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Sunday, 28 May 2017

Mashreq first bank in the region to join SWIFT global payments innovation | GulfNews.com

Mashreq first bank in the region to join SWIFT global payments innovation | GulfNews.com:

"SWIFT announced on Sunday that Mashreq has signed up for its global payments innovation (gpi) service, to become the first bank in the Middle East to join this international initiative. SWIFT gpi improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions. Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships and achieve greater treasury efficiencies."



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Long drawn out battle for Opec with oil balance | The National

Long drawn out battle for Opec with oil balance | The National:

"Opec did too good a job managing expectations ahead of its latest meeting in Vienna, which concluded on Thursday. The extension of the deal by nine months, rather than six, was so clearly flagged that oil prices fell 5 per cent on its announcement.

Some vague rumours had emerged beforehand, that a longer extension was on the table, that Nigeria might be roped in, or that cuts might be deeper. The market’s reaction probably reflects the liquidation of speculative long positions, held to cover against an Opec surprise.


Instead of a repeat of the initial six-month term, the nine-month period, taking us to the end of next March, is ideal. It allows for spreading adherents’ compliance over a longer period."



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Dubai's DSI to put aside almost 1 bln dirhams for debt payments -sources | Reuters

Dubai's DSI to put aside almost 1 bln dirhams for debt payments -sources | Reuters:

"Dubai contractor Drake & Scull International (DSI) expects to have nearly 1 billion dirhams ($272 million) of cash flow available over the next four years to partly repay its debt, banking sources told Reuters. The loss-making builder sent non-disclosure agreements to its lenders in April, ahead of planned meetings to discuss the rescheduling of payments on existing debt and to seek support for its 2017-2021 business plan. DSI been battling a depressed Gulf construction market, as governments rein in spending on infrastructure schemes after oil prices declined."



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Dubai's Aster DM Healthcare Plans 2018 IPO as Sentiment Improves - Bloomberg

Dubai's Aster DM Healthcare Plans 2018 IPO as Sentiment Improves - Bloomberg:

"Aster DM Healthcare is planning an initial public offering next year as the Dubai-based medical provider seeks to take advantage of improved market sentiment for the Persian Gulf.

The company aims to sell 10 percent of shares by October 2018, with a listing either in Mumbai or London, Chief Executive Officer Alisha Moopen said Sunday in an interview in Dubai. Proceeds will be used to pay debt and expand, including through acquisition. Kotak Mahindra Capital will be lead manager of the issue, she said.

Aster DM filed a draft prospectus for an IPO last year, when low crude prices slowed growth in the oil-dependent Middle East and created uncertainties for companies. Aster DM operates clinics, hospitals and pharmacies in the United Arab Emirates, Oman, Qatar, Bahrain and Saudi Arabia and competes with Abu Dhabi-based NMC Health Plc, which has seen its shares jump 41 percent this year in London trading."



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MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters

MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters:

"Most Gulf stock markets fell in disappointment on Sunday after global oil producers agreed to extend cuts in output by nine months in an effort to prop up prices, while real estate developers boosted Egypt's index.

Last Thursday's oil output deal may put a floor under oil prices at around $50 a barrel for Brent crude, which could allow Gulf governments including Riyadh to spend a little more on economic growth this year.

"While the cuts will continue to trim headline GDP growth in the Gulf this year, the boost to oil export receipts should allow austerity to be eased further, supporting stronger growth in non-oil sectors," London-based Capital Economics said in a report."



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Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National

Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National:

"Moody’s Investors Service has upgraded its creditworthiness outlook for both the UAE and Kuwait, but downgraded its debt rating for Qatar, which the rating agency noted has run up a much higher foreign debt load than its peers. The actions by Moody’s yesterday came shortly after the decision by Opec, of which all three countries are core members, and some non-Opec states to continue restraining output until the end of next March at least. Opec and its non-member partner countries on Thursday agreed it was necessary to commit to another nine months of production restraint when the initial deal expires at the end of next month to ensure oil prices do not collapse again to the levels of last year, when world benchmark North Sea Brent crude fell below US$30 per barrel to its lowest level in 12 years and averaged around $44 for the whole year."



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London markets itself as exchange of choice for Gulf debt issuers | The National

London markets itself as exchange of choice for Gulf debt issuers | The National:

"The London Stock Exchange (LSE) has been targeting pot­ential sovereign and corporate debt issuers from the Gulf for the new International Securities Market (ISM) that it launched this month. Executives from the exchange have been in the region in recent weeks promoting the new market, which has been created as an additional market for organisations to issue bonds that will be traded by institutional investors. The move comes as GCC countries have been issuing record amounts of sovereign debt to plug budget gaps amid lower revenues from oil."



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MIDEAST STOCKS-Gulf bourses edge down after OPEC deal; Qatar's Ezdan continues slide | Reuters

MIDEAST STOCKS-Gulf bourses edge down after OPEC deal; Qatar's Ezdan continues slide | Reuters:

"Most Gulf stock markets edged down in early trade on Sunday after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan.

Many in the markets had been hoping for stronger action by OPEC to push up oil prices, such as a deal to deepen the production cuts or extend them further until mid-2018.

Saudi Arabia's stock index dropped 0.4 percent during the first 45 minutes in a broad-based decline, with 120 shares falling and 13 gaining."



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