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Sunday, 4 June 2017

Ex-Damac Properties chief joins Saudi developer | GulfNews.com

Ex-Damac Properties chief joins Saudi developer | GulfNews.com:

"Ziad Al Chaar, the former Damac Properties’ managing director, is assuming the role of chief executive officer at Saudi Arabia’s largest listed real estate developer — Dar Al Arkan. The move was confirmed via a statement the latter issued to Tadawul, the Saudi stock market authority, on Sunday. It was last month that Al Chaar’s resignation from Damac was confirmed, setting off some active speculation as to where he might go next. Names of prominent Saudi developers were mentioned in this regard, while the more extreme ones had him even taking on a role at The Trump Organisation. But informed market sources quickly set to rest such speculation, saying that a CEO’s position had opened up at Dar Al Arkan, where on May 15 it was announced that the incumbent CEO — Dr Abdul Rehman Hamad Al Harkan — was stepping down (effective from June 1). His tenure lasted five years. The Saudi developer has a fairly sizeable portfolio of existing and completed projects, principally in the residential space. But it has also extended into retail in a big way, most notably by helming the Al Qasr Mall, which opened in Riyadh in June of 2012."



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Dana Gas appoints advisers for $700 mln sukuk restructuring –sources | Reuters

Dana Gas appoints advisers for $700 mln sukuk restructuring –sources | Reuters:

"United Arab Emirates energy firm Dana Gas appointed Houlihan Lokey as financial adviser and Squire Patton Boggs as legal adviser for the restructuring of its $700 million sukuk maturing in October, sources said on Sunday. The company, which has been facing a cash shortage because of missed payments from its assets in Egypt and Iraq’s Kurdistan, announced in early May its intention to hold discussions with the sukuk holders. Dana and New York-listed Houlihan Lokey did not immediately respond to requests for comment."



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SoftBank Fund in Talks With Canada, Mideast Firms for Cash - Bloomberg

SoftBank Fund in Talks With Canada, Mideast Firms for Cash - Bloomberg:

"SoftBank Group Corp. is in discussions with potential investors in Canada and the Middle East to raise $7 billion of additional capital for its technology fund, according to people familiar with the matter.

The Japanese company is in talks with Canadian pension funds, sovereign wealth funds in Kuwait and Qatar and technology companies, the people said, asking not to be identified as the discussions are ongoing. The new commitments would take the total pool to $100 billion, though there’s no guarantee that the parties will reach an agreement, they said.

The Vision Fund will charge a performance fee of 20 percent and a management fee of 0.5 percent to 1 percent, the people said. That compares to private equity firms, which typically charge 2 percent of the assets they oversee, plus 20 percent of profits. SoftBank plans to hire about 50 people this year to help manage its investments, the people said."



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Billionaire Entrepreneur Seeking Saudi Health-Care Acquisitions - Bloomberg

Billionaire Entrepreneur Seeking Saudi Health-Care Acquisitions - Bloomberg:

"NMC Health Plc, the biggest privately owned health-care company in the United Arab Emirates, is looking to buy hospitals and other medical facilities in Saudi Arabia where the government has announced privatization plans as part of efforts to reform the country’s economy. NMC Health, which has a market capital of almost $6 billion, is especially interested in the bidding process for the health-care unit of the Saudi Arabian Airlines, known as Saudia, Bavaguthu Raghuram Shetty, the billionaire founder and non-executive chairman of the London-listed company, said in an interview with Bloomberg TV at his office in Abu Dhabi. “I’m interested,” he said. “Whenever there is a chance, I’ll go. We have surplus funding, no problem.”"



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Saudis Blowing Smoke - Bloomberg Gadfly

Saudis Blowing Smoke - Bloomberg Gadfly:

"It was a dismal day for OPEC when it met in Vienna to extend its output deal. Despite an agreement to limit supply for another nine months -- a move it had signaled well in advance -- the price of crude fell by around 5 percent.The one bright moment came when Saudi Energy Minister Khalid Al-Falih announced that his country would cut crude sales to the U.S. Prices rallied briefly, adding as much as 50 cents. But a closer look at his comments reveals they may lack teeth. Unless the Saudis get serious about depriving customers of crude they want to buy, pessimism on OPEC's ability to rebalance the market is warranted.Here's what he actually said during the press conference after the meeting between the group and its friends on May 25:"



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MIDEAST STOCKS-Saudi rises ahead of MSCI decision, Ezdan leaps in Qatar | Reuters

MIDEAST STOCKS-Saudi rises ahead of MSCI decision, Ezdan leaps in Qatar | Reuters:

"Saudi Arabia's stock market rose on Sunday on hopes that MSCI would soon begin steps towards adding Riyadh to its emerging market index. Other regional bourses moved little though major property firm Ezdan Holding rebounded sharply in Qatar.

MSCI is to announce on June 20 whether it will launch a review of whether to add Saudi Arabia to its index. Inclusion would probably not take place before mid-2019, but it could ultimately bring tens of billions of dollars of fresh foreign money to Riyadh.

In the last few days, investors have gradually increased their bets on a positive decision on June 20 by adding to their holdings of stocks which foreign investors are expected to favour."



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Saudis Blowing Smoke - Bloomberg Gadfly

Saudis Blowing Smoke - Bloomberg Gadfly:

"It was a dismal day for OPEC when it met in Vienna to extend its output deal. Despite an agreement to limit supply for another nine months -- a move it had signaled well in advance -- the price of crude fell by around 5 percent.The one bright moment came when Saudi Energy Minister Khalid Al-Falih announced that his country would cut crude sales to the U.S. Prices rallied briefly, adding as much as 50 cents. But a closer look at his comments reveals they may lack teeth. Unless the Saudis get serious about depriving customers of crude they want to buy, pessimism on OPEC's ability to rebalance the market is warranted.Here's what he actually said during the press conference after the meeting between the group and its friends on May 25:"



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MIDEAST STOCKS-Gulf consolidates, Ezdan leaps in Qatar | Reuters

MIDEAST STOCKS-Gulf consolidates, Ezdan leaps in Qatar | Reuters:

"Gulf stock markets generally consolidated in quiet trade on Sunday although major property firm Ezdan Holding rebounded in Qatar. Ezdan had tumbled as much as 29 percent since late last month, when shareholders approved the delisting of the company. However, it has begun recovering in the past two trading days and was up 9.5 percent on Sunday at 12.53 riyals in heavy trade. The board has said it will prepare a statement of the company's fair value per share, to be presented to shareholders at a subsequent meeting, and some traders may be speculating on a buyout price above current levels. Ezdan shares have been removed from Qatar's stock index , however, which was down 0.4 percent on Sunday. Petrochemical producer Industries Qatar fell 1 percent."



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