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Monday, 17 July 2017

Qatar Fund Seeks U.S. Deals In Defiance of Gulf Crisis - Bloomberg

Qatar Fund Seeks U.S. Deals In Defiance of Gulf Crisis - Bloomberg:

"Qatar’s sovereign wealth fund is pressing ahead with plans to invest in the U.S. to show that the political crisis with Saudi Arabia and its allies hasn’t impacted its ability to strike global deals, according to four people with knowledge of the matter.

The Qatar Investment Authority is working to identify possible acquisition targets, the people said, speaking on condition of anonymity because the talks are private. Areas of interest include infrastructure and technology, two people said. A spokesman for QIA declined to comment.

While Qatar has earmarked $35 billion for American investments -- and already spent more than 50 percent of that amount -- more deals could help improve ties with the U.S. after President Donald Trump publicly sided with the Saudi alliance. U.S. companies, however, may hesitate to do business with the world’s biggest exporter of liquefied natural gas until the dispute is resolved, said Jason Tuvey, a London-based economist at Capital Economics.

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Tokyo Seeks Return to Glory Days With Piece of Saudi Aramco IPO - Bloomberg

Tokyo Seeks Return to Glory Days With Piece of Saudi Aramco IPO - Bloomberg:

"When members of Saudi Arabia’s royal family visited Japan last September and again in March, the Asian country made sure at least one message got through: Please list Saudi Aramco in Tokyo.

In September, Prime Minister Shinzo Abe delivered the message himself to then Deputy Crown Prince Mohammed bin Salman, while Japan Exchange Group’s chief executive, Akira Kiyota, tried to win King Salman’s approval in March. The conversations never stopped, with Tokyo executives visiting Saudi Arabia in October, December and again in March to explain why Japan would be ideal for the world’s largest oil company to go public.

“It’s going to be one big epic event,” Kiyota said in an interview at the exchange headquarters in Tokyo. “If all goes well, we want other foreign companies to opt for Tokyo as a destination for their initial public offerings.” "



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MIDEAST STOCKS-Dubai rises above chart barrier, ex-dividend bank pulls down Saudi

MIDEAST STOCKS-Dubai rises above chart barrier, ex-dividend bank pulls down Saudi:

"Dubai's stock index rose above technical resistance on Monday, suggesting a long period of underperformance compared with the region and other emerging markets might be ending, while a bank going ex-dividend helped to pull down Saudi Arabia's market.

The Dubai index gained 0.8 percent to 3,602 points, eclipsing its April peak of 3,573 points. The next, strong resistance is at 3,737-9 points, the January and February peaks.

Islamic Arab Insurance, the market's most active stock, climbed 3.4 percent in unusually heavy trade, accounting for about a quarter of all volume. It has been trading near record lows and, with a price below half a dirham, is easily moved by short-term speculators."



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Emirates announces new partnership with low-cost flydubai

Emirates announces new partnership with low-cost flydubai:

"Dubai’s Emirates airline has announced an “extensive partnership” agreement with its sister low-cost airline flydubai, opening up a combined network of 216 destinations, as Gulf carriers adapt to a slowdown in the region. With Gulf airlines facing economic headwinds, the two state-owned carriers said the tie-up would give flydubai customers “seamless connectivity” to Emirates’ worldwide destinations. Emirates said the partnership would be rolled out over the coming months, with the first enhanced code-sharing arrangements launching in the last quarter of this year. The two airlines, which will continue to operate independently, will align systems and operations at their Dubai hub."



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New UK listing rules set to attract state companies beyond Aramco

New UK listing rules set to attract state companies beyond Aramco:

"Proposed changes to Britain's listing regime are likely to attract a series of state-backed companies to London's stock markets as governments in oil rich states prepare for a wave of asset sales. However some investors and corporate governance groups say Britain's move to make its capital markets attractive to state-controlled firms by loosening some of the rules may lower the quality of companies on its stock exchange and leave shareholders with less protection when things go wrong. The UK financial regulator proposed a new "premium" listing category for state-owned companies on Thursday, intended to make the market more attractive for oil giant Saudi Aramco as it plans what is expected to be the world's largest ever initial public offering."



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EFG-Hermes' Al Hajj Says Saudi Stocks Are a Bit Expensive - Bloomberg

EFG-Hermes' Al Hajj Says Saudi Stocks Are a Bit Expensive - Bloomberg:

"Mohamad Al Hajj MENA Equity Strategist at EFG-Hermes, discusses Saudi Arabia's path to MSCI inclusion, Saudi stocks and his investment strategy for Saudi equities. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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MIDEAST STOCKS-Dubai rises above chart barrier in otherwise sluggish region

MIDEAST STOCKS-Dubai rises above chart barrier in otherwise sluggish region:

"Dubai's stock index rose above technical resistance in early trade on Monday while the rest of the region's bourses remained mostly sluggish. The Dubai index gained 0.4 percent in modest trading volume to 3,586 points, eclipsing its April peak of 3,573 points. The next, strong resistance is at 3,737-9 points, the January and February peaks. Islamic Arab Insurance climbed 3.8 percent in unusually heavy trade - it was the market's most active stock, and three of the 10 most active stocks were insurers. DAMAC Properties, which has been surging in the past week, climbed a further 3.0 percent."



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