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Tuesday, 7 November 2017

Dubai's Shuaa Capital eyes controlling stake in Kuwait's Global Investment House  - The National

Dubai's Shuaa Capital eyes controlling stake in Kuwait's Global Investment House  - The National:

"Dubai’s Shuaa Capital aims to conclude a deal to acquire a stake in Kuwait-headquartered Global Investment House (Global) “in the coming year”, its general manager said. Shuaa, which in October said it was interested in a deal with a Kuwaiti financial services firm, is currently in talks with the shareholders of Global for a controlling stake, Fawad Khan said in an interviewTuesday , without specifying the exact size of the shareholding Shuaa seeks in the company. The transaction is still subject to a commercial agreement between the parties and regulatory approvals."



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Qatar Air Headed for Annual Loss Amid Saudi Blockade, CEO Warns - Bloomberg

Qatar Air Headed for Annual Loss Amid Saudi Blockade, CEO Warns - Bloomberg:

"Qatar Airways is headed for an annual loss after a Saudi-led blockade of its home nation forced the scrapping of some routes and the diversion of others. 


The second-biggest Persian Gulf carrier expects to post a loss this year, though it’s too early to say how big the deficit will be, Chief Executive Officer Akbar Al Baker said in an interview Tuesday. Net income at the Doha-based group rose 22 percent to 1.97 billion riyals ($525 million) in the year through March. 

“It is painful because there are many routes that slide as much as 2 1/2 longer, and there are routes that are narrow-body routes where we had to convert to wide-body in order carry enough fuel to go the longer distance,” the CEO said in Singapore. All told, Qatar Air has lost almost 11 percent of its network and 20 percent of revenue, he added."



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Qatar Air Seeks Trump's Influence on Saudi-led Blockade – Bloomberg

Qatar Air Seeks Trump's Influence on Saudi-led Blockade – Bloomberg:

"Akbar Al Baker, chief executive officer at Qatar Airways, discusses the Saudi-led blockade of Qatar and price competition with other airlines. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"



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Saudi banks freeze more than 1,200 accounts in probe, number still rising: sources

Saudi banks freeze more than 1,200 accounts in probe, number still rising: sources:

"Saudi Arabian banks have frozen more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government’s anti-corruption purge, bankers and lawyers said on Tuesday. They added that the number is continuing to rise. Dozens of royal family members, officials and business executives have been detained in the crackdown and are facing allegations of money laundering, bribery, extorting officials and taking advantage of public office for personal gain."



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Dubai's Emirates NBD launches $750mln five-year bond | ZAWYA MENA Edition

Dubai's Emirates NBD launches $750mln five-year bond | ZAWYA MENA Edition:

" Emirates NBD , Dubai's largest bank, launched a $750 million five-year bond at 125 basis points (bps) over mid-swaps, a document from one of the banks leading the deal showed on Tuesday. Initial price guidance for the senior unsecured Regulation S bond was in the 140 bps over mid-swaps area earlier on Tuesday and tightened by 10 bps as the deal was marketed, attracting more than $1.4 billion in orders. ENBD Capital, HSBC, Nomura, Societe Generale and Standard Chartered Bank are joint bookrunners on the bond issue, which is expected to be rated A+ by Fitch and A3 by Moody's. "



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Oil Options Trading Surges After Funds Buy Into OPEC's Rebalancing - Bloomberg

Oil Options Trading Surges After Funds Buy Into OPEC's Rebalancing - Bloomberg:

"Options trading for crude oil this week jumped to the highest in five months as money managers backed OPEC’s effort to rebalance the oil market and as regional tensions flared in the Middle East.

Nearly 440,000 options contracts for West Texas Intermediate crude changed hands on Monday, the most since May, as so-called macro funds, which invest in a range of assets, joined a recent surge of money into the oil market.

The global Brent benchmark also saw its heaviest options trading since June, more than 136,000 contracts. In both cases, bullish call volumes vastly outweighed those for bearish puts, data from CME Group’s Nymex exchange and the ICE Futures Europe exchange show."



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Qatar Foundation Unit Offers to Sell $1.46 Billion Bharti Stake - Bloomberg

Qatar Foundation Unit Offers to Sell $1.46 Billion Bharti Stake - Bloomberg:

"Qatar Foundation, a non-profit run by the gas-rich country’s royal family, plans to sell its 5 percent stake in Indian mobile-phone operator Bharti Airtel Ltd. for about $1.46 billion, according to terms obtained by Bloomberg News.

Three Pillars Pte., Singapore, an affiliate of Qatar Foundation Endowment SPC, is selling as many as 199.9 million Bharti Airtel shares for 473 to 490 rupees each on Wednesday, the terms show. UBS Securities India is the placement agent for the shares, which are being offered at 4.7 percent to 8 percent below Tuesday’s closing price for Bharti Airtel.

