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Tuesday, 3 October 2017

Fake Saudi Aramco website surfaces

Fake Saudi Aramco website surfaces:

"Political interference and a lack of transparency are potential risks investors are preparing for as Saudi Arabia plans to list shares in state-owned energy giant Saudi Aramco. One unforeseen hazard, however, is the emergence of a copycat website for the company.

As the kingdom prepares for a stock market listing planned for late next year, a fraudulent website has surfaced trying to piggyback on global interest in what is set to be the world’s biggest ever flotation.

UK registered www.aramcoipo.org appears to target potential investors by offering access to news, “Aramco IPO insights” and “profit opportunities” in exchange for contact details and information on personal wealth."



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Abu Dhabi draws strong demand as it sells first 30-year bond

Abu Dhabi draws strong demand as it sells first 30-year bond:

"Abu Dhabi sold its first ever 30-year sovereign bond on Tuesday as part of a $10 billion triple-tranche debt issue that drew heavy demand. The sale followed a $12.5 billion bond issue by Saudi Arabia last week – the largest emerging market bond sale in 2017 - and was the latest jumbo sovereign offering from Gulf states tapping the debt markets in a period of low oil prices. Abu Dhabi has long been seen as the safest credit among Gulf Cooperation Council sovereigns and its issue on Tuesday, of five, 10 and 30 year maturities, had attracted more than $30 billion in demand, a document issued by one of the banks leading the deal showed."



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MIDEAST STOCKS-Egypt breaks winning streak, Gulf ignores oil slump

MIDEAST STOCKS-Egypt breaks winning streak, Gulf ignores oil slump:

"Egypt’s stock market fell on Tuesday, ending a six-day winning streak that took the blue-chip index to an all-time high, while Gulf bourses traded narrowly but a couple of petrochemical shares boosted Saudi Arabia. The Egyptian index dropped 0.5 percent to 13,931 points. A purchasing managers’ survey published on Tuesday showed non-oil private sector activity fell at its sharpest pace for three months in September, but analysts attributed the index’s pull-back mostly to natural profit-taking. “After hitting 14,100 points on Monday, it is normal to see such an adjustment on Tuesday - the market remains on a positive trend,” said Ibrahim Nimr, head of technical analysis at Naeem brokerage in Cairo."



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Emaar's property development business valued at $6.5 billion ahead of Dubai IPO: sources

Emaar's property development business valued at $6.5 billion ahead of Dubai IPO: sources:

"The real estate development business of Emaar Properties EMAR.DU, which is being listed in an initial public offering (IPO) in Dubai, is expected to be valued at 24 billion dirhams ($6.5 bln), two people familiar with the deal said.

The valuation is based on the assets Emaar plans to inject into the listed vehicle, the sources said. In a bourse filing last week the company listed the assets it plans to transfer to the new vehicle.

An Emaar spokeswoman said the estimate is only a net asset projection by a third-party valuer."



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MIDEAST DEBT-UAE banks "more aggressive" about selling Qatar loans as Gulf rift drags on

MIDEAST DEBT-UAE banks "more aggressive" about selling Qatar loans as Gulf rift drags on:

"A number of banks in the United Arab Emirates are in talks with international counterparts to sell down their Qatar exposure as the Gulf’s diplomatic crisis drags on without resolution. In recent weeks, banking sources say, it has become clear to many UAE bankers that Qatar’s isolation could potentially last for years. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5, alleging Qatar funded terrorism, something it vehemently denies."



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Saudi Arabia to Plan Russia Deals, Deepening Energy Ties - Bloomberg

Saudi Arabia to Plan Russia Deals, Deepening Energy Ties - Bloomberg:

"Saudi Arabia is looking at unprecedented deals to acquire oil and gas assets in Russia, deepening ties between the world’s largest energy exporters as the Saudi king prepares to visit Moscow later this week. OPEC’s biggest crude producer is considering investing in Russia’s largest oil drilling contractor, Eurasia Drilling Co., and Novatek PJSC’s proposed Arctic LNG 2, according to officials with knowledge of talks, who asked not to be identified because the talks are private. While discussions are at an early stage, some framework accords could be signed during King Salman bin Abdulaziz’s trip, one of the officials said. Saudi Arabia and Russia produce almost a quarter of the world’s oil between them and led an historic agreement between the Organization of Petroleum Exporting Countries and other major suppliers last year to cut output and help end a global glut of crude. Direct Saudi investment in Russian assets would show continued commitment to cooperation between the two energy superpowers as Salman and Russian President Vladimir Putin prepare for talks that are likely to include whether to extend the pact on oil production limits."



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Total sticks to Iran gas plan despite US sanctions fears

Total sticks to Iran gas plan despite US sanctions fears:

"French energy company Total plans to continue developing a huge Iranian gasfield despite mounting concerns that Donald Trump may pave the way for the US to reimpose sanctions on Tehran by tearing up the Iran nuclear deal. Patrick Pouyann√©, chief executive, said he was aware it would be a “bumpy” road when he signed a multibillion-dollar deal in July to develop South Pars, in what was the first big energy contract in more than a decade between Iran and a European company. “We knew when we signed that it will not be an easy road,” Mr Pouyann√© said. “But I prefer to have a problem to solve and to have the opportunity rather than having not signed [and] no opportunities.”"



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MIDEAST STOCKS-Gulf markets steady in early trade, SABB Takaful slides

MIDEAST STOCKS-Gulf markets steady in early trade, SABB Takaful slides:

"Stock markets in the Gulf were mostly steady on Tuesday, ignoring another drop in oil prices amid oversupply concerns.

Brent crude, the global benchmark, was down 26 cents, or 0.5 percent, at $55.86 a barrel after losing 1.2 percent in the last session.

The Saudi stock index was almost flat after an hour. Sharia-compliant insurer SABB Takaful dropped 4.3 percent after the financial regulator temporarily stopped the company from issuing or renewing insurance or savings products, citing unspecified weaknesses in ITS internal controls."



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Dubai returns to court over ship-repair company’s $2.1bn debt

Dubai returns to court over ship-repair company’s $2.1bn debt:

"Dubai’s Drydocks World has returned to the courts to push through a $2.1bn debt restructuring, clearing the path for the troubled ship-repair business’ sale to a sister company, DP World, the emirate’s port operator.

The maritime engineering business, a unit of the government-owned Dubai World conglomerate, in 2012 had to use bespoke insolvency legislation to finalise its first restructuring after a hedge fund won a judgment against the firm for defaulting.

Drydocks World, established three decades ago to diversify the emirate’s economy away from oil, is once again using the so-called Decree 57 to protect the company against any potential legal action."



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