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Thursday, 10 August 2017

MIDEAST STOCKS-Kuwait's Zain surges on Omantel move, Egypt falls on high inflation

MIDEAST STOCKS-Kuwait's Zain surges on Omantel move, Egypt falls on high inflation:

"Gulf stock indexes moved sideways on Thursday, continuing a two-week-old trend, but Kuwaiti telecommunications firm Zain surged in response to an investment by Omantel. Egypt's bourse dropped after data showed a fresh rise in inflation to above 30 percent. Kuwait's index rose 0.3 percent as Zain gained 4.4 percent to 0.471 dinar in its heaviest trade since March after agreeing to sell 425.7 million treasury shares, equivalent to 9.84 percent of the firm, to Omantel for $846 million or 0.60 dinar per share. The stock came well off the day's high of 0.505 dinar. The purchase, subject to regulatory approval, was announced days before Oman is to shortlist qualified applicants for a third mobile licence, for which Zain has bid. Omantel, which is making the investment to diversify beyond its small home market and has been trading near multi-year lows, fell 1.3 percent in its heaviest trade since November."



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OPEC sees higher 2018 oil demand, but raises output again

OPEC sees higher 2018 oil demand, but raises output again:

"OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group's output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its crude next year, up 220,000 bpd from the previous forecast. The Organization of the Petroleum Exporting Countries was also upbeat about 2018 economic growth and said oil stocks in developed economies declined in June and would fall further in the United States, a sign the OPEC-led supply cut is working."



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Oil industry has plenty of time before its own ‘iPhone moment’ | Arab News

Oil industry has plenty of time before its own ‘iPhone moment’ | Arab News:

"The traditional motor industry, especially in Germany, has had a bad press of late. Just in the past week or so, we have read about allegations of cartels, the threat from the next generation of electric vehicles made by the likes of Tesla, the ongoing investigations into cheating on emissions by diesel manufacturers, and even a claim that the industry faces its very own “iPhone moment,” when newfangled technology will drive the old motor dinosaurs to extinction. To cap it all, the governments of Britain and France announced that they would ban petrol and diesel cars completely by 2040, mainly on environmental grounds. Although the Arabian Gulf might regard this as somebody else’s problem — there is little in the way of a motor manufacturing industry in the region — it nonetheless has a direct impact on economies and culture here."



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Abu Dhabi’s Union National Bank updating bond programme - sources

Abu Dhabi’s Union National Bank updating bond programme - sources:

"Abu Dhabi’s Union National Bank (UNB) is updating its bond programme and could issue a U.S. dollar-denominated bond after that, banking sources said on Thursday.

The lender, majority-owned by the government, is updating a Euro Medium Term Note (EMTN) programme, a set of documentation allowing repeat bond issuance over time, said the sources, who spoke on condition of anonymity as the information is private.

It has not yet appointed banks for the exercise and the timing of the potential bond issue is still uncertain."



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Almost Half of Qatar's Traditional Investor Base Has Cut Ties With the Country - Bloomberg

Almost Half of Qatar's Traditional Investor Base Has Cut Ties With the Country - Bloomberg:

Banks in the world’s wealthiest nation per capita will need to offer more yield if they tap the market as almost half of their traditional investor base has cut ties with the country.

Qatar National Bank QPSC, Commercial Bank QSC and Doha Bank QSC are considering funding options that include loans, private placements or dollar bonds, people familiar with the plans said. But investors and analysts say the lenders will have to pay more to compensate for the region’s political risk to drum up interest.

 Saudi Arabia and other Arab nations severed relations with Qatar two months ago accusing it of supporting extremist groups, a charge it denies. That led to a drop in foreign deposits in June, the steepest in almost two years, and a record jump in the three-month Qatar Interbank Offer Rate."



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HKEX Chief Says Primary Connect a Key to Winning Saudi Aramco - Bloomberg

HKEX Chief Says Primary Connect a Key to Winning Saudi Aramco - Bloomberg:

"Hong Kong Exchanges & Clearing Ltd.’s bid to win Saudi Arabian Oil Co.’s listing would get a boost from having a primary connect trading system with mainland China, according to its chief executive officer.

HKEX has so far created three links with domestic Chinese markets, and CEO Charles Li has plans for several others. The primary connect, which would see shares in Hong Kong-based initial public offerings made available to mainland investors, would act as a lure to major companies, he said in an interview on Bloomberg Television on Thursday.

“For Saudi Aramco to consider listing in Hong Kong, just a pure Hong Kong listing would probably not be compelling,” Li said. To be able to list in the city and sell shares into major Chinese institutions would be the “perfect catalyst” for primary connect, he said."



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MIDEAST STOCKS-Zain surges on Omantel move, TAQA down after earnings

MIDEAST STOCKS-Zain surges on Omantel move, TAQA down after earnings:

"Gulf stock indexes moved little in early trade on Thursday, continuing a two-week-old trend, with Kuwaiti telecommunications firm Zain a standout gainer in response to an investment by Omantel.

The Kuwaiti index edged down 0.2 percent but Zain climbed 6.7 percent in heavy trade after signing a deal to sell 425.7 million treasury shares, equivalent to 9.84 percent of the company, to Omantel for $846 million.

The purchase, subject to regulatory approval, was announced days before Oman is to shortlist qualified applicants for a third mobile licence, for which Zain has bid. Omantel, which is making the investment to diversify beyond its small home market, was flat."



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