Google+ Followers

Sunday, 14 May 2017

Dubai's Emaar Properties posts 15 percent jump in first-quarter profit | Reuters

Dubai's Emaar Properties posts 15 percent jump in first-quarter profit | Reuters:

"Dubai's Emaar Properties EMAR.DU, builder of the world's tallest tower, reported a 15 percent rise in first-quarter net profit on Sunday, broadly in line with analysts' expectations. The developer, in which Dubai's government owns a minority stake, made a net profit of 1.384 billion dirhams ($376.9 million) in the three months to March 31, it said in a statement. That compares with a profit of 1.205 billion dirhams in the corresponding period last year, the company said."



'via Blog this'

Mubadala Plans to Invest Up to $15 Billion in SoftBank Fund - Bloomberg

Mubadala Plans to Invest Up to $15 Billion in SoftBank Fund - Bloomberg:

"Abu Dhabi’s Mubadala Investment Co. plans to invest as much as $15 billion in SoftBank Group Corp.’s Vision Fund and start two new venture capital funds to build its technology holdings. The SoftBank fund will be “wrapped up” in two to three weeks with about $95 billion of commitments, according to Ibrahim Ajami, head of venture capital at Mubadala Capital, the sovereign wealth fund’s investment arm. Mubadala plans to make its investment over the next five years, he said. “This is a significant opportunity for good financial returns,” Ajami said in an interview in Abu Dhabi on Sunday. “Our priority is financial return, if you look at his track record over the past 30 years, what he’s been able to achieve in technology, no other investor has,” Ajami said, referring to SoftBank Chief Executive Officer Masayoshi Son."



'via Blog this'

MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt | Reuters

MIDEAST STOCKS-Gulf slips as Q1 loss hits PetroRabigh; IMF agreement fails to lift Egypt | Reuters:

"Most Gulf stock markets edged down on Sunday with Saudi Arabia dampened by a much wider first-quarter loss at PetroRabigh, while agreement between the International Monetary Fund and Cairo did little to help Egypt's bourse. The Saudi stock index slipped 0.4 percent as PetroRabigh tumbled its 10 percent daily limit after reporting that its quarterly loss ballooned to 240 million riyals ($64 million) from 37 million riyals a year earlier, and compared to a profit in the previous quarter. The company blamed the bigger loss, which contrasted with solid first-quarter earnings at many Saudi petrochemical firms, on reduced margins for refined products and a downtrend in crude oil prices, which hit inventory valuations. Also, the firm reclassified some payments and temporarily shut a facility in the first quarter."



'via Blog this'

Oman junked by S&P, outlook negative

Oman junked by S&P, outlook negative:

"S&P Global Ratings on Friday lowered its long-term rating on Oman to BB+ from BBB- with a “negative” outlook, indicating the agency could further reduce its rating. The move to cut Oman’s credit rating below investment-grade status “reflects our view that the Omani government’s heightened external financing needs have resulted in the economy’s large net external asset position, (external assets exceeding external liabilities) declining to a level insufficient to mitigate the risk from its volatile export revenue base.” The rating agency estimated that Oman’s net external asset position has fallen to 30 per cent of its current account, from 60 per cent a year ago."



'via Blog this'

As goes Iran’s election, so goes its oil sector | The National

As goes Iran’s election, so goes its oil sector | The National:

"Not only western elections feature populists with reckless economic plans. Where the former Iranian president Mahmoud Ahmadinejad promised to "put the oil money on the tablecloth", challengers in the current election pose a danger to the country’s vital oil industry.

In (often unreliable) polls, the incumbent Hassan Rouhani has a strong lead over his two closest challengers, the hardline cleric Ebrahim Raisi and the conservative Tehran mayor Mohammed Bagher Ghalibaf. If he does not win outright, there would be a run-off a week later.


Mr Ahmadinejad’s tenure was disastrous for the Iranian petroleum industry. He took office promising to clear out the "petroleum mafia", but raised oil ministry employment from 100,000 to 250,000, fired experienced managers and installed cronies. Billions of dollars of oil revenue went missing in corruption scandals and insider privatisations. Long negotiations with international oil firms led only to dozens of preliminary agreements."



'via Blog this'

Low volatility persists in UAE markets | GulfNews.com

Low volatility persists in UAE markets | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) was flat last week, up only 0.46 or 0.01 per cent to end at 3,420.19. There were 11 advancing issues and 24 declining, while volume slipped a bit from the previous week. At the beginning of the week the index dipped below the prior week’s low, giving a bearish trend continuation signal. Support was subsequently found on Monday at the week’s low of 3,380.16. At that low the DFMGI had corrected 9.6 per cent off the 2017 February high of 3,738.69. That’s less than either of the two prior corrections that have occurred since the DFMGI bottomed in January 2016. Each of those were over 11 per cent. This might mean that if last week’s bottom holds it is a sign of relative strength, and it would clearly be a higher bottom than the last bottom or swing low that was hit in November of last year. Sequential higher bottoms is one element showing strength within price behaviour."



'via Blog this'

S&P cuts Oman debt to junk as cheap oil shrinks external reserves | Reuters

S&P cuts Oman debt to junk as cheap oil shrinks external reserves | Reuters:

"Standard & Poor's cut Oman's credit rating to junk on Friday, saying low oil prices had eroded the country's external reserves to the point they could no longer offset the threat of low oil prices. The downgrade made Oman the second of the Gulf's wealthy oil-exporting states to drop below investment-grade because of cheap crude. Bahrain was last year cut to junk status by all three of the major credit ratings agencies. S&P said on Friday that it was lowering Oman's sovereign rating by one notch to BB+ from BBB- with a negative outlook, meaning there was a substantial chance of a further downgrade."



'via Blog this'

MIDEAST STOCKS-Gulf edges down, Q1 loss hits Saudi's PetroRabigh | Reuters

MIDEAST STOCKS-Gulf edges down, Q1 loss hits Saudi's PetroRabigh | Reuters:

"Most Gulf stock markets edged down in early trade on Sunday with a much wider first-quarter loss at Saudi Arabia's PetroRabigh helping to pull down that market.

The Saudi stock index slipped 0.3 percent as PetroRabigh tumbled its 10 percent daily limit after reporting that its quarterly loss ballooned to 240 million riyals ($64 million) from 37 million riyals a year earlier, and compared to a profit in the previous quarter.

The company blamed the bigger loss, which contrasted with solid first-quarter earnings at many Saudi petrochemical firms, on reduced margins on refined products and a downtrend in crude oil prices, which hit inventory valuations. Also, it reclassified some payments and temporarily shut a facility in the first quarter."



'via Blog this'