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Monday, 22 May 2017

Emirates to tap into China demand with A380 expansion on Beijing and Shanghai routes | The National

Emirates to tap into China demand with A380 expansion on Beijing and Shanghai routes | The National:

"Emirates plans to ramp up passenger numbers on its A380 services to Beijing and Shanghai from July, strengthening its mainland China offering.

The airline will upgrade its second daily flights on these routes to an A380 aircraft from the current Boeing 777-300ER.

In operation from July 1, the service will increase capacity on flights to both Beijing and Shanghai in China, where it also flies to Guangzhou, Yinchuan and Zhengzhou."



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NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources | Reuters

NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources | Reuters:

"UAE health operator NMC Health, asset manager Ashmore Group and Dallah Health are separately considering bids for the Jeddah-based medical services business of Saudi Arabian Airlines (Saudia) which could fetch $500 million, sources familiar with the deal said. Saudia has sent out a request for proposals for the sale of the business through its financial adviser Jadwa Investment as it seeks to reduce non-core assets, they said. Other Saudi healthcare companies may look at the business as well as healthcare groups such as Saudi German Hospital and Dr. Sulaiman Al Habib Medical Group, sources told Reuters. The sources declined to be identified because details of the bidding process are not public."



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MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters

MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters:

"Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf.

Cairo's blue-chip index dropped 2.5 percent after the central bank hiked its overnight deposit rate and overnight lending rate by two percentage points - its first increase since a hike of three percentage points in November.

The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary Fund. But the equity market was not prepared for such a move."



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Money flowing into sovereign wealth funds declines to $7.4tn

Money flowing into sovereign wealth funds declines to $7.4tn:

"Sovereign wealth funds are feeling the strain from lower oil prices and government raids on rainy-day funds, with the amount of money managed by state-backed investment vehicles falling slightly to $7.4tn. Between March 2015 and March 2017, the collective assets overseen by SWFs — which often owe their origins to money generated from a country’s excess oil revenues — decreased 0.5 per cent. That compares with the 14 per cent increase in the two years to March 2015, according to the Sovereign Wealth Fund Institute, a research organisation. The fall in assets has raised concerns that state funds will withdraw more money from external investment managers, which have already suffered several years of redemptions from these large investors."



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Arqaam's Meijer Says Deals Will Fuel Saudi GDP Growth - Bloomberg

Arqaam's Meijer Says Deals Will Fuel Saudi GDP Growth - Bloomberg:

"Jaap Meijer, managing director and head of equity research at Arqaam Capital, discusses the deals signed between the U.S. and Saudi Arabia. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk | Reuters

MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk | Reuters:

"Oman, which saw its debt rating cut to junk this month, appears to be borrowing money it needs far in advance of spending it in order to take advantage of market conditions and prevent investors worrying about its ability to fund itself. The Omani government is expected to offer as soon as this week as much as $2 billion of Islamic bonds, its first public offer of sukuk in the international market. It would be Oman’s second international bond issue this year, after a $5 billion conventional bond sale in March that was split into tranches of five, 10 and 30 years."



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Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital | Reuters

Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital | Reuters:

"The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

Japanese billionaire Masayoshi Son, chairman of Softbank, a telecommunications and tech investment group, revealed plans for the fund last October and since then it has obtained commitments from some of the world's most deep-pocketed investors."



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From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel | Reuters

From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel | Reuters:

"It was an unconventional venue for an unusual encounter.

In the Vatican's Sistine Chapel in the summer of 2016, OPEC's new secretary general Mohammed Barkindo bumped into Citigroup's global head of commodities research Ed Morse.

Their chat, at an energy industry event held in the Chapel, led to a series of meetings that have reshaped the way the Organization of the Petroleum Exporting Countries interacts with the hedge funds and trading houses that influence world oil markets."



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Why the Permian Basin Is OPEC's New Headache: QuickTake Q&A - Bloomberg

Why the Permian Basin Is OPEC's New Headache: QuickTake Q&A - Bloomberg:

"A dry expanse straddling the Texas-New Mexico border has become such a bounty of energy that it’s now a threat to OPEC. Surging output from the Permian Basin, which has been described as a layer cake of oil and natural gas, is projected to help push U.S. crude production to a record next year, making it harder for members and partners of the Organization of Petroleum Exporting Countries to move prices higher and lower by controlling the supply to the world. As technology improves, and geologists learn more about what’s underground, estimates of Permian reserves steadily increase."



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Rouhani Win Seen Speeding Iran Oil-Deals Push Amid Trump Threat - Bloomberg

Rouhani Win Seen Speeding Iran Oil-Deals Push Amid Trump Threat - Bloomberg:

"Iranian President Hassan Rouhani is in a stronger position after his re-election to push through plans for wooing foreign investors the country needs to boost oil production, according to analysts at Cornerstone Global Associates and SVB Energy. Iran’s effort to attract about $100 billion to develop more than 50 oil and natural gas fields bogged down ahead of the May 19 presidential election. Political arguments stalled approval of the contract terms the government would offer, and U.S. financial sanctions -- and the potential threat of additional curbs -- continue to dissuade many would-be international investors. Rouhani defeated rivals in a landslide, winning about 57 percent of the vote. As his victory was announced on Saturday, U.S. President Donald Trump was in Saudi Arabia, Iran’s regional rival, bolstering a coalition of states opposed to the Islamic republic. Trump has said the nuclear accord that world powers reached with Iran is one of the worst deals he’s seen and is reviewing policy toward the country. "



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MIDEAST STOCKS-Egypt hit by surprise interest rate hike, Qatar leads in Gulf | Reuters

MIDEAST STOCKS-Egypt hit by surprise interest rate hike, Qatar leads in Gulf | Reuters:

"Egypt's stock market fell sharply in early trade on Monday after an unexpected move by the central bank to raise key interest rates while in the Gulf Qatar outperformed an otherwise quiet market.

All but three of the 30 most traded stocks in Egypt declined after 25 minutes of trade knocking the stock index 1.7 percent lower.

At a meeting of its Monetary Policy Committee, the central bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent. This was the bank's first increase in rates since an aggressive hike of 300 basis points in November."



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