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Sunday, 19 November 2017

Dana Gas to appeal London ruling in $700 million sukuk case - The National

Dana Gas to appeal London ruling in $700 million sukuk case - The National:

"Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company’s US$700 million sukuk as the judgement issued on Friday was "flawed". Dana is arguing that its Islamic bond has ceased to be shariah-compliant, following developments in the Islamic finance and therefore it is not obliged to repay the debt to creditors including the New York-based BlackRock, the world's biggest asset manager. "Dana Gas reaffirms its belief that the UK trial and decision is flawed as the court refused to adjourn handing down its judgment until the company's application to allow it to appear in the English Court to state its case fully and properly has been decided by the Sharjah Court on November 29 (within sixteen days)," Dana Gas said in a statement to the Abu Dhabi stock exchange, where its shares are traded."



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Local retail investors turn bullish on QSE

Local retail investors turn bullish on QSE:

"The Qatar Stock Exchange opened the week flat despite five of its seven sectors reeling under selling pressure. Local retail investors turned bullish and there was lower selling pressure from domestic funds as the 20-stock Qatar Index added mere 0.02% to 7,827.5 points. However, there was increased profit booking by Gulf funds and non-Qatari individuals and there was also lower buying support from foreign institutions on the market, whose year-to-date losses were at 25%."



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Saudi Arabia to impose 5% VAT tax on gasoline from January 1 | ZAWYA MENA Edition

Saudi Arabia to impose 5% VAT tax on gasoline from January 1 | ZAWYA MENA Edition:

"Saudi Arabia plans to impose a 5 percent value added tax on gasoline from Jan. 1, 2018, the Saudi tax department said on one of its Twitter accounts. The announcement on a special VAT Twitter account set up by the General Authority of Zakat and Tax came in response to a question from a Saudi citizen."



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Nasdaq Dubai celebrates listing of Emirates NBD $750mln bond | ZAWYA MENA Edition

Nasdaq Dubai celebrates listing of Emirates NBD $750mln bond | ZAWYA MENA Edition:

"Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, today rang the market-opening bell to celebrate the listing of a US$750 million conventional bond on Nasdaq Dubai.

The issuance underlines Emirates NBD’s commitment to growth and expansion, building on recent developments that include increasing its international branch presence, enhancing its digital strategy and investing further in core businesses. Emirates NBD recently announced net profit reached AED6.17 billion in the first nine months of 2017, up 15 percent from the same period in 2016.

Emirates NBD is the largest issuer of conventional bonds on Nasdaq Dubai. with a total nominal value of 5.03 billion US Dollars from eight listings.
"



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MIDEAST STOCKS-Geopolitics weigh on region, UK sukuk ruling hits Dana Gas

MIDEAST STOCKS-Geopolitics weigh on region, UK sukuk ruling hits Dana Gas:

"Middle Eastern stock markets generally fell on Sunday, weighed down by geopolitics and concern about Saudi Arabia’s anti-corruption crackdown, while Dana Gas shares sank in Abu Dhabi because of a British High Court ruling on its Islamic bonds. In the last few weeks, geopolitics have become a significant factor for regional markets amid concern about instability in Lebanon and the possibility of strong Saudi action against Iran. At the weekend, Saudi Arabia summoned its ambassador in Germany home for consultations over comments by German Foreign Minister Sigmar Gabriel about Lebanon."



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Saudi investors check out after hotel turned into luxury prison

Saudi investors check out after hotel turned into luxury prison:

"As they mingled with Saudi Arabia’s business and political elite at the Ritz-Carlton in Riyadh last month, the world’s top financiers were effusive in their praise of Crown Prince Mohammed bin Salman’s vision to modernise the conservative kingdom. But 10 days later, with the hotel turned into a deluxe jail for the hundreds of princes and businessmen rounded up in an extraordinary corruption crackdown, the mood of many of the foreigners considering investing in the world’s top oil exporter has turned from enthusiasm to alarm. “Half my Rolodex is in the Ritz right now. And they want me to invest there now? No way,” said one senior investor. “The wall of money that was going to deploy into the kingdom is falling apart.”"



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Saudi banks' steady net interest income growth credit positive | ZAWYA MENA Edition

Saudi banks' steady net interest income growth credit positive | ZAWYA MENA Edition:

"During the first nine months of the year, Saudi Arabia’s 12 domestic banks’ net profits increased 3.2% year on year, mainly owing to rising net interest income and strong cost discipline, a credit positive, Moody’s Investor Service said in its bank sector comment this month.

The positive results were achieved despite lower government spending and slowing economic activity, with the real GDP seen to contract by 1% in 2017), which has led to negative lending growth and higher provisioning charges for most banks, the report said.

However, despite a 2% year-on-year decline in net loans as of September 2017, net interest income rose by 8% in the first nine months of the year, driven by a 20-basis-point improvement in the net interest margin, up to 2.9% for the first three quarters of 2017. Such improvement reflected a combination of higher asset yields and easing funding costs."



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It's Never Wise to Bet Against a Saudi Oil Minister - Bloomberg Gadfly

It's Never Wise to Bet Against a Saudi Oil Minister - Bloomberg Gadfly:

"Don't be fooled by the apparent dithering of OPEC and friends over whether to extend their output restraint when they meet at the end of the month. They know full well that failing to send a clear signal would send oil prices plummeting.The apparent backsliding from Russia and a small number of OPEC members may be a belated attempt to create a sense of uncertainty ahead of the gathering. The extension will then have a much more positive impact than if it merely ratified a long-flagged intention. Just look at what happened last time they all met, back in May:"



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Saudi Crackdown Sent Shivers Through the Largest Middle East IPO - Bloomberg

Saudi Crackdown Sent Shivers Through the Largest Middle East IPO - Bloomberg:

"A Dubai property developer managed to pull off the Middle East’s largest initial share offering this year, but only after it was almost derailed by the sweeping arrests in neighboring Saudi Arabia, where authorities say they’re rooting out corruption. Advisers to Emaar Properties PJSC scrambled to complete a $1.3 billion share offering in its United Arab Emirates development business after local investors reneged on hundreds of millions of dollars in demand on the last day of the sale, according to people familiar with the matter. The retreat was triggered by Saudi Arabia’s unexpected crackdown, they said. In the end, Emaar Development PJSC was able to pull off the listing within the original price range, with backing from some prominent regional investors and global funds, making it the largest deal in the Middle East this year. The top 10 buyers accounted for about 50 percent of the sale, and funds linked to the Abu Dhabi royal family also invested in the sale, two of the people said. The government of Dubai is the largest shareholder in parent Emaar Properties, while Abu Dhabi has close ties with the Saudi regime."



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Gulf markets edge lower, UK sukuk ruling hits Dana Gas | ZAWYA MENA Edition

Gulf markets edge lower, UK sukuk ruling hits Dana Gas | ZAWYA MENA Edition:

"Gulf stock markets edged lower in early trade on Sunday as Dana Gas shares sank in Abu Dhabi because of a British High Court ruling in the dispute over whether the company must repay $700 million of Islamic bonds. The Abu Dhabi index was 0.1 percent lower as Dana sank 2.8 percent. A London High Court judge ruled that Dana's challenges to the purchase undertaking behind the bonds were "unfounded" and that the agreement was "valid and enforceable". That was a victory for holders of the sukuk, but by no means the last legal move in the dispute. Dana said it would appeal the High Court ruling, and was also looking ahead to a hearing by a UAE court on whether the structure of the sukuk was valid. That hearing is scheduled for Dec. 25. "



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