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Monday, 29 May 2017

MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters

MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters:

"Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices. The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs. Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent."



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Tender for Iran's Azadegan oilfield has started: oil minister | Reuters

Tender for Iran's Azadegan oilfield has started: oil minister | Reuters:

"The tender for Iran's Azadegan oilfield has started, the country's oil minister said on Monday, according to the Islamic Republic News Agency (IRNA).  "Right now the tender for developing the Azadegan field is being carried out," said Bijan Zanganeh. The Azadegan field, in southwest Iran near the border with Iraq, is considered to be the biggest oilfield in the Islamic Republic, IRNA reported. "



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Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg

Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg:

"Kuwait Finance House KSCP is in talks to buy Bahrain’s Ahli United Bank BSC, a person familiar with the matter said, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets.

KFH, as the lender is known, started discussions to acquire the Bahraini lender as well as its operations in Kuwait, the person said, asking not to be identified because the information is private. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, the person said.

Lower oil prices are forcing Gulf lenders to consolidate for scale and to better compete in a crowded market. Abu Dhabi lenders National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC recently merged to create a regional powerhouse with $175 billion of assets. Qatar’s Masraf Al Rayan QSC is planning to combine with unlisted Barwa Bank QSC and International Bank of Qatar QSC in a three-way merger to create the country’s largest Islamic lender."



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Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters

Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters:

"Saudi Arabian lender Alawwal Bank 1040.SE, 40 percent owned by Royal Bank of Scotland (RBS.L), has picked JPMorgan (JPM.N) to advise it on a proposed merger with Saudi British Bank 1060.SE (SABB), sources familiar with the matter told Reuters on Monday.

Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.

SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.

"



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Deutsche Bank Sees Saudi Inflows Topping $35 Billion on MSCI - Bloomberg

Deutsche Bank Sees Saudi Inflows Topping $35 Billion on MSCI - Bloomberg:

"Saudi Arabia could attract tens of billions of dollars in foreign investments in the Arab world’s biggest stock market if it’s added to MSCI Inc.’s emerging-markets index, according to Deutsche Bank AG’s chief executive officer for the Middle East and Africa.

Our “research anticipates a figure of up to $35 billion of inflows,” Dubai-based Jamal Al Kishi said in an interview. “Given the recent developments in Saudi Arabia and the turmoil in some other emerging markets, Saudi Arabia could potentially attract more significant inflows in my view, but this will not be instantaneous.”"



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Saudi Arabian Net Foreign Assets Dip Below $500 Billion in April - Bloomberg

Saudi Arabian Net Foreign Assets Dip Below $500 Billion in April - Bloomberg:

"Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds.

The Saudi Arabian Monetary Authority, as the central bank is known, said on Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion.

“It’s surprising,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “We had expected to see a rise in net foreign assets. There are limited signs of increased government spending in the economy.”"



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MIDEAST STOCKS-Gulf mixed in early trade, low-priced shares boost Dubai | Reuters

MIDEAST STOCKS-Gulf mixed in early trade, low-priced shares boost Dubai | Reuters:

"Gulf stock markets were mixed in quiet, early trade on Monday with low-priced shares favoured by local retail investors lifting Dubai's bourse. The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent. Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating."



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