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Tuesday, 12 September 2017

Mercedes-Benz Trucks signs contract with Iran Khodro

Mercedes-Benz Trucks signs contract with Iran Khodro:

"Germany’s Mercedes-Benz Trucks signed a contract on Tuesday with Tehran-based automaker Iran Khodro, parent company Daimler AG (DAIGn.DE) told Reuters, laying the foundation for resuming distribution of its trucks in Iran.

The deal between Iran Khodro and Mercedes-Benz Trucks includes creating a joint company that provides sales and after-sale services in the Islamic Republic, Iran’s semi-official Tasnim news agency reported.

According to Tasnim, a second deal would be also signed next month to create a joint venture in Iran for production of heavy vehicles including Actros trucks."



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OPEC Discusses Extending Oil Cuts by More Than Three Months - Bloomberg

OPEC Discusses Extending Oil Cuts by More Than Three Months - Bloomberg:

"OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of next year in an effort to boost prices, according to people familiar with the matter. An extension of that duration would be needed under the worst-case scenario for the oil market that OPEC ministers are now contemplating, the people said, asking not to be named because the talks were private. One option under discussion is a six-month extension, one person said. The Organization of Petroleum Exporting Countries and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing prices. The deal, reached in late 2016, initially called for a six-month period, which later was extended with another nine months until the end of March 2018."



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Bankers Call Time on Saudi Arabia - Bloomberg

Bankers Call Time on Saudi Arabia - Bloomberg:

"The oil-rich Gulf monarchy of Saudi Arabia is a money magnet for global finance.

Its sovereign wealth fund is barreling tens of billions of dollars into foreign asset managers. Its alliance with SoftBank Group Corp. is buying into startups and skyscrapers. A much-hyped listing of oil giant Saudi Aramco has London and New York at its feet. A scheme to diversify the economy away from hydrocarbons and open the doors to foreign capital will unleash a torrent of cash."



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Qatar says has not missed any oil or gas shipments since Gulf crisis

Qatar says has not missed any oil or gas shipments since Gulf crisis:

"Qatar’s energy minister Mohammed al-Sada said on Tuesday his country had not missed any oil or gas shipments since the start of the dispute with its Gulf Arab neighbors and Egypt. “During this blockade we have never missed a single shipment of oil or gas to any of our consuming partners,” he said at an event in the capital Doha. Relations between Qatar and the United Arab Emirates, Saudi Arabia, Bahrain and Egypt have soured since June 5 when the latter four cut diplomatic and some commercial ties with Doha, accusing Qatar of supporting terrorism. Doha denies the accusation."



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Dubai raises $1.1 billion loan for metro expansion - sources

Dubai raises $1.1 billion loan for metro expansion - sources:

"The government of Dubai has raised a $1.1 billion loan that will be used to extend the city’s metro rail system, completing the first step of an infrastructure financing programme which could total as much as $2.8 billion, sources familiar with the matter said on Tuesday. The $1.1 billion is the commercial part of total funding required for the project; the remainder is expected to be obtained via loans guaranteed by export credit agencies (ECAs). First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, Santander and Standard Chartered have provided the loan, which has a 10-year tenor, said the sources."



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Doha Bank cuts staff after Qatar's rift with neighbours -sources

Doha Bank cuts staff after Qatar's rift with neighbours -sources:

"Doha Bank has cut around 10 jobs in the United Arab Emirates and plans to put some staff in the region on unpaid leave, sources said, as it copes with the fallout from Qatar’s rift with its Arab neighbours. Qatar’s fifth-biggest lender will decide by the end of the year whether to make those going on long-term leave redundant if conditions have not improved, said two of the sources familiar with the matter. One source said around 100 staff could be put on leave, while another said it might be as high as 200, although the sources said the final number might be different. The sources declined to be named as the matter is not yet public."



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MIDEAST STOCKS-Qatar slides to 52-month low, Saudi Fransi down on stake sale

MIDEAST STOCKS-Qatar slides to 52-month low, Saudi Fransi down on stake sale:

"Qatar’s stock market slid to a 52-month closing low on Tuesday as foreign investors sold, while Banque Saudi Fransi fell in Riyadh after France’s Credit Agricole agreed to sell a 16.2 percent stake in it to local investor Kingdom Holding. The Qatari stock index fell 0.7 percent to 8,472 points, though it ended off the day’s low of 8,390 points as some bank stocks rebounded. Exchange data showed investors from outside the region were again net sellers. Qatar’s economy has been hit by an embargo imposed in June by neighbouring states. The wealthy government appears to have enough resources to ride out the sanctions, but its banks face higher funding costs as the other countries pull out deposits and loans."



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ADCB's Malik on Qatar, Saudi Economy - Bloomberg

ADCB's Malik on Qatar, Saudi Economy - Bloomberg:

"Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses the economies of Saudi Arabia and Qatar as the two implement economic reforms and become less dependent on oil. She speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Alwaleed Buys Credit Agricole's $1.5 Billion Saudi Fransi Stake - Bloomberg

Alwaleed Buys Credit Agricole's $1.5 Billion Saudi Fransi Stake - Bloomberg:

"Saudi Prince Alwaleed bin Talal’s Kingdom Holding signed an agreement to buy a 16.2 percent stake in Banque Saudi Fransi from Credit Agricole SA, in a deal valued at $1.54 billion.

Kingdom plans to buy 195.27 million shares at 29.5 riyals a share ($7.87), according to a statement on the local stock exchange Tuesday. The deal is expected to close in the second half.

Credit Agricole was considering a sale of its 31 percent stake in the Saudi Arabian lender, in a deal that could potentially fetch about $2.4 billion, people familiar with the matter said in March."



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