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Wednesday, 7 June 2017

Emirates said in talks over deal for 20 Airbus A380 superjumbos | GulfNews.com

Emirates said in talks over deal for 20 Airbus A380 superjumbos | GulfNews.com:

"Emirates, the biggest operator of Airbus’ A380 superjumbo, is in talks about the purchase of 20 more of the double-decker jets in a move that could extend the lifespan of a programme dogged by slow sales, people familiar with the discussions said. The contract would be worth $8.7 billion (Dh39.29 billion) before discounts, though negotiations are at an early stage and it hasn’t been established exactly how many aircraft the Gulf carrier requires, according to the people, who asked not to be named because the talks are private. Airbus might also be required to commit to measures to make the A380 more efficient before a deal is signed. Emirates could reach an agreement to acquire the planes before the end of 2017 for deliveries starting in 2020, two people said. That would hand Airbus a lifeline in maintaining production at a level where it can break even on each jet, after the company warned this week it would have to cut output further in the absence of new orders this year. "



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Carrefour's Mideast Operator Is the Frontrunner in Geant Bid - Bloomberg

Carrefour's Mideast Operator Is the Frontrunner in Geant Bid - Bloomberg:

"Majid Al Futtaim Holding LLC, the Middle East operator of Carrefour SA stores, is the lead bidder for a controlling stake in the Geant Hypermarket chain, according to three people familiar with the matter.

 MAF, as the Dubai-based conglomerate is known, was up against Saudi Arabian retailer Bindawood Holding, the people said, asking not to be identified as the information is confidential. Bahrain-based private equity firm Investcorp Bank BSC acquired a stake in Bindawood last year. While MAF is close to concluding a deal, talks may still fall apart, the people said.

Privately-owned Majid Al Futtaim, whose assets include Dubai hotels and a mall featuring an indoor ski slope, is seeking acquisitions to fuel growth, Chief Executive Officer Alain Bejjani said in an interview with Bloomberg television last month. Geant, a franchise of French grocery retailer Casino Guichard-Perrachon SA operated by Dubai-based BMA International Group, hired BNP Paribas SA to advise on the sale, which could fetch as much as $500 million, people familiar with the matter said in December."



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Abu Dhabi petroleum port eases limits on oil tankers sailing to and from Qatar | Reuters

Abu Dhabi petroleum port eases limits on oil tankers sailing to and from Qatar | Reuters:

"Abu Dhabi petroleum port authorities have eased restrictions on oil tankers going to and from Qatar, according to industry sources and shipping circulars seen by Reuters on Wednesday. Abu Dhabi Petroleum Ports Authority issued a new circular on Wednesday removing previous restrictions on non-Qatar owned, flagged or operated vessels sailing to and from Qatar. This effectively allows co-loading of crude cargoes, a Singapore-based shipbroker said."



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Crude Oil's Biggest Tumble Since March Shown in Three Charts - Bloomberg

Crude Oil's Biggest Tumble Since March Shown in Three Charts - Bloomberg:

"Oil’s 5 percent tumble Wednesday, the biggest slide since March, followed government data that showed U.S. crude and fuel stockpiles unexpectedly soaring at a time of year when they normally decline.

Total U.S. inventories of crude oil and products such as gasoline and diesel fuel surged the most since 2008 last week, according to the Energy Information Administration. The 15.5 million-barrel jump took investors by surprise, sending the market off a cliff. What caused the increase? Higher imports of crude, as well as a sharp decline in exports. Add in a 505,000 barrel a day drop in gasoline demand and you end up with growing stockpiles.

“It’s about total stocks, crude and products, because that’s what the world wants to see, that’s what OPEC wants to see," Michael Wittner, head of commodities research at Societe Generale SA in New York, said by telephone. "A week ago, you could say three of the past four weeks, it has come down, you are starting to see a trend develop. And then today, boom, the whole thing falls apart.”"



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U.A.E. Gulps Qatari Gas to Keep Dubai's Lights on Despite Spat - Bloomberg

U.A.E. Gulps Qatari Gas to Keep Dubai's Lights on Despite Spat - Bloomberg:

"When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E.

