Google+ Followers

Monday, 7 August 2017

US malls hunt for shoppers | World

Saudi Arabia Builds Cities in the Sand to Move Beyond Oil - Bloomberg

Saudi Arabia Builds Cities in the Sand to Move Beyond Oil - Bloomberg:

"After relying on oil to fuel its economy for more than half a century, Saudi Arabia is turning to its other abundant natural resource to take it beyond the oil age -- desert. The kingdom is converting thousands of square kilometers of sand into new cities as it seeks to diversify away from crude, create jobs and boost investment. In the past month alone, the world’s biggest oil exporter has announced two major developments -- one covering an area bigger than Belgium and another almost the size of Moscow. That’s on top of plans to build a series of so-called economic cities -- special zones in logistics, tourism, industry and finance, an entertainment city and a $10 billion financial district."



'via Blog this'

EFG-Hermes says good chance that Saudi Arabia and Kuwait will be upgraded to emerging market status by FTSE  - The National

EFG-Hermes says good chance that Saudi Arabia and Kuwait will be upgraded to emerging market status by FTSE  - The National:

"There is a good chance that both Saudi Arabia and Kuwait will both be upgraded to emerging market status by the index provider FTSE as early as September because of reforms undertaken in both countries by market regulators, according to the Egyptian investment bank EFG-Hermes.  "We see a strong chance of an upgrade for Kuwait and Saudi Arabia," said Mohamad Al Hajj and Simon Kitchen, analysts at the bank. "We believe Kuwait returns could be stronger as it is the least anticipated of the two, and we are overweight on Kuwait and underweight on Saudi Arabia."  An upgrade by FTSE of Kuwait and Saudi Arabia to emerging market status would attract about $4.5 billion (Dh16.5bn) into both markets, according to EFG. Of that, Saudi Arabia, which is expected to account for 2.5 per cent of FTSE's EM Index, would account for $3.75bn. and Kuwait, which may make up 0.5 per cent of the index, would attract $740m. "



'via Blog this'

Air Arabia first-half profit climbs 7% to Dh261m | GulfNews.com

Air Arabia first-half profit climbs 7% to Dh261m | GulfNews.com:

"New routes and increases in capacity helped Air Arabia grow its net profit to Dh261 million in the first half of this year, a 7 per cent rise compared to the same period last year. The Sharjah-based low cost carrier said on Monday it served over 4.1 million passengers in the first six months of 2017, while the average seat load factor – or passengers carried as a percentage of available seats – for the same period stood at 79 per cent. Turnover for the Middle East and North Africa’s largest low-cost carrier reached Dh1.716 billion, it said in a statement."



'via Blog this'

Ras al-Khaimah fund says does not own stake in JBF RAK

Ras al-Khaimah fund says does not own stake in JBF RAK:

"The Ras al-Khaimah Investment Authority (RAKIA), a state body in the emirate of Ras al-Khaimah, said on Monday it does not own a stake in JBF RAK, a manufacturer which is in talks with banks on renegotiating around 2 billion dirhams ($545 million) of debt. JBF RAK's website says the company was established as a joint venture by India's JBF Group and RAKIA in 2007. United Arab Emirates central bank records, seen by Reuters, show RAKIA owned 60 percent of JBF RAK. However, RAKIA said in a statement to Reuters on Monday that it "has no share ownership" in JBF RAK."



'via Blog this'

Qatar shipper Milaha plans base in Oman after trade hit by diplomatic rift

Qatar shipper Milaha plans base in Oman after trade hit by diplomatic rift:

"Qatar Navigation (Milaha), a top Doha-based shipping and logistics group, said it was shifting its regional trans-shipment hub from Dubai to the Omani port of Sohar after a diplomatic crisis in the region disrupted Qatar's trade. Milaha is setting up a warehousing and logistics operation at Sohar, on Oman's northern coast, and is exploring other opportunities to expand in that country, the company said on Monday. The plan suggests Qatar is making long-term preparations to cope with sanctions imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which cut diplomatic and transport ties on June 5, accusing Doha of backing terrorism."



'via Blog this'

StanChart CEO says Gulf rift puts Dubai finance hub at risk

StanChart CEO says Gulf rift puts Dubai finance hub at risk:

"The boss of Standard Chartered (STAN.L) has warned that Dubai risks damaging its status as a financial center as a result of the trade boycott of Qatar by a Saudi-led bloc, which includes the United Arab Emirates. Standard Chartered is a major lender across the Middle East and CEO Bill Winters said it could become increasingly difficult for Dubai to act as a comprehensive regional hub for international companies' Gulf operations if the tension in the region continued. "There is a lot of benefit we get from having a Dubai hub, we are looking to see what the effect of this will be," he told Reuters."



