai Holding, the investment vehicle of the emirate's ruler, have left the company, sources familiar with the matter told Reuters on Thursday.

The departures come a few days after Abdulla al-Habbai was chosen as chairman of the investment conglomerate by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Dubai Holding chief executive Fadel al-Ali and vice chairman Ahmad Bin Byat had both left, the sources said.

The company was not immediately available to comment."



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CORRECTED-UPDATE 1-UAE state fund Mubadala nearly triples net profit in 2016 | Reuters

CORRECTED-UPDATE 1-UAE state fund Mubadala nearly triples net profit in 2016 | Reuters:

"Abu Dhabi's state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi-owned International Petroleum Investment Company (IPIC), said on Thursday its net profit nearly tripled in 2016.

Mubadala, which is focused on developing Abu Dhabi's economy through local companies such as clean energy firm Masdar and stakes in international players such as General Electric, is among the few state-controlled firms to publish results.

The company reported a net profit of 3.3 billion dirhams ($899 million) for 2016, compared to a net profit of 1.2 billion dirhams in 2015. Its total comprehensive income, which comprises all forms of income, was 4.1 billion dirhams in 2016, recovering from a negative 1.3 billion dirhams in 2015 when the market value of some assets fell."



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UAE's Mubadala plans overseas investments, may also divest stakes | Reuters

UAE's Mubadala plans overseas investments, may also divest stakes | Reuters:

"Abu Dhabi state-owned fund Mubadala Investment Company is lining up new overseas investments in 2017 and may also sell or reduce some of its existing stakes in companies, its chief executive said on Thursday. Mubadala, which is merging with Abu Dhabi-owned International Petroleum Investment Company (IPIC), will not see any change it its strategy after the merger, which will be completed in May, Khaldoon al-Mubarak told Reuters in an interview. The company said in January the merged entity would have assets of about $125 billion."



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Oil hits three-week highs as OPEC deal extension seen likely | Reuters

Oil hits three-week highs as OPEC deal extension seen likely | Reuters:

"Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.

Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension into the second half of the year of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit production, state news agency KUNA reported.

OPEC agreed to reduce its oil production by 1.2 million barrels per day during the first six months and so far, output has fallen for a third straight month and members have now complied with 95 percent of their commitments."



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MIDEAST STOCKS-Kuwait rebounds in volatile session, Dubai, Saudi firm | Reuters

MIDEAST STOCKS-Kuwait rebounds in volatile session, Dubai, Saudi firm | Reuters:

"Most stock markets in the Gulf ended the week on a slightly positive footing on Thursday with Kuwait's index managing to rebound from heavy losses earlier in the session. The Kuwaiti index swung 0.3 percent in a volatile session, after dropping as much as 2.0 percent earlier in the day as some shares which had pulled back in the first hour of trade triggered buy orders at those price dips. Telecommunications operator Zain added 1.1 percent to 0.455 dinars, rebounding from a session low of .445 dinars."



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Merged U.A.E. Banking Giant Seen Earning Bigger MSCI Weighting - Bloomberg

Merged U.A.E. Banking Giant Seen Earning Bigger MSCI Weighting - Bloomberg:

"A mega-merger of the two biggest banks in the United Arab Emirates should leave the combined company with a larger representation on the benchmark emerging-market index, triggering hundreds of millions of dollars of inflows to the stock, according to calculations by EFG-Hermes strategists. Thursday marks the last day of trading in First Gulf Bank PJSC before its combination with National Bank of Abu Dhabi PJSC in a deal that creates the biggest financial institution in the country. The combined entity starts trading on April 2, with FGB stock holders receiving 1.254 shares for each one they own before the merger. While FGB’s last trading day is likely to see foreign investors selling out of the stock, this should more than reverse over time for the combined company as it reaches liquidity benchmarks in 2018, said Mohamad Al Hajj, a Dubai-based equity strategist at EFG Hermes. The enlarged bank, trading as National Bank of Abu Dhabi, could gain an MSCI Emerging Markets Index weighting of 0.18 percent, once a liquidity factor adjustment is removed, compared with the banks’ combined 0.1 percent right after the merger, he said."



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Saudi Aramco formally appoints banks to advise on share sale | Reuters

Saudi Aramco formally appoints banks to advise on share sale | Reuters:

"Saudi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio join Moelis & Co and Evercore, which have been appointed independent financial advisers, one source said of what is expected to be the world's biggest share sale. The Saudi authorities aim to sell up to 5 percent of Aramco, listing the shares in Riyadh and at least one foreign exchange to raise cash for investment in new industries in a bid to diversify away from oil exports in an era of cheap crude."



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MIDEAST STOCKS-Kuwait weighed down by ex-dividend shares, region quiet | Reuters

MIDEAST STOCKS-Kuwait weighed down by ex-dividend shares, region quiet | Reuters:

"Kuwait's stock market underperformed in an otherwise quiet region during early trade on Thursday as three Kuwaiti large-cap shares went ex-dividend. The Kuwaiti index dropped 1.9 percent because of a 4.4 percent drop in Ahli United Bank, a 3.3 percent decline in Kuwait Telecom and a 1.5 percent fall in Burgan Bank. Most other stocks also fell with Boubyan Bank down 2.4 percent. Meanwhile Riyadh's index was up 0.3 percent in the first half-hour as most petrochemical shares rose. National Industrialization (Tasnee) added 1.8 percent."



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