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Sunday, 12 November 2017

Etihad not on the lookout for new equity stakes: CEO | GulfNews.com

Etihad not on the lookout for new equity stakes: CEO | GulfNews.com:

"Doing a U-turn on the investment strategy that was an inherent part of Etihad Airways’ growth plan until very recently, the airline is now starting to look inward for growth, according to its top executive.
Etihad “will not” continue to invest in various airlines across the globe, Peter Baumgartner told Gulf News in an interview on Sunday. “No, we certainly are not on the lookout for [airline stakes] for the next investment opportunity,” he said.

Etihad’s former chief James Hogan had adopted a growth strategy that involved buying equity stakes in airlines across the globe.
"



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Saudi Aramco CEO: IPO preparations ongoing, no decision on venue abroad | ZAWYA MENA Edition

Saudi Aramco CEO: IPO preparations ongoing, no decision on venue abroad | ZAWYA MENA Edition:

"Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. "Preparations are proceeding to the fullest extent for listing in 2018," Amin Nasser told the channel in an interview aired on Sunday. He was speaking after the company signed engineering and construction deals with international firms worth $4.5 billion . "



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Dubai's Emaar Properties Q3 profit up 32 pct as home sales surge

Dubai's Emaar Properties Q3 profit up 32 pct as home sales surge:

"Dubai’s Emaar Properties , which plans to list part of its development unit, reported a 32 percent rise in third-quarter net profit on Sunday, helped by a surge in sales of residential properties. The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.51 billion dirhams ($411.16 million) in the three months to Sept. 30, it said in a statement. That compares with a profit of 1.15 billion dirhams in the year-earlier period."



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Saudi Arabia Credit Risk Surges Most in Almost Two Years - Bloomberg

Saudi Arabia Credit Risk Surges Most in Almost Two Years - Bloomberg:

"The cost of insuring Saudi Arabian debt against default through five-year credit-default swaps soared more than 20 basis points last week amid an anti-corruption purge in the kingdom. Renewed tensions with Hezbollah, an Iranian-backed militant group, have compounded investor concerns about rising political risks in the region. The last time the nation’s CDS jumped as much in a single week was in January 2016 at the height of the oil-market crash."



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MIDEAST STOCKS-Gulf shares mostly weak on geopolitics, Saudi corruption inquiry

MIDEAST STOCKS-Gulf shares mostly weak on geopolitics, Saudi corruption inquiry:

"Gulf stock markets mostly fell on Sunday because of rising geopolitical tensions and jitters related to Saudi Arabia’s anti-corruption investigation, although trading volume in Riyadh shrank, suggesting there was less panic selling of shares.

Geopolitical worries increased at the weekend after Bahrain linked an explosion at its main oil pipeline on Friday to Iran. There is now considerable concern about the possibility of aggressive Saudi action against Iranian interests in the region.

Meanwhile, wealthy Saudi individuals have been selling stocks in Riyadh and around the region - some of them hoping to move money out of the Gulf - since the anti-graft investigation was revealed at the start of last week."



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Opec paints a rosy picture, but challenges lie ahead - The National

Opec paints a rosy picture, but challenges lie ahead - The National:

"Some energy trends are set by factors that grind forward as slowly, invisibly and inexorably as a drill-bit. Only a major global conflict, climate shift or technological or social upheaval looks capable of deflecting them. Last week’s World Oil Outlook from Opec, one of the industry’s most influential reports, offers reasonable optimism for the big oil producers in the coming years, but cannot dispel the long-term concerns. At the most basic level, global energy use continues to be dictated by a combination of geology, demographics, macroeconomics and logistics, all of which are immutable except on longer time-scales. Opec’s report noted that Asian markets will continue to grow in their energy use for the foreseeable future, with a growing proportion of oil produced being used for transport and petrochemicals. Fossil fuels' share of the overall energy mix will continue to be large, but will begin to shrink, with the Middle East’s dominant role in petroleum production being sustained. Within this context, it is possible to see a tolerable future for major oil exporters, in particular the Opec states. The future of Opec earnings is determined by three factors: the change in world oil demand, how much of this is supplied by the Opec states, and the price. Opec’s report a slow rise in all three."



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QBA begins Europe tour to attract investments - The Peninsula Qatar

QBA begins Europe tour to attract investments - The Peninsula Qatar:

"The Qatari Businessmen Association(QBA) has announced a European tour that would cover France, Germany and Britain, from today. The delegation will be led by QBA Chairman, Sheikh Faisal bin Qasim Al Thani; the Second Deputy to the Chairman, Sheikh Dr Khalid bin Thani Al Thani; and Secretary General Issa Abdull Salam  Abu Issa. The delegation also include Sheikh Nawaf Nasser bin Khalid Al Thani, Sheikh Hamad bin Faisal Al Thani and Sherida Al Kaabi."



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Dubai Airshow opens without Qatar amid Gulf tensions

Dubai Airshow opens without Qatar amid Gulf tensions:

"The biennial Dubai Air Show opened Sunday with the world’s biggest defense companies promoting their fighter jets, drones, armored vehicles and missiles amid heightened tensions between Saudi Arabia and Iran. Airlines also are taking part, but missing from the trade show this year is one of the region’s largest long-haul carriers, Qatar Airways, amid diplomatic fallout between Qatar and four Arab nations. The dispute is now in its fifth month with no resolution in sight. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with Qatar in June over its ties with Iran and its support of Islamist groups, accusing the small Gulf state of supporting extremists, charges it denies. The Arab quartet cut direct flights with Qatar and closed their airspace to Qatari aircraft."



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What the Saudi Arrests Mean for the Kingdom's Oil Policy - Bloomberg Gadfly

What the Saudi Arrests Mean for the Kingdom's Oil Policy - Bloomberg Gadfly:

"We may never fully know what lies behind Crown Prince Mohammed bin Salman's decision to arrest more than 200 Saudi citizens, including 11 princes and four government ministers, on corruption charges, just as tensions with Iran are escalating.What we do know is that his move simultaneously boosted the oil price and undermined the attractiveness of Aramco to potential foreign investors. But it would be a mistake to conclude that this political decision also heralds a shift in Saudi oil policy, or permanently damages the prospects of the state oil company's IPO. Crude prices always rise in response to unrest in the Middle East, even when the countries involved produce little or no oil. That it has done so now, in the wake of the arrests in the region's biggest producer and the threats against Lebanon and Iran in response to a missile launched from Yemen, should come as no surprise."



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MIDEAST STOCKS-Saudi shares more stable in early trade, rest of Gulf mixed

MIDEAST STOCKS-Saudi shares more stable in early trade, rest of Gulf mixed:

"Saudi Arabia’s stock market was relatively stable in early trade on Sunday after swinging widely last week in response to the government’s anti-corruption investigation. Other Gulf markets were mixed.

The Saudi index was down only 0.5 percent after an hour. Last week, it dropped steeply in early trade each day before rebounding towards the close as state-linked funds bought stocks to support the market.

On Sunday morning, the number of rising stocks marginally outnumbered decliners. Stocks related to people detained in the investigation partly recovered: Al Tayyar Travel added 1.5 percent and Kingdom Holding crept up 0.4 percent."



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