'via Blog this'

Hedge Funds Lend Oil a Hand in the Choppy Road to the $50s - Bloomberg

Hedge Funds Lend Oil a Hand in the Choppy Road to the $50s - Bloomberg:

"Oil seems to have hedge funds in its corner as futures stagger toward $50 a barrel.

Money managers haven’t been so optimistic about West Texas Intermediate crude since April, piling on bets that prices will rise while short-sellers step back. It helps that supplies in the U.S., the biggest oil consumer, have shrunk to the lowest this year. 

“We’ve seen 21 million barrels of U.S. inventory declines this quarter; that’s pretty substantial,” Rob Thummel, a managing director at Tortoise Capital Advisors LLC, said by telephone. “That has kind of sent some of the bears back into hibernation.”"



'via Blog this'

MIDEAST STOCKS-Most Saudi, Egyptian banks bask in global glow but Samba sold on weak Q2

MIDEAST STOCKS-Most Saudi, Egyptian banks bask in global glow but Samba sold on weak Q2:

"The banking sector helped support stock indexes in Saudi Arabia and Egypt on Monday as investors were influenced by the positive mood in global bourses, while other markets in the region moved little. "With quarterly earnings now largely behind us, investors are looking for fresh triggers, and the optimism buzzing around global markets is just that," said a Riyadh-based broker. Sixty banks in the six-nation Gulf Cooperation Council have now reported second-quarter earnings and according to analysts at Oman's U-Capital, the sector's total net profit for the period was $7.85 billion, up 4.7 percent from a year ago."



'via Blog this'

Oil slides from nine-week highs as market looks to OPEC

Oil slides from nine-week highs as market looks to OPEC:

"Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States. Global benchmark Brent crude futures LCOc1 were down 60 cents, or 1.14 percent, at $51.82 a barrel at 1113 GMT. They traded as low as $51.56 a barrel earlier in the day. U.S. crude futures CLc1 were down 55 cents, or 1.11 percent, at $49.03 per barrel, but up from the day's low of $48.78 a barrel."



'via Blog this'

Oil Trades Near $49 as Prices Still Capped by Sufficient Supply - Bloomberg

Oil Trades Near $49 as Prices Still Capped by Sufficient Supply - Bloomberg:

"Oil traded near $49 a barrel in New York amid speculation that plentiful supplies will continue to thwart any further rallies.

Futures fell 1.3 percent. While growth in U.S. drilling has stalled and Libya’s production revival was dealt a setback by protests, rebounding output is still capping prices, according to Saxo Bank A/S. A committee co-chaired by Kuwait and Russia will examine why some participants in the deal between OPEC and other producers to reduce global supply aren’t fully implementing their cuts.

"



'via Blog this'

UAE's ADNOC to split huge oil concession, in talks with potential partners

UAE's ADNOC to split huge oil concession, in talks with potential partners:

"State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating license for the concession will expire next March.

The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.

"



'via Blog this'

Saudi Aramco Book, Above the Oil Fields - Bloomberg

Saudi Aramco Book, Above the Oil Fields - Bloomberg:

"Ayesha Malik was born half a mile from Dammam well No. 7—the well that started the Saudi oil industry in 1938. She was raised among some of the world's largest oil fields and refineries. Yet her home was an oasis within the kingdom: the 22.5 square-mile gated community created to house employees of the state-owned company that's known today as Saudi Aramco.  She documented the buzz of the compound and nearby area in a series of striking photographs she is publishing in her book "Aramco: Above the Oil Fields." (Daylight Books, $50) The compound forms a world largely unknown outside the closely knit community of Aramco staffers. The city, which was built by the American oil companies that owned Aramco before its nationalization in 1980, could be any small town in America. Children travel in iconic yellow American school buses. Baseball fields abound. The Boy Scouts have their own pack, number 253. Set aside the desert heat and this could be suburban Los Angeles. Inside the gates is a life available nowhere else in Saudi Arabia. Women drive. Concerts are allowed. Men and women shop together. (Alcohol is banned as in the rest of the kingdom) "



'via Blog this'

MIDEAST STOCKS-Saudi market gains, but Samba drops on Q2 results

MIDEAST STOCKS-Saudi market gains, but Samba drops on Q2 results:

"Saudi stocks edged up in early trade, with gains kept in check by sharp declines in the local market's third largest bank after it reported a slight dip in second quarter profit. Samba Financial Group dropped 2.7 percent after it reported net profit of 1.27 billion riyals ($339 million), broadly in line with analysts' forecasts and down 3.3 percent year on year. Its shares had jumped 3.4 percent on Sunday after its board recommended a cash dividend of 0.75 riyals for the first half of the year, two-thirds more than the 2016 interim payout."



'via Blog this'