Qatar had to redeploy some of its foreign assets to bolster the local economy and banking system after Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic ties on June 5 and withdrew deposits, accusing the sheikdom of funding terrorism. Qatar has repeatedly denied the charges."



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MIDEAST STOCKS-Rich Saudis dump stocks, jitters spread through region

MIDEAST STOCKS-Rich Saudis dump stocks, jitters spread through region:

"Wealthy Saudi Arabian individual investors dumped stocks on Tuesday as jitters over the kingdom’s anti-corruption probe spread through the Gulf, pushing down every major market. The Saudi stock index sank 0.7 percent in heavy trade, led by shares in companies linked to people detained in the investigation, which has implicated dozens of members of the political and business elite. The market, which was down 3.1 percent at one stage, would have finished much lower than it did without apparent buying by government-linked funds seeking to prevent a panic, fund managers said."



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Qatar Airways seeks to create a virtual mega carrier with deals: CEO

Qatar Airways seeks to create a virtual mega carrier with deals: CEO:

"Qatar Airways wants to create a virtual mega-carrier that will give it economies of scale in negotiating fuel and operations, as it expands investments in other airlines, its chief executive said on Tuesday.

The Qatari carrier announced a $661 million deal on Monday to buy a 9.61 percent stake in Hong Kong’s Cathay Pacific Airways Ltd (0293.HK), in a deal that will broaden its reach and potentially allow the oneworld alliance member to increase traffic through its Doha hub.

“Frankly I wish I could buy more. But the Swire Group and Air China hold most of it and I’m the third largest shareholder which is not bad,” Qatar Airways Chief Executive Akbar Al Baker said at the CAPA Asia Summit 2017 in Singapore, referring to Cathay’s top shareholders."



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Qatar c.bank's foreign reserves, liquidity drop in September

Qatar c.bank's foreign reserves, liquidity drop in September:

"The Qatar central bank’s international reserves and foreign currency liquidity dropped in September, in a sign of capital outflows caused by sanctions imposed by other Arab states.

The reserves and liquidity, a measure of the central bank’s ability to support the riyal currency, fell to $35.6 billion in September from $39.0 billion in August, official data showed on Tuesday. "



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Market round-up: UAE stock markets outperform rest of Gulf in October | ZAWYA MENA Edition

Market round-up: UAE stock markets outperform rest of Gulf in October | ZAWYA MENA Edition:

"Stock markets in the United Arab Emirates outperformed their Gulf rivals in October ahead of a major initial public offering (IPO), while Saudi Arabia declined despite investment reforms that were seen as investor-friendly.

Dubai’s index added 2.02 percent last month, while neighbouring Abu Dhabi gained 1.87 percent.

Drake & Scull International (DSI) was the most notable stock performer, surging 33 percent after the mechanical, electrical and plumbing (MEP) contractor announced in early October that it had completed a restructuring programme and received a 500 million UAE dirham ($136 million) cash injection from Abu Dhabi-based private equity firm Tabarak Investment."



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JPMorgan sees more Saudi firms looking at overseas listings after Aramco

JPMorgan sees more Saudi firms looking at overseas listings after Aramco: "JPMorgan (JPM.N) is in early talks with Saudi Arabian companies about overseas listings, its investment bank chief said, raising the possibility that more firms could join oil giant Saudi Aramco IPO-ARMO.SE in seeking an international flotation. 

JPMorgan is among the banks advising Aramco on an international public offering (IPO), sources have told Reuters.

Aramco’s listing is part of economic reforms being pushed by Crown Prince Mohammed bin Salman, who wants to make the kingdom less reliant on oil and has been consolidating his power with sweeping arrests that officials say aim to end corruption."



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RPT-Reform or risk? Saudi Arabia investors try to read the runes

RPT-Reform or risk? Saudi Arabia investors try to read the runes:

"Investors hope the sweeping anti-graft probe ensnaring some of Saudi Arabia’s top politicians and businessmen is a sign of reform but those holding its bonds worry about instability. Saudi stocks recovered their losses after the wave of arrests over the weekend, but bonds came under pressure as investors pondered the outlook for the kingdom. Saudi Arabia embarked on an ambitious reform programme including fiscal reforms and a massive privatization programme 16 months ago in a quest to shift its $690 billion economy away from dependency on oil and entice investors."



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MIDEAST STOCKS-Gulf slides on jitters over Saudi anti-corruption probe | ZAWYA MENA Edition

MIDEAST STOCKS-Gulf slides on jitters over Saudi anti-corruption probe | ZAWYA MENA Edition:

"Most major Gulf stock markets dropped early on Tuesday because of continued jitters about Saudi Arabia's sweeping anti-corruption investigation, which could disrupt Saudi investment flows into the rest of the region.

The Saudi stock index was down 1.6 percent after 75 minutes of trade. Shares linked to people detained in the investigation led falls.

Among them, Prince Alwaleed bin Talal's Kingdom Holding plunged its 10 percent daily limit, bringing its losses in the three days since the investigation was announced to 21 percent. "



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