The U.A.E. joined Saudi Arabia in cutting off air, sea and land links with Qatar on Monday, accusing the gas-rich sheikhdom of supporting extremist groups. But the U.A.E., which depends on imported gas to generate half its electricity, avoided shutting down the pipeline supplying it from Qatar, which has the world’s third-largest gas deposits. Without this energy artery, Dubai’s glittering skyscrapers would go dark for lack of power unless the emirate could replace Qatari fuel with more expensive liquefied natural gas. "



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MIDEAST STOCKS-Qatar weak on political crisis, Dubai's Emaar jumps on unit's IPO plan | Reuters

MIDEAST STOCKS-Qatar weak on political crisis, Dubai's Emaar jumps on unit's IPO plan | Reuters:

"Qatar's stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbours, though the pace of the drop slowed. Dubai's Emaar Properties jumped on a plan for an initial public offer by one of its units. The Qatari index lost 1.0 percent to a fresh 17-month low, taking its losses to 9.7 percent since Saudi Arabia, the United Arab Emirates and Egypt cut diplomatic links and transport ties on Monday, accusing Doha of backing terrorism."



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Emirates president pledges to ‘tough it out’ as airline struggles

Emirates president pledges to ‘tough it out’ as airline struggles:

"Sir Tim Clark is sombre. Over the past decade, Emirates Airline has become one of the most powerful forces in global aviation. Competitive pricing, superior service and its prime geographic position has seen the Gulf’s biggest carrier inflict financial pain on long-haul airlines in the US, Europe and Asia. But today it is the one facing pain. The economic slowdown in the Gulf triggered by the oil price collapse almost two years ago has sharply cut travel demand in the region. Its geography is no longer a positive, with the region facing overcapacity, while new US travel restrictions alongside the laptop ban have hit traffic further. Uncertainty also surrounds the severing of diplomatic ties and transport links by the United Arab Emirates, where the Dubai airline is based, Saudi Arabia, Egypt and Bahrain with nearby Qatar over claims the Gulf state is fuelling extremism and terrorism. This is likely to hit Qatar Airways hardest, but it could have a negative knock-on effect on the region’s economy and Emirates’ business too. "



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Emaar to IPO Up to 30% of U.A.E. Property Business in Dubai - Bloomberg

Emaar to IPO Up to 30% of U.A.E. Property Business in Dubai - Bloomberg:

"Emaar Properties PJSC, the Dubai-based developer of the world’s tallest skyscraper, plans to sell as much as 30 percent of its real estate development business in the United Arab Emirates in an initial public offering. The funds raised will primarily be distributed as dividend to Emaar’s shareholders, the company said in a statement on Wednesday. Emaar shares jumped as much as 8.4 percent, the most since January 2016, in Dubai. “Selling down up to 30 percent of a key asset enables the company to reward shareholders now for cash flow that would be realized at the net level over years into the future,” said Sanyalak Manibhandu, head of research at NBAD Securities LLC. “Emaar spoke about paying some sort of a special dividend at the AGM. So this is a way for the management to realize the expectation the management raised at the AGM.""



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MIDEAST STOCKS-Qatar stabilises on valuations, Dubai's Emaar jumps on unit's IPO plan | Reuters

MIDEAST STOCKS-Qatar stabilises on valuations, Dubai's Emaar jumps on unit's IPO plan | Reuters:

"Qatari shares that are members of global emerging market benchmarks helped stabilise the bourse in early trade on Wednesday, while Dubai's Emaar Properties jumped on news it will launch an initial public offering of its local real estate unit. Qatar's stock index was roughly flat after plummeting 8.7 percent over the last two days when Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties, accusing Doha of backing terrorism. "From a valuation perspective, there is now a good buying opportunity in some companies," one regional brokerage firm told its clients. Reflecting the political tensions, it did not want to be publicly named."



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Qatar counts economic cost of its Gulf rivals anger

Qatar counts economic cost of its Gulf rivals anger:

"Hours after four Arab states dramatically announced that they were cutting transport links with Qatar, residents and tourists joined a mad scramble to catch the last Qatar Airways flight out of Dubai.

As they sought to placate angry and confused customers, weary ground staff described their frustration at how immigration officers kept changing the regulations on who would, or would not, be able to fly.

“This has been the worst day,” said an employee at Qatar Airways, the Gulf state’s national carrier, on Monday night as the aircraft was about to take off."



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